綜合淨利價值攸關性之研究

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Title:	綜合淨利價值攸關性之研究
Other Titles:	Value relevance of comprehensive income
Authors:	黃彥銘;Huang, Yen-Ming
Contributors:	淡江大學會計學系碩士在職專班黃振豊;孔繁華;Huang, Cheng-Li;Kung, Fan-Hua
Keywords:	綜合淨利;價值攸關性;全含所得;其他綜合淨利;Comprehensive income;value relevance;all-inclusive income;OCI
Date:	2015
Issue Date:	2016-01-22 14:56:09 (UTC+8)
Abstract:	2013年上市櫃公司採用IFRSs對報表使用者為一項重大之變革，關注的焦點不再習慣以個體為主，所探討的為整個集團的營運狀況，以及綜合損益表的編製，使得綜合淨利及其他綜合淨利這些沈默的資訊開始受到關注，本研究以Ohlson評價模式為基礎進行價值攸關性之研究，整體而言，淨利相對於綜合淨利顯著具有較高之整體價值攸關性，但綜合淨利對於股價之敏感度顯著高於淨利。績效衡量方面，透過股票報酬解釋公司經營績效發現，淨利比綜合淨利是一個更好的衡量資訊並具有較佳的解釋能力。此外，不論是淨利、綜合淨利或淨利及其他綜合淨利之價值攸關性正盈餘皆顯著高於負盈餘。而綜合淨利在解釋公司價值或績效衡量之整體價值攸關性不會因為產業為非電子業或電子業別而有所不同。除了公司處於虧損狀態外，單一綜合淨利與同時表達淨利及其他綜合淨利之整體會計資訊解釋能力有顯著差異。綜合淨利中暫時性項目之特性反映在當期股價，在長期整體反應中，暫時性之效果將受到時間之因素而消除，另一方面，我們透過觀察各年度實證結果的變化認為，會計資訊表達方式的改變實際上對於報表使用者產生了影響。 Since 2013 the listed companies in Taiwan began to adopt IFRSs for preparing their financial statements, it is an important change for the financial statements users. The users began to concern more about the operating performance of whole enterprise group instead of only single company. And the requirement of preparing Comprehensive Income Statements under IFRSs, the information of the comprehensive income items get more attention ever than before. This study uses Ohlson’s model as the basis to provide an empirical assessment of the value relevance of comprehensive income .The empirical results indicate that as a whole net income shows more significant value relevance compared to comprehensive income, but the latter shows more significant sensitivity to the market price. Concerning the performance measurement, the findings indicate that net income displays superior explaining ability to stock returns than comprehensive income. Except the companies with negative earnings, there is significant difference between the regression models which include only comprehensive income and both net income and other comprehensive items. Furthermore, the result shows that the transitory items in the comprehensive income has significant effect on every single year’s stock price, but observing the effect in the long run the whole effect was offset. Otherwise, empirical findings indicate that the change to new format with separate disclosure and presentation of comprehensive income in the comprehensive income statement actually make influence on the users and have impacts on the value relevance.
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