The Risk Implications of Valuation Methods for Long-Lived Assets

長期性資產評價方法的風險意涵

陳維慈(Weitzu Chen) ； 蕭莉芃(Li-Peng Hsiao) ； 戴家偉(Chia-Wei Tai)

《證券市場發展季刊》 30卷3期 (2018/09) Pp. 97-146

https://doi.org/10.6529/RSFM.201809_30(3).0004

摘要

This study examines whether firm managers' choice of valuation methods for long-lived assets between fair value and historical cost affects firm risk. Using a sample of 95 UK listed firms and 754 firm-year observations during the period of 2003 to 2010, we find evidence that, on average, fair value accounting for long-lived assets induces a higher level of systematic risk, relative to historical cost accounting in the pre-IFRS adoption period. In the post-IFRS adoption period, firms choosing fair value accounting have a higher level of positive changes in systematic risk than their counterparts using historical cost accounting. Overall, these findings imply that given a set of costly accounting standards, fair value accounting for non-financial assets needs further considerations.

關鍵字

risk implications ； valuation methods ； long-lived assets ； International Financial Reporting Standards (IFRS)

並列摘要

本文檢視企業經理人對長期資產評價方法（公允價值或歷史成本）的不同選擇是否影響公司風險。在2003至2010年間，共95家英國掛牌公司（754筆觀測值）為研究樣本，本文研究結果發現，平均而言，採用國際財務報導準則之前，以公允價值（相較於歷史成本）為長期性資產衡量之公司具有較高的系統風險。然而，採用國際財務報導準則之後，以公允價值為長期性資產衡量之公司，系統風險變動的正向程度高於以歷史成本為衡量之公司。整體而言，本文發現隱含說明：公司對於非金融資產採用公允價值會計仍有待商榷。

並列關鍵字

風險意涵 ； 評價方法 ； 長期性資產 ； 國際財務報導準則

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," Journal of Ассоunting and Economics, Vol. 26(1-3), 149-178.

Ahmed, A. S., M. Neel, and D. Wang (2012), "Does Mandatory Adoption of IFRS Improve Accounting Quality? Preliminary Evidence," Contemporary Accounting Research, Vol. 30(4), 1344-1372.

Allen, F. and E. Carletti (2008), “Mark-to-Market Accounting and Liquidity Pricing," Journal of Accounting and Economics, Vol. 45(2-3), 358-378.

Armstrong, C. S., J. E. Core, D. J. Taylor and R. E. Verrecchia (2011), "When does Information Asymmetry Affect the Cost of Capital," Journal of Ассоunting Research, Vol. 49(1), 1-40.

Barth, M. and G. Clinch (1998), “Revalued Financial, Tangible, and Intangible Assets: Association with Share Prices and Non-Market-Based Value Estimates," Journal of Accounting Research, Vol. 36, Studies on Enhancing the Financial Reporting Model, 199-233.