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| Title: | 公平價值會計對市場異常報酬之影響
The market reaction to fair value accounting adoption |
| Authors: | 康玉燕 |
| Contributors: | 林良楓
王儷玲
康玉燕 |
| Keywords: | 公平價值會計
異常報酬率
財報品質
盈餘管理
公司治理
Fair value accounting
Abnormal return
Financial quality
Earnings management
Corporate governance |
| Date: | 2009 |
| Issue Date: | 2010-12-08 01:52:52 (UTC+8) |
| Abstract: | 本研究探討我國導入一系列公平價值會計之市場反應，本文分別從市場景氣狀況以及財報品質、盈餘管理及公司治理四個面向檢視資本市場之反應。實證分析顯示，由於公平價值會計的順循環效果，於市場景氣較佳時其異常報酬較高，反之則較低，而金融業順循環效果比一般產業來的強，而財報品質愈差、盈餘管理可能性愈高、公司治理機制愈弱的企業，股票市場對此事件的正向反應愈強，其原因可能為公平價值會計導入將有助於提升財報品質、降低盈餘管理的機會，並減少內外部人資訊不對稱的情況。
本研究結果顯示公平價值會計的採行將有助於財報透明度的提升，避免企業財報隱藏其財報增減值的部分，對投資者是具有效益的，但同時，公平價值會計將財報資訊與市場景氣連結，將造成其財報數值的波動加劇。
This research from four aspects, business cycle, financial reporting quality, earnings management, and corporate governance, examines that Taiwan stock market reaction to the seventeen events associated with adoption of Fair Value Accounting (FVA).
The empirical results reveal that due to Fair Value Accounting’s procyclical effect, when economic is booming the market tends to positively react with FVA and banking industry displays a higher procyclical effect than other industries. The study also finds that with FVA investors tend to have positive reaction on firms’ pre-adoption information with lower financial quality, higher earnings management possibility and weaker corporate governance. The findings suggest that the FVA adaption increased the quality of financial reporting, reduced earning management and decreased information asymmetry. In the meantime, the FVA links financial reporting with business cycle which might aggravate the financial reporting’s fluctuation. |
| Reference: | 一、網站
中華民國會計研究發展基金會：http://ww.ardf.org.tw
IAS Plus : http://www.iasplus.com
IASB.org : http://www.iasb.org
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| Description: | 碩士
國立政治大學
會計研究所
97353010
98 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0097353010 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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