導入IFRS前後財報資訊內涵之比較

近年來採用國際會計準則(IFRS)是否能提高財報品質之議題廣受重視，但尚未獲致穩定之結論。台灣於2013年開始採用IFRS，故本研究探討採用IFRS後對財報宣告與盈餘數字之資訊內涵(異常報酬、異常交易量)之影響，並進一步納入投資人特性(以外資持股比例區分)檢測此變數是否影響研究結果。本研究以2011年(非採用IFRS)和2013年(採用IFRS)台灣上市櫃公司為研究樣本，結果發現若未考量外資持股比例，整體而言2013年採用IFRS後財報宣告之異常報酬波動和異常交易量之關係，較2011年顯著下降；然而進一步分析顯示外資持股比例高組之企業，並未呈顯著影響，前述效果僅存在外資持股比例非高組之企業。於盈餘數字之資訊內涵方面，則發現外資持股比例高組之企業於2013年較2011年更具資訊內涵。故本研究推論原因為外資已有解讀IFRS財報數字之能力，而本國投資人對IFRS財報資訊內涵較陌生而不具信心，故持續教育本國投資人具解讀IFRS報表之能力與信心，應是欲達到趨同IFRS預期成效之配套措施。

關鍵字

國際會計準則；異常報酬；異常交易量；外資

並列摘要

The issue of conversion on IFRS financial report quality was be wide attention in recent years. The past studies do not have stable conclusion yet. Taiwan adopted IFRS in year 2013 and this research investigate whether the information content (abnormal return and abnormal trading volume) of financial report announcement and earnings change following adoption of IFRS. We also use the view of investor characteristic(through foreign investor ratio) to detect this change. The research sample covers all the publicly traded company in Taiwan from year 2011 (pre-IFRS) and 2013 (post IFRS). The results suggest abnormal return volatility and abnormal trading volume decreased after adoption of IFRS, but no significant relation with high foreign investor ratio companies. In earnings change part, the result shows significant positive relation in high foreign investor ratio companies. It means that IFRS earnings have more information content for foreign investors. Overall we conclude foreign investors have ability to interpret the IFRS financial report. If we want adoption of IFRS which can achieve the anticipated benefits, we need complementary measures to educate the domestic investors to develop adequate capacity to interpret and use IFRS financial report.

並列關鍵字

IFRS ； abnormal return ； abnormal trading volume ； foreign investment

參考文獻

林欣美、郭麗華與蘇迺惠，2008，國際化程度、董事會結構、精練法人監督對盈餘管理之影響：以台灣資訊電子業爲例，台大管理論叢，第19卷第1期，頁157-186。

Jiambalvo, J., S. Rajgopal and M. Venkatachalam , 2002. Institutional ownership and the extent to which stock prices reflect future earnings. Contemporary Accounting Research, 19(1), 117-145.

Ahmed, A.S., M. Neel, and D. Wang, 2013. Does mandatory adoption of IFRS improve accounting quality? preliminary evidence. Contemporary Accounting Research, 30(4), 1344-1372.

Ball, R., 2007. International financial reporting standards (IFRS): pros and cons for investors. Accounting and Business Research. International Accounting Policy Forum, 36(1), 5-27.

Ball, R., P. Brown, 1968. An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(2), 159-178.

國際替代計量

導入IFRS前後財報資訊內涵之比較

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