我國為因應市場需求及與國際接軌,於2008年10月17日完成財務會計準則公報第34號第二次修訂並開始實施,該公報之修訂內容主要為放寬對金融資產重分類之限制,且公司得追溯至2008年7月1日起適用。本研究觀察我國上市(櫃)公司於2008年第三季首次採用金融資產重分類之情況,大部份為從交易目的金融資產重分類至備供出售金融資產,故僅針對此分類情形予以探討。 金融資產由交易目的項下重分類至備供出售項下時,使得原本應列在損益表之金融資產評價損失移轉至資產負債表中股東權益項下之金融資產未實現損益,故公司採用該重分類後其盈餘得以提升。為比較股市對於首次採用金融資產重分類規定之公司與無採用之公司間是否有不同之評價,本研究將有採用重分類之公司作為測試組,並以1:2之配對方式,選取相同年度、產業及規模相當之無採用重分類規定之公司作為對照組。首先,對兩類公司之各種財務比率及金融資產持有比率予以比較,再以Ohlson(1995)及Feltham and Ohlson(1995)評價模型檢測股市對有(無)採用重分類規定公司之評價;此外,為進一步瞭解股市對於採用重分類前後盈餘之變化是否也能加以解讀,本研究並對採用重分類公司之異常盈餘變化作分組,並檢測股市對於各組是否給予不同之評價。 藉由本研究之實證研究結果,可歸納結論如下:一、有(無)採用重分類公司在各種財務比率及金融資產持有比率方面確實存有差異。二、在對有採用金融資產重分類公司進一步分析前,實證結果顯示相對於無採用重分類之公司,股市對於有採用金融資產重分類之公司有正面評價。三、若進一步對有採用金融資產重分類公司其重分類前後異常盈餘之影響進行之分組後,其實證結果發現,除採用重分類後異常盈餘變化由負數至正數之負正組公司因樣本量不足而不再做一步探討外,採用重分類後異常盈餘由較大負數至較小負數之負負組公司以及重分類後異常盈餘由較小正數至較大正數之負正組公司,其相對於無採用重分類公司,股市對於有採用重分類之各組公司皆有正面評價。 由本研究實證結果推論股市或許並非預期地有效率,故當公司透過重分類規定放寬以改善盈餘之作法時,投資人可能以為是一利多消息而給予正面評價。
In order to reduce the impact of global credit crisis and to converge to International Financial Reporting Standards, Taiwanese Financial Accounting Standard Board announced the second amendment of statement NO. 34 on October 17, 2008. The main amendment of the statement was to relax the rules for the reclassification of financial assets. Besides, companies reclassifying financial assets before October of 2008 can backdate the accounts to as early as July 1, 2009. Analysis of sample from Taiwan Stocks Exchange and Gre Tai Securities Market reveals that most companies only reclassifying financial assets from trading to available-for-sale. Therefore, this research aims at this type of reclassification. When financial assets reclassified from trading to available-for-sale, the original valuation loss should be transferred, from income statement, to unrealized loss in stockholder’s equity on balance sheet, and therefore the company’s reported earnings will be increased. Each reclassification firm is matched, by industry and size, with two non-reclassification firms. The empirical results indicated that, (1) selected financial ratios and financial assets holding ratio for reclassification firms are significantly different from those of non-reclassification firms, (2) stock market’s valuation of reclassification firms are significantly positive, and (3) after dividing companies into some groups according to the signs of the abnormal earnings, I further find that stock market still give positive valuation to the plus-to-plus and the minus-to-minus groups. The minus-to-plus group is not analyzed in this stage due to its small sample size. In general, stock market seems not to be able to efficiently value the accounting information of reclassification firms.