摘要 本研究主要目的在於檢測過去學者以Ohlson model（1995）所從事會計資訊（帳面價值、盈餘及盈餘組成因素）之價值攸關性研究，在未考慮「其他資訊」的情況下，其結果是否會受到景氣因素之影響。同時根據在不同景氣狀況下，會計資訊與股價關聯性之差異，也可判斷台灣股市在景氣狀況好（多頭）時，投資人是否會「過度反應」會計資訊所傳遞的訊息，因而對未來產生過度樂觀的預期，造成股價「超漲」的現象。 實證結果顯示，帳面價值、盈餘及盈餘組成項目（包括營業利益、銷貨毛利及研發費用）與股價之間確實存在顯著之關聯性，亦即具有價值攸關性；而再加入景氣因素作為虛擬變數後，也可發現景氣因素的確會影響投資人對企業未來異常盈餘的看法，進而改變會計資訊之價值攸關性，因此本研究以為過去學者將「其他資訊」視為殘差項之做法並不適當，未來在運用Ohlson model（1995）從事會計資訊之價值攸關性研究時，的確不能排除「其他資訊」的影響，至少應考慮到景氣因素的變化。同時，觀察景氣因素對會計資訊價值攸關性之影響，除了發現盈餘、營業利益、銷貨毛利及研發費用與股價之關聯性係景氣狀況較佳時顯著高於景氣狀況較差時外，帳面價值與股價之關聯性，同樣也會受到景氣因素的影響，故本研究以為在景氣狀況較佳時投資人的確會有「過度反應」會計資訊的現象。 / Abstract The main purpose of this study is to examine whether the results of past research about the value relevance of accounting information, such as book values, earnings and earnings components, relying on Ohlson model (1995) without considering “other information” would be affected by the factor of business cycles. In addition, it could also determine if the investors in Taiwan would “overreact” the content of the accounting information in the better situation of business cycles (Bull market) according to different association between accounting information and stock prices in different business cycles. The empirical results indicate that book values, earnings and earnings components are positively and significantly associated with stock prices; that is, they are value-relevant. When using the factor of business cycles as the dummy variable, the results find that it will affect the value relevance of accounting information. In the better situation of business cycles, the value relevance of earnings, operating income, gross profits and R & D expenses are greater than in the worse one. In addition, the association between book values and stock prices is also affected by the factor of business cycles. So it concludes that the investors in Taiwan really “overreact” the content of the accounting information in the better situation of business cycles (Bull market).

經過自1999年開始的過渡期，行政院金融監督管理委員會於2009年5月14日正式宣布我國將採行國際財務報導準則之推動架構，第一階段適用的上市、上櫃公司、興櫃公司及金管會主管之金融業（不含信用合作社、信用卡公司、保險經紀人及代理人）已於2013年所編製的財務報告適用IFRS。  從2013年開始揭露以IFRS為編製基礎的財務報告以來已過去4年多的時間，本文即想探討在採行IFRS四年的時間是否因為損益表揭露的範圍改變而提高損益資訊之價值攸關性？本研究擬針對金融業探討此一議題。 本次研究預期之貢獻為提供台灣採行IFRS後有關金融業綜合損益及其他綜合損益價值攸關性研究之證據，並提供主管機關有關規範報導綜合損益格式後之影響，以補充過去研究綜合損益議題時排除金融業樣本或僅針對金融業中單一行業分析之不足且供報表使用者判斷其於評估企業價值時是否忽略此部分之資訊？ 關鍵字：其他綜合損益、金融業、價值攸關性

