公允價值會計對財務報表價值攸關性之影響指導教授 ：許書偉博士研究生 ：彭 博學號 ：G96430029中文摘要公允價值是國際會計準則的核心概念，其較接近市場價值。若財務報表依據以公允價值為基礎的會計準則編製，較能夠反映公司的經濟實質，投資人也能依據財務報表作出有效率的投資決策，進而增加財務報表的價值攸關性。而自1999年開始，國內即參照國際會計準則制定相關財務會計準則公報。因此，本研究旨在探討國內在制定與修改以公允價值為基礎的財務會計準則後，財務報表價值攸關性的變動情形。本研究以1991年至2008年間之臺灣上市上櫃公司為研究樣本，並且參考 Francis and Schipper (1999)的避險投資組合法與解釋能力法，探討公允價值會計準則對財務報表價值攸關性的影響，並以迴歸檢視國內在參照國際會計準則制定與修改相關財務會計準則公報後，財務報表的價值攸關性是否顯著提升。財務報表價值攸關性的統計檢定結果顯示，在避險投資組合法下，繼續營業部門稅前淨利變動符號的完美會計資訊預期市場調整報酬有顯著增加；在解釋能力法下的每股股價對每股資產與每股負債的解釋能力，與每股股價對每股淨值與繼續營業部門稅前淨利的解釋能力有顯著提升。這樣的結果顯示，國內在參照國際會計準則制定與修改相關財務會計準則公報後，財務報表的價值攸關性有提升。關鍵詞：公允價值會計、價值攸關性、國際會計準則 The Effect of Fair Value Accounting on Value Relevance of Financial StatementsAdvisor：Dr. Shu-Wei HsuGraduate Student：Peng PoStudent No：G96430029AbstractFair value is the fundamental concept in setting IFRS, and it tries to measure the market value. If financial statements were prepared under the fair value-based financial standards, then it could reflect the economic substance of company. And investors also could make efficient investment decisions base on the financial statements. Taken together, fair value-based financial standards can increase the value relevance of financial statements. Thus, this study investigates whether value relevance changed after the standard setter adapted to fair value-based financial standards in Taiwan since 1999.The sample consists of listed firms during 1991 to 2008 in Taiwan. This study use the hedge portfolio measure and the explanatory power measure which referred to Francis and Schipper (1999) to examine the effect of fair value accounting on value relevance of financial statements. OLS regression was used to test whether value relevance improved after standard setter adapted to IFRS in Taiwan since 1999.Under the hedge portfolio measure, the result shows that a significant increase in value relevance of the sign of change in earnings before extraordinary items. Under the explanatory power measure, the result shows that there have significant increase in adjusted R-square both in Balance Sheet Relation and Book Value and Earnings Relation. Taken together, the results show that the value relevance of financial statements increase after the standard setter adapted to IFRS in Taiwan since 1999.Keywords: Fair value accounting, Value relevance , IFRS
