面對資本市場的國際化趨勢,財務會計處理準則的全球化一致性,已是無可迴避的議題,惟導入IFRSs後對價值攸關性的影響,目前研究文獻尚無法獲得一致性的結論。為彌補研究缺口,本研究試圖檢驗歐盟在2005年強制導入IFRSs後,對於會計資訊的價值攸關性是否有顯著的正向影響。本研究使用Ohlson (1995)的股價評價模型為基礎,並參考Alali and Foote (2012) 的價值攸關性模型,此外,進一步加入制度環境變數,以探討在歐盟導入IFRSs後,不同的制度環境對會計資訊之價值攸關性之影響,樣本涵蓋2002年至2011年間的歐盟25個會員國之上市國家。實證結果顯示(1)導入IFRSs會使會計資訊之價值攸關性呈現顯著的正向影響;(2)制度環境較健全的國家,其會計資訊之價值攸關性顯著較高;(3)制度環境較健全的國家在導入IFRSs後,其對會計資訊之價值攸關性呈現顯著的正向提高。實證結果支持財務會計處理準則全球一致性的要求,惟國際財務報導準則對價值攸關性的影響,尚須顧及該地區或國家的法規與制度環境等因素。
The face of the international trend of the global capital market, accounting standards convergence is already a global consensus of the accounting profession. Previous studies literature the affect value relevance import IFRSs, its results are mixed. Therefore, this study examines whether the mandatory adoption of International Financial Reporting Standards (IFRS) increase value-relevance in the European Union (EU)? Based on the Ohlson Stock evaluation model (1995) and using value-relevance model of Alali and Foote (2012) to examine the value relevance. In addition, we examine whether the different of institutional environment affect the value relevance of accounting information of mandatory adoption of IFRSs in the EU. Using a sample of EU listed company during the 2002 to 2011 period. The empirical results are as follows. First, adoption of IFRSs on the value-relevance showed a significant positive correlation. Second, we find a significant positive correlation between Institutional environment and value-relevance of accounting information. Finally, we also find that only in country with strong institutional environment and adoption of IFRSs are two mechanisms behind the value-relevance of accounting information. The empirical results support the requirements of the Financial Accounting for global consistency, but the impact of IFRS on the value relevance should consider among the regional or national regulations and institutional environment and other factors, it would need to take into account.