En dépit de quinze années de travaux, le normalisateur comptable international, l'International Accounting Standard Board (IASB), n'a pas abouti dans sa tentative de définir une norme spécifique aux activités d'extraction. Cet échec partiel soulève la question suivante : existe-t-il un contenu informationnel propre aux actifs spécifiques et s'il existe, quelle forme communicationnelle doit-il revêtir ? L'IASB s'adressant en priorité à l'actionnaire, notre travail devait naturellement débuter par l'évaluation de ses perceptions, tout en admettant le caractère restrictif d'une telle focalisation. Mobilisant la théorie positive, en cohérence avec l'orientation marché du IASB, notre étude longitudinale est conduite sur onze ans, comprenant le prix bas du baril en 1996/1997 et sa hausse soudaine en 2004, afin de mesurer la manière dont le(s) marché(s) perçoi(ven)t les éléments comptables relatifs à l'activité d'extraction pétrolière et gazière, caractérisée par la présence d'actifs spécifiques à haute teneur stratégique, et réputés très incertains. Une revue de littérature propose une double rétrospective, d'une part, des travaux interrogeant la pertinence des divulgations de valeurs ou volumes, et d'autre part, du raisonnement par les options réelles, mis à l'épreuve dans notre dernier travail empirique. Réalisé sur une population internationale, et mesurant le lien entre les divulgations comptables spécifiques à l'activité pétrolière et gazière et la valeur de marché, notre travail examine la pertinence de ces divulgations par le prisme du modèle de Ohlson tout en proposant une solution aux problèmes de colinéarités que génèrent des variables spécifiques. / Despite a fifteen years work, the international standard setter, the International Accounting Standard Board (IASB) hasn't succeeded in its attempt to define a specific standard relative to extractive activities. This semi-failure raises the following - maybe unresolved - question : does an informational content proper to specific activities exist, and if it does, which would be its appropriate communication form ? Despite the restrictive aspect of a scope admitting that IASB's primary target is the shareholder, our work subsequently started with the evaluation of his/her perceptions. Consistent with the IASB's point of view, we mobilized the positivist theory in an eleven years longitudinal study, covering a period of low barrel prices - in 1996/1997- and the sudden raise of 2004, to study the way in which the market(s) perceive(s) the disclosures of specific items relative to oil and gas activities. The latter are characterized by the presence of specific assets, sometimes strategic, described by the standard setter as highly uncertain. A literature review offers a retrospective on previous researches questioning the value-relevance of either the volume or the value of oil and gas reserves, and on the Real Options Reasoning that is tested in our empirical work. Our examination, on a international sample, of the link between specific accounting disclosures and the market value relies on the Ohlson's model and provides us with some insights on the identification of multicollinearity as likely present when dealing with specific variables.

In this paper we examine the short and long-term relations between stock price, book value and residual income.  We employ a panel error correction model, estimated with Engle & Granger’s (1987) two-step procedure and the single equation methodology. The models are estimated with FE-OLS and the MG-estimator. We find that stock prices adjust previous periods equilibrium error. Further, we find that book value has short and long-term effects on stock prices. Finally, this paper finds mixed results regarding residual incomes impact on stock prices. The MG-estimator finds evidence for a short-term relationship, while the FE-OLS provides insignificant or weak support for short-term effects. FE-OLS and MG-estimator find insignificant or weak support regarding residual incomes long-term effects.

依據財務會計理論，附註揭露為整體財務報表的一部份，其目的在提供投資人進行企業評價時所需之攸關資訊。兩稅合一制度實施後，不僅使稅賦型態轉變，會計原則中也新增附註揭露股東可扣抵稅額之規定，因此提供了驗證資本市場與財務報表揭露的機會，本研究即針對股東可扣抵稅揭露是否具有價值攸關性進行測試。 本研究以87年為樣本年度，分析資料完整的317家上市公司，透過Ohlson模型來檢測股東可扣抵稅額之價值攸關性，並處理Ohlson模型中兩個重要的information dynamics，以異常盈餘（xa ）及其他資訊（v）做為模型中的自變數，將財務分析師之財務預測（analysts’forecasts）做為Ohlson模型中其他資訊（other information）之代理變數，以捕捉Ohlson模型中其他資訊對股價的影響。最後，考慮產業及公司規模兩項因素，觀察紡織業與電子業對股東可扣抵稅額揭露之反應以及公司規模對於價值攸關性研究的影響。 實驗結果顯示，無論以現金基礎或應計基礎衡量股東可扣抵稅額，其揭露均具價值攸關性，投資人的確使用財務報表附註揭露中有關股東可扣抵稅額之資訊於企業評價上。其次，異常盈餘與其他資訊皆能捕捉股價之變動。最後，在紡織業與電子業中雖未觀察到股東可扣抵稅額之揭露具有攸關性，但公司規模的因素則無論在全體樣本或各別產業中皆具影響力。 / According to modern accouning theory, footnote disclosures are an intergrated part of the overall financial statements. The purpose of footnote disclosures is to provide value-relevant information in assisting investors’ valuation process. After Taiwan’s 1998 Tax Reform, which intergrates the individual and corporate taxes, the current GAAP requires a footnote disclosure of imputation credits (IC). This provides a good chance to test how Taiwan’s stock market reacts to such disclosuer. The main purpose of this study is to examine the value relevance of IC disclosure to investors’ equity valuation. This study uses Ohlson’s (1995) model to analyze 317 firms listed on Taiwan’s Stock Exchang (TSE) during 1998. To estimate the abcdrmal earings and other information (captured by analysts’ forcasts), this study adopts Dechow, Hutton, and Sloan’s(1999) methodology. We also investigate the effects of industry and firm size on the value relevance of IC disclosure. The empirical results reveal three findings. First, there is a positive association between IC and stock price in TSE. Therefore, the IC disclosure is value relevant to investors’ equity valuation. Second, abcdmal earnings and other information can both explain stock price behavior. Finally, when we focus our sample on the textile and high-tech industries, no significant association between IC disclosure and stock price can be found. When we further consider firm size, however, the value relevance of IC disclosure becomes significant. In other word, the value relevance of IC disclosure may be affected by firm size.