The regulatory framework of many countries allows the upward revaluation of assets. Previous studies on the association of asset revaluation and future performance in Australia (Barth and Clinch, 1998), U.K. (Aboody, Barth and Kasznik, 1999) and Hong Kong (Jaggi and Tsui, 2001) have shown that upward asset revaluations are positively associated with the firm’s operating performance, suggesting that asset revaluations are value relevant. This study extends the previous research by focusing on the New Zealand environment with recent data to examine the association of upward asset revaluation and future operating performance. There is no obvious evidence indicating that upward revaluations are associated with operating performance in New Zealand. Our market assessments show that current year asset revaluations are related to share prices and returns, but are not statistically significant.

本研究係以實是性會計理論探究我國上市公司資產重估價之財務屬性暨其辦理資產重估之動機。本研究主要擬回答下列二項研究問題： 　　1.各公司辦理資產重估價對其財務屬性的影響，按不同標準分組比較之下，是否存有顯著之差異？ 　　2.公司管理當局辦理資產重估價的主要誘因為何？亦即相較於未從事資產重估價的公司，在實是性會計理論的解釋下，為何公司管理當局會從事資產重估價？ 　　本研究之研究期間起自民國70年，截至民國83年。研究模式係以兩樣本平均數比較法比較資產重估對於各公司財務屬性的影響，另以Logit迴歸分析法分析資產重估公司之財務特質，經實證分析結果，本研究之結論彙整如下： 　　1.關於資產重估對重估公司間影響程度之比較方面 　　　(1)折舊性資產重估 　　　　A.關於資本密集度方面，資本密集度愈高之公司，若辦理折舊性資產重估，對其資產總額與資本形成的影響程度愈大。 　　　(2)土地重估 　　　　A.關於資本密集度方面，資本密集度愈小之公司，若辦理土地重估，對其固定資產的影響程度愈大。 　　　　B.關於負債╱權益影響力方面，若公司預期未來負債會大幅成長，公司愈傾向辦理土地重估，以降低負債過高之不利財務結構。 　　　　C.關於連續重估與非連續重估方面，若公司存續時間愈長、股利自由數比率愈低者，愈傾向連續辦理土地重估。 　　2.關於重估公司之財務特質方面 　　　(1)折舊性資產重估 　　　　A.股利自由數比率愈低之公司，愈傾向辦理折舊性資產重估。 　　　(2)土地重估 　　　　A.每股盈餘愈低者，愈傾向辦理土地重估。 　　　　B.公司存續時間愈長者，愈傾向辦理土地重估。

Este estudo contribui para a literatura existente de value relevance relacionada ao papel do patrimônio líquido contábil e do resultado contábil por intermédio de dados brasileiros em um contexto de reavaliação de ativos e contabilidade em moeda constante. Além disso, são efetuadas discussões a partir de resultados empíricos sobre dois importantes assuntos relacionados à informação contábil: relevância e confiabilidade. É aplicada uma metodologia de value relevance, sendo que a variável dependente é o valor de mercado da empresa e as variáveis independentes são o patrimônio líquido e o resultado. A primeira hipótese é a de que a informação contábil pelo custo histórico é menos value relevant do que a informação contábil com práticas de reavaliação de ativos imobilizados. Para o período 1996-2007, as companhias tinham a opção de reavaliar alguns ativos tangíveis de longo prazo. A participação de avaliadores externos nos processos de reavaliações no Brasil provavelmente proporciona um grau de confiabilidade sem muita imperfeição. No entanto, evidências empíricas mostram que as informações contábeis de empresas que efetuaram reavaliações de ativos não são mais value relevant em relação às empresas que não efetuaram. Análises adicionais baseadas em uma especificação de value relevance incremental mostraram que, se os processos de reavaliação não tivessem ocorrido, então a value relevance seria praticamente a mesma para estas empresas. Em outras palavras, a reserva de reavaliação não foi value relevant, apesar de provavelmente ser confiável. Uma explicação possível para esse resultado é uma falta de relevância para as práticas de reavaliação de ativos observadas. A segunda hipótese é a de que a informação contábil pelo custo histórico é menos value relevant do que a informação contábil pela correção monetária integral. No Brasil, a correção monetária era regra até 1995. A partir de 1996, com a inflação atingindo menores patamares, o Governo Brasileiro proibiu práticas de atualização monetária para fins tributários e societários. Apesar disso, algumas empresas evidenciaram informações adicionais em moeda constante para o período 1996-2007. Evidências empíricas mostram que estas informações não são mais value relevant em comparação às informações sem correção monetária publicadas por estas mesmas empresas. Uma explicação possível para este resultado é a confiabilidade subjacente dos indicadores de inflação utilizados por estas companhias. No geral, as evidências empíricas mostram que a informação contábil pelo custo histórico não é menos value relevant. No entanto, é importante enfatizar que os resultados se relacionam com as práticas contábeis das empresas analisadas, e não com os modelos contábeis propriamente ditos. / This study contributes to extent value relevance literature relating to the role of book value and earnings through Brazilian accounting data in an asset revaluation and price level accounting context. Moreover, it brings empirical discussion on two very important issues related to accounting information: relevance and reliability. It is employed a value relevance methodology, with the dependent variable being the equity market value and the independent variables being book value of equity and earnings. The first hypothesis is that historical cost accounting is less value relevant than fixed asset revaluation accounting practices. For the period 1996-2007, companies had the option to revalue some long-lived tangible assets. External appraisals in Brazilian revaluation process likely bring a degree of reliability without too much imperfection. However, empirical evidence shows up that firms that experimented asset revaluations are not more value relevant regarding firms that did not. Further analysis based on an incremental value relevance specification shows that if the revaluation process had not occurred, then the value relevance would be quite the same for those firms. In other words, asset revaluation reserve was not value relevant, in spite of likely being reliable. One possible explanation for this result is the underlying firms\' asset revaluation practices lack of relevance. The second hypothesis is that historical cost accounting is less value relevant than price level accounting. In Brazil, price level accounting was the rule until 1995. From 1996, with inflation rates getting lower degrees, Brazilian Government prohibited price level for tax and financial accounting purposes. Even though, some companies disclosed additional information in price level for the period 1996-2007. Empirical evidence shows that this accounting information is not more value relevant in comparison to the information without price level publicized by the same companies. One possible explanation for this result is the underlying reliability of the inflation index used by the firms. Overall empirical evidence shows that historical cost accounting is not less value relevant. Nevertheless, it is important to emphasize that the results are related to the underlying firms\' accounting practices, not the accounting models themselves.

