盈餘及股東權益調節數之價值攸關性－以採用國際會計準則之ADR發行公司為例

The Value Relevance of Form 20-F Reconciliation for Non-US firms Adopting IFRS

李先莉(Hsien-Li Lee)

指導教授 ： 黃瓊慧

國立臺北大學/商學院/會計學系/博士(2009年)

摘要

美國證管會於2007年11月15日同意到美國掛牌的外國公司，自2007年起，若採用國際財務報導準則編製財務報表，可以不必再依據美國會計準則進行調節。美國證管會並於2008年8月27日宣佈其全體委員同意美國上市公司遵循國際財務報導準則時程草案。雖然自FASB於2002年開始與IASB密切合作後，美國會計準則與國際財務報導準則的全面接軌是既定的趨勢，只是時間早晚的問題，但國際財務報導準則與美國會計準則之資訊是否同樣有用，實證資料是否支持美國證管會的改變值得探究。因此，本研究主要的目的在以2002-2007年發行美國存託憑證並採用國際財務報導準則的公司為樣本，分析國際財務報導準則與美國會計準則二種會計準則下盈餘與股東權益差異的程度及其攸關性。
本研究發現雖然自2005年起國際財務報導準則與美國會計準則下盈餘與股東權益的差異有縮小的趨勢，但仍有半數的樣本顯示盈餘的差異程度重大。實證結果顯示2002-2006年盈餘與股東權益的差異調節數具有資訊內涵，且本研究發現當2007年無調節資料可供參考時，投資人會根據以前年度調節資料推估可能的調節數，並據以評估公司價值的證據。因此，雖然FASB與IASB自2002年起致力消除美國會計準則與國際財務報導準則間準則的差異迄2007年已有多年，但不論以差異的程度或投資人的反應觀之，似乎均顯示，要消除二者間的差異需要相當的時間。

關鍵字

國際財務報導準則 ； 美國會計準則 ； 攸關性

並列摘要

SEC has agreed to accept foreign issuers IFRS financial statement without reconciliation to U.S. GAAP since 2007. Besides, SEC has proposed a Roadmap for the potential use of financial statements prepared in accordance IFRS by U.S. issuers on August 27th, 2008. Since the close cooperation between FASB and IASB in 2002, the converge between US GAAP and IFRS is the fixed trend soon or later; thus, closely concerned the difference between them will be helpful to determine the timing of total connection. Therefore, the main purpose of this study is to analyze the comparison between the value relevance of earnings and stockholders’ equity between IFRSs and US GAAP for non-U.S. firm.
In conclusion, even there was a trend of reducing difference between 2005 to 2006, there still had about 50% firms that their earnings difference under these 2 standards has more than 10% of their earnings. In addition, according to the empirical result of the price model, the difference between earnings and stockholders’ equity appear value relevant. Besides, this study also found that the estimated earnings and stockholder equity’s difference in 2007 are value relevant. Thus, even FASB and IASB have made great effort to eliminate the standard difference between U.S. GAAP and IFRSs since 2002 to 2007, regardless of the difference level or investors’ response, and it still needs to take certain time to eliminate the difference between them.

並列關鍵字

IFRS ； U.S. GAAP ； value relevance

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