金管會於2013年12月3日宣布,自2014年1月1日起投資性不動產可採公允價值模式衡量,並作為續後評價的基礎,我國才終於完全與IAS 40接軌。本研究欲探討企業宣布投資性不動產得採公允價值模式時是否對資本市場造成影響,以及公允價值模式的選擇及其評價損益是否具有價值攸關性。研究樣本選自2014年改採公允價值模式之企業與成本模式之對照樣本,以事件研究法及迴歸分析驗證本研究之假說。實證結果顯示改變會計方法的前兩日,市場有顯著負向的股票異常報酬,其中營建業反應最為顯著。而在價值攸關性方面,證實投資性不動產之公允價值與其評價損益具有價值攸關性。
In order to increase the relevance and comparability of financial statements, the Financial Supervisory Commission (FSC) allowed companies choose fair value model as accounting method for investment properties since January 1, 2014. The purpose of this study is to examine the impact on capital market when companies announced adoption of fair valued model. This study also examine the value-relevance of fair value and gains or losses on valuation. The results of event study show that market responded significant negative, especially two days before announcement. Moreover, the results of regressions also show that fair value and gains or losses of investment properties indeed have the value-relevance.