本文旨在探討資產重估價之資訊內涵，以及其所處之資訊環境。資產重估價可讓財務報表的表達較趨近於現實價值，亦有稅負優勢，然不顯著。在理性預期環境中，投資者若以為公司現實價值為重要資訊，則其應會以極快速度將其所知現值反應於股價上。然文獻中顯示，我國上市公司在發布資產重估價資訊時，股價會具正面的異常反應，顯然與理性預期理論所預測者相矛盾。所以本研究結論，不是公司現值的資訊無用處，便是另有原因。本研究深入研究探討發現，股價異常行為大多可歸因於，資產重估價可厚實資本公積轉增資的基礎，而未來的資本公積轉增資具填權效果。此為投資者所以為的資產重估價利基之所在。然而，資本公積轉增資僅屬會計科目重分類，所以無具經濟實質意義。 　　於此，資產重估價資訊產生一個矛盾現象，若從投資者的未來現金衡量角度來看，資產重估價具經濟實質意義。若從公司經濟實質來看，資產重估價不具經濟實質意義。這個結果意味著投資者所支付因資產重估價所導致的股價高於公司經濟實質。本研究證明，在沒有資訊或資訊結構無效確實不知情投資者會因資產重估價支付高價，而將其財富移轉與知情投資者。因此股價的形成雖為均衡，然係不具效率的資源配置。 　　觀諸我國股市環境，缺乏專業分析師從事分析與解釋具專業化程度的財務報表，因此結果與沒有資訊或資訊結構無效率的條件相若。亦即與第三章所證明的結果相彷彿。在資產重估價資訊下，不知情投資者會支付高價並將高價的財富移轉與知情投資者。所以，我國股市中，股價雖為均衡的結果，然不具效率性。 　　要解決我國股市資訊環境不良，可創造一資訊蒐集成本為零的股市環境。亦即創造一競爭有效的專業財務分析產業，讓每個投資者分攤極低的財務專業分析與解釋的共同成本。如此便可消除如資產重估價效應的無效率解。此為本研究所稱「資產重估價資訊環境理論」。

