適用IFRS 9後會計資訊之價值攸關性

Abstract

財務報表提供資訊做為財務報表使用者投資及授信決策之參考依據，投資人通常利用財務報表中之盈餘和權益帳面價值資訊對股票進行評價。台灣在2018年開始適用IFRS 9，更多金融工具須採用公允價值衡量認列，IFRS 9之實施是否會影響投資人在進行股票評價時對盈餘與權益帳面價值資訊之依賴程度，進而影響盈餘與權益帳面價值之價值攸關性為本研究之重點。本研究以台灣上市櫃公司為研究對象，採用Ohlson (1995)模型，探討相較於適用IFRS 9前，適用IFRS 9後企業依公允價值衡量未上市櫃公司股票投資，對於會計資訊價值攸關性之影響。此外，進一步探討投資人特性(依外資持股比例高低區分)是否影響研究結果。實證結果顯示相較於適用IFRS 9前，適用IFRS 9後企業依公允價值衡量未上市櫃公司股票投資，會降低權益帳面價值之價值攸關性以及提升盈餘價值攸關性。此外，相較於適用IFRS 9前，適用IFRS 9後按公允價值衡量未上市櫃公司股票投資，對權益帳面價值之價值攸關性之影響程度，外資持股比例低組大於外資持股比例高組，而對盈餘價值攸關性之影響程度，外資持股比例高組大於外資持股比例低組。

The financial statements provide information for investors to make investment decisions. Investors usually evaluate the market value of equity relying on information of earnings and equity book value. Under IFRS 9, companies measure the equity investment of unlisted companies at fair value. This study investigated whether the adoption of IFRS 9 influenced the value-relevance of equity book value and earnings with Ohlson (1995) model using data from publicly traded companies in Taiwan. We also examined whether a high or low ratio of foreign investors affected the empirical results. The empirical results indicated that IFRS 9 adoption decreased the value-relevance of equity book value and increased the value-relevance of earnings due to the equity investment of unlisted companies. Further analysis showed that compared with companies with a high ratio of foreign investors, companies with a low ratio of foreign investors presented more influence of IFRS 9 adoption on the value-relevance of equity book value and less influence of IFRS 9 adoption on the value-relevance of earnings.