臺灣博碩士論文加值系統

本研究探討在美發行存託憑證之外國公司（ADR公司）採用不同會計準則編製財務報表，對於分析師盈餘預測之影響；以及美國證券交易委員會(SEC)於2007年11月15日免除採用國際會計準則之ADR公司編製Form 20-F調節表規定，對於分析師盈餘預測之影響。針對主題一實證結果顯示，相較於外國公司所屬國家之會計準則，國際會計準則(IFRS)與美國一般公認會計原則(US GAAP)在提供資訊能力上較佳，有助於分析師之盈餘預測；然而進一步的實證則顯示IFRS與US GAAP間在提供資訊能力上並無明顯差異。此外，研究發現當外國公司之所屬國家為法制力較高的國家時，較有助於分析師之盈餘預測。針對主題二實證結果，本研究實證結果支持SEC對於免除採IFRS公司編製Form 20-F調節表的預期，並未發現任何證據顯示SEC免除ADR公司編製Form 20-F調節表，對於分析師進行盈餘預測時會有資訊遺失(information loss)的現象，本文實證結果亦顯示對於分析師而言IFRS與US GAAP所編製的財務報表可以提供類似的資訊。

第壹章 緒論 1
第一節 研究動機與目的 1
第二節 研究問題 5
第三節 研究架構 7
第貳章 文獻回顧與探討 8
第一節 國際會計準則之發展 8
第二節 各國採用國際會計準則之情況 11
第三節 美國SEC規定FORM 20-F揭露調節表歷程 14
第四節 分析師盈餘預測 17
第五節 國際會計準則與各國會計準則其他層面分析 22
第六節 ADR公司編製US GAAP調節表規定 23
第參章 研究方法 26
第一節 研究假說 26
第二節 實證模型與變數衡量 30
第三節 樣本選取與資料來源 40
第肆章 實證結果 42
第一節 樣本與敘述性統計量 42
第二節 單變量分析 49
第三節 複迴歸實證結果 53
第四節 額外測試 63
第伍章 結論與建議 75
第一節 研究結論 75
第二節 研究限制與建議 77
參考文獻 78

 
圖目錄
圖2-1-1：IASC基金會架構圖 9
圖2-1-2：IASB制定準則流程圖 10
表目錄
表1-1-1：IFRS 與US GAAP 的觀念性差異 2
表2.2-1：2011年底主要國家採用國際會計準則之情況 13
表2-3-1：ADR之分類 15
表3-2-1：變數定義彙總表 39
表4-1-1：樣本公司篩選表 42
表4-1-2：由非IFRS轉換至IFRS之公司分布 44
表4-1-3：樣本公司分布 44
表4-1-4：敘述性統計量 47
表4-1-5：相關係數矩陣 48
表4-2-1：ADR公司所採用會計準則對分析師盈餘預測之影響 51
表4-2-2：SEC新規定頒布後對於分析師盈餘預測之影響 52
表4-3-1：模型一全體樣本之實證結果 56
表4-3-2：模型一IFRS與US GAAP樣本之實證結果 58
表4-3-3：模型一兩組樣本之實證結果 58
表4-3-4：模型二全體樣本之實證結果 61
表4-3-5：模型二IFRS與US GAAP樣本樣本之實證結果 62
表4-4-1：模型一IFRS與非IFRS樣本之實證結果 64
表4-4-2：模型二IFRS與非IFRS樣本之實證結果 65
表4-4-3：模型一採用其他法制力指數敏感性分析 67
表4-4-4：模型二採用其他法制力指數敏感性分析 68
表4-4-5：模型一樣本期間設為前後兩年 70
表4-4-6：模型二樣本期間設為前後兩年 71
表4-4-7：FORM-20F調整數對於分析師盈餘預測之影響迴歸結果Ⅰ 73
表4-4-8：FORM-20F調整數對於分析師盈餘預測之影響迴歸結果Ⅱ 74

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