| 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。
實證結果顯示：比較合併報表重要財務比率是否相對母公司重要財務比率及母公司重要財務比率加入兩報表重要比率差異對股價的解釋力孰優時，雖僅在全樣本組得到兩報表並用會顯著優於合併報表，其他皆未獲統計上的支持，但發現市場對於不同類型的公司(如10年均提供合併報表資訊)，使用的報表偏好會有所不同，對那些10年均提供合併報表的企業，會較重視其合併報表資訊，而對新上市櫃的公司或近期才提供合併報表的企業，則偏好兩種報表均參考。顯示兩表並存有其意義，捨任一種報表，將造成資訊損失，若要以合併報表取代，需輔以相關資訊的揭露補充。此外，發現在各評價模型中，每股盈餘、產業別、每股淨值及總資產週轉率對股價影響甚大，反觀，重要財務比率對股價的影響不若前述4者，意味投資人在進行企業評價時，仍是較重視每股盈餘、每股淨值的變化、所屬的產業別及總資產週轉率，對於其他重要財務比率的關心程度不若前者。
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. |
