IFRS趨同前後績效指標價值攸關性之變化-以中國為例

The Change of Value Relevance of Performance Measures after Convergence with IFRSs- Evidence from China

林婉菁(Wan-Ching Lin)

指導教授 ： 顏信輝

淡江大學/商管學院/會計學系碩士班/碩士(2013年)

https://doi.org/10.6846/TKU.2013.01131

摘要

中國於2007年1月1日起即實施與IFRSs趨同的新企業會計準則，故本研究以中國上海及深圳證券交易所A股上市公司為研究對象，分別從相對及增額價值攸關性之角度，探討新企業會計準則之實施，對財務報表績效指標價值攸關性之影響。實證結果(1) 實施與IFRSs趨同之新準則並未增加中國綜合損益表中各績效指標之資訊內涵，並反而使得稅前利潤(IBTAX)、稅後淨利(NI)及綜合損益(TCI)之相對價值攸關性下降。(2)增額價值攸關性部分顯示各績效指標在實施新準則前後均未具顯著差異。故整體對投資者而言，中國資本市場依新準則所編製之綜合損益表之資訊內涵，並未較舊準則高。(3)在新準則實施前後，其績效指標之價值攸關性在外資及法人持股比例高低之企業間不具顯著差異。(4)外資及法人持股比例高組之投資者認為綜合損益(TCI)所擁有之資訊內涵較實施前降低。外資及法人持股比例低組之投資者認為新準則實施之後，各績效指標所擁有之資訊內涵與實施前無顯著差異。(5)多變量分析之結果顯示中國新準則實施後，規模較大的企業，其營業利潤(OPINC)、稅後淨利(NI)及綜合損益(TCI)之相對價值攸關性較新準則實施前及規模較小的企業為低。而增額價值攸關性的部分，顯示中國新準則實施後，規模較大的企業，其稅前息前折舊及攤銷前利潤(EBITDA)之增額價值攸關性較新準則實施前及規模較小的企業為低。而單變量分析之結果顯示在新準則實施前後，稅前息前折舊及攤銷前利潤(EBITDA)、營業利潤(OPINC)、稅後淨利(NI) 及綜合損益(TCI)指標之價值攸關性在公司規模大及小兩組間具顯著差異。

關鍵字

中國 ； 新企業會計準則 ； 績效指標 ； 價值攸關性

並列摘要

In January 1th, 2007, China implemented the New China Accounting Standards (NEWCAS) which converged with International Financial Reporting Standards (IFRSs).Therefore, this paper aims to examine the change of value relevance of performance measures before/after implementing the NEWCAS from the relative/ incremental view by using the sample of Shanghai and Shenzhen Stock Exchange A-share listed companies in China. This study finds that(1)The relative value relevance of income before income tax(IBTAX), net income(NI) and total comprehensive income(TCI) were decreased after implementing the NEWCAS. (2) The incremental value relevance doesn’t have significanct difference after implementing the NEWCAS. In general, relative to old China accounting standards, NEWCAS didn’t bring more information to investor.(3)Before/after NEWCAS, the value relevance of performance measures between the company in foreign investment and institutional investor’s shareholding rate high/low group doesn’t have statistically significant difference.(4)The investor in high foreign investment and institutional investor’s shareholding rate group think the information content of total comprehensive income(TCI) were decreased after implementing the NEWCAS. The investor in low rate group think the information content doesn’t have significanct difference after implementing the NEWCAS.(5)In multivariate analysis, after NEWCAS, the value relevance of operating income(OPINC), net income(NI) and total comprehensive income(TCI) in large size company are lower than before NEWCAS and small size company. In univariate analysis, before/after NEWCAS, the value relevance of earnings brfore interest, income tax, depreciation, and amortization (EBITDA) ,operating income(OPINC), net income(NI) and total comprehensive income(TCI) between the company in large/small size have statistically significant difference.

並列關鍵字

China ； New china accounting standards ； Performance measure ； Value relevance

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