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研究生:林柳君
研究生(外文):Liu-ChunLin
論文名稱:我國採用國際財務報導準則市場反應之研究
論文名稱(外文):A Study of Market Reaction to the Adoption of IFRS in Taiwan
指導教授:林松宏林松宏引用關係
指導教授(外文):Song-Horng Lin
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:2012
畢業學年度:100
語文別:中文
論文頁數:72
中文關鍵詞:國際財務報導準則IFRS事件研究法累積異常報酬率
外文關鍵詞:International Financial Reporting StandardsIFRSEvent StudyCumulative Abnormal Returns
相關次數:
  • 被引用被引用:10
  • 點閱點閱:279
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
近年來採用國際財務報導準則(International Financial Reporting Standards, IFRS)已成全球趨勢,而我國會計準則也即將全面直接採用IFRS以和國際接軌。本研究目的即在檢驗我國會計準則之國際化對於資本市場的影響,以事件研究法探討2009年5月14日之前所發佈有關我國即將直接採用IFRS的8則新聞,於股票市場上會有何種反應,並且分析該累積異常報酬率和企業特性之間的關聯性。
實證結果發現,股票市場對於該8則事件普遍反應出正向的累積異常報酬,顯示投資人認為直接採用IFRS將會為我國資本市場帶來利益。此外,實證結果亦顯示,在IFRS實施前財務報表品質越差的公司、資訊不對稱情況越嚴重的公司,以及資金需求越大的公司,會因實施IFRS而受益越大,而有越大的累積異常報酬率;表示投資人認為直接採用IFRS的政策將使財務報表的品質提高、將減輕資訊不對稱的情形以及將降低公司募集資金的成本。
The purpose of this study is to investigate the stock market reactions in Taiwan capital market to the 8 events associated with the adoption of International Financial Reporting Standards (IFRS) in Taiwan, and to investigate the relationship between firm characteristics and abnormal stock returns during the event period.
The results show that the stock market reacted to the IFRS-adoption events as good news, generally resulting in positive abnormal returns. In addition, the results also show that an incrementally positive reaction for firms with lower pre-adoption financial reporting quality, higher pre-adoption information asymmetry, and for firms with higher capital needs.
Overall, the results of this study suggest that investors expect benefits to the adoption of IFRS in Taiwan. These benefits include that adopting IFRS will increase the financial reporting quality, decrease the information asymmetry, and will reduce the cost of equity.
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究貢獻 4
第三節 研究流程與論文架構 6
第二章 文獻探討 8
第一節 國際財務報導準則之發展 8
第二節 我國國際財務報導準則之發展 17
第三節 國際財務報導準則的市場反應 20
第三章 研究設計 23
第一節 研究假說 23
第二節 資料來源及樣本選擇 25
第三節 實證模式 28
第四章 實證結果與分析 38
第一節 異常報酬率之分析 38
第二節 敘述性統計 43
第三節 迴歸結果分析 47
第四節 增額測試 51
第五章 結論與建議 54
第一節 研究結論 54
第二節 研究限制及建議 57
參考文獻 58
附錄---8個事件日之新聞內文 63
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