投資性不動產後續衡量採公允價值模式之研究

Abstract

我國上市(櫃)及興櫃公司自2013年起已接軌適用IFRSs編製財務報告，並有部分企業將原先歸類於不動產、廠房及設備，或是其他科目之資產，改分類為投資性不動產。惟依據2013年以前之規定，該等投資性不動產之後續衡量僅能採成本模式。而我國主管機關金管會於2013年底，宣布我國企業自2014年度起，得以公允價值模式衡量其所持有之投資性不動產，此項政策亦引起外界相當關注，因投資性不動產之公允價值金額可能與原先採成本模式之帳面金額差異極大。本研究係為瞭解在上開政策開放前，我國企業持有投資性不動產之情形及以公允價值衡量其所持有投資性不動產之意願，以及該項政策實施後，實際採用公允價值模式作為投資性不動產後續衡量方式之公司，其衡量方式之改變對其財務狀況造成之影響。 依據本研究蒐集之資料可知，在2013年6月30日時，持有投資性不動產帳面金額最高者為金融業，與先前各界對於企業持有投資性不動產之預測大致相符；另依據各企業於2014年第1季財務報告揭露內容顯示，有18家公司實際採用公允價值衡量其所持有之投資性不動產，且採行後該等公司之負債比率及每股淨值均有所提升。

Since the adoption of International Financial Reporting Standards (IFRSs), some listed companies had recognized some assets which were classified as Plant, Property and Equipment or other assets, as investment property. However, according to the provisions before 2013, entities in Taiwan can only use cost model to measure their investment properties. Nevertheless, the Financial Supervision Committee (FSC) had announced that firms can choose to adopt the fair value model when measuring investment properties for annual periods beginning on or after 1 January 2014. The public pay close attention to the above FSC’s policy due to huge difference amounts between applying fair value model and cost model when valuing investment properties. The main purpose of this study is getting comprehension regarding listed companies’ willingness of changing accounting principles from cost model to fair value model and the significance of the investment property holdings by those companies. In the meantime, we could have further information on the impacts on financial conditions for those listed companies adopting the fair value model in 2014. The results show that financial industries hold the highest amount of investment properties above all the others on June 30th, 2013. The results are consistent with the forecasts made by many sources. In addition, the results show that the debt ratio decreases and the net asset value per share increases for most of the companies changing the evaluation method from cost model to fair value model.