財會準則三十四號公報之資本市場反應與盈餘組成份子資訊內涵之變化

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Title:	財會準則三十四號公報之資本市場反應與盈餘組成份子資訊內涵之變化
Other Titles:	An investigation of capital market reactions to pronouncements and information content of earnings impact of financial accounting standard No.34
Authors:	蘇薇君;Su, Wei-chun
Contributors:	淡江大學會計學系碩士班顏信輝;Yen, Sin-hui;洪玉舜;Hung, Yu-shun
Keywords:	財務會計準則第三十四號公報;事件研究法;公平價值會計;資訊內涵;Taiwan's Financial Accounting Standard NO.34.;Event study method;Fair value accounting;information content
Date:	2007
Issue Date:	2010-01-11 04:31:39 (UTC+8)
Abstract:	本研究旨在探討財會三十四號公報制訂過程，對於資本市場反應以及適用前後盈餘組成份子資訊內涵之變化，研究對象以受三十四號公報影響較深之金融業及資訊電子業為主。三十四號公報處理原則跳脫以往會計上採用「歷史成本」評價的模式，而朝向「公平價值會計」的方式來制定該公報，將未實現損益入帳。首先以事件研究法探討我國財會準則三十四號公報「金融商品之會計處理準則」制訂過程相關訊息，對金融保險業及資訊電子業不同公司特質其股票報酬關聯性之影響。研究結果顯示：（1）篩選出15個事件中，共有12個事件對累積異常報酬顯著影響（2）檢測此公報相關訊息之發佈對於不同公司特質之影響，實證結果公司債務比率與股價累積異常報酬率成反向關係，但公司證券投資金融商品公平價值佔總資產比率與證券投資金融商品的公平價值與帳面值差異絕對值佔總資產比率，此兩個公司特質與股票異常報酬之關聯性，則僅從實證結果獲得部分支持。另外本研究深入探討在三十四號公報適用前後，投資人對於財務報表中，盈餘組成份子及資產負債表中備供出售未實現損益是否存在著不同解讀與反應。研究結果顯示適用後對於金融業影響較不重大，但對於資訊電子業而言，三十四號公報適用後，損益表之金融商品損益對股票報酬攸關性更高，但投資人較未注意資產負債表中有關備供出售未實現損益之資訊，故似乎說明資訊電子業之閱表者主要以損益表資訊為投資決策。 This paper investigates the impact of fifteen pronouncements relating to the process of making rule Taiwan’s Financial Accounting Standard No.34, and investigates whether implementation of SFAS No.34 improved information content of earnings components in the financial and electronic industry . The effect of the Taiwan’s SFAS No.34 was basically due to the changes in valuation of investments from historical cost to fair value and the inclusion of financial derivatives at fair value in the financial reports. This event study took fifteen announcement dates. Twelve event dates have significant explanatory power to cumulative abnormal returns. Further, from the view of whole events study, the magnitude of the stock price reaction is negatively related to the debt ratio. However, the magnitude of the stock price reaction is only partially significant to the ratio of the investment portfolio at fair value to total assets and ratio of the difference between the market and book value of the investment portfolio to total assets. In addition ,the test results indicate that the association of equity returns with realized gains/loss on Financial instrument in the income statement （RGL）and realized or unrealized gains/losses on available-for-sale financial asset in the balance sheet（URGL） is significantly stronger in the post-adoption period compared to the pre-adoption period in the electronic industry. However , RGL and URGL aren’t significantly stronger in the financial industry. The improvement is especially evident for the components of RGL in the electronic industry. The results suggest that information provided by RGL is considered more value relevant for investment decision after implementation of SFAS No.34 for electronic industry.
Appears in Collections:	[Graduate Institute & Department of Accounting] Thesis

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