本文利用Ohlson (1995)及Barth (1998)所提出之評價模型，研究91年度我國資訊電子業上市公司，會計資訊揭露之價值攸關性。根據Ohlson (1995)及Barth (1998)之模型，檢測會計資訊價值攸關性之結果顯示，超額盈餘、帳面價值及稅後淨利對於我國之資訊電子業上市公司之股價及市值有顯著之解釋能力。若以「資訊揭露程度」為Ohlson 及Barth評價模型之「其他攸關變數」進行觀察，則資訊揭露程度具有價值攸關性。若進一步將「資訊揭露程度」分成「財務及營運」、「董事會及股權結構」及「公司網站」三細項後，兩種不同之評價模型皆顯示，「財務及營運」之資訊揭露程度與股價及市值間具有顯著之正向關係。「董事會及股權結構」及「公司網站」之資訊揭露程度則會因實證模型之不同，而有不同之結論，在Ohlson 模型中並未獲得支持，但在Barth模型則獲得支持。 / Based on the models established by Ohlson (1995) and Barth (1998), this study examines the value relevance of information disclosure in addition to that of accounting numbers. The sample consists of electron companies listed in 2002. The result indicates that abcdrmal earnings, book value and net income have significant explanatory power about stock price and market value. The ‘information disclosure level’ is also value relevant for both models as ‘other relevant variable’. By dividing the ‘information disclosure level’ into three parts: financial and operating, board and ownership structure, and company websites, we find that ‘financial and operating’ information disclosure level is significantly associated with stock price and market value. The ‘board and ownership structure’ and ‘company websites’ information disclosure level are significant in Barth model, but not in Ohlson model.

本文利用我國上市、上櫃公司的資料探討跨國性製造公司之財務報表所報導之外幣換算調整數（foreign translation adjustment）是否具備價值攸關性（value relevance）。具體而言，本研究利用股票報酬法（return study）與股票價格法（price study）檢視換算調整數資訊的價值攸關性。實證結果發現，整體而言外幣換算調整數對投資人是具有價值攸關性的，並與公司價值呈顯著負相關，即財務報表上所報導正（負）的外幣換算調整數與公司價值減損（增加）有關；另外，本研究為驗証勞動成本對「換算調整數」評價價值的影響，在進一步將樣本公司依勞動成本中位數分成高勞力密集公司與低勞力密集公司並作測試後發現，這種負向關係在高勞力密集公司方達顯著相關水準，且在其他條件不變下，高勞力密集公司之公司價值對於換算調整數的反應大於低勞力密集公司之公司價值對於換算調整數的反應，顯示勞動成本在外幣換算調整數與公司價值負相關中的確扮演重要的角色。 / This thesis use return study and price study to examine whether foreign translation adjustment reported on financial statement in the multinational manufacturing firm is value relevant. The empirical results show that, for firms in the manufacturing sector, a positive foreign translation adjustment is associated with a loss of value instead of a creation of value. We also find that the negative association between the foreign translation adjustment and change in value is largely attributable to those firms that are the most labor-intensive. And in the same condition, the reaction of the foreign translation adjustment to change in high-labor-intensive firms value is high than change in low-labor-intensive firms value.

本研究探討在智慧資本觀念倍受重視之際，傳統財務資訊與企業之價值攸關性是否因此受到影響，並進一步探究不同因素是否會影響財務資訊的價值攸關性。 本研究以Collins, Maydew, and Weiss（1997）及Lev and Zarowin（1999）為基礎，分析每股盈餘、每股淨值對股價與股票報酬率之價值攸關性變動情形，首先以橫斷面分析民國79年至88年間上市公司之財務資訊解釋能力，再以時間序列分析探討影響財務資訊解釋能力之因素，並進一步分析影響無形資產密集產業與傳統產業財務資訊價值攸關性不同之因素。 研究結果發現，每股盈餘及每股淨值之價值攸關性並未減少，且有上升之趨勢，而每股淨值之增額價值攸關性亦上升。依產業性質、盈餘品質、盈餘正負區分樣本之實證結果顯示，無形資產密集產業、有常續性項目之樣本以及常續性盈餘為正之樣本的價值攸關性較高。時間可以釋釋價值攸關性之變動，但與其他因素合併考量時，則不具有解釋能力。無形資產密集產業與傳統產業財務資訊價值攸關性主要受到時間因素影響，研究發展費用（創新之代理變數）、員工生產力（人力資源之代理變數）及存貨週轉率（結構資本之代理變數）等因素無法解釋產業價值攸關性之變化。 / This thesis investigates whether traditional financial information, such are earnings, book value of equity, and cash flow information, has lost its value relevance while the concept of intellectual capital rises. Furthermore, the thesis examines what factors explain the value relevance of financial information. Based on the study of Collins, Maydew, and Weiss (1997) and Lev and Zarowin (1999), this thesis first analyzes the value relevance of earnings, book values of equity, and operating cash flow over time, followed by exploring possible explanations for the observed temporal shift in explanatory power. In addition, this thesis analyzes the factors affect the different value relevance of financial information between intangible intensive industries and tradition industries. The empirical results indicate that the value relevance of earnings and book value of equity do not diminish, instead, the value relevance of earnings and book value of equity appears to have increased slightly over time. And also, the incremental explanatory power of book value of equity has increased over the sample period. For samples from the intangible intensive industries, the value relevance of information for firms with one-time items, and firms with negative core earnings are higher. With Time as the sole explanatory variable, time does explain the changes in the value relevance of financial information. However, time factor loses its explanatory power when incorporates other factors into the model. This study finds that research and development intensity (proxy for innovation), employee’s productivity (proxy for human resources), and inventory turnover (proxy for structural capital) do not help explain the shift in value relevance of financial 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.

