資產重估價模式之採用對企業權益資金成本的影響

THE RELATION BETWEEN THE REVALUATION MODEL OF LONG-LIVED ASSETS AND THE EQUITY COST OF CAPITAL

李佳琦(Chia-Chi Lee)

指導教授 ： 陳維慈

國立臺北大學/商學院/會計學系/碩士(2012年)

摘要

隨著經濟環境與商業模式的瞬息萬變，以及因應會計準則發展之趨勢，國際財務報導準則之導入與公允價值會計在各國實為愈來愈備受關注之議題。儘管公允價值之財務資訊能提供投資者較佳的價值攸關資訊，我國於2013年即將採用之國際財務報導準則中，針對長期性資產重估價模式的除外作法，足顯見我國主管機關現階段對於公允價值會計之採用尚存疑慮，而過去相關研究之分歧結果，亦彰顯該議題仍存有爭議並值得進一步深入探究。
本研究係以資本市場具有相當規模且開放程度較高之英國企業為主要研究對象，探究企業採用重估價會計政策對企業權益資金成本之影響。研究之實證結果顯示，相較於採用成本模式的企業，英國企業採用重估價模式之會計政策者有較低的系統風險與總風險，亦即當企業採行以公允價值進行重估價之會計政策後，在長期性資產方面由於提供財報使用者較為貼近經濟實質之實際價值，因資訊透明度與揭露程度提升之會計資訊品質，有助於財報使用者以為經濟決策之判斷依據，可降低資金投資與資訊風險之不確定性，故相較於股市大盤之波動程度的系統風險較低，股票報酬之波動性亦相對穩定，隱含企業權益資金成本之降低。本研究係以系統風險與總風險間接衡量權益資金成本，故採行公允價值衡量之重估價模式可降低系統風險與總風險時，應隱含企業權益資金成本之減少。

關鍵字

重估價 ； 公允價值 ； 長期性資產 ； 權益資金成本

並列摘要

With the rapidly changing economic environment, unpredictable business model, whether or not countries around the world adopt the International Financial Reporting Standards (IFRS), especially fair value accounting, to reflect business transactions has become an important accounting decision. One major concern on above accounting decision is the use of fair value accounting. Despite its relevance of financial information to investors, fair value measurement is temporally excluded from the alternatives of accounting policy for long-lived assets by Financial Supervisory Commission in Taiwan since the full adoption of IFRS in 2013. The rationale behind the exclusion is the reliability concern of the revaluation model for long-lived assets. In addition, the mixed results from the past studies also highlight the tradeoff between reliability and relevance of fair value accounting.
By contributing to this line of studies, this study uses listed UK firms as the research sample to investigate the impact of the adoption of the revaluation model on firms’ equity cost of capital. The empirical results show that British firms adopting the revaluation model have lower systematic and total risks, compared to their counterparty selecting the cost model. These results suggest that when firms adopt the revaluation model, long-lived assets are measured at their real economic value, thus, enhancing the transparency of accounting information and facilitating investors’ economic decision. As firms’ equity cost of capital is indirectly measured by systematic or total risk, the reduced systematic or total risk resulting from disclosure of long-lived assets’ fair value in financial statements implies lower equity cost of capital.

並列關鍵字

Revaluation model ； Fair value ； Long-lived Assets ； Equity cost of capital

參考文獻

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