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研究生:周庭楷
研究生(外文):Ting-Chieh Chou
論文名稱:會計保守原則對權益評價影響之實證研究
論文名稱(外文):Accounting Conservatism and Equity Valuation: Examination on Feltham & Ohlson Model
指導教授:吳清在吳清在引用關係邱正仁邱正仁引用關係
指導教授(外文):Ting-Tsai WuJeng-Ren Chiou
學位類別:碩士
校院名稱:國立成功大學
系所名稱:會計學系碩博士班
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2002
畢業學年度:90
語文別:中文
論文頁數:90
中文關鍵詞:保守評價價值攸關性生命週期
外文關鍵詞:ValuationConservatismLife-CycleValue Relevance
相關次數:
  • 被引用被引用:69
  • 點閱點閱:1652
  • 評分評分:
  • 下載下載:433
  • 收藏至我的研究室書目清單書目收藏:6
會計保守特性在Feltham and Ohlson(1995)所發展之評價架構中扮演重要的角色。首先,本研究檢視1998-2000年間市價對帳面值比率(market-to-book ratio)以論析相對於市場價值,會計帳面價值偏向保守的程度及情況,並在上述研究期間對Feltham and Ohlson(1995)評價模式進行橫斷面檢定。實證結果顯示會計帳面價值相對於市價而言係存在保守性偏差;而且,評價模式係數隨個別公司之LIM參數發生橫斷面變異,與理論相符。

接著,本研究依據Feltham and Ohlson(1996)模式,實證檢測會計保守特性對市場評價的影響。實證結果顯示商譽(權益帳面價值與市價的差異)為超額營業盈餘和期初營業資產的線性函數,符合模式預期;同時,研究結果整體上支持Feltham and Ohlson的基本意涵:(1)超額營業盈餘對公司商譽的影響隨營業現金收入持續性的增加而上升;(2)現金收入持續性與折舊參數的差異擴大,將增加營業資產對商譽的影響。一般而言,Feltham and Ohlson模式的迴歸係數與理論隱含係數間存有相關性,但結論拒絕理論係數和估計係數間之相依樣本相等(equity)性檢定。本研究支持質性特徵及模式的基本意涵。

最後,鑑於近年來財務報導及研究針對「盈餘」或是「現金流量」何者具有較高價值攸關性的爭議,本文探討企業處在不同企業生命週期階段時,盈餘和現金流量數字之相對價值攸關性。「盈餘」資訊預期在成熟階段具較高之價值攸關性,而在成長或對公司未來遠景不明確之階段,預期「現金流量」之價值攸關性較高,該部分之實證模式係以Feltham and Ohlson(1995)的理論架構為基礎,並利用Wald 檢定假說(Biddle, Seow and Siegel, 1995)。實證結果支持當企業處於生命週期之成熟階段時,「盈餘」較營業、投資或理財「現金流量」具有更高價值攸關性的假說;然而,在成長階段,來自投資活動之「現金流量」之價值攸關性較「盈餘」為高,惟Wald 統計值未達顯著水準;處於衰退階段企業,其盈餘資訊仍較現金流量具有較高之價值攸關性,但其攸關程度相較其它階段,已呈現下降的現象,且在此階段,權益「帳面價值」之價值攸關性最高。
Accounting conservatism is important in the valuation framework recently developed by Feltham and Ohlson (1995). This study first investigates the extent to which accounting book values are conservative, relative to market values, by documenting the behavior of market-to-book value ratios over the 3 year-period 1998-2000 and examining cross-sectional tests of the Feltham and Ohlson (1995) valuation model in these years. The evidence generally shows there is a conservative bias in accounting book values, relative to market values. In addition, the model coefficients vary cross-sectionally in a manner consistent with the theory.

Secondly, this study documents evidence on the valuation effects of accounting conservatism in the context of the Feltham-Ohlson (1996) model. The empirical results reveal, consistent with the model’s predictions, that goodwill (the difference between market and book value of equity) is a function of abnormal operating earnings and beginning operating assets. Our test results support two further implications of the FO model: (1) the effect of abnormal operating earnings on goodwill increases with operating cash receipts persistence, and (2) the effect of operating assets on goodwill increases with the difference between cash receipts persistence and the depreciation parameter. Generally, the estimated coefficients from the Feltham-Ohlson (1996) model did not correspond to their implied theoretical. However, we can’t reject a paired-sample test of equality of mean between the estimated abnormal operating earnings weight and those implied by our persistence and cost of capital parameters. We interpret our results as supporting the qualitative features and the underlying intuition of the model.

Eventually, this study examines which accounting measure is more value-relevant: earnings or cash flow? Financial press and recent research are controversial about this issue. The study examines the relative value-relevance of earnings and cash flow measures in different life-cycle stages. Earnings are predicted to be more value-relevant in mature stages. Cash flows are expected to be more value relevant in stages characterized by growth and/or uncertainty. We use Wald Chi-Square Statistics to test (Biddle, Seow and Siegel 1995) our model built on the theoretical ground of Feltham and Ohlson (1995) to support the hypotheses. Evidence supports the hypothesis that earnings are more value-relevant than operating, investing, or financing cash flows in mature life-cycle stages. However, in the growth stage investing cash flows are more value relevant than earnings, but the Wald Chi-Square statistics is not significant. In the decline stages, earnings are more value relevant than cash flows, while the R square statistics are much lower than other stages, and the book value of equity is the most value relevant among these accounting measures.
第一章 緒論...................................................................1
第一節 研究動機與目的...............................................1
第二節 研究架構...........................................................4

第二章 文獻探討...........................................................7
第一節 會計保守特質分析...........................................7
第二節 價值攸關性研究文獻.....................................15
第三節 評價理論模式.................................................23
第四節 企業生命週期論析.........................................33

第三章 研究方法.........................................................38
第一節 相對資訊內涵與增額資訊內涵.....................38
第二節 研究假說.........................................................40
第三節 定義研究變數及生命週期因子.....................49
第四節 資料分析方式.................................................57
第五節 樣本選取及資料來源.....................................59

第四章 實證結果與分析.............................................62
第一節 Feltham & Ohlson(1995)模式檢測..............62
第二節 Feltham & Ohlson(1996)模式檢測..............68
第三節 盈餘與現金流量之相對價值攸關性檢測.....71

第五章 結論與建議.....................................................78
第一節 研究結論.........................................................78
第二節 研究限制.........................................................80
第三節 研究建議.........................................................80

參考文獻......................................................................82
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