先前研究指出，財報資訊使用者難以使用確定福利計畫制退休金的資訊，其原因可以歸因於退休金會計的複雜性。在後SFAS 158 時期，由於先前僅揭露的退休金負債已認列於資產負債表上，使得退休金資訊的價值攸關性有所提升。然而有研究指出，額外攸關的資訊依然僅在附註揭露中表達，使得XBRL在能否進一步提升該價值攸關上有可以著墨的空間。本研究探討美國SEC XBRL 強制適用是否能提升確定福利計畫制退休金資訊的價值攸關，以及 XBRL財報的特性是否會影響該價值攸關。實證結果發現，美國SEC XBRL 強制適用提升了提撥狀況的價值攸關。另外，實證結果也發現，GAAP 分類標準概念的數量和提撥狀況的價值攸關有負向的關係；延伸分類標準概念的數量和提撥狀況的價值攸關有正向的關係。本研究亦指出，SEC XBRL 強制適用對於提撥狀況價值攸關的提升，及XBRL財報特性對提撥狀況價值攸關的影響，會因為不同階段之 XBRL 採用者而有不同的效果。 / Studies show that the information of defined benefit due its complexity, users may not have the competence to process it. In the post-SFAS-158 period, the previously disclosed liabilities of defined benefit now recognize in the balance sheet. Prior studies have already shown an improvement in value relevance. However, studies suggest the relevant information still presents in footnotes. It leaves a place for XBRL for further improving. In this study, I investigate whether SEC XBRL mandatory adoption improves the value relevance of defined benefit information, also whether the characteristics of XBRL file affect the value relevance of defined benefit. The empirical results show SEC XBRL mandatory adoption improves the value relevance of funded status. Also, the number of GAAP Taxonomy concepts is negatively associated with the value relevance of funded status. Moreover, the number of extension concepts is positively associated with the value relevance of funded status. The additional results show the improvements by XBRL adoption and the influence of the number of GAAP Taxonomy concepts and extension concepts are sensitive to different phases of the adopters.

本論文其內容大要爰述如左： 緒論 第一章：探討決策攸關性與決策之本質，並對現存會計理論對決策影響加以評估。 第二章：說明資訊擴張的現象與潛在的危機，並提出新的研究方向。 第三章：探討動態會計溝通模型與透視模型的一般型態。 第四章：說明模型有效性與整體一致性的達成。 第五章：論透視模型在會計上的應用。 第六章：說明透視模型應用上研究的發現，遭受的批評以及其將來演進的趨勢。 第七章：重申本篇研究的幾個重要概念，並提出建議應用透視模型的方向。

