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研究生:江依恂
研究生(外文):Yi-ShiunChiang
論文名稱:國際財務報導準則之採用對本地偏好現象影響之研究:台灣資本市場之證據
論文名稱(外文):The Study of the Influence of IFRS Adoption on Home Bias:Evidence from Taiwan Capital Market
指導教授:林松宏林松宏引用關係
指導教授(外文):Sung-Hung 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:71
中文關鍵詞:國際財務報導準則本地偏好外資持股比例
外文關鍵詞:International Financial Reporting Standards (IFRS)Home biasForeign Ownership
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理論上,投資者應妥善運用跨國投資的組合以分散風險、提高投資收益,但事實上投資者的投資行為存有明顯的本地偏好現象。隨著IFRS有逐漸成為全球通用之會計準則的趨勢,IFRS的提倡者認為公司採用IFRS可以減少外國投資者的資訊成本並提高財務報導的可比較性,因此能降低本地偏好現象,增加投資人進行跨國投資的意願。
台灣的會計準則自1999年起逐步與IFRS接軌,本文使用台灣2003年至2011年上市公司的資料,並以公司的外資持股比例觀察本地偏好現象,探討台灣採用IFRS對本地偏好現象的影響。實證結果發現,台灣採用IFRS的程度與公司的外資持股比率呈現顯著正相關,顯示採用IFRS有助於降低外國投資者的本地偏好現象,吸引更多外國資金投入國內證券市場。
In theory, investors should be the proper use of cross-border investments to diversify risk and increase their return on investment. However, people usually overinvest in domestic stocks relative to the theoretically optimal investment portfolio in fact. Prior research finds that investors are reluctant to make cross-border investment due to a phenomenon often referred to as ”home bias.” With IFRS has gradually become the trend of worldwide accounting standards, proponent of IFRS suggest that firms adopt IFRS can reduce foreign investors’ information costs and improve financial statement comparability. Therefore, firms adopting IFRS can reduce the home bias and increase their foreign ownership.
ROC GAAP has gradually converged to IFRSs from 1999. This article used the data of listed companies in Taiwan from 2003 to 2011. We investigate the influence of IFRS adoption on home bias by Taiwan’s data. The empirical results show that the extent of Taiwan's adoption of IFRS with the company's foreign ownership ratio showing a significant positive correlation. The results indicate that the adoption of IFRS can reduce foreign investors’ home bias, and attract more foreign capital into Taiwan capital market.
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究貢獻 4
第三節 研究流程與論文架構 5
第二章 文獻回顧與探討 7
第一節 台灣導入國際財務報導準則之歷程 7
第二節 外資相關法規發展簡介 12
第三節 本地偏好 15
第四節 採用國際財務報導準則對本地偏好現象的影響 21
第三章 研究設計 26
第一節 假說發展 26
第二節 實證模型與變數定義 28
第三節 資料來源與樣本選取 36
第四章 實證結果與分析 38
第一節 敘述性統計 38
第二節 相關係數分析 42
第三節 台灣採用IFRS程度影響外資持股比例之實證結果 45
第四節 敏感性測試 49
第五章 結論與建議 51
第一節 研究結果 51
第二節 研究限制 53
第三節 研究建議 54
參考文獻 55
附錄一 60
附錄二 66
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伍玟璇(2010),「IFRS採用與會計品質關係之研究:以台灣資本市場為例」,國立成功大學會計學研究所碩士論文
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周舒屏(2003),「國際機構權益投資偏好成因之探討」,國立政治大學財務管理研究所碩士論文
張裕任(2008),「安全性、資訊不對稱、公司治理與外資持股偏好之關連性」,國立臺灣大學管理學院會計學研究所博士論文
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