避險會計、企業風險與盈餘管理

Abstract

避險交易對現今企業而言已是十分常見之風險管理活動，而國際會計準則委員會也為此在國際會計準則第39號「金融工具：認列與衡量」以及國際財務報導準則第9號「金融工具」中為此制定了相關的揭露規範，當公司的避險交易符合數項條件時，即適用避險會計之規定，而企業在符合避險會計的條件後，可選擇是否使用避險會計之規範並按其規定對避險交易進行揭露。避險會計之本質屬自願性揭露之一種，而過去研究顯示，自願性揭露對企業帶來之影響多為正面。本研究試圖將範圍限縮至避險交易，並從風險及盈餘之角度出發，探討避險會計之揭露與否與企業風險(利率風險及匯率風險)以及企業盈餘管理程度之間之關係。實證結果顯示，雖然僅有微弱證據，但仍顯示避險會計之適用對利率風險及企業盈餘管理有一定之影響力。

Hedging transactions has been a common way for companies to manage business risk and IASB has released IAS 39 and IFRS 9 to regulate the accounting treatment and disclosure of hedging transactions. When companies’ hedging transactions meet several conditions, they are applicable to use hedge accounting and have the right to choose to use it or not. Hedge accounting is a part of voluntary disclosure, and past studies have shown that the impact of voluntary disclosure on companies is mostly positive. This study focuses on the voluntary disclosure of hedging transactions and uses empirical research to find the relation between hedge accounting, business risk (interest rate risk and exchange rate risk), and earnings management. We find weak evidence that hedge accounting is negatively associated with interest rate risk and earnings management.