我國財務會計準則公報第三十五號「資產減損之會計處理」規定，若有證據顯示相關資產可能發生減損，公司應進行減損測試，並據以認列資產減損損失。若已認列之資產減損已不存在或可能減少時，則可將該損失迴轉，但商譽之減損一經認列，即不得迴轉。本研究之目的在於探討商譽減損會計處理之改變，對於企業併購會計方法之選擇及財務報表會計資訊價值攸關性所造成的影響。 本研究之主要發現如下：（1）第三十五號公報發佈後，被併購公司的潛在商譽愈大，主併公司愈傾向採用權益結合法，以避免認列商譽；（2）企業依照該公報編製財務報表時，資產減損可能淪為其盈餘管理之工具，而導致盈餘對股價之解釋能力降低；以及（3）由於商譽減損損失不能迴轉，投資者認為企業較不會透過該類損失之認列，以進行盈餘管理。 / SFAS No. 35: Accounting for Impairment of Assets, requires that an enterprise should evaluate whether or not there are indications that an asset may be impaired on the balance sheet date. If such an indication exists, an impairment test should be performed to determine and recognize the loss. When there is evidence that an impairment loss recognized in prior years may no longer exist or has been reduced, it may be reversed; however, reversal of impairment loss on goodwill is prohibited. The purpose of this study is to investigate how the change on accounting for goodwill impairment affects the accounting for business consolidations and the value relevance of financial statements. Our major empirical results are as follows. (1) For the business consolidation occurred after the issuance of SFAS No. 35, the larger the potential goodwill of the acquired firm, the more likely the acquiring firm would adopt the Pooling method to avoid recognizing goodwill. (2) With the adoption of SFAS No. 35, since firms may utilize the Statement as an earnings management device, the value relevance of a firm’s earnings is decreased. (3) From the investors’ viewpoint, an impairment loss on goodwill is less likely to have earnings management effect because such a loss cannot be reversed.

為因應金融風暴所造成的金融資產巨大評價損失，國際會計準則委員會於2008年10月13日發布有關金融資產重分類的修正條文，我國財務會計準則委員會因而亦於2008年10月17日隨之修訂第34號準則，並發布金融資產重分類之新規定。然而公司管理當局是否利用對金融資產重分類而進行盈餘管理，可能隨著公司治理良窳而有不同，是一個有待實證之問題。 本研究旨是探討根據修訂之會計準則而重分類金融資產的財務報表資訊，是否仍具價值攸關性或只是淪為盈餘操縱的手段。首先，本研究探討公司管理當局是否於97年度第3季追溯對金融資產重分類。其次，本研究分析追溯重分類財務報表資訊之價值攸關性及其相對變化。 實證結果如下： （1）當公司績效愈好或愈差時，公司管理當局較不傾向對金融資產進行重分類以操縱盈餘。 （2）當公司董事會相對較獨立時，公司管理當局較不傾向對金融資產進行重分類。 （3）採用重分類之財務報表仍具價值攸關性。 關鍵字：重分類、盈餘管理、公司治理、價值攸關性 / To respond to the financial crisis that caused huge losses of financial assets to companies, the IASB announced, on October 13, 2008, amendments to IAS 39 and IFRS 7 “Reclassification of Financial Assets”. As a result, Taiwan’s FASB also announced, on October 17, 2008, amendments to its SFAS No.34. It is therefore an empirical question whether or not firms in Taiwan managed earnings by retroactively reclassifying financial assets on financial statements, that likely depends on the soundness of corporate governance. This research aims to examine the value relevance of financial statements information after the retroactive reclassification of financial assets based on the revised SFAS No. 34. Firstly, this research investigates whether or not listed firms in Taiwan retroactively adopted SFAS No. 34. Secondly, this research examines the value relevance of their reclassified financial statements and the association with corporate governance. The empirical results are as follows. Firstly, the better or worse a firm performed, the less it would be willing to retroactively adopt the revised SFAS No. 34. Secondly, the more independent its board of directors, the less it would be willing to to retroactively adopt the revised SFAS No. 34. Finally, the reclassified financial statements were still value relevant. Keywords: Reclassification, Earnings management, Value relevance, Corporate governance.