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研究生:謝佳純
論文名稱:以IFRS為基礎的中國會計準則對資訊環境的影響
論文名稱(外文):The Effect of IFRS-based China Accounting Standards on Information Environment
指導教授:林美鳳林美鳳引用關係
學位類別:碩士
校院名稱:國立彰化師範大學
系所名稱:會計學系
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:138
中文關鍵詞:國際財務報導準則中國會計準則資訊環境分析師
外文關鍵詞:International Financial Reporting Standards (IFRS)China Accounting Standardsinformation environmentanalyst
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本論文以中國證券市場為研究對象,探討大陸法系、股東保護政策不佳的國家,以國際財務報導準則(International Financial Reporting Standards,後續簡稱IFRS)為基礎所制定的中國會計準則(IFRS-based China Accounting Standards,後續簡稱ICAS)對資訊環境的影響。本論文以Barron, Kim, Lim and Stevens(1998)所發展的資訊模型和分析師預測人數來衡量公司層級的資訊環境,另以個別分析師盈餘預測誤差和離散程度衡量個人層級的資訊環境,探討強制採用ICAS對企業整體資訊環境及個別分析師資訊環境的影響。實證結果顯示,在強制採用ICAS後,雖然資訊揭露數量增加,有較多的分析師加入預測行列,但個別分析師的預測誤差和離散度增加,顯示企業資訊揭露品質及個別分析師的資訊環境反而變差,亦即中國僅是形式上採用ICAS,並未實質的改善資訊環境。另外本論文也發現,強制採用ICAS後(1)國有企業的公開資訊揭露品質比非國有企業佳,但重視政治連結的企業經營模式下,分析師預測意願較低且個別分析師資訊環境較差;(2)股權集中度愈高的公司其所有資訊揭露品質和個別分析師的資訊環境愈佳;(3)有發行以境外投資人為主之股票的公司(發行A股且同時發行B股、H股或海外上市股的公司)私有資訊揭露品質以及個別分析師資訊環境較單純發行A股的企業佳;(4)法律成熟度愈高的地區,分析師在訴訟風險的考量下,盈餘預測意願較低。
This paper focuses on the Chinese securities market and examines the effect of the IFRS-based China Accounting Standards (ICAS) on the information environment. Until recently, China’s civil law failed to provide shareholders with effective rights protection. This thesis uses the following two-level analysis to examine the effect of the ICAS mandatory adoption on the information environment: (1) entity-level information environment; and (2) analyst-level information environment. The first analysis employs the model developed by Barron, Kim, Lim and Stevens (1998) and the number of analyst coverage to measure the entity-level information environment. The second analysis employs absolute individual analyst earnings forecast error and forecast dispersion to observe the analyst-level information environment. The results provide evidence that the quantity of information increased, although the quality of disclosure and the analyst information environment decreased following mandatory ICAS adoption, implying that the ICAS adoption was merely in response to mandatory ICAS requirements. Furthermore, the following results have been observed after mandatory ICAS adopt: (1) the precision of common information in state-owned enterprises is more efficient than private enterprises. Wherever critical political connections are involved, firms with less analyst coverage and quality of the individual analyst information environment declines; (2) greater levels of ownership concentration result in more precise information and individual analyst information environment; (3) firms that issue stock for foreign investors have more precise private information and a stronger individual analyst information environment; (4) in provinces that have strong law enforcement, analysts consider the risk of lawsuit and the number of analyst following decreased.
目錄
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究流程與架構 5
第貳章 文獻回顧與研究問題 6
第一節 國際財務報導準則(IFRS)的發展與影響 6
第二節 資訊環境 10
第三節 中國市場特徵對資訊環境的影響 14
第四節 研究問題 20
第參章 研究設計 21
第一節 資訊環境的衡量 21
第二節 實證模型及變數定義 24
第三節 樣本選取 37
第肆章 實證結果 40
第一節 敘述性統計與相關係數分析 40
第二節 多元迴歸結果分析 65
第三節 進一步測試 113
第伍章 敏感性測試 119
第陸章 結論及建議 129
第一節 研究結論 129
第二節 研究貢獻 130
第三節 研究限制與未來研究建議 131
參考文獻 132
附錄A 出口總額及其占GDP比率% 138
附錄B 中華民國出口年增率% 138


表目錄
表3-1 變數定義及預期符號彙整表 35
表3-2 樣本選取彙總表 38
表3-3 各年度之樣本分配表 38
表3-4 各地區之樣本分配表 39
表4-1 敘述性統計 42
表4-2 強制採用ICAS前後,各個變數之敘述性統計 46
表4-3 股權分置改革、強制採用ICAS對資訊環境的影響 48
表4-4 採用ICAS前後,國有企業與非國有企業資訊環境之差異比較 50
表4-5 採用ICAS前後,股權集中度對資訊環境影響之差異比較 53
表4-6 採用ICAS前後,法人持股比率對資訊環境影響之差異比較 56
表4-7 採用ICAS前後,發行A股公司同時發行B股、H股或海外上市股與
單純發行A股公司資訊環境之差異比較 59
表4-8 採用ICAS前後,各省份法律環境對資訊環境影響之差異比較 61
表4-9 相關係數表 63
表4-10 中國市場中,採用ICAS對企業整體資訊環境及個別分析師資訊
環境的影響 70
表4-11 DID方法之迴歸係數關係表 72
表4-12 中國市場中,採用ICAS對國有企業與非國有企業整體資訊環境
及個別分析師資訊環境的影響 75
表4-13 中國市場中,採用ICAS對不同股權集中度公司之企業整體資訊
環境及個別分析師資訊環境的影響 80
表4-14 中國市場中,採用ICAS前,股權集中度對企業整體資訊環境及
個別分析師資訊環境的影響 82
表4-15 中國市場中,採用ICAS後,股權集中度對企業整體資訊環境及
個別分析師資訊環境的影響 84
表4-16 中國市場中,採用ICAS對不同法人持股比率公司之企業整體資
訊環境及個別分析師資訊環境的影響 88
表4-17 中國市場中,採用ICAS前,法人持股比率對企業整體資訊環境
及個別分析師資訊環境的影響 90
表4-18 中國市場中,採用ICAS後,法人持股比率對企業整體資訊環境
及個別分析師資訊環境的影響 92
表4-19 中國市場中,發行境外投資人為主之股票與單純發行A股的公司
採用ICAS後,對整體資訊環境及個別分析師資訊環境的影響 96
表4-20 中國市場中,採用ICAS對不同法律環境成熟度公司之企業整體
資訊環境及個別分析師資訊環境的影響 101
表4-21 中國市場中,採用ICAS前,各省份法律環境差異對企業整體資
訊環境及個別分析師資訊環境的影響 103
表4-22 中國市場中,採用ICAS後,各省份法律環境差異對企業整體資
訊環境及個別分析師資訊環境的影響 105
表4-23 所有中國證券市場特徵對企業整體資訊環境及個別分析師資訊環
境的影響 109
表4-24 不同交易所對企業整體資訊環境及個別分析師資訊環境的影響 115
表5-1 排除轉置期間2007年,探討中國證券市場特徵對企業整體資訊
環境及個別分析師資訊環境的影響 120
表5-2 強制採用ICAS及中國市場特徵對企業整體資訊環境(原始值)的
影響 125

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