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研究生:許倖慈
研究生(外文):Hsing-Tzu,Hsu
論文名稱:實施強制編製合併報表對企業價值的影響
論文名稱(外文):The influence of implement establishment combined statements compulsively about enterprise value
指導教授:李合龍李合龍引用關係
指導教授(外文):Ho-Lung,Lee
學位類別:碩士
校院名稱:國立高雄應用科技大學
系所名稱:商務經營研究所
學門:商業及管理學門
學類:貿易學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:中文
論文頁數:85
中文關鍵詞:第七號公報合併報表企業價值
外文關鍵詞:Seventh bulletincombined statementsenterprise value
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為因應企業經營模式逐漸集團化及國際化,並加速國內會計原則與國際接軌,我國檢討修訂財務會計準則公報第七號「合併財務報表」,以反映集團整體營運績效及財務狀況。因編製報表合併與否,主要差異在資訊完整表達的程度,故合併報表的編製目的是希望能揭露企業集團經營的全貌,以反映真實的財務狀況,於評價時能提供較透明的資訊。因此,本研究係為瞭解本次公報修正並自民國94年度起開始適用後,對實施強制編製合併報表之企業,其企業價值的影響。從我國上市(櫃)公司篩選符合研究期間(民國92年至96年)之公司為研究對象,從台灣經濟新報社資料庫(TEJ)選取樣本,共得709個樣本,3,545個觀察值,並將樣本觀察值區分為電子產業、非電子產業及全體產業三類,實證所得之主要結論如下:
一、電子產業實施強制編製合併報表後與93年未實施前,其企業價值差異達5%顯著水準且呈現正向關係,表示電子產業實施強制編製合併報表後,有顯著增加其企業價值;非電子產業僅部份達5%顯著水準且呈現反向關係,表示非電子產業實施強制編製合併報表後,部份顯著減少其企業價值,惟再驗證實施(94年)前後各1年(即93年及95年)顯示皆達5%顯著水準且呈現正向關係,表示非電子產業95年的企業價值比93年有顯著增加;全體產業僅部份達5%顯著水準且呈現正向關係。
二、電子及全體產業有編製合併報表比無編製合併報表之企業,其企業價值差異部份達5%顯著水準且皆呈現正向關係,表示電子及全體產業有編製合併報表比無編製合併報表之企業,有增加其企業價值,惟部份未達5%顯著水準;非電子產業則未達5%顯著水準且僅部份呈現正向關係,表示非電子產業有編製合併報表比無編製合併報表之企業,僅部份會增加其企業價值;部份會減少其企業價值。
For in accordance to the enterprise business model gradually the collectivization and the internationalization, and accelerates domestic accountant principle and connect with the international trail , our country examines and revised financial inventory accounting criterion bulletin seventh( SFAS No.7) “the consolidated financial statement” to reflect the whole operation achievements and the financial situation. Whether establishing to merge report or not, the main difference is information expression completely. The goal of establishing combined statements is to expose enterprise condition and to reflect real financial situations that evaluate to provide transparent information. Therefore, this research is to understand that this revised communiqué influences the enterprise of implement combined statements compelling about enterprise value from 2005.
The object of studies is from TSE and OTC to elect and conform research period(from 2003 to 2007 ). From TEJ to elect samples, it got 709 samples and 3,545 observation values. The sample observation values are divided into the electronic industry, the non-electronic industry and all industry. The main conclusion of the research is following:
1.After the electronic industry implements the compulsion establishment combined statements and not implementing before 2004, the enterprise value difference reaches 5% remarkable standards and the forward relations indicated after the electronic industry implements the compulsion establishment combined statements, has obviously increases its enterprise value; the non-electronic industry only part reaches 5% remarkable standards, and presents the reverse relations. It expressed after the non-electronic industry implements the compulsion establishment combined statements, and the part obviously reduces its enterprise value, only again confirms the implementation (2005) around each 1 year (i.e. 2004 and 2006) demonstrated that all reaches 5% remarkable standards, and presents the forward relations. It expressed that the non-electronic industry enterprise value in 2006 has compared to 2004 obviously increases; all industry only part reaches 5% remarkable standards and presents the forward relations.
2.The electron and all industry have the establishment combined statements enterprise are compared to the non-establishment combined statements, and its enterprise value difference part reaches 5% remarkable standards, and all presents the forward relations. It indicated that the electron and all industry have the establishment combined statements enterprise is compared to the non-establishment combined statements increasing enterprise value and the part has not only reached 5% remarkable standards; The non-electronic industry has not reached 5% remarkable standards, and only the part presents the forward relations. It expressed that the non-electronic industry has the establishment combined statements is compared to the enterprise of the non-establishment combined statements and it will only increase its enterprise value; The part will reduce its enterprise value.
目 錄

