- 學位論文
美國財務會計準則第131號對於盈餘反應係數之影響
The Impact of Disaggregate Information under SFAS No. 131 on Earnings Response Coefficients
摘要
本研究之目的在於研究美國財務會計準則公報第131號部門別與相關資訊之揭露 (Disclosure about segment of an Enterprise and Related Information) 實施後對於市場股價反應之影響。有別於以往第14號公報以產業別 (industry approach) 報導部門別資訊，第131號公報要求公司以內部使用資訊之方式報導部門別以及其相關資訊 (management approach)。此公報雖然增加了報導部門之數目以及更多相關的部門別資訊，然揭露之資訊品質良窳卻仍有待評估。本研究係針對因該號公報揭露後所增加之細項資訊進行評估，以盈餘反應係數做為代理變數衡量市場是否與如何使用該資訊。 本研究主要以多層次模型(multilevel model)估計每家公司之盈餘反應係數以進行實證測試。本研究主要關心者為受公報影響而由報導一部門轉為報導多部門之公司，並設計兩組控制組做為比較：原報導單一部門並於公報後持續報導單一部門之公司，以及原為報導多部門而於公報後報導為單一部門之公司。結果發現，受公報影響而由報導一部門轉為報導多部門之公司，相較於公報發布前，其公司盈餘反應係數之變異數，於公報發布後顯著地增加。另外兩組控制組則並無發現同樣現象。敏感性測試部分顯示此結果並不受公司特有因子(firm-specific factors)影響。另外，本研究並以同樣的實證模型測試美國財務會計準則公報第14號，並沒有發現同樣之結論。本研究之結果將有助於管制機構評估並了解第131號公報實施後對於資本市場之經濟後果。
並列摘要
The purpose of this study is to examine investors’ perception of segment reporting disclosure, SFAS No. 131. SFAS No. 131 changes the way how firms were reported, from industry approach to management approach, which provides more disaggregate information to the market. Although SFAS No. 131 improves the relevance of segment reporting information, it may come at the cost of reducing comparability and reliability. This study examines how investors use and value disaggregated information provided under SFAS No. 131 requirement. This study addresses the question in two aspects. First, we anticipate that the price variability would increase along with the distribution of detail information under SFAS No. 131. We examine this question by introducing multilevel model to estimate the variation of earnings response coefficients (ERCs) across firms for three different groups of firms. The group of primary interests is firms that were reported as single-segment firms before SFAS No. 131 was effective but were reported as multi-segments firms after SFAS No. 131 was put into effect (SM group). We identify two other control groups to avoid the possibility that our results may be due to confounding effects in the sample period: firms that were reported as single-segment firms both before and after SFAS No. 131 came into effect (SS group) and firms that were reported as multi-segments firms in the pre-SFAS No. 131 period but were reported as single-segment firms in the post-SFAS No. 131 period (MS group). The evidence shows that the variation in ERCs increases for SM group, but not for SS group and MS group. Sensitivity tests show that the result remains the same while controlling for firm-specific factors. We do not find the same result under SFAS No. 14, which suggests that investors do utilize the disaggregate information provided under SFAS No. 131 regulation. Second, we estimate abnormal returns for the three groups around several event dates that are relevant to SFAS No. 131 news release or earnings announcement. We only find some evidence that the value of information for SM group is positive, compared with that for SS group. We find no evidence that abnormal returns are different between MS group and SS group. Put together, this result suggests that although the market utilizes the disaggregate information provided under SFAS No. 131 regulation, more information to the market may not necessarily offer positive value to the market.