我國2004年末依據國際會計準則第27號(IAS27)規範,大幅度修訂財務會計準則第七號「合併財務報表」公報,將控制能力之定義由股權控制(50%)變更為可主導及監管其它個體之「實質控制能力」判斷。故本研究針對不同規範時期之合併財務報表,比較公報修訂對權益法收益與營業淨利之盈餘持續性影響,實證發現在第七號公報修訂後:權益法收益之盈餘持續性係數低於營業淨利之盈餘持續性係數;權益法收益與營業淨利之盈餘持續性差距變大;權益法收益之盈餘持性低於公報修訂前權益法收益之盈餘持續性。實證結果支持第七號「合併財務報表」公報修訂擴大合併編製主體之規範,使合併損益表之損益分類更正確及合併財務報表資訊揭露更透明。另外,公報修訂前,股市對於合併財務報表之權益法收益資訊預測一年後盈餘之能力理性定價;但公報修訂後,股市對於權益法收益資訊預測一年後盈餘之能力過度反應,顯示股市似乎不能正確解讀新修訂七號公報修訂之實質意涵。
In accordance with the International Accounting Standard No. 27, the major revision of the Taiwanese Accounting Standard No. 7 in 2004 is to drop the 50% bright line rule of control and to require consolidation of all investee companies that the parent firm has "effective control". This study examines the persistence of operating incomes and incomes from investments accounted for by the equity method (hereafter "equity incomes"), both before and after the revision. The empirical results show that (1) persistence of equity incomes is lower than operating incomes only after the revision; (2) the difference between the persistence of equity incomes and operating incomes increases after the revision; and (3) persistence of equity incomes decreases after the revision. In general, the evidences support the revision to consolidate more "subsidiaries" under effective control, which effects more accurate classification of earnings components. Finally, the stock market prices appear to be able to rationally price the persistence of equity incomes, and yet, overweight the persistence of equity incomes after the revision of the Taiwanese Accounting Standard No. 7.