Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/51195
|
| Title: | 金融商品採用公平價值會計準則對財務報表可靠性之影響
Impact to the reliability of financial statements by adopting fair value accounting standards over financial instruments |
| Authors: | 唐心怡
Tang, Hsin Yi |
| Contributors: | 郭弘卿
Kuo, Horng Ching
唐心怡
Tang, Hsin Yi |
| Keywords: | 金融商品
公平價值
可靠性
穩健原則
financial instruments
fair value
reliability
conservatism |
| Date: | 2010 |
| Issue Date: | 2011-10-05 14:30:27 (UTC+8) |
| Abstract: | 財務報表公平價值之表達，因為能即時反應企業最新的財務績效，以致擁有較佳決策攸關性，近年來為世界各國會計準則制定之趨勢。然而，2008年全球經歷金融海嘯後，公平價值會計合適與否的議題浮上檯面：增加財報攸關性的同時，公平價值會計是否卻降低了財務資訊之可靠性？
本研究採用Khan and Watts(2009)發展出之C_Score作為衡量財報可靠程度的值，以此檢視台灣上市櫃公司實施金融商品公平價值會計準則後，對財報可靠性之影響。實證結果發現，準則的採用有助提升整體產業財報可靠性；然而於景氣繁榮時，反倒使財報可靠性較為減低。另外，準則實施後，金融相關產業每年財報可靠值之變化方向與其他產業一致，然而幅度顯著較大；以此也了解到，金融海嘯期間，美國金融業之所以積極提出應廢止或暫停公平價值會計準則，有其原因。
最後，以市價淨值比再度驗證C_Score之有效性，得出相同結果；亦觀察到我國近年來整體公司的財報，有愈加可靠之趨勢。
Recently, since fair value accounting used in financial statements provides better representation over the operating result of enterprises, as well as leads to better decision making, it has become the trend for accounting principle setting internationally. However, after encountering the global economic tsunami in 2008, whether using fair value accounting is suitable has become a discussion floating over the counter as: when increasing the relevance in financial statements, will the reliability of financial information decrease at the same time?
This study uses C_Score developed by Khan and Watts(2009) to evaluate the effect on the reliability of financial statements over Taiwan companies traded in the exchange and over-the-counter market, after adopting fair value accounting standards of financial instruments. The empirical test shows that after adopting the standards, it helps to increase the reliability of financial statements of overall industries; however, when the market environment is good, it decreases the reliability of financial statements. Then, after adopting the standards, the reliability of financial statements in financial related industries changes in the same direction as other industries, but its value is significantly larger. Considering this fact, it is understandable that during the period of economic tsunami, why financial industry in the United States claims to abolish or pause using fair value accounting aggressively.
Finally, by using market-to-book ratio to test the effectiveness of C_Score, the result is same as previous. It is also observed that financial statements of the whole industry have become increasingly reliable in recent years. |
| Reference: | 一、中文部分
中華民國會計研究發展基金會，「財務會計準則公報」第一號、第十號、第十四號、第三十四號、第三十五號、第三十六號、第三十七號以及第三十八號。
行政院金融監督管理委員會，2006，上市櫃公司公告申報首次適用財務會計準則公報第34號之影響情形，新聞稿。
吳大成，2002，會計穩健原則對會計盈餘影響：台灣上市公司財務報表表達是否愈來愈保守，國立成功大學會計學系碩士論文。
经济观察报，2008.9.22，从一个新视角审视次贷危机（41版）。
林佳穎，2006，我國財務報表穩健特性及穩健原則攸關價值之研究，國立成功大學會計學系碩士論文。
林岱融，2007，我國電子業上市公司金融商品公平價值資訊之報導方式對於價值攸關性之影響，天主教輔仁大學會計學系碩士論文。
張嘉文，2009，我國上市櫃公司採行財務會計準則34號公報第二次修訂規定之誘因，國立政治大學會計未出版博士論文。
黃世忠，2009，公允价值会计的顺周期效应及其应对策略，會計研究，第11期（11月）：23-29。
葉金成、林凱薰與黃婷偉，2009，公平價值會計準則對會計資訊攸關性之影響，二○○九會計理論與實務研討會論文集，淡江大學會計學系。
鄭哲仁，2008，第 34 號公報對財務報表價值攸關性之影響，天主教輔仁大學會計學系碩士論文。
蔡雅琪，2009，金融商品公平價值資訊報導方式改變對企業價值攸關性之影響—以銀行業為例，國立臺北大學會計學系碩士論文。
潘虹華，2009，穩健會計對債權人之效益，國立政治大學會計學系碩士論文。
謝國松，2009，又是會計惹的禍？ 公平價值會計全球論戰下的省思（三），會計研究月刊，第279期（2月）：125-137。
顏信輝與丁緯，2006，三十五號公報對企業年度報表之影響－由九十三年年報分析（下），會計研究月刊，第243期（2月）：86-91。
二、英文部分
Ahmed, A. S., and S. Duellman. 2007. Accounting conservatism and board of director characteristics: an empirical analysis. Journal of Accounting and Economics 43(July): 411-437.
Ahmed, A. S., E. Kilic, and G. J. Lobo. 2006. Does recognition versus disclosure matter? evidence from value-relevance of banks` recognized and disclosed derivative financial instruments. The Accounting Review 81(May): 567-588.
