我國財務會計準則三十四號公報「金融商品之會計處理準則」所帶來之重要變革，在於要求企業以公平價值為原則衡量金融商品。本研究欲探討在以評價模式估計金融商品公平價值的情況下，是否會對會計資訊可靠性造成影響，並提出相關建議作為主管機關制定規範之參考。本研究以股票選擇權為例，探討各種不同情況下金融商品公平價值估計之差異，以及企業在其中的操縱空間。 研究結果顯示，各種不同股價報酬波動性估計方式，對選擇權公平價值估計結果造成重大影響。本研究建議，主管機關對企業於財務報表中金融商品公平價值之揭露，應嚴加把關審核，以落實並強化公報中對資訊揭露之要求。此外，主管機關亦可因應特殊情況之需要，針對某些特定金融商品建立公平價值估計之實務操作細部指引。以期在施行三十四號公報提高資訊攸關性的同時，減少實務操作上可能遭遇之困難，並降低其對資訊可靠性之負面影響。 / According to the significant reform brought by the R.O.C. Statements of Financial Accounting Standards No. 34 “Accounting for Financial Instruments”, the enterprises are required to measure their financial instruments based on the fair value. This research topic is in relation to whether the reliability of accounting information will be affected under the condition of measuring the financial instruments by using pricing models, and therefore provides a reference for the authority in determining the future standard. In order to understand the differences in the fair value of financial instruments measured under different conditions and how the enterprises may manipulate their financial statements, we take the stock options for example to explore. The main finding is that the volatility of different stocks’ returns has significant effects on the measurement of the fair value of the options. The result of the research suggests that in order to enforce all of the disclosures about financial instruments, the authority should be stricter with all financial instruments disclosure requirements. Besides, the authority can establish guidelines on how to measure the fair value of some specific financial instruments under certain exceptions. We expect less foreseeable difficulties and adverse impacts on the reliability of information while practicing the statement No. 34 to improve the relevance of accounting information.