我國綜合損益項目之價值攸關性

Abstract

本研究旨在探討我國投資人是否會整合財務報告之盈餘及綜合損益項目，將其反應於企業股價。以我國2008年至2013年之上市櫃公司作為樣本，實證結果發現，綜合損益項目相較於未預期盈餘難以提供增額股價解釋能力。比較2013年導入國際會計準則前後之報表，改變綜合損益項目揭露方式由股東權益變動表至綜合損益表，同樣無法得到採用IFRS之報表較具有價值攸關性之結論。最後針對我國普遍之家族公司進行分析，發現家族公司未預期盈餘具價值攸關性，綜合損益項目則未皆具備此項特性。

This paper studies whether the investors incorporates the information conveyed in the reporting of comprehensive income items and make investment decisions based on such information. Using firms listed in Taiwan from 2008 to 2013, I find that other comprehensive income is secondary in explaining the abnormal returns and neither does it complements the information generated from unexpected earnings. Comparing the disclosure before and after the adoption of IFRS, I find that disclosing the comprehensive income items in comprehensive income statement from statement of stockholders equity does not affect the value relevance. Finally, I find that the abnormal returns from the family group is sensitive to unexpected earnings but not to the comprehensive income items.