公平價值會計之金融資產重分類對金融業股價之影響

Abstract

公平價值會計之實施雖提高財務資訊之透明度，提供與投資決策更攸關的資訊，但也使得企業的盈餘波動性增加。2008年金融風暴發生後，公平價值會計飽受抨擊，批評者認為其助長投資人追高殺低的行為，進而引發金融資產的流動性問題，使已經疲弱的經濟雪上加霜。為此，國際會計準則理事會、我國金管會及會計研究發展基金會於2008年10月中旬，發佈金融資產重分類之修訂規定，允許原列於交易目的及備供出售的金融資產在符合某些條件下得予重分類為其他類別的金融資產，使得有些原按公平價值衡量的金融資產得以改按攤銷後成本衡量而遞延認列損失，或使得原列於損益表的公平價值評價損失轉而直接列於資產負債表的股東權益項下而美化了當期盈餘。期望可藉以穩定市場，挽救投資人的信心。 本文旨在探討上開金融資產重分類規定之修訂，對我國上市金融業股價之影響及其意涵。本文採用「事件研究法」進行實證分析，以觀察在金融資產重分類修訂後與各公司2008年第三季財報發佈後之市場反應。實證分析結果顯示，在准許金融資產重分類後，投資人仍舊缺乏信心、市場表現依然不佳。然而，在各公司公告2008年第三季財報，亦即實際採取重分類或不重分類的行動後，對上市金融業的股價產生正面的效果。其中，未進行重分類公司的股價表現在財報發佈後優於有進行重分類的公司，顯示投資人認為未進行重分類的公司財務狀況較佳，而有進行重分類的公司恐有藉重分類以美化財務報表之疑慮。 總結來說，公平價值會計的實施並非造成金融風暴的原因之一。然而，面對公平價值會計的眾多疑慮，加強財報資訊揭露以及金融資產評價的透明度，才是較佳的解決之道。另外，財務報表使用者亦宜避免傳統財報分析方法運用在公平價值會計上的迷失，以免導致錯誤的決策。

The fair value accounting increases financial reporting transparency and facilitates better investment decision-making. However, it also results in greater volatility in earning numbers in the financial statements. During the global financial crisis in 2008, critics debated that the fair value accounting had further worsening the global economy. In responding to the debates, International Accounting Standards Board (IASB), Financial Supervisory Commission (FSC) and Accounting Research & Development Foundation (ARDF) of the ROC took actions in mid-October 2008 to permit reclassification of some financial instruments out of the fair-value-through-profit-or-loss and available-for-sale categories. According to the reclassification amendment, certain financial assets could be reported at amortized cost instead of fair value, the valuation losses of certain financial assets that measured at fair value could be deferred, or just being reported in owners’ equity of the statements of financial position instead of income statements. The purpose of this study is to research on the impact of the application of reclassification of financial assets on stocks prices of financial institutions listed in Taiwan Stock Exchange Corporation. “Event Study Method” is applied to investigate the investors’ responses to the amendment of fair value accounting standards and the 08-Q3 financial reporting of each company. The results of the empirical study revealed that investors still lacked confidence on the market, and announcement of the amendment did not have positive effect on the stock market. However, the stock market reacted positively after the 08-Q3 financial reporting, regardless whether the companies reclassified the financial assets or not. In addition, those companies that did not make reclassifications outperformed than those that did. This indicated that 1) companies without reclassifying financial assets had better financial performances than those made, and 2) investors doubted the actions of reclassification showing the intention of companies to make the earning numbers look better. In conclusion, the adoption of fair value accounting is not the main factor to cause the financial crisis. However, in responding to the concerns on fair value accounting, to enhance the disclosure and presentation of financial information and to increase the transparency of innovative financial products’ valuation are the better ways to solve it. Further, the investors and other users should develop financial analysis methods by using fair value accounting methodology to avoid the misleading of using methods under historical cost accounting standards to interpret the financial statements prepared in compliance with fair value accounting standards.