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題名 IFRS 16之採用是否提供更價值攸關之租賃資訊
Does the adoption of IFRS 16 provide more valuable lease information作者 謝馥蔓
Hsieh, Fu-Man貢獻者 郭弘卿
Kuo, Horng-Ching
謝馥蔓
Hsieh, Fu-Man關鍵詞 攸關性
國際財務報導準則第16號
每股帳面價值
每股盈餘
Relevance
IFRS 16
Book value per share
Earnings per share日期 2019 上傳時間 7-Aug-2019 15:53:32 (UTC+8) 摘要 台灣從 2019年1月1日開始適用國際財務報導準則第16號 (簡稱IFRS 16)，承租人改採單一會計模式。本研究探討承租人採用 IFRS 16 之後，所呈現之財務報表，是否能更真實表達公司財務狀況及提供財報使用者更攸關之資訊，進而反映在股價上。本研究以 2013年至 2017年台灣航運業上市櫃公司為研究對象，並以 Ohlson (1995)評價模型基礎，用每股帳面價值及每股盈餘來衡量，採用IFRS 16後，財務報表是否更具價值攸關性。實證結果發現，每股帳面價值差異數對股價有正向影響，每股盈餘之差異數也對股價有正面顯著影響，表示採用IFRS 16後確實改變每股帳面價值及每股盈餘等項目與股價之關聯性；但進一步分析負債與股價間之關聯性，卻未能得到統計推論支持。本研究實證結果發現採用 IFRS 16 後所編製之財務報表更具有價值攸關性。
Taiwan applies International Financial Reporting Standards 16 (IFRS 16) from January 1, 2019, and the lessee switches to a single accounting model. This study explores whether the financial statements presented by the lessee after adopting IFRS 16 can more accurately express the company’s financial status and provides more information for the users of the financial report, which is reflected in the stock price. Using a sample of all listed companies and all OTC-Listed Companies in merchant shipping from 2013 to 2017, and uses the Ohlson (1995) model basis to measure the book value per share and earnings per share. Whether the financial statements will add value relevance after adopting IFRS 16, our results show that the book value per share and earnings per share provided for under the IFRS 16 are more value relevant. In contrast, we find no significant results regarding total liabilities. Taken together, the findings suggest that IFRS 16 is superior to IAS 17.參考文獻 一、 中文文獻王蘭芬、簡雪芳與蔡彥卿，2017，2013 年版 IAS19 是否提供更價值有關之退職後福利資訊，東吳經濟商學學報，第94期，頁65-94。江美艷、黃瑞展、洪玉美，2016，以航運產業看新租賃會計準則，會計研究月刊第 367 期: 48-55。李宜樺，2016，新租賃準則(IFRS16)的影響與因應，資誠聯合會計師事務所稅務專欄。李宜樺、張文珍，2016，IFRS 16租賃會計新時代－ 企業應如何迎戰？，會計研究月刊第 366 期: 108-113。李宜樺、張文珍，2016，迎接租賃會計新時代-重點解析與投資人注意事項，會計研究月刊第 365 期: 112-117。李宜樺、張文珍，2016，聚焦IFRS 16 產業衝擊－生技醫療、農業生技業，會計研究月刊第 371 期: 94-97。李淑華與謝佩蓁，2014，強制適用IFRSs轉換期間綜合損益資訊攸關性之研究－以台灣上市櫃公司為例，中華會計學刊，第10卷第2期，頁189-247。李宜樺、張文珍，2016，聚焦IFRS 16產業衝擊－零售消費產業，會計研究月刊第 368 期: 92-97。金融監督管理委員會，2017，我國於108年接軌國際財務報導準則第16號「租賃」。金融監督管理委員會，2018，金管會提醒公開發行公司及早因應國際財務報導準則第16號「租賃」(IFRS 16)之採用。栗琼，2017，IFRS16對我國零售業財報的影響分析—以華聯綜超為例，商業現代雜誌。財團法人中華民國會計研究發展基金會台灣財務報導準則委員會，2003，國際會計準則第 17 號「租賃｣。財團法人中華民國會計研究發展基金會台灣財務報導準則委員會，2016，國際財務報導準則第16號「租賃｣。國際財務報導準則解釋委員會，2008，國際財務報導準則解釋第4號 「Determining whether an Arrangement Contains a Lease｣。張書瑋，2018，表外到表內 IFRS 16邁向租賃資本化，會計研究月刊第 390 期:72。郭婉婷，2012，IFRS租賃草案實施對財務報表產生之影響，國立台灣大學會計學系碩士論文。陳玉芳， 2010，國際財務報導準則之價值攸關性研究. 臺灣大學會計學研究所學位論文:1-67.陳雅琳、林琇宜、陳淑芬，2017，企業面臨 IFRS 16「租賃」過渡之抉擇，會計研究月刊第 381 號: 50-55。陳慧菱，2017，IFRS 16後年上路，4產業影響大，中時電子報。會計解釋常務委員會，2001，國際會計準則解釋公告第15號 「營業租賃：誘因｣(Operating Leases-Incentives)。