國際會計準則第四十一號與股價資訊內涵

Abstract

國際會計準則第四十一號：農業要求企業將其生物資產改採公允價值衡量，並在財務報表及其附註中提供單獨之揭露。本研究探討國際會計準則第四十一號是否為投資人帶來更多企業特定資訊，進而提升股價資訊內涵。本研究根據過去文獻，以股價同步性來衡量股價資訊內涵，並以在2005年採用國際會計準則第四十一號的企業為實驗組，沒有採用的企業為對照組。實證結果發現，實驗組企業之股價同步性在採用國際會計準則第四十一號後顯著降低，顯示國際會計準則第四十一號有助於企業特定資訊在股票市場的流通。本研究亦測試國際會計準則第四十一號對股價資訊內涵之效果，是否在生產性植物與其他生物資產間存有差異。然而，實證結果未能發現國際會計準則第四十一號對股價資訊內涵之效果在不同生物資產間存有差異。在額外測試中，本研究亦未能發現企業生物資產之重要性與公允價值估計之可靠性對於國際會計準則第四十一號的效果是否有影響。整體而言，本研究之實證結果指出，採用國際會計準則第四十一號提升了企業財務報告之透明度。投資人能自財務報告中獲取更多企業特定資訊，股價資訊內涵因而提升。

International Accounting Standard 41: Agriculture requires fair value measurement and enhances disclosure for biological assets. In this paper, I examine whether adoption of IAS 41 influences firm-specific information flows capitalized into stock prices and thus affects stock price informativeness, as measured by stock price synchronicity. Using a sample of IAS 41 adopters from countries that mandates IFRS in 2005 and the control samples of non-IAS 41 adopters, I find that stock price synchronicity (price informativeness) for IAS 41 adopters decreases (increases) following IAS 41 adoption. I also investigate the difference in the effect of IAS 41 adoption between firms that transforms bearer plants, which derive value in use of assets and other biological assets. I fail to provide evidence that the firm-specific information facilitating effect of IAS 41 differs between firms transforming different biological assets. I also conduct additional analysis; however, I fail to find that the effect of IAS 41 is differentiated by factors such as the significance of biological asset and reliability of fair value estimate. Overall, my results are consistent with the notion that the increased transparency from IAS 41 adoption broadly facilitates firm-specific information flows entering into stock market and thereby reduces synchronicity, making stock price more informative.