IFRS差異調整數與權益資金成本之關聯性探析

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許雅惠(HSU, YA- HUI) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

IFRS差異調整數與權益資金成本之關聯性探析
(The Relevance between IFRS Reconciliation Adjustments and the Cost of Equity Capital)

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摘要(中)

由於企業經營目標為追求價值最大化，其中資金成本於經營決策中扮演相當重要之角色，惟多數企業權益資金成本佔資金成本比重較高，加上權益資金成本為投資人之必要報酬率，爰本研究為探討我國在2012年採用一般公認會計原則(ROC GAAP)以及國際財務報導準則(IFRS)雙軌制下，合併報表中揭露ROC GAAP與IFRS之差異調整數(股東權益與合併總損益之差異)，與權益資金成本之關聯性。研究結果發現IFRS股東權益差異調整數與權益資金成本呈現顯著負相關，顯示IFRS股東權益調整數增加，詳實揭露企業之市場價值，符合理性投資人正向預期降低必要報酬率，導致公司權益資金成本下降。此外，本研究進一步區分產業別分析發現資訊電子產業下之IFRS股東權益及合併總損益之差異調整數與權益資金成本亦呈現顯著負相關，顯示IFRS編製財務報表能真實揭露企業重大資訊並提高資訊透明度，有助投資人分析企業所面臨之風險，若資訊電子產業下之IFRS股東權益及合併總損益之差異調整數增加，該投資隱含風險愈低，投資人會要求相對較低的報酬率以作為承擔額外風險之補償，即為降低權益資金成本。

摘要(英)

To maximize the value of business, the cost of capital in the business plays a very important role. Most of investors using the cost of equity capital as basis to consider the required rate of return. Therefore, this study investigated the relevance between IFRS Reconciliation Adjustments (Reconciliation Adjustments of shareholders′ equity and income) and the cost of equity capital within ROC GAAP and IFRS two-track in 2012. The empirical results show the cost of equity capital and IFRS Reconciliation Adjustments of shareholders′ equity presented a significant negative correlation. It means that increase IFRS Reconciliation Adjustments of shareholders′ equity which detailed disclosures market value of enterprises, corresponding with rational investors for positive expect and reduce the required return rate, resulting in the lower cost of equity capital. Further analysis showed that IFRS Reconciliation Adjustments of shareholders′ equity and income under information and electronic industry presents a significant negative correlation to the cost of equity capital. It shows that truly disclosure major information of enterprises and increase information transparency to help investors analyze the risks faced by enterprises. When increase IFRS Reconciliation Adjustments of shareholders′ equity and income under information and electronic industry causing the investment implied the lower risk, the investor will require relatively low rate of return to compensate investors for the additional risk they′re taking that is to reduce the cost of equity capital.

關鍵字(中)

★ 國際財務報導準則(IFRS)
★ 權益資金成本
★ IFRS差異調整數

關鍵字(英)

論文目次

目錄

摘要 ii
Abstract iii
目錄 iv
圖　目　錄 vi
表　目　錄 vii
一、緒論 1
1-1 研究背景與動機 1
1-2 研究目的 2
1-3 論文結構與研究流程 3
1-3-1 論文結構 3
1-3-2 研究流程 4
二、文獻探討 5
2-1臺灣一般公認會計原則轉換為國際財務報導準則之沿革 5
2-1-1國際會計準則之概況 5
2-1-2我國採用國際財務報導準則之章程 9
2-1-3臺灣一般公認會計原則與國際財務報導準則之比較 14
2-2 採用國際會計準則對於權益資金成本之影響 16
三、研究假說 18
四、研究方法 25
4-1 研究架構 25
4-2資料來源與樣本選取 26
4-3迴歸模型之建立 28
4-3-1敏感性分析 33
4-4變數定義 44
4-4-1 應變數：權益資金成本 44
4-4-2實驗變數：IFRS股東權益差異調整數、IFRS合併總損益差異調整數 45
4-4-3控制變數 46
五、實證結果與分析 49
5-1 敘述性統計 49
5-2 相關係數分析 50
5-3 實證結果分析 52
六、研究結論與建議 59
6-1 研究結論 59
6-2 研究限制與建議 61
參考文獻 62
中文部分 62
英文部分 62

參考文獻

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指導教授

蔡文賢、呂俊德(Tsai Wen-Hsien Leu Jun-Der)

審核日期

2015-6-18

推文