國際財務報導準則之價值攸關性研究

An Empirical Research on IFRS Value Relevance

陳玉芳(Yu-Fang Chen)

指導教授 ： 蔡彥卿

國立臺灣大學/管理學院/會計學研究所/碩士(2010年)

https://doi.org/10.6342/NTU.2010.01507

摘要

財務會計最重要的品質目標為攸關性、可靠性、及可比性，國際財務報導準則之原則性基礎和公平價值會計導向於理論上應更能反映公司之真實經濟實質和財務狀況，而公開證券市場上之消息亦將經由真實交易被反映在財務報表上，本研究以實證研究方法比較國際財務報導準則與當地會計準則之價值攸關程度，樣本來源為中國大陸兩個證券交易所：上海證券交易所和深圳證券交易所發行A股及發行B股之公開發行公司。中國大陸於2007年起全面由中國會計準則改採趨同國際財務報導準則之新會計準則，本研究主要針對所有此兩種基礎之財務報表、發行A股公司採用後與採用前兩種基礎之財務報表、以及2006年以前發行B股公司同時編制兩種基礎之財務報表作價值攸關性探討。
實證結果發現：國際財務報導準則之財務報表於股價指標、股價報酬率指標、和正面消息指標顯示較佳價值攸關性，而兩種基礎財務報表於負面消息指標顯示價值攸關性皆低且不具差異；由針對2006年以前B股市場之實證結果發現，發行B股公司於2006年以前同時發佈之兩種基礎財務報表於股價指標、股價報酬率指標、正面消息指標、和負面消息指標皆顯示價值攸關性不具差異。本研究並發現中國大陸於2007年採用國際財務報導準則後：盈餘和股東權益帳面值與股價之間有顯著關聯性且盈餘與股價之關聯性明顯較高，股價平減盈餘與股價報酬率之間有顯著關聯性，正面消息較能夠被真實反映在股價平減盈餘，而負面消息被反映在股價平減盈餘之真實性未於採用國際財務報導準則後提高。本研究由實證結果發現國際財務報導準則較2006年以前中國當地會計準則具有較佳價值攸關性。

關鍵字

國際財務報導準則 ； 價值攸關 ； 盈餘 ； 股價 ； 報酬率 ； 正面消息 ； 負面消息

並列摘要

Financial statements based on IFRS as principle-based and fair-value-accounting-oriented are expected to more reflect the real economics and financial positions of the firms, and to reach higher relevance and reliability. This research compares value relevance of financial statements based on IFRS with those based on People's Republic of China Accounting Standards (domestic accounting standards) using a sample of listed firms issuing A-shares and B-shares on China’s Shanghai Exchanges and Shenzhen Exchanges. IFRS was of mandatory adoption for all listed firms since 2007 on Shanghai and Shenzhen Exchanges, and firms issuing B-shares published financial statements under both these two standards before 2006.
The results show that earnings are of more value relevance to stock price, return, and good news under IFRS; earnings are of no more value relevance to bad news under IFRS. At B-shares market, earnings are of no more value relevance to stock price, return, good news, and bad news under IFRS before 2006. The results also show that, after mandatory adoption in 2007, earnings have significantly higher relation to stock price than book value of equity, and price-deflated earnings are significantly related to return under IFRS. Good news are more truly reflected on price-deflated earnings under IFRS, but bad news are not more truly reflected on price-deflated earnings under IFRS after mandatory adoption in 2007. Taken together, the findings suggest that IFRS is superior to China’s domestic accounting standards.

並列關鍵字

IFRS ； Value relevance ； Earnings ； Stock price ； Return ； Good news ； Bad news

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