Este estudo contribui para a literatura existente de value relevance relacionada ao papel do patrimônio líquido contábil e do resultado contábil por intermédio de dados brasileiros em um contexto de reavaliação de ativos e contabilidade em moeda constante. Além disso, são efetuadas discussões a partir de resultados empíricos sobre dois importantes assuntos relacionados à informação contábil: relevância e confiabilidade. É aplicada uma metodologia de value relevance, sendo que a variável dependente é o valor de mercado da empresa e as variáveis independentes são o patrimônio líquido e o resultado. A primeira hipótese é a de que a informação contábil pelo custo histórico é menos value relevant do que a informação contábil com práticas de reavaliação de ativos imobilizados. Para o período 1996-2007, as companhias tinham a opção de reavaliar alguns ativos tangíveis de longo prazo. A participação de avaliadores externos nos processos de reavaliações no Brasil provavelmente proporciona um grau de confiabilidade sem muita imperfeição. No entanto, evidências empíricas mostram que as informações contábeis de empresas que efetuaram reavaliações de ativos não são mais value relevant em relação às empresas que não efetuaram. Análises adicionais baseadas em uma especificação de value relevance incremental mostraram que, se os processos de reavaliação não tivessem ocorrido, então a value relevance seria praticamente a mesma para estas empresas. Em outras palavras, a reserva de reavaliação não foi value relevant, apesar de provavelmente ser confiável. Uma explicação possível para esse resultado é uma falta de relevância para as práticas de reavaliação de ativos observadas. A segunda hipótese é a de que a informação contábil pelo custo histórico é menos value relevant do que a informação contábil pela correção monetária integral. No Brasil, a correção monetária era regra até 1995. A partir de 1996, com a inflação atingindo menores patamares, o Governo Brasileiro proibiu práticas de atualização monetária para fins tributários e societários. Apesar disso, algumas empresas evidenciaram informações adicionais em moeda constante para o período 1996-2007. Evidências empíricas mostram que estas informações não são mais value relevant em comparação às informações sem correção monetária publicadas por estas mesmas empresas. Uma explicação possível para este resultado é a confiabilidade subjacente dos indicadores de inflação utilizados por estas companhias. No geral, as evidências empíricas mostram que a informação contábil pelo custo histórico não é menos value relevant. No entanto, é importante enfatizar que os resultados se relacionam com as práticas contábeis das empresas analisadas, e não com os modelos contábeis propriamente ditos. / This study contributes to extent value relevance literature relating to the role of book value and earnings through Brazilian accounting data in an asset revaluation and price level accounting context. Moreover, it brings empirical discussion on two very important issues related to accounting information: relevance and reliability. It is employed a value relevance methodology, with the dependent variable being the equity market value and the independent variables being book value of equity and earnings. The first hypothesis is that historical cost accounting is less value relevant than fixed asset revaluation accounting practices. For the period 1996-2007, companies had the option to revalue some long-lived tangible assets. External appraisals in Brazilian revaluation process likely bring a degree of reliability without too much imperfection. However, empirical evidence shows up that firms that experimented asset revaluations are not more value relevant regarding firms that did not. Further analysis based on an incremental value relevance specification shows that if the revaluation process had not occurred, then the value relevance would be quite the same for those firms. In other words, asset revaluation reserve was not value relevant, in spite of likely being reliable. One possible explanation for this result is the underlying firms\' asset revaluation practices lack of relevance. The second hypothesis is that historical cost accounting is less value relevant than price level accounting. In Brazil, price level accounting was the rule until 1995. From 1996, with inflation rates getting lower degrees, Brazilian Government prohibited price level for tax and financial accounting purposes. Even though, some companies disclosed additional information in price level for the period 1996-2007. Empirical evidence shows that this accounting information is not more value relevant in comparison to the information without price level publicized by the same companies. One possible explanation for this result is the underlying reliability of the inflation index used by the firms. Overall empirical evidence shows that historical cost accounting is not less value relevant. Nevertheless, it is important to emphasize that the results are related to the underlying firms\' accounting practices, not the accounting models themselves.

