第34號財務會計準則公報實施對衍生性金融商品使用程度之影響 : 以核心代理問題與內部監理機制論析

淡江大學機構典藏 > 商管學院 > 會計學系暨研究所 > 學位論文 > Item 987654321/52061

Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/52061

Title:	第34號財務會計準則公報實施對衍生性金融商品使用程度之影響 : 以核心代理問題與內部監理機制論析
Other Titles:	The influences of SFAS No.34 on the derivatives usage : control deviation and corporate governances
Authors:	楊雅茗;Yang, Ya-ming
Contributors:	淡江大學會計學系碩士班張寶光;Chang, Bao-guang;陳慶隆;Chen, Ching-lung
Keywords:	第34號公報;公司治理;核心代理問題;內部監理機制;衍生性金融商品;SFAS No.34;Derivatives;control deviation;corporate governances
Date:	2010
Issue Date:	2010-09-23 16:37:30 (UTC+8)
Abstract:	衍生性金融商品因同時具備資產負債表外交易、槓桿操作等特色，為保護投資者，降低資訊不對稱，充分揭露的制度有其必要性。我國財務會計準則第34號公報「金融商品之會計處理準則」實施後，預期將對我國內企業近年來衍生性金融商品的會計報導與使用程度產生顯著的影響。其次，文獻顯示我國企業多數為股權集中型，普遍存在控制股東與少數股東之間的核心代理問題（central agency problem），透過公司的監理制度，可監督大股東兼管理者的行為，提昇管理效能，保障外部投資者（小股東）的權益，因此，我國公司的內部監理機制是否有效發揮也受到相當關注。本研究以我國上市公司為樣本，並將衍生性金融商品的使用動機區分為避險與交易目的，探討公司的核心代理問題與內部監理機制是否會影響對衍生性金融商品的使用程度，與實施第34號公報後衍生性金融商品的使用程度是否發生結構性的變化。研究結果發現：內部監理機制較強的公司，對避險目的衍生性金融商品使用程度較大，較會進行避險，從事能增加公司價值的風險管理活動。第34號公報實施後，對避險目的衍生性金融商品之使用程度顯著降低，因為新公報的規範變嚴格，讓使用複雜度與會計報導成本的提高，導致其對使用衍生性金融商品進行避險的意願下降。然而，研究結果亦顯示內部監理機制強弱對交易目的衍生性金融商品使用程度無顯著的影響，核心代理問題對衍生性金融商品使用程度亦無顯著的影響。 The complexity of financial derivatives and the need for transparency in their financial reporting have triggered the Financial Accounting Standards Committee of the Accounting Research and Development Foundation in Taiwan set forth SFAS No.34. The disclosures requirement under SFAS No.34 should help external financial statement users understand better a company’s risk exposure and its corresponding risk management policy. In addition, most firms in Taiwan have concentrated ownership structure, central agency problem exists inevitably between controlling shareholders and minority stock holders. Nevertheless, the presence of corporate governance can mitigate controlling stockholders’ strategically behavior while they’re also acting as management. At the mean time, corporate governance can improve effectiveness of management and protect external investor’s right (minority interests). Thus, this study focuses on corporate governance and examines the influences of corporate governance on derivatives usage. In other words, using data from Taiwan, this study examines the role of central agency problem and corporate governance in firms’ derivative financial instrument strategies. Meanwhile, this study divides the employing derivative financial instrument into hedge purpose and trading purpose and further investigates any alteration occurred after implementation of SFAS No.34. This study finds that firms with rigorous corporate governance have higher demand on hedging purpose derivative financial instrument in order to exercise risk management, and hence, raise firms’ value. After implementing SFAS 34, employment frequency of hedge purpose derivative financial instrument has significantly lowered than before. The present study contributes this empirical finding to SFAS 34 has stricter norm which complicates the employment and raises cost of reporting, as a consequence, lowers the intent of employing derivative financial instrument. However, it is found that the corporate governance is statistically insignificant with the trading purpose derivatives usage. This study also finds that the agency problem triggers from the control deviation is statistically insignificant with both the hedging/trading purpose derivatives usage.
Appears in Collections:	[會計學系暨研究所] 學位論文

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