導入國際財務報導準則16號對股價攸關性之影響—以台灣上市公司為例

The Study on Accounting Information Value Relevance in the Practice of IFRS 16 - An Empirical Study of Taiwan

朱雅雯(YA-WEN JHU)

指導教授 ： 王若蓮

朝陽科技大學/管理學院/會計系/碩士(2020年)

摘要

本研究以台灣上市公司為樣本，以t檢定檢測IFRS 16實施前後，相關財務比率是否有顯著地改變，並以Ohlson(1995)模型為基礎，探討財報資訊揭露之IFRS 16影響數是否具有價值攸關性。本研究樣本先以全產業作為研究對象，並對於敏感產業及非敏感產業進行更進一步之探討。首先採用t檢定之成對樣本檢定，在2018年與2019年第三季資料及年度資料下，全產業、敏感產業及非敏感產業在負債比率、負債權益比、總資產周轉率及折舊費用率有顯著改變，而流動比率與利息費用率則無；以Ohlson模型探討台灣採用IFRS 16後對財務報表之價值攸關性影響，在2018年及2019年第三季資料中，全產業、敏感產業及非敏感產業之權益帳面價值及每股盈餘皆有增額價值攸關性；在年度資料中，僅少部分具有增額價值攸關性。亦檢測2018年度財報中附註揭露IFRS 16影響數之權益帳面價值是否具有價值攸關性，結果表示並無增額價值攸關性。

關鍵字

價值攸關性 ； IFRS 16

並列摘要

The study uses Taiwan listed companies as a sample to test whether relevant financial rations have changed significantly. Base on the Ohlson(1995) evaluation model, this study examines the effect of net income and equity book value on the value relevance after IFRS 16. This research sample takes all listed firms as full research sample. Next, this study divides the sample into leasing asset sensitive industries and non-sensitive industries, and discusses separately. First, paired sample t test is adopted to detect whether the financial ratios are affected significantly after implementing IFRS 16. It is found that debt ratio, whether in sensitive or non-sensitive industries, debt to equity ratio, total asset turnover ratio and depreciation expenses are all significantly changed. However, current ratio and interest expense rate have not changed. Based on Ohlson evaluation model, this study examines the value-relevance effect of net income, equity book value on the stock price after adopting IFRS 16. When testing with 2018 and 2019 third quarter financial data, equity book value and earning per share all have higher value relevance on stock price after adopting IFRS 16. However, in terms of annual data, the degree of influence is all not significant. It might be that, since the IFRS 16 leasing assets and liabilities have been revealed in the interim financial report, the stock price has been reflected in the middle of the year. It is also possible that when annual report is announced, the stock price of each company has fallen sharply due to the impact of COVID-19, and financial information is no longer value-relevant.

並列關鍵字

Value Relevance ； IFRS 16

參考文獻

一、中文參考文獻

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