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題名 影響美國公司以固定匯率評估財報的因素
Determinants of Constant Currency Reporting of US Companies
作者 顧子宜
Gu, Zih-Yi
貢獻者 張元晨
Chang, Yuan-Chen
顧子宜
Gu, Zih-Yi
關鍵詞 固定匯率報告
避險策略
一致性
Constant currency reporting
Hedging strategies
Consistency
日期 2023
上傳時間 6-Jul-2023 17:00:19 (UTC+8)
摘要 本研究探討固定匯率報告(constant currency reporting)的決定因素，固定匯率報告排除了外匯匯率波動的影響，是常見的非公認會計原則報告之一。本篇分析的樣本為從事境外營運的美國公司，從樣本結果中可以發現會計揭露品質與公司揭露固定匯率報告的機率呈正相關，顯示公司對會計與財務的資訊揭露決策一致，推論固定匯率報告具有資訊揭露的有效性。而避險策略和固定匯率報告亦存在正相關，顯示公司會利用這兩項策略工具的互補性，以緩解匯率波動的負面影響，且衍生品避險與揭露固定匯率報告的相關性又比營運避險更為顯著，同時本篇論文也驗證了固定匯率報告對公司價值具有顯著的正向關係。最後，本研究進一步檢驗了固定匯率報告的一致性，樣本中約有70% 的公司在下一年度繼續揭露固定匯率報告，47% 的公司則持續揭露達三年，檢定結果顯示公司在揭露固定匯率時具有滯後效應且顯著，表示公司揭露此項數據時與過去決策具有一致性。綜觀上述，歸納出跨國公司的固定匯率報告是具有資訊有效性、避險策略互補性和揭露策略的連續一致性。
This study examines the determinants and implications of constant currency reporting, a widely used form of non-GAAP disclosure that adjusts for the impact of foreign exchange rate fluctuations. The samples are US firms engaged in offshore activities. The results reveal a positive association between disclosure quality and the likelihood of firms disclosing constant currency reporting, indicating the accounting and financial disclose practices are consistent, and this paper inferred that constant currency reporting is effective information. Additionally, the study finds a positive relationship between hedging and constant currency reporting, suggesting that they are the complement strategic tools to mitigate the adverse effects of currency fluctuations. Relationship between derivative hedging and constant currency reporting is more significant than that of operating hedging. Moreover, this paper also examines the significant positive contribution of constant currency reporting on firm value. Finally, there are approximately 70% of firms continue the constant currency reporting practice in the following year, and 47% sustain the practice for three years. Therefore, the research examines the consistency of constant currency reporting over time. The findings indicate significant lagged effects on disclosure, suggesting that firms are inclined to maintain a consistent disclosing practice.
Overall, this study contributes to the understanding of non-GAAP reporting by focusing on constant currency disclosure. The results highlight the informative effectiveness, complementarity, and consistency of disclosure among multinational firms.
參考文獻 Bartram, S. M., Brown, G. W., & Minton, B. A. (2010). Resolving the exposure puzzle: The many facets of exchange rate exposure. Journal of Financial Economics, 95(2), 148-173.
Berger, P. G., & Hann, R. N. (2007). Segment profitability and the proprietary and agency costs of disclosure. The Accounting Review, 82(4), 869-906.
Bhattacharya, N., Black, E. L., Christensen, T. E., & Larson, C. R. (2003). Assessing the relative informativeness and permanence of pro forma earnings and GAAP operating earnings. Journal of Accounting and Economics, 36(1-3), 285-319.
Bhattacharya, N., Black, E. L., Christensen, T. E., & Mergenthaler, R. D. (2004). Empirical evidence on recent trends in pro forma reporting. Accounting Horizons, 18(1), 27-43.
Black, D. E., Christensen, T. E., Ciesielski, J. T., & Whipple, B. C. (2021). Non‐GAAP earnings: A consistency and comparability crisis?. Contemporary Accounting Research, 38(3), 1712-1747.
