合併財務報表與企業價值之攸關性-從第七號公報變革談起

Abstract

財團法人中華民國會計研究發展基金會於民國74年公佈第七號公報「合併財務報表」，以50%形式所有權作為合併子公司的判斷標準，並需考量是否符合免除條款；財政部證券暨期貨管理委員會於民國88年台財證(6)字第01395號令訂定發布「關係企業合併營業報告書關係企業合併財務報表及關係報告書編製準則」中的關係企業合併財務報表，則以實質控制權判斷從屬公司，也考量是否符合免除條款；第七號公報於民國94年經過修訂，以實質控制力作為判斷標準，且將免除編入合併個體之例外條款予以刪減。基於有關合併財務報表修正規定是否能提昇企業價值之攸關性的研究甚少，因此本研究從財務會計準則公報舊七號制定，關係企業三書表規定公佈至財務會計準則公報新七號修訂之合併財務報表的過程中，探討合併報表資訊是否因為合併個體從形式上提升至實質控制權而增加其會計資訊的攸關性。 本研究以Ohlson評價模式實證研究，結果顯示過去十年來，從財務會計準則舊七號公報制定，關係企業三書表規定公佈至財務會計準則公報新七號修訂之合併財務報表的過程，合併財務報表資訊因為合併個體判定標準從形式所有權提升至實質控制權，而增加會計資訊的攸關性，同時提升了企業價值之攸關性。

Accounting Research and Development Foundation of the Republic of China issued SFAS No.7 “Consolidated Financial Statements” in 1985 and the consolidation requirement is based on 50% ownership threshold. Regulations No.01395 was then issued in 1999 by Securities and Futures Commission, Ministry of Finance and the consolidation requirement is based on the fact that parent firms can exert significant control on subsidiaries, regardless of the size of ownership. SFAS No.7 “Consolidated Financial Statements” was revised in 2005 in that the consolidation requirement is based on the controlling nature rather than the ownership status. SFAS No.7 also abolishes the exemption rules that allow a parent firms not to consolidate subsidiaries under some circumstances even if the ownership (control) meets the consolidation requirements as suggested by old SFAS No.7 or Regulation No.01395. This study uses Ohlson model to investigate the value relevance of parent and subsidiaries’ financial information in the past ten years. I find that the value relevance of consolidated statements increase with the passage of the three rules in the past ten years. This suggests that parent firms should consolidate subsidiaries based on the substance of controllability instead of the size of ownership to better align with economic consequences.