臺灣博碩士論文加值系統

本文以會計資訊與股價之關聯性來衡量價值攸關性，探討應計品質與資訊競爭因素對價值攸關性之影響。主要考量到應計品質受到資訊風險的影響，較佳的應計品質可以減少未來現金流量與盈餘的偏差程度，因而提升未來現金流量對盈餘的敏感性，有助於投資人對公司價值的預測，亦能進一步提升企業的盈餘價值攸關性，而資訊競爭因素能降低資訊不對稱程度，減少知情投資者透過資訊不對稱進行自利行為，故若能有效降低資訊不對稱情形，預期能提升價值攸關性，因此本文主要探討應計品質與資訊競爭程度改變時，企業的盈餘價值攸關性會有何影響，另一方面，資訊競爭能有效降低資訊不對稱之情形。

本文以應計品質與資訊競爭因素：（1）機構投資者持股比例；（2）總股東人數取自然對數；（3）機構投資者持股比例與控制持股比例之相對比例，探討三者對價值攸關性之影響。研究應計品質較佳、資訊競爭程度較高的公司，能否提升未來現金流量與盈餘的敏感性，具有較高的價值攸關性，以了解投資者是否會以此會計資訊作為決策的參考。實證結果顯示，部分支持應計品質愈高，會計資訊的價值攸關性愈高。亦部分支持資訊競爭程度愈高，會計資訊的價值攸關性愈高。

此外，本文將應計品質區分為本質性應計品質與裁決性應計品質，分別探討本質性應計品質與裁決性應計品質加入資訊競爭因素後，分別對價值攸關性之影響，實證結果顯示，應計品質能提升會計資訊的價值攸關性，主要是受到本質性應計品質之影響，而非受到裁決性應計品質之影響。

This paper investigates the impacts of accrual qualities and information competition factors on the value relevance of Taiwan listed companies. Accrual quality is affected by information risk, higher accruals quality can decrease the deviations of earnings from future cash flows and increase the sensitivity of earnings to cash flows, and the information competition can reduce information asymmetry.

Accrual qualities and information competition factors:(1) the ratio of institutional investors (2) the natural logarithm of the total number of shareholders (3) the ratio of institutional ownership to controlling shareholders’ ownership investigates on the value relevance. Investigates the higher accruals quality of companies whether increase the sensitivity of earnings to cash flows and has higher value relevance, understand whether investors will use this accounting information as a reference for decision. Empirical results show that accrual qualities and information competition factors can enhance the accounting information value relevance.

In addition, this study also distinguishes between accruals qualities driven by economic fundamentals (innate accruals quality) versus management choices (discretionary accruals quality).Investigates the innate accruals quality and discretionary accruals quality with information competition factors on the value relevance. Empirical results show that accrual qualities and information competition factors can enhance the accounting information value relevance are mainly driven by innate accruals quality rather than discretionary accruals quality.

摘要 i
Abstract ii
誌謝 iii
目錄 iv
表目錄 vi
圖目錄 vi
第一章、緒論 1
第一節 研究背景及動機 1
第二節 研究目的 3
第三節 研究架構 3
第二章、文獻探討與研究假說 6
第一節 應計品質與資訊風險成本 6
第二節 資訊競爭因素與價值攸關性 8
第三章、研究設計 11
第一節 應計品質之衡量與實證模型 11
第二節 價值攸關性之衡量與實證模型 12
第三節 樣本選取與資料來源 14
第四章、實證結果與分析 24
第一節 應計品質（AQ）之衡量 24
第二節 價值攸關性之衡量 28
第五章、結論 37
參考文獻 39

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(8)鄭舒瑋，2014，資訊競爭對盈餘資訊性之影響，國立雲林科技大學，碩士論文。
(9)鄧湛詠，2014，財務報表品質與資訊風險關聯性探討，靜宜大學，碩士論文。
(10)劉子菁，2017，會計盈餘之應計品質與管理薪酬契約間關係之研究–以台灣上市公司為例，國立高雄第一科技大學，碩士論文。
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