租賃認列與股價資訊內涵：以國際財務報導準則第16號為例

Abstract

國際財務報導準則第16號「租賃」改變以往公司對於租賃會計之處裡，許多透過租賃合約進行表外融資的公司在採用新準則後，需於財務報表上認列相關租賃資產與負債，使公司特定資訊(firm-specific information)於市場上公開。本研究探討國際財務報導準則第16號「租賃」對於股價資訊內涵之影響，我們著重於研究公司在採用國際財務報導準則第16號「租賃」之後，是否使公司特定資訊(firm-specific information)傳遞至市場，進而導致股價資訊內涵之提升。本研究以臺灣2013-2022年樣本，研究發現受國際財務報導準則第16號所影響之公司在採用IFRS 16之後，股票價格資訊性顯著提升，指出該準則有助於增加財務報導的透明度，並使更多的公司特定資訊傳遞至市場，並反映於股價資訊內涵。此外，我們的研究亦指出對於揭露內容可讀性較高的公司，IFRS 16採用與股票價格資訊性之間的相關性更為顯著。結果表明，更具可讀性的財務報告有助於IFRS 16在提高股票價格資訊性方面的效果。

This study investigates the impact of IFRS 16, Leases, on stock price informativeness. We specifically examine whether IFRS 16 enhances the incorporation of firm-specific information to the stock prices, thereby increasing the informativeness of stock prices. We use a sample of Taiwanese listed companies for fiscal years 2013–2022 and employing a difference-in-difference research design, we find evidence that for firms affected by IFRS 16 adoption experience an increase in stock price informativeness following the mandatory implementation of IFRS 16. Additionally, for firms with higher readability of disclosed lease information, the positive relationship between the adoption of IFRS 16 and the informativeness of stock prices is stronger for firms with higher readability of disclosed lease information. Our results indicate that a more readable financial report significantly contribute to the effectiveness of IFRS 16 in enhancing the informativeness of stock prices.