|摘要: ||我國2013年將與國際會計準則接軌，未來合併報表將取代母公司報表，而就現行的母公司為主，合併為輔的使用習慣，投資人是否意識此項的改變，合併報表資訊是否真較母公司報表具價值攸關性?本研究利用Ohlson 評價模型探討合併報表、母公司報表重要財務比率，及母公司重要財務比率加入兩報表重要財務比率差異對於投資人之評價意義，並利用Vuong test 比較各類資訊間何者相對較優。|
In 2013, our financial accounting standards will converge with IFRS, and plan to use the consolidated financial statements instead of the parent-only financial statements. But now the parent-only financial statements are still mainly discloseded, accepted, and used. Do investors be aware of this change and is the consolidated financial statements more value-relevance than the parent-only financial statements? This study uses Ohlson’s model by important financial ratios to explore whether the consolidated financial statements offer more valuable information than the parent-only financial statements or the parent-only financial statements with financial ratio percentage differences between above two. And the comparison will be based on Vuong test.
The results indicate that all sample companies, the financial ratio percentage differences added relevance to stock evaluation, and it is better than others. On the other hand, for those companies provide standing consolidated financial statements, there are no significant statistical evidences to support the consolidated statements are better than parent-only statements or parent-only statement with percentage differences between above two, althouge consolidated statements’ explanation are higher than others. And investors will put emphasis on consolidated financial statements. But for those new comers in the stock market or companies provided the consolidated financial statement recently, they prefer to refer both of consolidated and parent-only financial statements. It means that for different companies investors have their requirement to refer what kind of financial statements. Discarding either the consolidated financial statements or the parent-only financial statements will not meet the needs of financial statements readers, and it will cause information loss. If we must use the consolidated financial statements to replace the parent-only financial statements, it is necessary to supplement relative information disclosure.
In addition, the earnings per share, industry type, the book value per share, and total assets turnover more influence on stock prices than other important financial ratios. It means when investors do business evaluation, they are more focus on earnings per share, book value per share , industry type and total assets turnover not on other important financial ratios.