資產評價與未來盈餘資訊之關聯性研究

The Relationship of Assets Valuation, and Information of Future Earnings

潘宏韋(Hung-Wei, Pan)

指導教授 ： 王全三

國立臺灣大學/管理學院/會計學研究所/碩士(2014年)

https://doi.org/10.6342/NTU.2014.02985

摘要

本研究參考Tucker and Zarowin (2006)之研究，以1967年至2010年為樣本期間，75431間美國上市公司為樣本公司，探討企業採行資產負債表法後，資產評價對於盈餘持續性以及未來盈餘資訊的影響。
過去投資人利用損益表上所反映的會計資訊，評估一個企業的經營成果，現今則以資產負債表作為主軸。資產負債表法是透過適當的資產及負債評價，作為財務報導之目的，而其他會計因素為次之，即先評價資產負債的價值，進而決定損益表的數字，目的在反映正確的資產與負債價值，盈餘數字則包括特定期間內的淨資產價值變動。關於資產評價，過去研究的重心大多以公允價值法評價資產，較少著墨於其他評價方式，會計準則規範不同資產應遵循各自的續後評價模式，代表各種資產評價所包含的未來資訊也有所不同，而會計準則允許經理人透過不同的評價模式反映公司未來盈餘資訊，故本研究以其他評價方式作為研究的重心，分別以存貨及長期性資產作為變數，探討資產採其他評價方法下，探討不同資產評價特性是否反映不同程度的未來盈餘資訊，以及對於盈餘持續性的影響程度，並檢驗經理人是否會將本身私有資訊藉由財務報表釋放給外部投資人。
資產評價與盈餘持續性之實證結果發現，存貨與盈餘持續性呈負相關、長期性資產呈正相關；而資產評價與未來盈餘之實證結果顯示，存貨評價具有未來盈餘資訊，而長期性資產不具有未來盈餘資訊。

關鍵字

資產評價 ； 盈餘持續性 ； 未來盈餘

並列摘要

Based on the research of Tucker and Zarowin (2006), this paper collects sample data of American’s public companies from 1967 to 2010 and studies the impact of assets valuation on earnings persistence and information of future earnings after the balance sheet approach is adopted.
In the past, accounting information in income statement was used to evaluate a company’s business performance. However, balance sheet is thought to be more important than before. The essence of the so-called balance sheet approach is that correctness of valuation of assets and liabilities are taken as the primary goal for financial reporting. The valuation of assets and liabilities are determined first. Earnings are simply changes in value of net assets for a given period. Concerning assets valuation, prior studies mainly examine asset valuation under fair value approach. Only few studies focus on other valuation approaches. Following accounting standards, different valuation models are applied to measurement of assets subsequent to initial recognition, demonstrating information of future earnings. This allows managers to reflect companies’ information of future earnings through different valuation models. This paper uses inventory and long-term assets as examples of other valuation approach, discussing whether different assets valuation reflects different information of future earnings. Also, we examine the effect of valuation approach on earnings persistence, and probe whether managers would release private information to investors through financial reports.
The results show that inventory is negatively related to earnings persistence, and long-term assets are positively related to earnings persistence. Inventory valuation exhibits information of future earnings, while long-term assets don’t have the same information effect.

並列關鍵字

Assets valuation ； Earnings persistence ； Information of future earnings

參考文獻

Aboody, D., M. E. Barth, and R. Kasznik. 1999. Revaluations of fixed assets and future firm performance: Evidence from the UK. In Journal of Accounting and Economics, 149-178.

Ball, R., and P. Brown. 1968. An empirical evaluation of accounting income numbers. Journal of Accounting Research:159-178.

Barlev, B., D. Fried, J. R. Haddad, and J. Livnat. 2007. Reevaluation of Revaluations: A Cross‐Country Examination of the Motives and Effects on Future Performance. Journal of Business Finance & Accounting 34 (7‐8):1025-1050.

Barth, M. E. 2006. Including estimates of the future in today's financial statements. Accounting Horizons 20 (3):271-285.

Barth, M. E., W. H. Beaver, and W. R. Landsman. 1996. Value-relevance of banks' fair value disclosures under SFAS No. 107. Accounting Review:513-537.