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    Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/33747


    Title: 會計準則強化與人力成本資本化對企業價值之影響
    Other Titles: An examination of the impact of enforced accounting standards and human capital on firm value
    Authors: 張嘉文;Chang, Chia-wen
    Contributors: 淡江大學會計學系碩士班
    葉金成;Yeh, Chin-chen
    Keywords: 金融商品會計處理準則;會計基礎評價模式;公平價值評價;人力資本;Accounting for financial instruments;Residual income valuation model;Fair value approach;Human capital
    Date: 2007
    Issue Date: 2010-01-11 04:30:14 (UTC+8)
    Abstract: 財務會計資訊攸關性下降導因於資產負債未依市價入帳及部份智慧資本未入帳於財務報表中,台灣於2006年起正式於上市櫃公司施行金融商品會計處理準則,將多數金融商品以公平價值評價,此為會計處理之重大變革,將有助於修正企業市值與帳面值之落差。本文以台灣上市櫃公司為對象,採會計基礎評價模式實證金融商品會計處理準則之施行,對於財務報表攸關性之影響。實證結果顯示,未施行準則前,若同時考量權益帳面值與盈餘,則權益帳面值之攸關性逐年下降,盈餘攸關性呈穩定增加之形態,綜合而言,會計資訊攸關性呈上升之情況。準則施行後,投資人對金融商品之關注增加,但未發現衍生性金融商品對股價有明顯之影響,然盈餘資訊則仍為投資人進行投資決策之攸關資訊;當觀察權益帳面值與盈餘之交互作用進行實證時,發現在施行準則後,投資人對於同時考量資產負債表資訊及損益表資訊之意願增強,顯見金融商品會計處理準則有提高會計資訊攸關性之效果。當增加考量人力成本資本化對企業價值之影響時,發現在高人力成本投入群組中,人力成本資本化後,資產負債表資訊對企業價值具顯著影響力,但整體而言財務資訊對企業財務報表資訊攸關性反而下降,顯見台灣之投資環境成熟度仍屬不足,投資人尚無法洞悉人力對於企業價值之重要性。
    The Statement of Financial Accounting Standard (SFAS) No. 34 “Accounting for Financial Instruments,” effective in January 2006, requires that all of the public companies in Taiwan value their financial instruments using the fair value approach. Based on the Residual Income Valuation Model, this paper examines the value relevance of financial statements for public firms with the adoption of the new pronouncement. The empirical results document that, prior to adoption, the value relevance of the book value of equity was deteriorating gradually, whereas the value relevance of reported earnings had increased over the years, when both variables are tested simultaneously. Taken together, the book value of equity and reported earnings jointly exhibit increased value relevance prior to the adoption of SFAS No. 34. On the other hand, we find insignificant association between financial derivatives and stock prices in the year following the adoption. However, investors appear to regard earnings information as value relevant. Finally, the results reveal that the interaction of book value of equity with earnings are more value relevant subsequent to the adoption of the new provisions, implying that the new accounting treatment for financial instruments improves the value relevance of accounting information.When it considers the impact of increasing Human Capital for firm value, it is found out that in the group of high force cost invested and after force cost capitalised, the information relation in financial report has decreased. It has shown that the invest environment in Taiwan has not matured, that means investors have not insight into the value of workforce for firm value.
    Appears in Collections:[會計學系暨研究所] 學位論文

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