本研究的目的在探討，盈餘中所包括的由營業而來的運用資金及現金流量相對於盈餘而言，是否具增額資訊內涵？動機來自於我國於民國78年12月28日公布現金流量表取代財務狀況變動表，前者之主要衡量指標為營業活動現金流量，後者則為營業而來之運用資金，而以前者取代後者的理由究竟是因營業活動現金流量較營業而來運用資金更具資訊內涵？抑或是營業而萊的運用資金與盈餘之相關性太高，導致該指標無增額資訊內涵，而須提供與盈餘相關性較低的現金流量資訊？還是財務狀況妥動表相對於損益表及現金流量表而言，已無法提供增額資訊內涵？由於相關研究結果分歧，故本論文試圖做一深入瞭解。 本研究採事件研究法(Event Study)，藉由橫斷面分析，透過四階段進行測試：第一階段比較營業而來的運用資金及營業活動現金流量之相對資訊內涵；第二階段則加入稅後盈餘，測試第一階段之自變數相對於稅後盈餘而言，是否具增額資訊內涵，至於測試方法則採用可能比例測試法(Liklihood Ratio Test)，測試全迴歸模式中，某一特定變數的估計值是否異於零的方式；第三階段則將異積異常報酬(CAR)分成高、中、低三組，重新檢視一、二階段之結果，看是否在三組間能獲得相同的結論。最後則測試重大非營業項目及土地重估增值之增額資訊內涵。 本研究以162家國內上市製造業為樣本，蒐集其民國八十年至八十四年之財務資料進行實證研究，獲致以下結論： 一、營業而來的運用資金及現金流量相對資訊內涵之比較以年度資料及Pooling結果觀之，除民國80年之營業而來運用資金及營業活動現金活動與股票報酬有顯著關聯性外，其餘年度（包括pooling）則否，故無法得出年度之一般化結論。但若將累積異常報酬之pooling結果依大小分為三組，結果發現高報酬組中，營業而來的運用資金與股票報酬關聯性大於營業活動現金流量，此項結果與前者為加計流動性應計項目之資訊有關，而另外兩組無法得出結論。 二、營業而來的運用資金及現金流量增額資訊內涵之比較以年度資料觀之，民國80年的營業而來運用資金有超越盈餘及營業活動現金流量之增額資訊內涵。而從分組結果得知，高報酬組中，盈餘及營業而來的運用資金皆具有增額資訊內涵。 三、重大非營業項目及土地重估增值資訊內涵之比較以分組結果觀之，在高報酬組中，迴歸模式主要解釋能力來自盈餘，而處分投資、固定資產利得及土地重估增值均無增額資訊內涵；但在中、低報酬組及Pooling，處分固定資產利益皆具增額資訊內涵。 / This study aims to examine the incremental information contents of working capitals and cash flows which is mainly motivated by the mandated accounting regulation in relation to statement of cash flows on December 28, 1989. The empirical analysis includes 162 samples covering from 1991 to 1995. The findings can be summarized as follows. 1. In addition to the samples of 1991, no significant association between cash flows from operations (including working capitals from operations) and stock returns can be detected. Among high returns sample group, the working capital from operations significantly associates with stock returns, if all samples are pooled. 2. In 1991, the working capitals from operations has significant incremental information contents. In addition, among high returns samples the working capital from operations has significant incremental information contents, if all samples are pooled. 3. Among high returns samples, the explanatory power of stock returns is mainly derived from earnings. In addition, gain on disposal of fixed asset has significant incremental information contents in medium and low return sample groups.

There is a lack of relevant research of fixed assets revaluation practices in New Zealand. This study provides some insights as (1) why some New Zealand firms choose to revalue their fixed assets; (2) when will a firm revalue its fixed assets; and (3) whether fixed asset revaluation provides information to investors. This research attempts to explain the motivations of the management’s fixed asset revaluation decision in New Zealand. The empirical analysis includes five common explanatory variables, such as gearing (debt-equity ratio), liquidity, market-to-book ratio, firm size, and fixed asset intensity. In addition, the relationship between asset revaluation and share price movements of the firms are examined to determine the perceived usefulness of fixed asset revaluation information for the capital market in New Zealand. The study results show that fixed asset intensity and firm size significantly contribute to the revaluation decision. In contrast to the findings of previous studies (Whittred and Chan, 1992; Brown, Izan, and Loh, 1992; and Missionier-Piera, 2007), the level of corporate gearing is negatively related to the probability of revaluing assets for the sample of New Zealand firms in this study. However, the effect of the level of gearing on the revaluation decision is insignificant. The empirical results did not show any significant outcomes and relationships for investigated year 1998. This is because 1998 signified the end of recession and the beginning of economic growth in New Zealand. At the end of a recession, the changes in the country’s economic environment might have superseded individual firms’ considerations in management decision making process. The empirical results show that the practice of revaluation increased sharply with the adoption of the IFRS in 2005 in New Zealand. About 28.1% of the revaluation announcements under study were made in 2005 compared to just over 15.8% in 2001. Furthermore, the empirical results show negative returns accrue to firms prior to the publication of financial statements that carry revaluation announcements. These negative returns are reverted as soon as the revaluation information is made public. These gains are again maintained for at least a month after the announcements are made. Comparing frequent revaluers to first time revaluers, the results show that asset revaluation information is relevant to investors. Frequent revaluers gained only 0.8% announcement abnormal returns while First time revaluers gained over 4% in the 2005.

The regulatory framework of many countries allows the upward revaluation of assets. Previous studies on the association of asset revaluation and future performance in Australia (Barth and Clinch, 1998), U.K. (Aboody, Barth and Kasznik, 1999) and Hong Kong (Jaggi and Tsui, 2001) have shown that upward asset revaluations are positively associated with the firm’s operating performance, suggesting that asset revaluations are value relevant. This study extends the previous research by focusing on the New Zealand environment with recent data to examine the association of upward asset revaluation and future operating performance. There is no obvious evidence indicating that upward revaluations are associated with operating performance in New Zealand. Our market assessments show that current year asset revaluations are related to share prices and returns, but are not statistically significant.