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。;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.