會計解釋常務委員會，2001，國際會計準則解釋公告第27號 「評估涉及租賃之法律形式之交易實質｣(Evaluating the Substance of Transactions Involving the Legal Form of a Lease)。楊孟萍，2018，IFRS 16「租賃」解析:辨認租賃與租賃期間，月旦會計實務研究第 2 期: 78-85。顏信輝、王炫斌(2014)。我國逐步趨同國際財務報導準則對財報品質之影響。會計評論，58，1-37。二、 英文文獻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, No.3, pp.567-588.Barth, M. E., W. R. Landsman, and M. H. Lang. 2008. International accounting standards and accounting quality. Journal of Accounting Research, 46 (3): 467-498.Ball, R. and P. Brown, 1968. An empirical evaluation of accounting income numbers. Journal of Accounting Research, Vol. 6, No. 2, pp. 159-178.Callo, S. J., I. Jarne, and J.A. Lainez. 2007. Adoption of IFRS in Spain: Effect on the comparability and relevance of financial reporting. Journal of International Accounting,Auditing and Taxation, 16, No. 2, pp. 148-178.Dhaliwal, D. 1986. Measurement of financial leverage in the presence of unfunded pension obligations. The Accounting Review 61(4): 651-661.Dhaliwal, Dan S., Oliver. Zhen. Li, Albert. Tsang, and Yong. George. Yang, 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, Vol. 86, No. 1, pp. 59-100Eccher, E. and P. Healy, 2000. The role of International Accounting Standards in transitional economies: A study of the people’s Republic of China. Working paper, MIT Sloan School of Management and Harvard Business School.Ely, K. M. 1995. Operating lease accounting and the market’s assessment of equity risk. Journal of Accounting Research 33(2): 397-415.Horton, J. and G. Serafeim, 2008. Market reaction to and valuation of IFRS reconciliation adjustments: First evidence from the UK. Working paper, Havard university.IASB. 2016. Effects Analysis—IFRS 16 Leases.Imhoff, E. A., R. C. Lipe, and D. W. Wright, 1991. Operating leases: impact of constructive capitalization. Accounting Horizons 5(1): 51-63.___________________________________. 1993. The effects of recognition versus disclosure on shareholder risk and executive compensation Journal of Accounting, Auditing and Finance 8(4): 335-368.___________________________________. 1997. Operating leases: Income effects of constructive capitalization. Accounting Horizons 11(2): 12-32.Kaytmaz Balsari, C. and S. Ozkan, and M. G. Durak, 2010. Earnings conservatism in pre- and post- IFRS periods in Turkey: Panel data evidence on the firm specific factors. Journal of Accounting and Management Information Systems, Vol. 9, No. 3, pp. 403-421.Lin, Z. J. and F. Chen, 2005. Value relevance of International Accounting Standards harmonization: Evidence from A- And B- Share markets in China. Journal of International Accounting, Auditing and Taxation, 14, pp.79-103.Ohlson, J. A. 1995. Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 11, No.2, pp.661-687.Paglietti. 