長期性資產重估價模式選擇之決定因素實證研究

為提升我國企業之國際競爭力，金融監督管理委員會決定自2013年起採用國際財務報導準則(IFRS)，但對於長期性資產之會計處理，依舊維持成本模式，主要係考量財務報導之可靠性，此舉引發本研究探討英國企業長期性資產採用重估價模式之決定因素。本研究期間為2005年至2010年，共計2,179筆觀察值。本研究將英國企業採用重估價模式的可能原因區分為經濟因素和報導因素，並以Logistic model進行實證研究。實證結果發現，以全國性、產業間、個別企業營運變數衡量之經濟因素中，大部分之經濟變數，包含銷貨收入變動之絕對值(A△SALES)、營業淨利變動之絕對值(A△OI)、營運現金流量變動之絕對值(A△OCF)，與重估價模式之採用呈顯著負相關，此結果說明：營業變動較大之企業傾向採用成本模式，以降低盈餘預測的波動性。報導因素之結果顯示，重估價模式之採用與負債資產比(DE)呈正相關，與資訊不對稱程度(MVB)呈負相關，亦即企業運用會計政策之選擇以達契約效率性，然而，企業規模(SIZE)與重估價模式呈正相關，說明規模愈大者愈傾向採用重估價模式，以反映長期性資產之真實價值。

關鍵字

重估價模式；公允價值；長期性資產

並列摘要

To enhance the international competitiveness of domestic firms, Financial Supervisory Commission in Taiwan has officially decided to adopt the International Financial Reporting Standards (IFRS) since 2013. However, accounting for long-lived assets still maintains the cost model due to the concern on the reliability of financial reporting by the revaluation model. Thus, this study investigates the determinants of accounting for long-lived assets under the revaluation model by listed British firms adopting IFRS since 2005. A total sample of 2,179 observations based on British firms over the period of 2005-2010 is yielded by this study. By separating the determinants of whether or not to adopt the revaluation model into economic and reporting factors, this study employs the Logistic model to investigate the driving forces behind the adopting decision. Empirical results suggest that for economic factors, measured by national, inter-industry, and firm-specific operating proxies, most factors including absolute changes in sales (A△SALES), absolute changes in operating income (A△OI), and absolute changes in operating cash flows (A△OCF) are negatively correlated with the use of the revaluation model. It implies that firm intends to use the cost model by reducing the volatility of earnings forecast. For reporting factors, the decision of using the revaluation model is positively and negatively related with ratio of debt to total assets (DE) and the extent of information asymmetry (MVB), suggesting accounting policy of long-lived assets is employed for contracting purposes. However, positive coefficient on firm size (SIZE) implies that the larger the firms, the more likely they use the revaluation model to reveal the fair value of their assets.

並列關鍵字

Revaluation Model ； Fair value ； Long-lived Assets

參考文獻

楊朝旭與吳幸蓁，2009，資產減損之決定因素與盈餘資訊性後果：論公司治理之角色，會計評論，第48期(1月)：67-114。

Aboody, D., M. E. Barth and R. Kasznik. 1998. Revaluations of Fixed Assets and Future Firm Performance: Evidence from the U.K. Journal of Accounting and Economics, 26: 49-178.

Brown, P., H.Y. Izan, and A. L. Loh. 1992. Fixed Asset Revaluations and Managerial Incentives. Abacus 28(1): 36-57.

Christensen, H. B. and V. Nikolaev. 2010. Does Fair Value Accounting for Non-financial Assets Past the Market Test? Working paper, Chicago Booth School.

Cotter, J. and I. Zimmer. 1995. Asset Revaluations and Assessment of Borrowing Capacity. Abacus, 31(2): 136-151.

國際替代計量

長期性資產重估價模式選擇之決定因素實證研究

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