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.

東亞地區的代理問題與其上市櫃公司集中的股權結構有關。本研究以控制權與現金流量權偏離的幅度衡量公司治理的品質，探討最終控制股東股權治理結構對研發活動的支出、研發活動之攸關性（Relevance）和可靠性（Reliability）之影響。本研究沿用Kothari et al.(2002)的作法，以過去五年盈餘的變異性，作為研發活動可靠性的替代變數。實證結果發現，公司治理較佳的公司會投入較多的研發支出。當股權偏離幅度越小，研發活動會與股價成正相關，且盈餘變異性會較小。 / The agency problems of listed companies in East Asia is closely related to their typical concentrated ownership structures. The objective of this paper is to explore the association of corporate governance quality, measured by the divergence between the ultimate owner’s voting right and cash flow right, with the extent of R&D activities, and with the relevance and reliability of R&D expenditure. Following the Kothari et al.(2002), we use the standard deviation of subsequent earnings volatility as proxy for reliability of R&D outlays. Consistent with our hypotheses, we find that firms with higher quality of corporate governance tend to spend more on R&D activities.We also find that the positive associaton between R&D outlays and stock price is increasing as the control cash flow right divergence decreases. Finally, the positive associaton between R&D outlays and subsequent earnings volatility increases as the control cash flow right divergence increases.

本研究以台灣上市、上櫃及興櫃公司為研究對象，利用問卷發放的方式，探討我國企業公司治理特質與內部稽核對財務報導可靠性貢獻之關係，並調查我國內部稽核之現況，以及內部稽核人員與外部查核人員之互動情形。本研究之實證結果顯示：（1）「公開發行公司建立內部控制制度處理準則」於2005年修訂，規定內部稽核單位應直接隸屬於董事會之後，內部稽核人員普遍認為其地位與獨立性有明顯提升。但我國企業內部稽核規模仍偏低，以1~2人為主；（2）監察人（或審計委員會）複核內部稽核工作之範疇、內部稽核之規模、內部稽核人員與外部查核人員之互動情形等，與內部稽核對財務報導可靠性之貢獻度呈顯著正相關 ；以及（3）針對內部稽核人員與外部查核人員之互動情形（包含工作協調、溝通、外部查核使用內部稽核結果之程度），內部稽核人員的認知普遍優於外部查核人員的認知。 / This paper examines the relationship between corporate governance characteristics and internal auditors’ assessments of their contributions to financial reporting reliability. This study also investigates the current status of internal auditing in Taiwan and the interaction between internal auditors and external auditors. Our results show that (1) since the applicable laws require that the internal audit department must report directly to the board of directors, internal auditors’ independence and position in their companies have improved significantly. However, the number of internal auditors in most companies is still low; (2) the extent to which the supervisors (or audit committee members) review internal audit results, the total numbers of staff in an internal audit department, and the relationship between internal and external auditors are positively related to internal auditors’ contribution to a firm’s financial reporting reliability; and (3) in general, internal auditors’ perceptions of their interactions with external auditors is better than those of external auditors.

財務報表公平價值之表達，因為能即時反應企業最新的財務績效，以致擁有較佳決策攸關性，近年來為世界各國會計準則制定之趨勢。然而，2008年全球經歷金融海嘯後，公平價值會計合適與否的議題浮上檯面：增加財報攸關性的同時，公平價值會計是否卻降低了財務資訊之可靠性？ 　　本研究採用Khan and Watts(2009)發展出之C_Score作為衡量財報可靠程度的值，以此檢視台灣上市櫃公司實施金融商品公平價值會計準則後，對財報可靠性之影響。實證結果發現，準則的採用有助提升整體產業財報可靠性；然而於景氣繁榮時，反倒使財報可靠性較為減低。另外，準則實施後，金融相關產業每年財報可靠值之變化方向與其他產業一致，然而幅度顯著較大；以此也了解到，金融海嘯期間，美國金融業之所以積極提出應廢止或暫停公平價值會計準則，有其原因。 　　最後，以市價淨值比再度驗證C_Score之有效性，得出相同結果；亦觀察到我國近年來整體公司的財報，有愈加可靠之趨勢。 / Recently, since fair value accounting used in financial statements provides better representation over the operating result of enterprises, as well as leads to better decision making, it has become the trend for accounting principle setting internationally. However, after encountering the global economic tsunami in 2008, whether using fair value accounting is suitable has become a discussion floating over the counter as: when increasing the relevance in financial statements, will the reliability of financial information decrease at the same time? 　　This study uses C_Score developed by Khan and Watts(2009) to evaluate the effect on the reliability of financial statements over Taiwan companies traded in the exchange and over-the-counter market, after adopting fair value accounting standards of financial instruments. The empirical test shows that after adopting the standards, it helps to increase the reliability of financial statements of overall industries; however, when the market environment is good, it decreases the reliability of financial statements. Then, after adopting the standards, the reliability of financial statements in financial related industries changes in the same direction as other industries, but its value is significantly larger. Considering this fact, it is understandable that during the period of economic tsunami, why financial industry in the United States claims to abolish or pause using fair value accounting aggressively. 　　Finally, by using market-to-book ratio to test the effectiveness of C_Score, the result is same as previous. It is also observed that financial statements of the whole industry have become increasingly reliable in recent years.