會計資訊、公司治理特性與企業評價之攸關性

Accounting Information, Corporate Governance Characteristics, and Valuation Relevance

陳振遠(Roger C. Y. Chen) ； 王朝仕(Chao-Shi Wang) ； 徐如萍(Ru-Ping Shi)

《會計與公司治理》 5卷2期 (2008/12) Pp. 79-107

https://doi.org/10.30139/JACG.200812.0004

摘要

本研究為探討公司價值的攸關性，主要係以Ohlson(1995)會計評價架構為基礎，並以公司治理特性為會計資訊以外的其他資訊之代理變數，而公司真實價值的衡量係延續Frankel and Lee(1998)對剩餘所得評價的推導，並將之修改以較能符合公司理財觀念與理性投資人實務行為。實證發現，市場價格有偏離真實價值的情況，若以價值的領先落後關係而論，則造成價值偏離的原因可能係市場價格對資訊的反應較敏感所引起。其次，若董事會穩定性能提高，則不論是公司真實價值或市場價格，皆能獲得提昇。最後，若能在模式內同時考慮會計資訊與公司治理特性，則模式對市場價格的解釋能力將有大幅度的增加，此即支持若能以會計資訊為評價架構，並考慮公司治理特性，則能更為完整地探討公司價值的攸關性。

關鍵字

會計評價 ； 公司治理 ； 董事會穩定性

並列摘要

This paper presents empirical evidence to investigate corporate features of value-relevance. Mainly based on Ohlson (1995) model, we bring governance characteristics as proxy variables for qualitative attributes other than accounting information. To determine corporate intrinsic value, we evolve Frankel and Lee (1998)'s residual income measurement which can better meets the concept of corporate finance and virtual behavior of judicious investors. Our results reveal that the market price deviates from the intrinsic value. With the assumption that the intrinsic value lags behind the market price, we may attribute this phenomenon to highly sensible response of market price to information. Moreover, the board stability can simultaneously lift both the market price and the intrinsic value. Therefore, under the circumstance of taking both accounting information and governance characteristics into consideration, the model's explanatory ability for market price will have dramatic increment. Our findings are consistent with the idea that governance characteristics are valuable in providing oversight of accounting information to completely discuss corporate features of value-relevance.

並列關鍵字

Accounting Valuation ； Corporate Governance ； Board Stability

參考文獻

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