財務報導格式對非專業投資人判斷之影響─以綜合淨利資訊為例

Effects of Financial-Statement Presentation Format on Nonprofessional Investors’ Judgments：An Example of Comprehensive-Income.

劉瑀農(Yu-Nung Liou)

指導教授 ： 顏信輝

淡江大學/管理學院/會計學系碩士班/碩士(2006年)

https://doi.org/10.6846/TKU.2006.00183

摘要

財務報表的報導格式是否會影響到投資人的判斷，在我國的證據尚不多；在國外若以不同的理論去研究會有不同的預期。民國95年初台灣實施財務會計準則第34號公報，其中對投資的分類已作了大幅更改與修正，因此本研究欲以綜合淨利資訊的表達為研究題材，分析備供出售投資之未實現持有損益資訊若以綜合淨利表呈現，或以目前台灣實施第34號公報後，將該資訊表達於股東權益變動表的方式呈現，是否會對非專業投資人造成影響。此外，Maines and McDaniel(2000)提出五個影響非專業投資人對資訊加權的構面，本研究直接從中探討我國非專業投資人是受到哪幾項的影響。實驗一發現不同的表達方式與非專業投資人的投資報酬滿意度沒有顯著的關係，但在風險控制能力及投資風險方面皆有顯著的影響，且以綜合淨利表來表達，會使非專業投資人對於未實現持有損益之波動性的影響較為敏感。實驗二發現，受試者在實驗一風險控制能力和投資風險判斷的差異，是不自覺的偏誤所導致。另外，研究發現“財務報表的表達位置＂、“與淨利作連結＂、“單獨列式＂和“以總額表達＂是產生上述不同判斷的原因。

關鍵字

綜合淨利 ； 報導格式 ； 第34號公報

並列摘要

There is no enough evidence whether the presentation formats of financial statement affect the judgment of nonprofessional investors in Taiwan. The foreign researches reach different conclusions varying with theories. SFAC No.34 has changed the classification of investments substantially, since it came into force at the beginning of 2006. Therefore, this study investigates whether it influences nonprofessional investors’ judgments if we present “unrealized holding gains and losses” of avalible-for-sale securities on a comprehensive-income statement or a stockholders’ equity statement. In addition, Maines and McDaniel(2000) proposed five dimensions that can influence nonprofessional investors’ weighting. This study will discuss immediately, and try to find out which one would affect nonprofessional investors’ judgment in Taiwan. First experiment find that alternative presentation formats has no significant effects on satisfaction of investors’ return but it has significant effects on risk-control ability and the risk of investing in the company’s stock. Moreover, when we present “unrealized holding gains and losses”on the comprehensive-income statements, nonprofessional investors become more sensitive to the volatility of “unrealized holding gains and losses”. Second experiment find that subjects’ different judgments on experiment are result from their unconcious errors. In addition, our research shows that “Placement in Financial Statements”, “Linkage to Net Income”, “Isolation” and “Aggregation” are the dimensions for different judgment mentioned above.

並列關鍵字

Comprehensive income ； Presentation format ； SFAC No.34 Recognition and measurement of financial instruments

參考文獻

Brauchle G. I., and C. L. Reither. 1997. Reporting comprehensive income. The CPA Journal 67 (October): 42-46.

Fischhoff, P., P., Slovic. and S. Lichtenstein. 1978. Fault tree: Sensitivity of estimated failure probabilities to problem representation. Journal of Experimental Psychology: Human Perception and Performance 4 (May): 330-344.

Frederickson J. R., and J. S. Miller. 2004. The effects of pro forma earnings Disclosures on analysts’ and nonprofessional investors’ equity valuation judgments. The Accounting Review 79 (July): 667-686.

Hirst, D. E., and P. E. Hopkins. 1998. Comprehensive income reporting and analysts’ valuation judgments. Journal of Accounting Research 36 (Supplement): 47-75.

______, ______ and J. M. Wahlen. 2004. Fair values, income measurement, and bank analysts’ risk and valuation judgments. The Accounting Review 79 (April): 453-472.