臺灣博碩士論文加值系統

本研究旨在討論合併報表與母公司財務報表之資訊差異與公司價值之關聯性，藉此了解財務報表使用者是否能藉由合併報表與母公司報表所揭露之資訊，辨別公司真實的營運情況。本研究以2005-2007年台灣上市櫃公司為研究樣本，透過營業利益、資金借貸變數，探討財務報表資訊差異對於公司價值的綜合影響。
實證結果發現：
(1.)母公司報表之營業利益大於合併報表之營業利益時，與盈餘持續性呈顯著正相關。
(2.)母公司報表之借貸金額大於合併報表之借貸金額時，與盈餘持續性呈顯著正相關。
(3.)綜合營業利益與資金借貸的效果，結果顯示財報差異隱含之關係人交易有助於盈餘持續性的提升，得以降低資訊不對稱產生的風險與成本,並提升交易的效率與透明度。

This study aims to explore the difference between consolidated financial statements and parent’s financial statements with the disclosure of firm value. It is to understand whether or not financial statement users can identify real operating condition of corporationthrough disclosed information in the financial statements of the parent company and consolidated statements. In this study, listed companies from Taiwan stock market and over-the-counter are selected as our research samples from 2005 to 2007. The panel data is tracked by operating profit and loan to explore the combined effects of differences in financial statement information on the firm value.
Empirical results indicated that：
(1.) The difference of operating profit between consolidated financial statements and parent’s financial statements is significantly positive correlated with earnings persistence.
(2.) The difference of loans between consolidated financial statements and parent’s financial statements is significantly positive correlated with earnings persistence.
(3.) Combined operating profit and loan effect, it indicates that related party transactions will enhance the persistence of earnings, to reduce the risk and cost generated from information asymmetry, and improve the efficiency and transparency of trading transaction.

中文摘要 ................................................................. i
英文摘要 ................................................................ ii
圖目錄 .................................................................. iv
表目錄 .................................................................. iv
一.前言 .................................................................. 1
1-1 研究背景與動機 .................................................... 1
1-2 研究目的 .......................................................... 3
1-3 研究架構 .......................................................... 4
二.文獻回顧與研究問題探討 ................................................ 6
2-1 合併報表與母公司報表之相關議題 .................................... 6
2-1-1 合併報表之相關規定及影響 ........................................ 6
2-1-2 合併報表與母公司報表之比較 ...................................... 6
2-1-3 集團企業之關係人交易 ........................................ 8
2-2 盈餘持續性之相關文獻 ............................................. 10
三.研究方法 ............................................................. 13
3-1 研究期間、樣本選取與資料來源 ..................................... 13
3-2 變數衡量與實證模型 ............................................... 13
3-2-1 合併報表與母公司個別報表之資訊差異 ......................... 13
3-2-2 盈餘持續性 ................................................. 14
3-3 研究方法 ......................................................... 17
3-3-1 敘述性統計分析 ............................................. 17
3-3-2 迴歸分析 ................................................... 17
四.實證結果與分析 ....................................................... 18
4-1 敘述性統計分析 ................................................... 18
4-2 相關係數 ......................................................... 19
4-3 迴歸分析 ......................................................... 22
五.結論與建議 ........................................................... 29
5-1 研究結論與貢獻 ................................................... 29
5-2 研究限制與建議 ................................................... 30
參考文獻 ................................................................ 31

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