IFRS 17與IFRS 4之價值攸關性比較

Abstract

本研究旨在探討國際財務報導準則第17號（IFRS17）相較於過渡性準則IFRS 4，在保險公司財務報表資訊之價值攸關性表現上是否具有顯著改善。自2004年IFRS4發布以來，由於其允許保險公司延續既有會計政策，未統一認列與衡量方式，導致各國保險公司報表資訊在可比性與透明度方面存在重大差異，進而影響投資人對保險業績效與風險之評估。為解決此問題，國際會計準則理事會（IASB）於2017年發布IFRS17，並於2023年正式生效，標誌保險會計制度邁入全新階段，亦可能改變資本市場對保險資訊的解讀機制。 本研究以Ohlson（1995）之股價模型為基礎，設計五大假說與五組實證模型，主要探討兩大議題：（1）假說一至假說三聚焦於IFRS17與IFRS4兩套準則之比較，檢測IFRS17適用下，保險公司財報資訊是否較IFRS4具增額評價攸關性，提供投資人額外資訊評價；（2）假設四及假說五則聚焦於採用IFRS17後之資料是否在無IFRS4之影響下仍具有價值攸關，藉此檢驗該財務報導架構，是否已具備具市場反應能力之高品質會計資訊。 本研究實證結果發現：（1）IFRS4轉換至IFRS17之過渡年（2022年），IFRS17下之保險資產、保險負債、本期淨利及其他綜合損益皆較IFRS4之相對財務報表數據具顯著增額評價攸關性，顯示IFRS17之揭露能為市場參與者提供不同於過去整體保險負債的訊息內容，對於股價解釋力產生顯著的增額效果。（2）IFRS4轉換至IFRS17之過渡年（2022年），適用IFRS17認列之保險合約淨負債之剩餘保障負債（LRC）、已發生理賠負債（LIC）組成要素組合，及適用IFRS17認列之保險合約淨負債之未來現金流量現值之估計值（EPV）、對非財務風險之風險調整（RA）、合約服務邊際（CSM）組成要素組合，透過聯檢定得知前組揭露皆較IFRS4之相對財務報表數據具顯著增額評價攸關性，顯示其能為市場參與者提供不同於過去整體保險負債的訊息內容，對於股價解釋力產生顯著的增額效果。（3）2023年採用IFRS17後，所認列之保險負債、本期淨利、保險合約淨負債之未來現金流量現值之估計值（EPV）及合約服務邊際（CSM）對於股價皆具價值攸關性。

This study investigates whether the adoption of IFRS17 has significantly improved the value relevance of financial reporting for insurance companies, compared to the transitional standard IFRS4. Under IFRS4, insurers were allowed to maintain their previous accounting policies, leading to inconsistency and limited comparability across countries. This lack of standardization reduced the transparency of insurance financial statements and hindered investors’ ability to assess risk and performance accurately. IFRS17, which came into full effect in 2023, introduces a consistent framework for measuring insurance contracts and is expected to enhance the quality and usefulness of financial information. Using the Ohlson (1995) price model as basis, this study analyzes financial data from the transition year 2022 and the first year of IFRS17 implementation in 2023. It develops five hypotheses and models to test both the incremental and standalone value relevance of IFRS 17 disclosures. The results show that insurance assets and liabilities reported under IFRS17 exhibit greater explanatory power for stock prices than those reported under IFRS4. In particular, disaggregated components such as the liability for remaining coverage (LRC), liability for incurred claims (LIC), expected present value (EPV), risk adjustment (RA), and contractual service margin (CSM) demonstrate significant incremental value relevance. These findings suggest that IFRS17 provides more decision-useful and transparent information, better reflecting insurance obligations and enhancing the market’s ability to price risk accurately.