本研究首先採事件研究法探討第34號公報第二次修訂公報發布時，市場反應與是否具備資訊內涵。其次針對公司之季報發布日公司所揭露之損益影響數，研究市場對於公報第二次修訂後第一個盈餘公布時點之反應，再以Ohlson 評價模式，來驗證所揭露之損益影響數是否具價值攸關，投資人對此事件反應為何。採用logit及一般迴歸，分別探討影響公司重分類動機的因素及影響公司重分類金額多寡之因素加以實證分析。 實證結果顯示在公報修訂發布日及季報發布日具資訊內涵及價值攸關 ，投資人並有功能性固著現象產生。就重分類動機而言，當公司董監質押比率越高、TCRI信用評等等級越高、非四大會計師事務所核閱之客戶、淨值報酬率越低越傾向重分類金融資產。而就重分類金額多寡而言，董監事質押比越高、TCRI信用評等等級越高、非四大會計師事務所核閱、股利配發率越高、淨值報酬率越低，重分類之損益影響數金額越大。 / This research mainly focuses on the market responses and its information content against the second amendment re-classification of SFAS NO.34 of financial assets using event study methodology. Market responses is examined with the amount disclosed at the first announcement of quarterly report. Then Ohlson model is applied to verify whether the disclosed amount has value relevance and how investors react to the announcement. The logit and OLS regression is utilized to examine the rationale behind reclassification and what affects the amount of reclassification. The empirical result shows that the announcement date of second amendment and announcement date of quarterly report do retain information content and value relevance. The investors have shown significant functional fixation. Higher pledged share ratio of directors and supervisors, lower ROE and higher TCRI rating, and is not reviewed by big four audit firms, is positively related to reclassification of financial assets. The amount of reclassification is positively related to higher pledged share ratio of directors and supervisors, higher TCRI rating, higher dividend payout ratio, is not reviewed by big four audit firms and lower ROE.

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.