母子公司融資活動關聯性與企業負債合併之表達

本研究使用實證方法檢視子公司借款金額與母公司財務風險間之關聯性，藉以評估將子公司負債納入合併報表作法之合理性。本研究預期母公司會以整體性角度制訂財務決策，因此母公司財務狀況會影響子公司之借款金額。研究期間為2000至2008年，樣本公司共391家。等級相關係數與迴歸分析之實證結果顯示：子公司借款金額（以子公司借款與母公司股東權益帳面價值之比衡量）與母公司財務風險指標（負債比、短期借款比與營業淨利比）具有顯著之關聯性。本研究結果顯示：當母公司之財務風險升高時，其透過子公司取得借款之可能性提高。本研究亦發現在2005年合併報表會計準則將控制權之範疇擴大之後，前述之關聯性亦未改變。本研究之發現指出依會計準則納入聯屬公司範疇之子公司，如同準則制定機關期盼地，確實與母公司有財務依存性；故全面合併之合併財務報表將母子公司負債合併之表達方式，相較於僅報導母公司本身負債之單線合併母公司單獨報表，更能適當表達此種財務關聯性與相關風險。

關鍵字

合併財務報表；母公司；子公司；融資活動

並列摘要

This paper examines the association of the amount of subsidiary's liabilities and the parent company's financial conditions, as a basis for evaluating soundness of including subsidiaries' debts into a parent company's consolidated financial statements. This paper hypothesizes that the financing decision is made from an integrated perspective, and thus the parent's financial conditions affect the amount borrowed by the subsidiary. The sample is from Taiwan Economic Journal database and consists of 391 firms, during the period of 2000 to 2008. The empirical results of rank correlation and regression analysis show that the amount of subsidiaries' borrowing is significantly associated with the financial risk measures of parent company (leverage ratio, short term debt ratio, and operating income ratio). This finding suggests that as its financial risk heightens, the parent company would rely on its subsidiaries to get finance. This paper also finds such relationship did not change after 2005 revision of consolidation accounting rules. The existence of such financing relation makes parent company and subsidiaries as an integral entity, so only consolidated financial statements could help users of financial statements grasp the whole picture of financing activities and risks of the parent company and subsidiaries.