中文摘要……………………………………………………………………………i
英文摘要……………………………………………………………………………ii
致謝辭………………………………………………………………………………iv
目錄…………………………………………………………………………………v
圖表目錄……………………………………………………………………………vi

第一章、緒論
第一節、研究背景與動機……………………………………………………1
第二節、研究問題……………………………………………………………2
第三節、研究架構……………………………………………………………2

第二章、理論探討及文獻回顧
第一節、合併報表之定義及相關規定………………………………………4
第二節、合併報表之相關實證研究…………………………………………8
第三節、合併報表對企業價值影響之相關文獻……………………………18

第三章、研究方法
第一節、研究假說及步驟……………………………………………………21
第二節、研究模型建立………………………………………………………22
第三節、變數定義……………………………………………………………25
第四節、樣本選取標準與資料來源…………………………………………28

第四章、實證結果與分析
第一節、敘述統計分析………………………………………………………30
第二節、相關係數分析………………………………………………………36
第三節、迴歸分析……………………………………………………………54
第四節、實證結果……………………………………………………………69

第五章、結論與建議
第一節、研究結論……………………………………………………………78
第二節、研究限制與建議……………………………………………………81

參考文獻……………………………………………………………………………82
一、中文部份:
1. 王貞懿,民96年,合併報表編製對企業盈餘管理行為之影響,中山大學碩士論文
2. 王詩韻,民91年,以投資損益論合併報表與母公司報表之相對資訊內涵,成功大學碩士論文
3. 何其非,民89年,從亞洲金融風暴談我國財務艱困公司預測模式之實證研究,中國文化大學碩士論文。
4. 李敏寧,民89年,合併報表中大陸地區投資盈餘與大陸以外地區投資盈餘之評價,中原大學碩士論文
5. 林家華,民94年,半年度合併財務報表資訊內涵之研究,東華大學碩士論文
6. 徐新花,民92年,子公司增額盈餘與台灣上市櫃公司股價報酬率相關性之研究,中原大學碩士論文
7. 夏煒琍,民95年,公司治理機制對關係人交易與盈餘品質關聯性之影響,中原大學碩士論文
8. 陳瑩珊,民94年,企業合併報表地位對其價值攸關性之影響,成功大學碩士論文
9. 張如英,民94年,合併報表解釋企業之風險,台北大學碩士論文
10.張福星,民86年,合併財務報表與母公司財務報表盈餘組成成分相對資訊之研究,政治大學博士論文
11.張雅綉,民94年,半年度合併財務報表之增額資訊內涵研究,東海大學碩士論文
12.陳雅玲,民95年,關係人交易是否必然損害股東利益,中原大學碩士論文
13.邱皓政,民97年,量化研究與結計分析,五南圖書公司。
14.黃金鈴,民87年,關係企業合併報表資訊揭露之探討,中山大學碩士論文
15.彭馨慧,民95年,上市櫃公司利用關係人交易從事盈餘管理與利益輸送之研究,中原大學碩士論文
16.曾家璿,民93年,運用合併報表或母公司報表估計裁決性應計項目之研究,中原大學碩士論文
17.莊鳳嬌,民87年,財務比率預測未來盈餘能力之研究-母公司財務報表與合併財務報表之比較,成功大學碩士論文
18.劉志明,民82年,交易量面之合併報表資訊內涵研究,台灣大學碩士論文
19.賴書芸,民89年,合併報表基本分析投資策略績效之研究,成功大學碩士論文
20.蘇仁偉,民88年,財務比率對股票超常報酬預測能力之研究-母公司財務報表與合併財務報表之比較,成功大學碩士論文
21.蘇軒慧,民93年,以財務危機模式探討合併報表及個別報表併存之必要性,中山大學碩士論文
22.蘇敏賢,民89年,合併財務報表、母公司財務報表之比較及其與企業風險之關聯性,台灣大學碩士論文
23.蘇煥文,民90年,關係企業合併財務報表、合併財務報表與母公司財務報表之盈餘組成成分資訊內涵研究,東吳大學碩士論文
二、英文部份:
1. Allayannis, G, and E. Ofek, 2001, “Exchange rate exposure, hedging, and the foreign currency derivatives”, Journal of International Money and Finance, Vol.20, No.2, pp273-296.
2. Amir, E., 1993, The market valuation of accounting information: The case of postretiremenet benefits other pensions. The Accounting Review 68 (October).
3. Barth, M., 1991, Relative measurement errors among alternative pension asset and liability measures. The Accounting Review 66 (July).
4. Basu, S.1997, “The conservatism Principle and the Asymmetric Timeliness of Earning, ”Journal of Accounting and Economics, Vol.24, pp.3-37.