Bloomfield, R.J. (2002). The “incomplete revelation hypothesis” and financial reporting. Accounting Horizons, 16(3), 233-243.
Bray, C. (2001). SEC looking at pro forma earnings with purpose in mind. Dow Jones Newswires.
Broughton, K. (2022). Companies Focus On Constant-Currency Metrics to Soothe Investors’ Nerves. The Wall Street Journal, October 24, 2022.
Brown, N. C., Christensen, T. E., & Elliott, W. B. (2012). The timing of quarterly ‘pro forma’ earnings announcements. Journal of Business Finance & Accounting, 39(3‐4), 315-359.
Butler, K. (2020). The Strategic Disclosure of Currency Headwinds and Tailwinds. University of Arkansas.
Chasan, E. (2015). Tilting at forex volatility effects. The Wall Street Journal, November 24, 2015.
Chen, S., Miao, B., & Shevlin, T. (2015). A new measure of disclosure quality: The level of disaggregation of accounting data in annual reports. Journal of Accounting Research, 53(5), 1017-1054.
Chia, Y. K., Czernkowski, R., & Loftus, J. (1997). The association of aggregate and disaggregated earnings with annual stock returns. Accounting & Finance, 37(1), 111-128.
D’Souza, J., Ramesh, K., & Shen, M. (2010). Disclosure of GAAP line items in earnings announcements. Review of Accounting Studies, 15, 179-219.
Doyle, J. T., Jennings, J. N., & Soliman, M. T. (2013). Do managers define non-GAAP earnings to meet or beat analyst forecasts?. Journal of Accounting and Economics, 56(1), 40-56.
Eberhartinger, E., Genest, N., & Lee, S. (2020). Financial statement users’ judgment and disaggregated tax disclosure. Journal of International Accounting, Auditing and Taxation, 41, 100351.
Fairfield, P. M., Sweeney, R. J., & Yohn, T. L. (1996). Accounting classification and the predictive content of earnings. Accounting Review, 337-355.
Froot, K. A., Scharfstein, D. S., & Stein, J. C. (1993). Risk management: Coordinating corporate investment and financing policies. the Journal of Finance, 48(5), 1629-1658
Gao, T. (2000). Exchange rate movements and the profitability of US multinationals. Journal of International Money and Finance, 19(1), 117-134.
Géczy, C., Minton, B. A., & Schrand, C. (1997). Why firms use currency derivatives. the Journal of Finance, 52(4), 1323-1354.
Gietzmann, M., & Ireland, J. (2005). Cost of capital, strategic disclosures and accounting choice. Journal of Business Finance & Accounting, 32(3‐4), 599-634
Harris, T., & Rajgopal, S. (2022). Foreign Currency: Accounting, Communication and Management of Risks. Foundations and Trends® in Accounting, 16(3), 184-307.
Heflin, F., & Hsu, C. (2008). The impact of the SEC`s regulation of non-GAAP disclosures. Journal of Accounting and Economics, 46(2-3), 349-365.
Hirst, D. E., Koonce, L., & Venkataraman, S. (2007). How disaggregation enhances the credibility of management earnings forecasts. Journal of Accounting Research, 45(4), 811-837.
Hoberg, G., & Moon, S. K. (2017). Offshore activities and financial vs operational hedging. Journal of Financial Economics, 125(2), 217-244.
Isidro, H., & Marques, A. (2021). Industry competition and non-GAAP disclosures. Accounting and Business Research, 51(2), 156-184.
Jorion, P. (1990). The exchange-rate exposure of US multinationals. Journal of business, 331-345.
Kim, Y., Mathur, I., & Nam, J. (2006). Is operational hedging a substitute for or a complement to financial hedging?. Journal of corporate finance, 12(4), 834-853.
