保單取得成本價值攸關性及資訊內涵之研究

An Examination of Deferred Acquisition Cost in Insurance Firms

廖懿屏(Yi-Ping Liao)

指導教授 ： 劉啟群

共同指導教授 ： 柯承恩

國立臺灣大學/管理學院/會計學研究所/博士(2010年)

https://doi.org/10.6342/NTU.2010.01805

摘要

本論文分為二個部分，針對保單取得成本 (Deferred Acquisition Cost; DAC) 進行深入探討。保單取得成本係影響財務報表之重大項目，其包含簽單與發行成本及佣金支出，依美國會計處理準則可將此支出遞延並於後續期間攤銷轉為費用，其作法與我國及國際會計處理準則(作為當年費用)有極大差異。故第一部份首先探討保單取得成本之資訊有用性，研究問題為：(1)保單取得成本是否為資產？(2)保單取得成本之攤銷與報酬率及未來現金流量之關聯性？(3)費用化(國際會計處理準則)與資本化(美國會計處理準則)，孰能提供較有用之資訊？第二部分探討保單取得成本之攤銷費用，是否因其對淨利之重要性、及受精算假設變動之重大影響，而被保險公司作為盈餘管理的工具，以達成財務報表動機。本論文的研究成果不但為取得成本應資本化與否提供學術證據，同時可供制訂準則者權衡，並增進保單取得成本在實務評價使用上之有用性。

關鍵字

保單取得成本 ； 保險會計 ； 價值攸關性 ； 資訊內涵 ； 盈餘管理

並列摘要

This dissertation consists of two parts. The first study examines valuation implication of deferred acquisition cost (DAC, DPAC) for insurance firms. First, the value relevance of DAC items under U.S.GAAP, characterized by capitalization-amortization approach, is investigated, and results show that DAC items play an important role in valuing firm values and explaining stock returns and future cash flows. Second, the relative usefulness of direct-expensing approach is examined. Both the incremental explanatory power analyses and Vuong’s Z-statistics indicate that capitalizing approach outperforms expensing one in summarizing information. The second study examines the management of deferred acquisition cost (DAC) for financial reporting incentives. The great importance of DAC amortization on insurers’ financial statements and its nature of being sensitive to actuarial estimates affords considerable discretion while management are faced with financial reporting incentives. Results indicate firms manage DAC amortization to smooth earnings, avoid losses and missing analysts’ forecasts, and take the big bath in the context of management change after controlling for economic factors.

並列關鍵字

Deferred acquisition cost ； insurance accounting ； value relevance ； information content ； earnings management

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