5. Bernard, V. and K. Schipper, 1994, Recognition and disclosure in financial reporting. Working paper, University of Michigan and University of Chicage.
6. Chan, Su Han, Martin, J. and Kensinger, J., 1990,”Corporate research and development expenditures and shares value”, Journal of Financial Economics, 26, P255-P276.
7. Dadalt, P., G. D. Gay, and J. Nam, 2002, “Asymmetric information and corporate derivatives use”, Journal of Futures Markets,22, pp.241-267.
8. Eccher, E., A. Ramesh, and S. R. Thiagarajan, 1996, Fair value disclosure by bank holding companies. Journal of Accounting and Economics 22.
9. Garen, J. and Harjoto, M.a., 2000,”Beyond the IPO : The evolution of corporate ownership concentration”, Working Paper.
10.Gelb,D.S.2002, “Intangible Assets and Firms’ Disclosures : An Empirical Investigation, “Journal of Business Finance and Accounting, Vol.29(3)(4), April/May,pp.457-476.
11.Hall, B., 1993, The stock market valuation of research and development during the 1980s. American Economic Review 83.
12.Harris, T. and J. Ohlson, 1987, Accounting disclosure and the marker valuation of oil and gas properties. The Accounting Review 62.
13.Jensen, M.c. and Meckling, W.H. 1976,”Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3, P305-P360.
14.La Porta et al ,R. Lopez-de-Silanes, F., and Shleifer, A. 1999 “Corporate ownership around the world.”, Journal of Finance, 54, P471-p517.
15.Landsman, W., 1996, An empirical investigation of pension fund property right. The Accounting Review 61.

16.Lang, M., and R. Lundholm, 1993,”Cross-sectional Determinants of Analyst Rating of Corporate Disclosures,” Journal of Accounting and Economics, Vol.24,pp.3-37.
17.Schrand, C. M. 1997, “The association between stock-price interest rate sensitivity and disclosure about derivative instruments”, The Accounting Review Vol. 72, No.1 pp87-109.
18.Venkatachalam, M., 1996, Value-reevance of banks’ derivatives disclosures, Journal of Accounting & Economics 22.
19.Wong, M, H. F. 2000,”The association between SFAS No.119 derivatives disclosures and the foreign exchange risk exposure of manufacturing firms”, Journal of Accounting Research Vol.38 No.2, pp.387-417.
20.Zantout, Z.Z. and George Tsetsekos, 1994,”The wealth effects of announcements of R&D expenditures increases”, Journal of Financial Research, 86, P1197-P1215.
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