Lansford, B., Lev, B., & Tucker, J. W. (2007). Why do firms issue disaggregated earnings guidance? The archival evidence. AAA 2008 Financial Accounting and Reporting Section (FARS).
Lin, C. M., Phillips, R. D., & Smith, S. D. (2008). Hedging, financing, and investment decisions: Theory and empirical tests. Journal of Banking & Finance, 32(8), 1566-1582.
Lougee, B. A., & Marquardt, C. A. (2004). Earnings informativeness and strategic disclosure: An empirical examination of “pro forma” earnings. The Accounting Review, 79(3), 769-795
Shank, J. K., & Shamis, G. S. (1979). Reporting foreign currency adjustments: A disclosure perspective. Journal of Accountancy (pre-1986), 147(000004), 59.
White, M.J. (2016). Keynote Address, International Corporate Governance Network Annual Conference: Focusing the lens of disclosure to set the path forward on board diversity, non-GAAP, and sustainability. U.S. Securities and Exchange Commission, June 27, 2016
Williamson, R. (2001). Exchange rate exposure and competition: evidence from the automotive industry. Journal of financial Economics, 59(3), 441-475
描述 碩士
國立政治大學
財務管理學系
110357016
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110357016
資料類型 thesis
dc.contributor.advisor 張元晨zh_TW
dc.contributor.advisor Chang, Yuan-Chenen_US
dc.contributor.author (Authors) 顧子宜zh_TW
dc.contributor.author (Authors) Gu, Zih-Yien_US
dc.creator (作者) 顧子宜zh_TW
dc.creator (作者) Gu, Zih-Yien_US
dc.date (日期) 2023en_US
dc.date.accessioned 6-Jul-2023 17:00:19 (UTC+8)-
dc.date.available 6-Jul-2023 17:00:19 (UTC+8)-
dc.date.issued (上傳時間) 6-Jul-2023 17:00:19 (UTC+8)-
dc.identifier (Other Identifiers) G0110357016en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/145921-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 110357016zh_TW
dc.description.abstract (摘要) 本研究探討固定匯率報告(constant currency reporting)的決定因素，固定匯率報告排除了外匯匯率波動的影響，是常見的非公認會計原則報告之一。本篇分析的樣本為從事境外營運的美國公司，從樣本結果中可以發現會計揭露品質與公司揭露固定匯率報告的機率呈正相關，顯示公司對會計與財務的資訊揭露決策一致，推論固定匯率報告具有資訊揭露的有效性。而避險策略和固定匯率報告亦存在正相關，顯示公司會利用這兩項策略工具的互補性，以緩解匯率波動的負面影響，且衍生品避險與揭露固定匯率報告的相關性又比營運避險更為顯著，同時本篇論文也驗證了固定匯率報告對公司價值具有顯著的正向關係。最後，本研究進一步檢驗了固定匯率報告的一致性，樣本中約有70% 的公司在下一年度繼續揭露固定匯率報告，47% 的公司則持續揭露達三年，檢定結果顯示公司在揭露固定匯率時具有滯後效應且顯著，表示公司揭露此項數據時與過去決策具有一致性。綜觀上述，歸納出跨國公司的固定匯率報告是具有資訊有效性、避險策略互補性和揭露策略的連續一致性。zh_TW
dc.description.abstract (摘要) This study examines the determinants and implications of constant currency reporting, a widely used form of non-GAAP disclosure that adjusts for the impact of foreign exchange rate fluctuations. The samples are US firms engaged in offshore activities. The results reveal a positive association between disclosure quality and the likelihood of firms disclosing constant currency reporting, indicating the accounting and financial disclose practices are consistent, and this paper inferred that constant currency reporting is effective information. Additionally, the study finds a positive relationship between hedging and constant currency reporting, suggesting that they are the complement strategic tools to mitigate the adverse effects of currency fluctuations. Relationship between derivative hedging and constant currency reporting is more significant than that of operating hedging. Moreover, this paper also examines the significant positive contribution of constant currency reporting on firm value. Finally, there are approximately 70% of firms continue the constant currency reporting practice in the following year, and 47% sustain the practice for three years. Therefore, the research examines the consistency of constant currency reporting over time. The findings indicate significant lagged effects on disclosure, suggesting that firms are inclined to maintain a consistent disclosing practice.
