IFRS會計制度對台灣上市公司股價之影響

為提升我國資本市場之國際競爭力並吸引外資投資國內資本市場，同時降低國內企業赴海外籌資之成本，台灣上市公司自2013年開始依國際會計準則編製財務報告，並於2012年採ROC GAAP 及 IFRS 雙軌並行，累積財務資訊。本研究主要探討會計制度的變革對產業與公司股價的衝擊，並深入分析台灣上市公司導入IFRS是否會因產業特性而有不同影響，所得結果可提供給投資人與主管機關參考。本研究資料來源於台灣經濟新報資料庫(TEJ) 2012年度之台灣上市公司盈餘宣告資料，樣本總數為868筆，剔除不適當之樣本數後，最後選取780家上市公司作為本研究之樣本數，同時將樣本區分為電子產業、金融產業以及其他產業。本研究利用T檢定與Wilcoxon檢定更換IFRS會計制度衡量方法之下，在電子產業、金融產業以及其他產業之下是否將有存在會計科目、財務比率間顯著差異。實證結果發現，部分會計科目與財務比率確實存在顯著差異。此外，本研究利用事件研究法探討IFRS會計制度的採用對台灣上市公司股價之影響。研究結果顯示，當企業採用IFRS之年報發布日後，公司股價出現異常報酬，此結果與過去文獻相同。

關鍵字

IFRS(國際會計準則) ；事件研究法； Wilcoxon檢定； T檢定

並列摘要

In order to promote the international competitiveness of our capital market, attract foreign investment, and reduce the cost of financing abroad, the authorities require Taiwan’s listed companies to prepare financial reports based on IFRS since 2013. Companies are asked to reveal financial information based on ROC GAAP and IFRS from 2012. This study mainly discusses the impact of the change of accounting system on industry and stock prices, and analyzes whether introducing IFRS imposes different effects for Taiwan’s listed companies due to industrial characteristics. The research results will provide useful reference for investors and the authorities. This study uses earnings announcement data of 868 Taiwan’s listed companies in 2012 from Taiwan Economic Journal Database (TEJ). After excluding inappropriate sample, this study selects 780 listed companies, which are divided into electronic industry, financial industry and other industries. This study uses T-test and Wilcoxon signed-rank test to examine the existence of significant differences in accounts and financial ratios for electronic, financial and other industries under IFRS. The empirical results indicate that there are significant differences for some accounts and financial ratios. In addition, this study utilizes event study to explore the impact of IFRS accounting system on the stock prices of Taiwan’s listed companies. The research results show that there are abnormal returns of stock prices when companies release annual reports based on IFRS, which is similar to the results of past literature.