無形資產資本化與財務分析師盈餘預測誤差之關聯性：論IFRS3與IAS38公報之影響

Abstract

本研究旨在探討亞洲十個主要國家採用IFRS 3企業合併公報與IAS 38無形資產公報後，公司所提供的無形資產資本化資訊是否能提升財務分析師的預測準確度。其次，本研究亦進一步探討IFRS 3與IAS 38公報之影響幅度，是否決定於以下幾項因素：無形資產密集度、法系、法律執行力及盈餘管理程度。研究結果發現，亞洲企業採用IFRS 3與IAS 38公報後，財務分析師之盈餘預測誤差並未隨無形資產資本化比率愈高而降低。進一步實證分析則顯示，總潛在無形資產愈高的企業、處於習慣法系國家或盈餘管理程度較低之國家的企業，其依據IFRS 3與 IAS 38公報規定所提供的無形資產資本化資訊，可顯著降低財務分析師盈餘預測誤差。整體而言，本研究之結果隱含採用IFRS 3與IAS 38公報之效益，視公司特徵及國家層級的制度面因素差異而有所不同。 關鍵詞：

This study examines whether the information on capitalization of intangible assets improves the precision of analysts’ forecasts after the adoption of IFRS 3 and IAS 38 for Asian firms. In addition, we investigate whether the forecast relevance of intangible assets information guided by IFRS 3 and IAS 38 depends on the level of a firm’s total potential intangible assets, origins of law, the level of law enforcement, and the level of earnings management. Our empirical results show that, on average, the adoption of IFRS 3 and IAS 38 does not significantly influence the relationship between the capitalization of intangibles and analysts’ earnings forecast errors. However, a further analysis indicates that the capitalization of intangibles following the rules of IFRS 3 and IAS 38 significantly improves analysts’ earnings forecast accuracy for firms with higher level of underlying intangible assets, firms domiciled in common law countries, and firms that are less suspected of earnings management. Taken together, these results imply that firm characteristics and country-level institutional factors are important determinants of the benefits from adopting IFRS 3 and IAS 38.