Overall, this study contributes to the understanding of non-GAAP reporting by focusing on constant currency disclosure. The results highlight the informative effectiveness, complementarity, and consistency of disclosure among multinational firms.		en_US
dc.description.tableofcontents 1. Introduction 1
2. Literature review and hypothesis 4
2.1 Non-GAAP reporting and constant currency reporting 4
2.2 The relationship between accounting disclosure quality and constant currency reporting 5
2.3 Hedging – a substitute or complement to constant currency reporting 7
2.4 Is constant currency reporting consistent over time? 8
3. Data and variables 11
3.1 Variable measurement 12
3.1.1 Constant currency reporting 12
3.1.2 Accounting Disclosure quality 13
3.1.3 Hedging activities 14
3.2 Descriptive statistics 15
4. Empirical results 17
5. Conclusion and further research 25
References 27		zh_TW
dc.format.extent 1085482 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110357016en_US
dc.subject (關鍵詞) 固定匯率報告zh_TW
dc.subject (關鍵詞) 避險策略zh_TW
dc.subject (關鍵詞) 一致性zh_TW
dc.subject (關鍵詞) Constant currency reportingen_US
dc.subject (關鍵詞) Hedging strategiesen_US
dc.subject (關鍵詞) Consistencyen_US
dc.title (題名) 影響美國公司以固定匯率評估財報的因素zh_TW
dc.title (題名) Determinants of Constant Currency Reporting of US Companiesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Bartram, S. M., Brown, G. W., & Minton, B. A. (2010). Resolving the exposure puzzle: The many facets of exchange rate exposure. Journal of Financial Economics, 95(2), 148-173.
Berger, P. G., & Hann, R. N. (2007). Segment profitability and the proprietary and agency costs of disclosure. The Accounting Review, 82(4), 869-906.
Bhattacharya, N., Black, E. L., Christensen, T. E., & Larson, C. R. (2003). Assessing the relative informativeness and permanence of pro forma earnings and GAAP operating earnings. Journal of Accounting and Economics, 36(1-3), 285-319.
Bhattacharya, N., Black, E. L., Christensen, T. E., & Mergenthaler, R. D. (2004). Empirical evidence on recent trends in pro forma reporting. Accounting Horizons, 18(1), 27-43.
Black, D. E., Christensen, T. E., Ciesielski, J. T., & Whipple, B. C. (2021). Non‐GAAP earnings: A consistency and comparability crisis?. Contemporary Accounting Research, 38(3), 1712-1747.
Bloomfield, R.J. (2002). The “incomplete revelation hypothesis” and financial reporting. Accounting Horizons, 16(3), 233-243.
Bray, C. (2001). SEC looking at pro forma earnings with purpose in mind. Dow Jones Newswires.
Broughton, K. (2022). Companies Focus On Constant-Currency Metrics to Soothe Investors’ Nerves. The Wall Street Journal, October 24, 2022.
Brown, N. C., Christensen, T. E., & Elliott, W. B. (2012). The timing of quarterly ‘pro forma’ earnings announcements. Journal of Business Finance & Accounting, 39(3‐4), 315-359.
Butler, K. (2020). The Strategic Disclosure of Currency Headwinds and Tailwinds. University of Arkansas.
Chasan, E. (2015). Tilting at forex volatility effects. The Wall Street Journal, November 24, 2015.
Chen, S., Miao, B., & Shevlin, T. (2015). A new measure of disclosure quality: The level of disaggregation of accounting data in annual reports. Journal of Accounting Research, 53(5), 1017-1054.
