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研究生:張軒維
研究生(外文):Hsuan-Wei Chang
論文名稱:上市櫃公司導入IFRS對權益評價及財務資訊之價值攸關性的影響
論文名稱(外文):The Effects of IFRS Adoption on Equity Valuation and Value Relevance of Financial Information
指導教授:林宜勉林宜勉引用關係
口試委員:黃瓊瑤廖麗凱
口試日期:2016-05-02
學位類別:碩士
校院名稱:國立中興大學
系所名稱:會計學研究所
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:2016
畢業學年度:104
語文別:中文
論文頁數:67
中文關鍵詞:價值攸關性公司評價IFRS稅前息前折舊前盈餘權益帳面價值營業活動現金流量
外文關鍵詞:Value relevanceValuationIFRSEarnings before interesttax and depreciationBook value of equityOperating cash flows
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本研究使用季報資訊檢視了2013年臺灣強制導入IFRS前後,帳面價值、稅前息前折舊前盈餘以及來自於營業活動現金流量之價值攸關性的變化,並進一步檢視資產及負債之價值攸關性是否提升。本研究亦檢視了IFRS導入後,財務資訊是否可提高權益評價的正確性。

實證結果發現,財物報表資訊的價值攸關性於IFRS前後產生顯著變化。相對於IFRS導入前,IFRS導入後帳面價值及稅前息前折舊前盈餘資訊的價值攸關性有顯著的提升,而來自於營業活動現金流量之價值攸關性變化相對於前兩者而言較無顯著變化。在同時考量三者相互關係時,於IFRS導入後,來自於營業活動現金流量更呈現顯著負相關。有關資產與負債之價值攸關性,於導入IFRS後,資產的價值攸關性有顯著的提升,而負債的價值攸關性也有相同的結果。此實證結果暗示,於IFRS導入後,帳面價值的價值攸關性提升同時與資產及負債項目有關。最後,使用評價模型估計股價的真實價值後發現,導入IFRS後能獲致較為精準的預測值,此一結果對於高科技產業中的真實價值評估尤為精確。


This paper applies quarterly financial statement items to examine the value relevance of book value of equity, earnings before interest, tax and depreciation (EBITDA), and operating cash flows before and after the mandatory transition to IFRS in Taiwan. Furthermore, both the explanatory power of assets and liabilities are also tested in this study. We also use the valuation model to estimate the intrinsic value of equity and, and then to examine whether they have difference between TWGAAP and IFRS.

This study finds a significantly positive increase in the explanatory power if value relevance regressions after transition to IFRS. Both the value relevance of book value and value relevance if equity increases significantly after IFRS. However, the explanatory power of OCF value relevance, relative to book value of equity and EBITDA, remains a high degree of uniformity among TWGAAP and IFRS. The findings also show that value relevance of operating cash flows decreases under IFRS if both the relevance of equity and EBITDA are considered. Second, this paper separately examines the value relevance of assets and liabilities after transition to IFRS. Similarly, both value relevance of assets and liabilities increase under IFRS, implying that the increase in value of equity’s value is contributed by both assets and liabilities. Finally, under valuing the intrinsic value of equity, the IFRS financial statements have a better estimation for the firm’s value than that of GAAPs. In addition, high-tech firms not only have more precise estimations but also smaller deviations when IFRS financial statement is applied.


摘要 i
英文摘要 ii
目次 iii
表目次 iv
圖目次 v
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 2
第三節 研究目的 3
第四節 研究架構及研究流程 4
第二章 文獻探討 7
第一節 財務報表編製及表達架構 7
第二節 國際會計準則公報 (IFRS) 與財務會計準則公報 (TW GAAP) 之差異 9
第三節 股權價值與價值攸關性之相關文獻探討 15
第四節 各國導入IFRS實務經驗之相關研究及實證文獻 16
第三章 研究設計 20
第一節 理論與假說形成 20
第二節 研究方法與變數定義 23
第三節 研究期間,選樣準則及資料來源 32
第四章 實證結果 34
第一節 Banker 模式之帳面價值及盈餘價值攸關性 34
第二節 透過OLS控制其它由關資訊模式攸關性 39
第三節 在確定價值攸關性提升後之增額價值攸關性 50
第四節 檢驗每股資產及每股負債之增額價值攸關 55
第五節 盈餘特性評價模式下價值攸關性及股價預測能力 58
第五章 結論與建議 61
第一節 研究結論 61
第二節 研究貢獻 61
第三節 研究限制與未來研究方向 63
參考文獻 64


中文部分

高宛青,2015,導入IFRS對台灣資本市場會計資訊品質之影響。國立臺灣大學會計學研究所碩士論文。
李淑華與謝佩蓁,2014,強制適用IFRS轉換期間綜合損益資訊攸關性之研究-以台灣上市櫃公司為例,中華會計學刊,第10卷(2),189-247。
楊清溪與高惠松,2009,公司治理機制對會計盈餘穩健性之影響─以台灣資本市場 市場為例,中華管理評論國際學報,第12卷(2),1-21。
臺灣證券交易所網站 IFRS專區─我國會計準則與國際會計準則重大差異匯總
http://www.twse.com.tw/ch/listed/download/IFRS000001.xls
財務報表編製及表達之架構─會計研究發展基金會翻譯
Http://www.ardf.org.tw/IFRS/Framework.pdf

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