交換特別股於發行人財務報表之表達與揭露—某臺灣金融控股（股）公司之個案研究

Abstract

臺灣首宗以上市公司股票（彰銀普通股）為交換標的之交換特別股已於2022年7月於臺灣證券交所上市買賣。本交換特別股係由受金融控股公司法所管轄之金融控股公司發行之，無發行期限，發行人對股息派付具自主裁量權；於特定期間內，發行人得通知特別股持有人以1股特別股交換1股彰銀普通股；交換期限屆滿後發行人於經主管機關核准後得隨時按同於前述之交換比率收回全部特別股，倘收回基準日前特定期間彰銀普通股平均價格低於本特別股發行價格，差額以現金補償之；本交換別股對剩餘財產限就發行人所持有之彰銀普通股按同於前述之交換比率分派之；以本交換特別股複雜度遠高於目前市場所見，但其仍可涵蓋市場所常見特別股之樣態，故就其於財務報表之表達與揭露進行有關研究分析應具相當代表性價值。 依據「金融控股公司財務報告編製準則」及相關會計準則規定分析研究，本交換特別股於該金融控股公司財務報表之表達與揭露將因發行公司是否為交換或買回通知而有不同。主要判斷即在於發行人對特別股持有人是否具無可避免必須交付現金或另一金融資產予另一企業之義務，或是否有按潛在不利於己之條件與另一企業交換金融資產或金融負債之義務；倘發行人具該等義務且無法完全符合金融負債例外之規定時，應將本交換特別股認屬為金融負債，反之則為權益。 經研究發現既有會計準則及資本適足性管理辦法導引特別股發行條件之設計已為業界普遍現象；另基於財務報表表達係本於經濟實質而非法律形式之原則，造成財務報表所表達揭露之特別股屬性與法律認定存有不一致現象，該等不一致對利害關係人之權益恐生不利影響宜予注意與關切；再者，交換標的之金融資產採用之衡量方法因受限於既有相關會計準則規範而與特別股負債並不相同，恐有會計配比不當之疑慮，倘金額重大或可考慮引用國際會計準則第一號「財務報表之表達」第19段規定採用偏離既有規定方式以為因應。

The first exchange preferred shares in Taiwan to be exchanged for shares of a listed company(Chang Hwa Bank common shares)are to be listed and traded on the Taiwan Stock Exchange(TWSE) in July 2022. The exchange preferred shares are issued by a financial holding company governed by the Financial Holding Company Act for an unlimited period, with the issuer possessing a discretionary power over the payment of dividends. During a specified period, the issuer may notify holders of preferred shares to exchange one preferred share for one common share of Chang Hwa Bank(CHB). At any time after the expiry of the exchange period and subject to the approval of the competent authority, the issuer may redeem all the preferred shares on the basis of aforementioned method. If the average price of CHB common share at a specific time before the reference date is lower than the price of the exchange preferred share issued, the difference shall be paid in by cash. The exchange preferred shares are limited to the distribution of the remaining property in respect of CHB common shares held by the issuer on the basis of the aforementioned exchange method. While the complexity of the exchange preferred shares is much higher than what is currently seen in the market, it still covers the main conditions of issuance of preferred shares commonly found in the market and therefore the study and analysis of its presentation and disclosures in relation to the financial statements should be quite representative. In accordance with the Regulations Governing the Preparation of Financial Statements by Financial Holding Companies and the related accounting standards, the presentation and disclosures of the exchange preferred shares in the financial statements of the financial holding company will vary depending on whether the issuing company has given notice of an exchange or recall. The main judgement lies in whether the issuer has an unavoidable obligation to the holders of the preferred shares to deliver cash or another financial asset to another enterprise or to exchange financial assets or financial liabilities with another enterprise on potentially unfavorable terms. Should the issuer have such an obligation and be unable to comply fully with the financial liability exception requirements, the exchange preferred shares shall be recognized as financial liabilities and, conversely, as equities. It has been found that the existing accounting standards and capital adequacy regulations guiding the design of the preferred share issue conditions are a common phenomenon in the industry. As the financial statements are presented on the basis of economic substance rather than legal form, there are inconsistencies between the attributes of the preferred shares presented and disclosed in the financial statements and the legal recognition thereof, and such discrepancies may adversely affect the interests of stakeholders and should be noted and paid attention to. In addition, the measurement method used for the financial assets subject to exchange is different from that used for the preferred share liabilities due to the limitations of the existing accounting standards, which may give rise to concerns of accounting mismatch. In the event that the amount is material, consideration may be given to adopting a deviation from existing requirements in response under Paragraph 19 of International Accounting Standards(IASs)No. 1 'Presentation of Financial Statements.'