2009. Investigating the effects of the EU mandatory adoption of IFRS on accounting quality: Evidence from Italy. International Journal of Business and Management, Vol. 4, No. 12.Palepu, K. G., P. M. Healy, and E. Peek, 2016. Business analysis and valuation: IFRS edition. China: Cengage learning.Sami, H. and H. Zhou, 2004. A comparison of value relevance of accounting iformation in the different segments of the Chinese stock market. The International Journal of Accounting, 39, pp.403 – 427.Simpson, A., 2013. Does investor sentiment affect earnings management?, Journal of Business Finance & Accounting, Vol. 40, pp. 869–900.Tsalavoutas, I., P. André, and L. Evans, 2010. Transition to IFRS and value relevance in a small but developed market: A look at Greek evidence. Working paper, University of Stirling. 描述 碩士
國立政治大學
會計學系
106353019資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106353019 資料類型 thesis dc.contributor.advisor 郭弘卿 zh_TW dc.contributor.advisor Kuo, Horng-Ching en_US dc.contributor.author (Authors) 謝馥蔓 zh_TW dc.contributor.author (Authors) Hsieh, Fu-Man en_US dc.creator (作者) 謝馥蔓 zh_TW dc.creator (作者) Hsieh, Fu-Man en_US dc.date (日期) 2019 en_US dc.date.accessioned 7-Aug-2019 15:53:32 (UTC+8) - dc.date.available 7-Aug-2019 15:53:32 (UTC+8) - dc.date.issued (上傳時間) 7-Aug-2019 15:53:32 (UTC+8) - dc.identifier (Other Identifiers) G0106353019 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/124658 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 106353019 zh_TW dc.description.abstract (摘要) 台灣從 2019年1月1日開始適用國際財務報導準則第16號 (簡稱IFRS 16)，承租人改採單一會計模式。本研究探討承租人採用 IFRS 16 之後，所呈現之財務報表，是否能更真實表達公司財務狀況及提供財報使用者更攸關之資訊，進而反映在股價上。本研究以 2013年至 2017年台灣航運業上市櫃公司為研究對象，並以 Ohlson (1995)評價模型基礎，用每股帳面價值及每股盈餘來衡量，採用IFRS 16後，財務報表是否更具價值攸關性。實證結果發現，每股帳面價值差異數對股價有正向影響，每股盈餘之差異數也對股價有正面顯著影響，表示採用IFRS 16後確實改變每股帳面價值及每股盈餘等項目與股價之關聯性；但進一步分析負債與股價間之關聯性，卻未能得到統計推論支持。本研究實證結果發現採用 IFRS 16 後所編製之財務報表更具有價值攸關性。 zh_TW dc.description.abstract (摘要) Taiwan applies International Financial Reporting Standards 16 (IFRS 16) from January 1, 2019, and the lessee switches to a single accounting model. This study explores whether the financial statements presented by the lessee after adopting IFRS 16 can more accurately express the company’s financial status and provides more information for the users of the financial report, which is reflected in the stock price. Using a sample of all listed companies and all OTC-Listed Companies in merchant shipping from 2013 to 2017, and uses the Ohlson (1995) model basis to measure the book value per share and earnings per share. Whether the financial statements will add value relevance after adopting IFRS 16, our results show that the book value per share and earnings per share provided for under the IFRS 16 are more value relevant. In contrast, we find no significant results regarding total liabilities. Taken together, the findings suggest that IFRS 16 is