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The Impact of Account Method Change for Business Group ROE Valuation: A New RDP Valuation Model vs. Improve DuPont Model

會計處理的改變對集團企業股東權益評價的影響:新的資源配置組合評價模式vs.杜邦模型修正

Abstracts


台灣財務會計準則早期是依循美國會計準則的架構,自2002年起開始與國際會計調和,本文主要目的在針對國內會計國際調和後,會計處理方法的改變如何反應於企業評價。先前研究提出一個以資源配置(Resources Deployment Portfolio, RDP)為基礎的集團企業股東權益評價模式,在RDP模式下將股東權益報酬(ROE)拆解成五個權益來源,營運權益報酬(RoOE)、財務權益報酬(RoFE)、其他權益報酬(RoXE)、影響權益報酬(RoIE)及創新研發權益報酬(R&DI)。在會計的全球接軌後,本文進一步拆解RoOE到模型裡,實證會計處理改變:1.金融工具公平價值先前採報表揭露,改採認列是否較具資訊內涵;2.先前企業員工分紅/董監酬勞係由盈餘分配,改認列為企業營運成本投資人之市場評價;3.將股東權益項下之其它綜合淨利調整認列入當期損益,是否具價值攸關性。本文以468家上市的集團企業2006~2008財務資料為研究樣本。實證結果顯示,採認列金融商品公平價值具有資訊內涵、市場對於員工分紅/董監酬勞認列為營運成本具負面反應,RDP拆解股東權益的評價模式能有效解釋企業長期價值的創造,且能符合會計規範的改變。

Parallel abstracts


This study is to examine how the change in accounting methods reflects firm valuation after the harmonization between Taiwan Generally Accepted Accounting Principles (TGAAP) and International Financial Reporting Standards (IFRS). Previous research proposes a shareholders' equity valuation model for business group based on Resources Deployment Portfolio (RDP). It decomposes ROE of a business group into the sum of return on operating equity (RoOE), return on financial equity (RoFE), return on other equity (RoXE), return on influencing equity (RoIE) and R&D intensiveness (R&DI). The account global convergence, we attempt to further decompose RoOE and to add components to the model. We conduct a RDP-analysis of IFRS adoption to investigate 468 listed business groups between 2006 and 2008. Our finding by the model used for recognition the fair value of financial instruments provides better information content; and the market reacts negatively to the recognition of employee bonus/compensation to directors and supervisors as operating costs. Finally, our find the RDP equity valuation model can effectively explain the creation of long-term firm value.

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