臺灣博碩士論文加值系統

隨著金融市場逐漸開放且迅速發展下，金融商品樣貌呈現多元化。本文以民國94年至96年台灣非金融業之上市公司為研究對象，探討在第34號及第36號公報實施之後，企業使用衍生性金融商品進行避險及金融商品資訊揭露程度對於盈餘屬性的影響。首先，對於各種不同面向的盈餘屬性而言(應計品質項目、盈餘持續性、盈餘可預測性、盈餘平穩化程度及價值攸關性)，實證結果顯示，當避險程度比率愈高，企業的盈餘屬性就愈好，表示避險活動的確有助於提升公司的盈餘品質特性。其次，就金融商品資訊揭露程度而言，實證結果顯示，當金融商品資訊揭露程度愈高，企業的盈餘屬性也就愈好。

With the booming and rapid development of derivative market, the financial products have now blossomed into diversification. After the implementation of Taiwan’s SFAS No.34 and No.36, this study investigates the impact of financial derivatives use to hedge and disclosure of information about financial instruments on earnings attributes. The sample consists of observations selected from listed companies in Taiwan from 2005 to 2007. First, we examine the relation between the derivatives usage and several attributes of earnings: accrual quality, persistence, predictability, smoothness and value relevance. Empirical results indicate that firms hedged with derivatives can enhance earnings predictability and persistence, smooth earnings volatility and improve accrual quality. This suggests that firms hedged with derivatives can improve earnings attributes. Second, we examine the relation between the disclosure of information about financial instruments and attributes of earnings. Empirical results indicate that the higher disclosure of information about financial instruments can improve earnings attributes.

目 錄
中文摘要 I
英文摘要 II
謝辭 III
目錄 IIII
圖目錄 VI
表目錄 VII
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與範圍 5
第三節 論文架構及研究流程 6
第二章 文獻探討 8
第一節 國內外金融商品有關公報之沿革 8
第二節 34號及36號公報發布前後會計處理差異比較 12
第三節 衍生性金融商品之介紹及避險相關研究 14
第四節 盈餘屬性相關文獻 19
第五節 金融商品揭露之相關文獻 23
第三章 研究方法 24
第一節 研究假說之建立 24
第二節 實證模型與變數定義 25
第三節 資料來源與樣本選取 34
第四章 實證結果與分析 36
第一節 敘述性統計分析 36
第二節 相關性檢定 40
第三節 多元迴歸結果 42
第五章 結論與建議 62
第一節 研究結論 62
第二節 研究限制及建議 64
參考文獻 66
附錄 74

圖目錄
圖1-1 研究流程圖 7
圖2-1 衍生性金融商品之交叉組合 16

表目錄
表2-1 34號公報實施前後差異比較表 12
表3-1 模型(1)變數說明彙整表 25
表3-2 模型(6)變數說明彙整表 30
表4-1 樣本產業及年度分佈狀況圖 38
表4-2 敘述性統計量 39
表4-3 各變數之相關係數矩陣 41
表4-4 避險比率與盈餘屬性之多元迴歸分析結果(94～96年度) 49
表4-5 避險比率與盈餘屬性之多元迴歸分析結果(94年度) 50
表4-6 避險比率與盈餘屬性之多元迴歸分析結果(95年度) 51
表4-7 避險比率與盈餘屬性之多元迴歸分析結果(96年度) 52
表4-8 金融商品資訊揭露程度與盈餘屬性之多元迴歸分析結果(94年度) 59
表4-9 金融商品資訊揭露程度與盈餘屬性之多元迴歸分析結果(95年度) 60
表4-10 金融商品資訊揭露程度與盈餘屬性之多元迴歸分析結果(96年度)61

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