金融商品公平價值、公司治理機制與公司價值

Fair Value of Financial Instruments, Corporate Governance, and Firm Value

王漢民(Han-Min Wang) ； 陳俊廷(Jun-Ting Chen)

《當代會計》 11卷S期 (2010/12) Pp. 333-370

https://doi.org/10.6675/JCA.2010.11.S.03

摘要

本文主要探討我國金融保險業實施財務會計準則第34號公報，其公司治理機制與金融商品以公平價值評價對企業價值攸關性之影響。實證結果顯示，金融保險業實施公平價值財務會計準則後，其金融資產與負債之公平價值資訊，較公報實施前具有價值攸關性。在股權結構之公司治理機制方面，在第34號公報實施後，金融保險業之董監事持股比率、經理人持股比率、大股東持股比率、控制股東盈餘分配權、以及機構投資人持股比率等對金融資產與負債之公平價值，會產生正向增額價值攸關性；而控制股東控制權、以及控制權與盈餘分配權偏離程度等對金融資產與負債之公平價值，會產生負向增額價值攸關性。

關鍵字

公平價值 ； 金融商品 ； 公司治理 ； 價值攸關性

並列摘要

The purpose of this study is to examine the impact of Statements of Financial Accounting Standards No.34 on the value-relevance of the corporate governance mechanisms and the fair value of financial instruments for the banking and insurance companies in Taiwan. Our empirical results show that the value-relevance of financial instruments are enhanced after the adoption of the fair value accounting standard. And, the board ownership, managerial ownership, block shareholders' holding, controlling shareholders' cash flow right, and institutional ownership have a positive effect on the value-relevance of financial instruments. However, the controlling shareholders' control right and the deviation between voting right and cash flow right produce a negative effect on the value-relevance of financial instruments.

並列關鍵字

fair value ； financial instrument ； corporate governance ； value-relevance