Chia, Y. K., Czernkowski, R., & Loftus, J. (1997). The association of aggregate and disaggregated earnings with annual stock returns. Accounting & Finance, 37(1), 111-128.
D’Souza, J., Ramesh, K., & Shen, M. (2010). Disclosure of GAAP line items in earnings announcements. Review of Accounting Studies, 15, 179-219.
Doyle, J. T., Jennings, J. N., & Soliman, M. T. (2013). Do managers define non-GAAP earnings to meet or beat analyst forecasts?. Journal of Accounting and Economics, 56(1), 40-56.
Eberhartinger, E., Genest, N., & Lee, S. (2020). Financial statement users’ judgment and disaggregated tax disclosure. Journal of International Accounting, Auditing and Taxation, 41, 100351.
Fairfield, P. M., Sweeney, R. J., & Yohn, T. L. (1996). Accounting classification and the predictive content of earnings. Accounting Review, 337-355.
Froot, K. A., Scharfstein, D. S., & Stein, J. C. (1993). Risk management: Coordinating corporate investment and financing policies. the Journal of Finance, 48(5), 1629-1658
Gao, T. (2000). Exchange rate movements and the profitability of US multinationals. Journal of International Money and Finance, 19(1), 117-134.
Géczy, C., Minton, B. A., & Schrand, C. (1997). Why firms use currency derivatives. the Journal of Finance, 52(4), 1323-1354.
Gietzmann, M., & Ireland, J. (2005). Cost of capital, strategic disclosures and accounting choice. Journal of Business Finance & Accounting, 32(3‐4), 599-634
Harris, T., & Rajgopal, S. (2022). Foreign Currency: Accounting, Communication and Management of Risks. Foundations and Trends® in Accounting, 16(3), 184-307.
Heflin, F., & Hsu, C. (2008). The impact of the SEC`s regulation of non-GAAP disclosures. Journal of Accounting and Economics, 46(2-3), 349-365.
Hirst, D. E., Koonce, L., & Venkataraman, S. (2007). How disaggregation enhances the credibility of management earnings forecasts. Journal of Accounting Research, 45(4), 811-837.
Hoberg, G., & Moon, S. K. (2017). Offshore activities and financial vs operational hedging. Journal of Financial Economics, 125(2), 217-244.
Isidro, H., & Marques, A. (2021). Industry competition and non-GAAP disclosures. Accounting and Business Research, 51(2), 156-184.
Jorion, P. (1990). The exchange-rate exposure of US multinationals. Journal of business, 331-345.
Kim, Y., Mathur, I., & Nam, J. (2006). Is operational hedging a substitute for or a complement to financial hedging?. Journal of corporate finance, 12(4), 834-853.
Lansford, B., Lev, B., & Tucker, J. W. (2007). Why do firms issue disaggregated earnings guidance? The archival evidence. AAA 2008 Financial Accounting and Reporting Section (FARS).
Lin, C. M., Phillips, R. D., & Smith, S. D. (2008). Hedging, financing, and investment decisions: Theory and empirical tests. Journal of Banking & Finance, 32(8), 1566-1582.
Lougee, B. A., & Marquardt, C. A. (2004). Earnings informativeness and strategic disclosure: An empirical examination of “pro forma” earnings. The Accounting Review, 79(3), 769-795
Shank, J. K., & Shamis, G. S. (1979). Reporting foreign currency adjustments: A disclosure perspective. Journal of Accountancy (pre-1986), 147(000004), 59.
White, M.J. (2016). Keynote Address, International Corporate Governance Network Annual Conference: Focusing the lens of disclosure to set the path forward on board diversity, non-GAAP, and sustainability. U.S. Securities and Exchange Commission, June 27, 2016
Williamson, R. (2001). Exchange rate exposure and competition: evidence from the automotive industry. Journal of financial Economics, 59(3), 441-475		zh_TW