本文旨在探討國際會計準則第39號公報(International Accounting Standards No 39,簡稱IAS 39)實施之後,對台灣、香港及中國等兩岸三地之企業採用公允價值衡量之金融工具對企業價值的影響。本研究參酌Ohlson (1995)之股價評價模型,據以定義本文之應變數-企業價值。本文研究期間為2005年至2012年,以國際型事務所作為審計品質之代理變數,探討審計品質對企業價值之影響,並進一步分析審計品質對公允價值與企業價值間關係之調節效果。實證結果顯示,採用IAS 39後,兩岸三地企業以公允價值衡量的金融資產及金融負債對企業價值的影響,皆分別顯著高於非以公允價值衡量的金融資產及金融負債。而審計品質與企業價值亦呈顯著正相關,表示企業委託國際型會計師事務所執行查核工作能提升企業價值。最後,審計品質及以公允價值衡量之金融資產或金融負債之交乘項,其分別與企業價值呈顯著正相關,亦即透過審計品質的提升,財務報表採公允價值衡量之企業仍可提高企業價值。
This study examines the relationships between fair value, audit quality and firm value in listed companies in Taiwan, Hong Kong and China. Empirical data are from 2005-2012 Taiwan Economic Journal database. We use Ohlson model (1995) to compute the firm value. Empirical results demonstrate that the effect of audit quality on firm value is significantly positive. After adopting the International Accounting Standards No. 39 (IAS 39), this study shows that the positive significant relationship between fair value and firm value of listed companies in Taiwan, Hong Kong and China. Furthermore, firm value is enhanced by the interaction between audit quality and fair value, indicating that moderating effects of audit quality on fair value and firm value.