superior to IAS 17. en_US dc.description.tableofcontents 第一章、緒論 1第一節、研究動機與目的 1第二節、研究問題 3第三節、研究架構 4第二章、文獻探討 6第一節、營業租賃資本化 6第二節、會計原則轉換對於會計資訊價值攸關性之影響 11第三節、資訊表達位置的不同對使用者之影響 14第三章、IFRS16與IAS17之比較 15第四章、研究方法 30第一節、研究假說 30第二節、樣本之選取與資料來源 34第三節、模型之建立與變數之定義 35第五章、實證結果 38第一節、變數敘述性統計 38第二節、相關係數分析 40第三節、實證結果 41第六章、結論與建議 44第一節、研究結論 44第二節、研究限制 45參考文獻 47 zh_TW dc.format.extent 1394355 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106353019 en_US dc.subject (關鍵詞) 攸關性 zh_TW dc.subject (關鍵詞) 國際財務報導準則第16號 zh_TW dc.subject (關鍵詞) 每股帳面價值 zh_TW dc.subject (關鍵詞) 每股盈餘 zh_TW dc.subject (關鍵詞) Relevance en_US dc.subject (關鍵詞) IFRS 16 en_US dc.subject (關鍵詞) Book value per share en_US dc.subject (關鍵詞) Earnings per share en_US dc.title (題名) IFRS 16之採用是否提供更價值攸關之租賃資訊 zh_TW dc.title (題名) Does the adoption of IFRS 16 provide more valuable lease information en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、 中文文獻王蘭芬、簡雪芳與蔡彥卿，2017，2013 年版 IAS19 是否提供更價值有關之退職後福利資訊，東吳經濟商學學報，第94期，頁65-94。江美艷、黃瑞展、洪玉美，2016，以航運產業看新租賃會計準則，會計研究月刊第 367 期: 48-55。李宜樺，2016，新租賃準則(IFRS16)的影響與因應，資誠聯合會計師事務所稅務專欄。李宜樺、張文珍，2016，IFRS 16租賃會計新時代－ 企業應如何迎戰？，會計研究月刊第 366 期: 108-113。李宜樺、張文珍，2016，迎接租賃會計新時代-重點解析與投資人注意事項，會計研究月刊第 365 期: 112-117。李宜樺、張文珍，2016，聚焦IFRS 16 產業衝擊－生技醫療、農業生技業，會計研究月刊第 371 期: 94-97。李淑華與謝佩蓁，2014，強制適用IFRSs轉換期間綜合損益資訊攸關性之研究－以台灣上市櫃公司為例，中華會計學刊，第10卷第2期，頁189-247。李宜樺、張文珍，2016，聚焦IFRS 16產業衝擊－零售消費產業，會計研究月刊第 368 期: 92-97。金融監督管理委員會，2017，我國於108年接軌國際財務報導準則第16號「租賃」。金融監督管理委員會，2018，金管會提醒公開發行公司及早因應國際財務報導準則第16號「租賃」(IFRS 16)之採用。栗琼，2017，IFRS16對我國零售業財報的影響分析—以華聯綜超為例，商業現代雜誌。財團法人中華民國會計研究發展基金會台灣財務報導準則委員會，2003，國際會計準則第 17 號「租賃｣。財團法人中華民國會計研究發展基金會台灣財務報導準則委員會，2016，國際財務報導準則第16號「租賃｣。國際財務報導準則解釋委員會，2008，國際財務報導準則解釋第4號 「Determining whether an Arrangement Contains a Lease｣。張書瑋，2018，表外到表內 IFRS 16邁向租賃資本化，會計研究月刊第 390 期:72。郭婉婷，2012，IFRS租賃草案實施對財務報表產生之影響，國立台灣大學會計學系碩士論文。陳玉芳， 2010，國際財務報導準則之價值攸關性研究. 臺灣大學會計學研究所學位論文:1-67.陳雅琳、林琇宜、陳淑芬，2017，企業面臨 IFRS 16「租賃」過渡之抉擇，會計研究月刊第 381 號: 50-55。陳慧菱，2017，IFRS 16後年上路，4產業影響大，中時電子報。會計解釋常務委員會，2001，國際會計準則解釋公告第15號 「營業租賃：誘因｣(Operating Leases-Incentives)。會計解釋常務委員會，2001，國際會計準則解釋公告第27號 「評估涉及租賃之法律形式之交易實質｣(Evaluating the Substance of Transactions Involving the Legal Form of a Lease)。楊孟萍，2018，IFRS 16「租賃」解析:辨認租賃與租賃期間，月旦會計實務研究第 2 期: 78-85。顏信輝、王炫斌(2014)。我國逐步趨同國際財務報導準則對財報品質之影響。會計評論，58，1-37。二、 英文文獻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, No.3, pp.567-588.Barth, M. E., W. R. Landsman, and M. H. Lang. 2008. International accounting standards and accounting quality. Journal of Accounting Research, 46 (3): 467-498.Ball, R. and P. Brown, 1968. An empirical evaluation of accounting income numbers. Journal of Accounting Research, Vol. 6, No. 2, pp. 159-178.Callo, S. J., I. Jarne, and J.A. Lainez. 