成長機會對會計資訊評價攸關性影響之研究

The Impact of Growth Opportunity on Value Relevance of Accounting Informtion

賴渙文(Huan-Wen Lai)

指導教授 ： 曹壽民

中原大學/商學院/會計研究所/碩士(2001年)

https://doi.org/10.6840/cycu200100177

摘要

成長機會對會計資訊評價攸關性之研究
摘要
公司市場價值是由現有資產價值與未來成長機會價值所構成，其中成長機會價值占公司價值的比重往往很大；然而只有擁有未來成長機會的公司才能不斷提高其價值，資訊使用者若僅以目前盈餘數字來評估公司價值，而忽略了影響深遠的未來成長機會，便會遺漏重要的財務資訊而導致不正確的投資決策。因此本文引用Ohlson（1995）及Feltham and Ohlson（1995）模式研究會計資訊之攸關性。本文旨在探討會計評價過程，除了探討成長機會對於會計資訊評價之攸關性（假說一）及其對盈餘持續度之影響（假說二）及成長機會對帳面價值評價攸關性之影響外（假說三），還探討成長機會對會計保守性的影響（假說四）。本研究嘗試以資產帳面值/資產市值（A/V）作為成長機會之替代變數將所有公司分四組以進行實證分析；另外本文為了消除混淆效果在敏感度分析中加入規模因素、虛擬變數，並且使用其他成長機會替代變數作更進一步分析。本研究結果有以下結論：（1）成長機會愈大之公司會計資訊對股價之解釋能力愈小（2）成長機會愈大之公司其異常盈餘之係數愈大（3）成長機會愈大之公司增額資訊內涵愈小（4）成長機會愈大之公司保守係數愈大

關鍵字

成長機會 ； 保守會計 ； 帳面價值

並列摘要

The Impact of Growth Opportunity on Value Relevance of Accounting Information
Abstract
The market value of company is composed of assets in place and the value of future growth opportunity. The value of growth opportunity is very important in the market value of company. If the user of imformation preciated the company’s value only by the number of earing ,the user will make wrong precision. According to Ohlson（1995）and Feltham and Ohlson（1995）model , we examine the relevance of accounting information. This paper focus on researching the process of the value of accounting: Hypothesis（1）the growth opportunity on value relevance of accounting information , hypothesis（2）the relevance of earning persistence, hypothesis（3）the growth opportunity on value relevance of book value, hypothesis（4）the impact of growth opportunity in accounting conservatance. Then we have conclusion （1） the more of the growth opportunity will have less explaining ability,（2）the more of growth opportunity will have much earning persistence, （3） the more of the growth opportunity will have less information of book value,（4）the more of the growth opportunity will have much accounting conservatance.

並列關鍵字

conservative accounting ； growth opportunity ； book value

參考文獻

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