第34號財務會計準則公報對盈餘與權益帳面價值的價質攸關性之影響

我國在2006年開始適用財務會計準則第34號公報，此公報之實施是否影響投資者進行股票評價時，對盈餘與權益帳面價值變數之相對依賴程度產生改變為本文之焦點。因交易目的金融資產與金融負債之公平價值變動會隨機性影響當期盈餘，將導致當期盈餘所含暫時性成分增加，預期將降低當期盈餘對於未來盈餘之預測能力，導致盈餘資訊之價值攸關性下降。同時，此公報要求金融資產、金融負債需以公平價值來衡量，使得公司權益帳面價值更能反映真實價值，投資者在股票評價時將更依賴權益帳面價值資訊，預期權益帳面價值之價值攸關性上升。本文以我國上市（櫃）公司為研究對象進行實證測試，結果支持此項預期。本文進行若干敏感性測試證實結果具備相當穩定性。

關鍵字

34號公報；金融商品公平價值；價值攸關性；盈餘；權益帳面價值

並列摘要

The fair value based recognition and measurement of financial instruments required by SFAS No.34 in Taiwan, which is effective for 2006 and latter annual reports, provides an even more interesting context for examining investor perceptions of the value-relevance changes in accounting numbers for listed firms regulated by this new standard. This study refers that the income statement impact of SFAS No.34, resulted by the fair value changes of held-for-trading financial assets and financial liabilities, would be taken as a noise impounded in the current earnings and, thus, impair earnings persistence. Alternatively, the same treatment of this standard, which is applied for financial instruments, should make equity book value approach its intrinsic value. The combination of these SFAS No.34 effects will make investors rely more (less) heavily on equity book value (earnings) in setting stock prices of firms regulated by this new standard. Based on such inference, this study predicts that SFAS No.34 adoption will make the value-relevance of equity book value (earnings) increases (decreases). The empirical results provide solid supports to this prediction. These results remain robust to the various sensitivity tests.