2007. Adoption of IFRS in Spain: Effect on the comparability and relevance of financial reporting. Journal of International Accounting,Auditing and Taxation, 16, No. 2, pp. 148-178.Dhaliwal, D. 1986. Measurement of financial leverage in the presence of unfunded pension obligations. The Accounting Review 61(4): 651-661.Dhaliwal, Dan S., Oliver. Zhen. Li, Albert. Tsang, and Yong. George. Yang, 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, Vol. 86, No. 1, pp. 59-100Eccher, E. and P. Healy, 2000. The role of International Accounting Standards in transitional economies: A study of the people’s Republic of China. Working paper, MIT Sloan School of Management and Harvard Business School.Ely, K. M. 1995. Operating lease accounting and the market’s assessment of equity risk. Journal of Accounting Research 33(2): 397-415.Horton, J. and G. Serafeim, 2008. Market reaction to and valuation of IFRS reconciliation adjustments: First evidence from the UK. Working paper, Havard university.IASB. 2016. Effects Analysis—IFRS 16 Leases.Imhoff, E. A., R. C. Lipe, and D. W. Wright, 1991. Operating leases: impact of constructive capitalization. Accounting Horizons 5(1): 51-63.___________________________________. 1993. The effects of recognition versus disclosure on shareholder risk and executive compensation Journal of Accounting, Auditing and Finance 8(4): 335-368.___________________________________. 1997. Operating leases: Income effects of constructive capitalization. Accounting Horizons 11(2): 12-32.Kaytmaz Balsari, C. and S. Ozkan, and M. G. Durak, 2010. Earnings conservatism in pre- and post- IFRS periods in Turkey: Panel data evidence on the firm specific factors. Journal of Accounting and Management Information Systems, Vol. 9, No. 3, pp. 403-421.Lin, Z. J. and F. Chen, 2005. Value relevance of International Accounting Standards harmonization: Evidence from A- And B- Share markets in China. Journal of International Accounting, Auditing and Taxation, 14, pp.79-103.Ohlson, J. A. 1995. Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 11, No.2, pp.661-687.Paglietti. 2009. Investigating the effects of the EU mandatory adoption of IFRS on accounting quality: Evidence from Italy. International Journal of Business and Management, Vol. 4, No. 12.Palepu, K. G., P. M. Healy, and E. Peek, 2016. Business analysis and valuation: IFRS edition. China: Cengage learning.Sami, H. and H. Zhou, 2004. A comparison of value relevance of accounting iformation in the different segments of the Chinese stock market. The International Journal of Accounting, 39, pp.403 – 427.Simpson, A., 2013. Does investor sentiment affect earnings management?, Journal of Business Finance & Accounting, Vol. 40, pp. 869–900.Tsalavoutas, I., P. André, and L. Evans, 2010. Transition to IFRS and value relevance in a small but developed market: A look at Greek evidence. Working paper, University of Stirling. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU201900400 en_US