Ball, R. 2001. Infrastructure requirements for an economically efficient system of public financial reporting and disclosure. Brookings-Wharton Papers on Financial Services: 127-169.
Ball, R., S.P. Kothari, and A. Robin. 2000. The effect of international institutional factors on properties of accounting earnings. Journal of Accounting and Economics 29(February): 1-51.
Basu, S. 1997. The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics 24(December): 3-37.
Beaver, W., R. Lambert, and D. Morse. 1980. The information content of security prices. Journal of Accounting and Economics 2(March): 3-28.
Beaver, W. H., and S. Ryan. 2000. Biases and lags in book value and their effects on the ability of the book-to-market to predict book return on equity. Journal of Accounting Research 38(Spring): 127-148.
Beaver, W. H., and S. Ryan. 2005. Conditional and unconditional conservatism: concepts and modeling. Review of Accounting Studies 10(2-3): 269-309.
Bernard, V., and K. Schipper. 1994. Recognition and disclosure in financial reporting. Working Paper, University of Chicago.
Bliss, J. H. 1924. Management through accounts. New York, NY: The Ronald Press Co.
Carson, G. 2007. The investment opportunity set and its proxies. M. D. dissertation, University of Otago.
Easley, D., S. Hvidkjaer, and M. O’Hara. 2002. Is information risk a determinant of asset returns? The Journal of Finance 57(October): 2185-2221.
Fama, E. F., and J. MacBeth. 1973. Risk return and equilibrium: empirical tests. Journal of Political Economy 81(May-June): 607-636.
Feltham, G. A., and J. A. Ohlson. 1995. Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11(Spring): 689-731.
Financial Accounting Standards Board. SFAC 2, FAS 52, 80, 105, 107, 119, 133, and 157.
Gassen, J., R. U. Flbier, and T. Sellhorn. 2006. International differences in conditional conservatism - the role of unconditional conservatism and income smoothing. European Accounting Review 15(December): 527-564.
Givoly, D., and C. Hayn. 2000. The changing time-series properties of earnings, cash flows and accruals: has financial reporting become more conservative? Journal of Accounting and Economics 29(June): 287-320.
International Accounting Standards Board. IAS 21, 32, 39 and IFRS 7.
Khan, M., and R. L. Watts. 2009. Estimation and empirical properties of a firm-year measure of accounting conservatism. Journal of Accounting and Economics 48(December): 132-150.
Krishnan, G. V., and G. Visvanathan. 2008. Does the SOX definition of an accounting expert matter? the association between audit committee directors accounting expertise and accounting conservatism. Contemporary Accounting Research 25(3): 827-857.
LaFond, R., and R. L. Watts. 2008. The information role of conservatism. The Accounting Review 83(March): 447-478.
Lai, C., and S. L. Taylor. 2008. Estimating and validating a firm-year-specific measure of conservatism: Australian evidence. Accounting and Finance 48(4): 673-695.
Landsman, W. R. 2007. Is fair value accounting information relevant and reliable? evidence from capital market research. Accounting and Business Research Special Issue: 19-30.
Matherat, S. 2008. Fair value accounting and financial stability: challenges and dynamics. Financial Stability Review 12(October): 53-63.
Myers, S. 1977. Determinants of corporate borrowing. Journal of Financial Economics 5(November): 147-175.
Ohlson, J. A. 1995. Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research 11(Spring): 661-687.
Pae, J. 2007. Unexpected accruals and conditional accounting conservatism. Journal of Business Finance & Accounting 34(5-6): 681-704.
Pae, J., D. B. Thornton, and M. Welker. 2005. The link between earnings conservatism and the price-to-book ratio. Contemporary Accounting Research 22(Fall): 693-717.
Paek, W. D., L. H. Chen, and H. Sami. 2007. Accounting conservatism, earnings persistence and pricing multiples on earnings. Working paper, Sungkyunkwan University Business School.
Pozen, R. C. 2009 Is it fair to blame fair value accounting for the financial crisis? Harvard Business Review 87(November): 84-92.
Roychowdhury, S., and R. L. Watts. 2007. Asymmetric timeliness of earnings, market-to-book and conservatism in financial reporting. Journal of Accounting and Economics 44(September): 2-31.
Smith, C. W., and R. L. Watts. 1992. The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics 32(December): 263-292.
Sterling, R. R. 1970. The theory of the measurement of enterprise income. Lawrence, KS: University Press of Kansas: 256.
Stickney, C. P., and R. L. Weil. 1994. Financial accounting: an introduction to concepts, methods, and uses. 7th ed. Forth Worth, TX: The Dryden Press.
Wallison, P. J. 2008. Fair value accounting: a critique. Financial Services Outlook (July).
Watts, R. L. 1993. A proposal for research on conservatism. Working paper, University of Rochester.
Watts, R. L. 2003a. Conservatism in accounting part I: explanations and implications. Accounting Horizons 17(September): 207-221.
Watts, R. L. 2003b. Conservatism in accounting part II: evidence and research opportunities. Accounting Horizons 17(December): 287-301.
Watts, R. L., and J. L. Zimmerman. 1986. Positive Accounting Theory. Englewood Cliffs, NJ: Prentice-Hall. |
| Description: | 碩士
國立政治大學
會計研究所
98353047
99 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0098353047 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| 304701.pdf | 2290Kb | Adobe PDF2 | 1655 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
