IFRS 17 相關事件對臺灣金融保險業股價之影響

Abstract

本文研究意旨，為瞭解不同性質之金融保險業受到IFRS 17相關事件的影響與市場反應。研究採用事件研究法，選擇事件主體為2017年IASB正式發布IFRS 17，以及2022年金管會宣布允許金融資產重分類，研究對象為國內上市櫃之金融保險業，總共30家企業，觀察股價的累計異常報酬，進而探討市場投資人對於IFRS 17接軌、財報揭露品質之觀點，以及相應的成本與效益。 本論文發展之三項假說，結論皆與Longoni（2019）相同。首先，企業規模與累積異常報酬率呈負相關，因為大公司內部結構複雜且環環相扣，政策彈性不如小企業，因此導入成本較高。其次，股價淨值比與累積異常報酬率呈正相關，股價淨值比象徵公司未來成長機會。又由於IFRS 17下，利益將延後認列時點，長期影響不確定性較高，若公司僅重視短期績效而忽略長期規劃，則IFRS 17接軌對其營運衝擊更大，此結果顯示市場投資人認同此觀點。第三，股票週轉率之係數不顯著，代表市場認為IFRS 17改善資訊不對稱之效果仍有待商榷。 本論文基於臺灣特殊監理環境、保險業多附屬於金控之特性，以及外溢效果等考量，研究聚焦於我國企業，而結果與國外公司並無不同，凸顯會計準則「忠實表述」之意旨，會計制度變革並不會因為地區差異，而改變公司的真實價值。

The purpose of this study is to understand the impact and market response of different types of financial and insurance industries to IFRS 17 related events. This study adopts event study method, selecting the event subjects as the 2017 official release of IFRS 17 by the IASB and the 2022 announcement by the Financial Supervisory Commission allowing reclassification of financial assets. The research subjects are 30 domestic listed and over-the-counter financial and insurance companies, observing the cumulative abnormal returns of stock prices, and further exploring the viewpoints of market investors on IFRS 17 compliance and quality of financial report disclosure, as well as the corresponding costs and benefits. The three hypotheses developed in this paper are consistent with Longoni (2019). Firstly, there is a negative correlation between the size of the company and the cumulative abnormal return, as the internal structure of big firms is complex and interconnected, and policy flexibility is not as good as that of small enterprises, resulting in higher compliance costs. Secondly, the PB ratio is positively correlated with the cumulative abnormal return. The PB ratio symbolizes the company's future growth opportunities. Due to the fact that under IFRS 17, benefits will be recognized later, the long-term impact is highly uncertain. If a company only focuses on short-term performance and neglects long-term planning, then aligning with IFRS 17 will have a greater impact on its operations. Thirdly, the coefficient of stock turnover is not significant, indicating that the market believes that the effectiveness of IFRS 17 in improving information asymmetry is still open to debate. This paper takes into consideration the special supervision environment in Taiwan, the characteristics of the insurance industry being mostly affiliated with financial holdings, and the spillover effect. The research focuses on local companies, and the results are no different from those of foreign companies. It highlights the intention of "faithful representation". Accounting standards reform will not change the true value of companies due to regional differences.