家族與非家族企業之財務資訊價值攸關性 —以中國上市公司為例

The Value-Relevance of Financial Reporting Between Family Business and Nonfamily Business — in Chinese Listed Firms

鄭相鈺(Hsiang-Yu Cheng)

指導教授 ： 丁緯

中原大學/商學院/會計研究所/碩士(2015年)

https://doi.org/10.6840/cycu201500289

摘要

本研究首先將樣本分組為全體、家族與非家族企業，並分別以水準模型(Level Model)與變動模型(Change Model)衡量家族與非家族企業之財務資訊攸關性，並將家族與非家族企業之攸關性進行比較。研究結果發現以Level Model衡量之整體、家族與非家族企業之財務資訊皆具攸關性，且家族企業之攸關性較非家族企業之攸關性來得低；而以Change Model衡量之整體與非家族企業，財務資訊具攸關性，但家族企業則僅每股盈餘具攸關性，且家族與非家族企業間攸關性不存在顯著之差異。本研究進一步分析盈餘組成項目之相對價值攸關性，研究結果發現除了營業收入淨額之外，其餘績效指標之相對價值攸關性均顯著高於營業活動現金流量，且家族與非家族企業間之相對價值攸關性沒有顯著差異。然而，在考量中國大陸會計原則變動之因素後發現，在採用新會計準則之前家族企業之價值攸關性顯著低於非家族企業，且採用新會計準則前後之家族企業攸關性差異較非家族企業大。

關鍵字

中國家族企業 ； 價值攸關性 ； 相對價值攸關性

並列摘要

In this study, I divided the samples into three groups: All types business, family business and non-family business, then, measured the Value-Relevance of Financial Reporting of family business and non-family business by the Level Model and Change Model and compared the result.
The empirical result shows that by the measure of Level Model, financial reporting indeed have the explicit Value-Relevance in these three groups, besides, in comparison with non-family Business, the Value-Relevance of family business is much lower.
However, by the measure of Change Model, Value-Relevance of Financial Reporting of All types business and non-family Business are positive, but for family business, only the Earning per Share shows significant result. Surprisingly, there are no significant difference between family business and non-family business.
In the further analysis of the classification of earnings, I found out that except Net Sales, Relative Value Relevance of other Performance Indicators are all much higher than Cash flows from operating activities and there are no significant difference between the Relative Value Relevance of family business and non-family Business.
Nevertheless, after taking the accounting principle alteration in China into consideration, I found out that before the alteration, the Value Relevance of family business is significantly lower than non-family business. In addition, the difference of Value Relevance before/after accounting principle alteration is bigger in family business than in non-family business.

並列關鍵字

Relative value relevance ； Value relevance ； Family business

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