財務報表攸關性之探討-未入帳無形價值因素之考量

A Study on the Relevance of Financial Statements－Unrecorded Intangible Value Factor

張婷婷(Ting-Ting Chang)

指導教授 ： 高儷華

中原大學/商學院/會計研究所/碩士(2002年)

https://doi.org/10.6840/cycu200200288

摘要

基於傳統財務報表之價值攸關性產生變化的說法，本研究以Lev and Zarowin（1999）及Kohlbeck與 Warfield（2002）之研究為基礎，探討我國上市公司從民國七十三年至民國八十九年十七年間財務報表中盈餘、現金流量與帳面值數字對投資人決策攸關性之變化情形。另外有鑒於現今無形資產扮演的角色愈來愈重要，但因受限於目前會計準則之規範，無法將大多數無形資產入帳，故為造成會計資訊失去攸關性之主因之一，於是本研究考量公司未入帳無形價值之因素，探討是否可增加財務報表之有用性。再依未入帳無形價值公司之正負數進行分組，對財務報表攸關性解釋力是否不同。
研究結果發現，我國上市公司的盈餘資訊以及來自營業活動之現金流量對股票報酬之攸關性隨時間經過呈遞減的趨勢；剩餘盈餘模式、盈餘反應係數以及現金流量反應係數則無明顯的下降趨勢。考量未入帳無形價值因素發現財務報表資訊之價值攸關性下降趨勢較為緩和；並依未入帳無形價值正負數分組後，發現未入帳無形負債公司之價值攸關性隨時間下降的幅度大於未入帳無形資產之公司。
依據本研究發現考量未入帳無形價值的確能增加財務報表之有用性，但無形價值如何能客觀衡量，至今尚是一件挑戰；目前，較適宜之解決之道為公司可以自願揭露方式傳達公司之未入帳之無形價值，或是採用類似企業價值報告，以提供投資者對公司之了解，並整合傳統財務報表與其他被忽略之資訊（如公司的無形價值），以提昇財務報表之有用性。

關鍵字

盈餘反應係數 ； 帳面值反應係數 ； 現金流量反應係數 ； 無形負債 ； 無形資產 ； 價值攸關性

並列摘要

This study is to investigate the change of value relevance of reported earnings, cash flows, and book (equity) values over the period from 1984 to 2000, following the study by Lev and Zarowin (1999) and Kohlbeck and Warfield (2002). It has been shown that the value of intangible assets plays an important role worldwide in the company recently. This study includes the factor of the unrecorded intangible value (UIV) and investigates whether the usefulness of financial information is increased.
Our empirical results show that, except for the book values, the relevance of reported earnings, and cash flows have been deteriorating over the past seventeen years. However, the corresponding Earnings Response Coefficient (ERC), Cash Flows Response Coefficient (CFRC), and Book Value Response Coefficient (BVRC) are not declined apparently. Grouping the value of UIV into two, one with positive value is unrecorded intangible asset firm (UIA) and the other with negative value is unrecorded intangible liability firm (UIL). This study found that the value relevance of financial information has declined for UIL quickly than UIA.
Although this study found that UIV indeed increases the usefulness of financial information, it is a challenge for researchers to measure the intangible value objectively in the extant accounting literature.

並列關鍵字

cash flows response coefficient (CFRC) ； earnings response coefficient (ERC) ； book value response coefficient (BVRC). ； intangible liabilities ； intangible assets ； value relevance

參考文獻

林秀英，無形勝有形－智慧資本衡量課題之探討，台灣經濟研究月刊，民國90年2月。

Brown, S., K. Lo, and T. Lys. 2000. Use of R2 in accounting research: measuring changes in value relevance over the last four decades. Journal of Accounting and Economics 28: 83-115.

Collins, D. W., E. L., Maydew, and I. S., Weiss. 1997. Changes in the value- relevance of earnings and book values over the past forty years. Journal of Accounting and Economics 24: 39-67.

Easton, P. D., and T. S. Harris. 1991. Earnings as an explanatory variables for returns. Journal of Accounting Research 29 (Spring): 19-36.

Ely, K. and G. Waymire. 1999. Intangible assets and stock prices in the pre-SEC era. Journal of Accounting Research 37(Supplement): 17-44.