- 學位論文
財務會計準則第三十四號公報價值攸關性之研究-以台灣金融業為例
A Study on Value Relevance of SFAS NO.34-instantiating for financial industry in Taiwan
摘要
本文以上市之金融產業共計30家為研究對象，研究期間自2004年1月至2005年9月止與2006年1月至2007年9月止，採用七季季報資料，探討我國財務會計準則第34號公報實施前後「金融商品之會計處理」相關金融商品資訊之價值攸關性與公司治理變數是否會對34號公報實施前後的財報資訊產生影響。實證結果顯示34號公報實施後，「公平價值變動列入損益金融資產」、「備供出售金融資產」、「持有至到期日金融資產」、「無活絡市場之債券投資」與「以公平價值變動列入損益之金融負債」等價值資訊確實具顯著資訊內涵，然「以成本衡量之金融資產」並不具價值攸關性；34號公報實施前，「短期投資」、「長期投資」、「流動負債」與「長期負債」等價值資訊確實具顯著資訊內涵，且34號公報實施後的金融商品資訊較實施前的金融商品資訊更具價值攸關性。其次，本文發現34號公報實施後，資產負債表之「金融商品未實現損益」與損益表的「金融商品評價損益資訊」皆具價值攸關性；34號公報實施前，資產負債表之「長期投資跌價損失」比損益表的「淨投資跌價損失」更具價值攸關性，且34號公報實施後的金融商品評價資訊較實施前的金融商品評價資訊更具價值攸關性。最後，本文結果亦顯示對金融業而言，公司治理特性確實會影響財務報表資訊之揭露。就董事會規模而言，34號公報實施後，董事會規模愈大，進行盈餘管理之機率愈高，因此將會降低34號公報實施後的金融商品分類評價資訊之價值攸關性；34號公報實施前，董事會規模愈大，進行盈餘管理之機率亦會較低，因此可提昇34號公報實施前的金融商品分類評價資訊之價值攸關性。就法人持股比例而言，34號公報實施前後，法人持股比例愈高，從事盈餘管理的機會愈低，因此可提昇34號公報實施前後的金融商品分類評價資訊之價值攸關性。就超額控制權比例而言，34號公報實施前後，超額控制權比例愈高，進行盈餘管理的機率亦會愈高，因此將會降低34號公報實施後之金融商品分類評價資訊之價值攸關性。就資訊透明度而言，34號公報實施前後，資訊透明度愈高，並無法有效發揮監控之功效，因此將降低34號公報實施前後之金融商品分類評價資訊之價值攸關性。
並列摘要
Using quarterly financial statements on 30 banks of Taiwan over 2004-2007, this paper examines whether after and before the SFAS No.34 recognized fair value or history cost of financial instruments is value relevant. Besides, this paper examines whether after and before the SFAS No.34 recognized fair value or history cost of financial instruments and corporate governance is value relevant. After the SFAS No.34 was published, the empirical results revealed that the financial asset of fair value, the fair value of available for sale financial asset, the history cost of held to maturity investment, the history cost of non-active market investment and the financial liability of fair value indeed provide incremental information content, but financial asset of history cost is not value-related. Before the SFAS No.34 was published, the empirical results revealed that the short investment, long investment, current liability and long liability indeed provide incremental information content；after the SFAS No.34 was published, the history cost and fair value information of financial asset and liability is more value-related than before the information of the SFAS No.34 was published. Moreover, after the SFAS No.34 was published, this paper finds that the unrealized valuation gain or loss of financial asset and liability on balance sheet and income statement are both value relevant. Before the SFAS No.34 was published, this paper finds that the unrealized valuation gain or loss of financial asset and liability on balance sheet is more value relevant than on income statement. Finally, this paper finds whether after and before the SFAS No.34 publishing, corporate governance indeed have great influence on the information content of recognized fair value or history cost of financial instruments. When board’s size is big and after the SFAS No.34 was published, this paper finds that financial asset and liability are less value relevant；before the SFAS No.34 was published, this paper finds that financial asset and liability are more value relevant. Besides, when artificial person’s stock is high and after or before the SFAS No.34 was published, this paper finds that financial asset and liability are more value relevant. Moreover, When excess control right is big and after or before the SFAS No.34 was published, this paper finds that financial asset and liability are less value relevant. Finally, when the transparency of information is high and after or before the SFAS No.34 was published, this paper finds that financial asset and liability are less value relevant.