適用我國財務會計準則公報第34號對盈餘與權益帳面價值之價值攸關性探討

Abstract

近年來，我國財務會計準則之制訂乃致力於與國際會計準則接軌，在金融商品之會計處理準則方面，亦以國際會計準則IAS No.39為藍本，訂定與發佈財務會計準則公報第34號「金融商品之會計處理準則」，並於民國95年1月1日起開始適用。然實施至今，已多所爭議。其能否提供投資人所需之資訊亦值得關切。是以，本研究之目的乃探討我國財務會計準則公報第34號對於盈餘與權益帳面價值二者價值攸關性之影響，同時瞭解依該公報所認列之金融資產（負債）評價損益與金融商品未實現損益對於投資人評估公司權益價值時是否提供增額資訊。而本研究透過Ohlson (1995)之模型，檢測第34號公報之適用與否，對於盈餘與權益帳面價值，及股東權益項下金融商品未實現損益與損益表之金融資產（負債）評價損益與股價關聯性之影響。進而瞭解於第34號公報實施後，盈餘與權益帳面價值之價值攸關性變化情形，以及採公平價值評價之金融商品未實現損益與金融資產（負債）評價損益之價值攸關性。有關於研究結果，臚列如下： 1.盈餘及權益帳面價值與股價之關聯程度皆為正向顯著。而以93年及94年、與95年及96年比較，分別有增加及減少之現象。顯示於第34號公報適用後，盈餘與權益帳面價值之價值攸關性分別有所提升及減損。 2.95年及96年之金融資產（負債）評價損益與股價具顯著關聯性，而93年及94年之投資跌價損益則否。代表按第34號公報當期認列之評價損益具價值攸關性；93年及94年之長期投資評價損失與股價具關聯性，而95年及96年之金融商品未實現損益則否，顯示按第34號公報於股東權益項下所認列之遞延損益可能不具價值攸關性。 3.在進行控制公司規模、負盈餘、非經常項目及第35號公報等額外測試，以及改採合併資料再次測試後，上述結果不變。 4.再以電子業及金融業為研究對象：二產業之權益帳面價值變化情形與前述測試皆同。然此二產業按第34號公報所認列之金融商品未實現損益卻具有價值攸關性；金融業盈餘之價值攸關性變化情形難以確定，且其金融資產（負債）評價損益不具價值攸關性。

Due to the wave of moving accounting standard toward the standards of IASB (International Accounting Standard Board), we also enacted the SFAS no.34, ”Accounting for Financial Instruments”, which has been effective since 2006. However, there have been lots of critics about its usefulness and relevance. It may be important to know whether investors rely on information provided by this standard. Therefore, the core idea of this study is to tell the effect of SFAS No.34 on the value relevance of earnings and equity book value, and simultaneously, to investigate the incremental explanatory power of “ valuation gains or loss on financial assets/ liabilities” and “ unrealized gains and loss on financial instruments” in SFAS No.34 on equity value. The models used in this study are based on Ohlson (1995) model. By checking the association of price , and earnings, equity book value, “ valuation gains or loss on financial assets/ liabilities” and “ unrealized gains loss on financial instruments” and, the change in value relevance of earnings, equity book value, and value relevance of “ unrealized gains and loss on financial instruments” and “ valuation gains or loss on financial assets/ liabilities” could be distinguished. As for the results of this study, first, earnings and equity book value are both positively associated with price. This indicates that earnings and equity book value still played important roles in investors’ decision-making in 2004-2005 period and 2006-2007 period. While the association of earnings and price becomes higher from 2004-2005 period to 2006-2007 period, the association of equity book value and price becomes lower. This tells that the value relevance of earnings and equity book value rises and declines after the adoption of SFAS No.34. In addition, the association between “ valuation gains or loss on financial assets/ liabilities” and price is with better performance in 2006-2007 period than in 2004-2005 period. However, the association of “ unrealized gains and loss on financial instruments” and price performs better in 2004-2005 period than in 2006-2007 period. These indicate that “ valuation gains or loss on financial assets/ liabilities” recognized by fair value method in SFAS No.34 is of value relevance, but “ unrealized gains and loss on financial instruments” recognized by fair value method in SFAS No.34 is not. Furthermore, by controlling the effect of company size, negative earnings, non-recurring items, and SFAS No.35, and do the same empirical tests with consolidated financial data, the results remain robust. Finally, this study investigates the impact of SFAS No.34 on earnings and equity book value in electronic and financial industries. However, the results of electronic industry and financial industry are not that similar to those of the whole industries.