財務會計資訊攸關性下降導因於資產負債未依市價入帳及部份智慧資本未入帳於財務報表中，台灣於2006年起正式於上市櫃公司施行金融商品會計處理準則，將多數金融商品以公平價值評價，此為會計處理之重大變革，將有助於修正企業市值與帳面值之落差。本文以台灣上市櫃公司為對象，採會計基礎評價模式實證金融商品會計處理準則之施行，對於財務報表攸關性之影響。實證結果顯示，未施行準則前，若同時考量權益帳面值與盈餘，則權益帳面值之攸關性逐年下降，盈餘攸關性呈穩定增加之形態，綜合而言，會計資訊攸關性呈上升之情況。準則施行後，投資人對金融商品之關注增加，但未發現衍生性金融商品對股價有明顯之影響，然盈餘資訊則仍為投資人進行投資決策之攸關資訊；當觀察權益帳面值與盈餘之交互作用進行實證時，發現在施行準則後，投資人對於同時考量資產負債表資訊及損益表資訊之意願增強，顯見金融商品會計處理準則有提高會計資訊攸關性之效果。當增加考量人力成本資本化對企業價值之影響時，發現在高人力成本投入群組中，人力成本資本化後，資產負債表資訊對企業價值具顯著影響力，但整體而言財務資訊對企業財務報表資訊攸關性反而下降，顯見台灣之投資環境成熟度仍屬不足，投資人尚無法洞悉人力對於企業價值之重要性。

The Statement of Financial Accounting Standard (SFAS) No. 34 “Accounting for Financial Instruments,” effective in January 2006, requires that all of the public companies in Taiwan value their financial instruments using the fair value approach.  Based on the Residual Income Valuation Model, this paper examines the value relevance of financial statements for public firms with the adoption of the new pronouncement.  The empirical results document that, prior to adoption, the value relevance of the book value of equity was deteriorating gradually, whereas the value relevance of reported earnings had increased over the years, when both variables are tested simultaneously.  Taken together, the book value of equity and reported earnings jointly exhibit increased value relevance prior to the adoption of SFAS No. 34.  On the other hand, we find insignificant association between financial derivatives and stock prices in the year following the adoption.  However, investors appear to regard earnings information as value relevant.  Finally, the results reveal that the interaction of book value of equity with earnings are more value relevant subsequent to the adoption of the new provisions, implying that the new accounting treatment for financial instruments improves the value relevance of accounting information.When it considers the impact of increasing Human Capital for firm value, it is found out that in the group of high force cost invested and after force cost capitalised, the information relation in financial report has decreased. It has shown that the invest environment in Taiwan has not matured, that means investors have not insight into the value of workforce for firm value.

目　　錄
第壹章	緒論	1
第一節	研究背景及動機	1
第二節	研究目的	5
第三節	研究流程	6
第貳章	文獻探討	8
第一節	金融商品會計處理準則	8
第二節	智慧資本	12
第三節	資源基礎理論、人力資本與人力資本會計	16
第四節　    財務報表攸關性	20
第參章　研究方法	24
第一節	淨盈餘評價模式理論架構	24
第二節	研究架構	27
第三節	研究假說	29
第四節	實證模型	33
第五節	變數定義與衡量	42
第六節	樣本選取與資料來源	45
第七節	統計分析方法	47
第肆章　實證結果與分析	49
第一節	財務報表會計資訊價值攸關性評估	49
第二節	準則施行後對於會計資訊價值攸關性之影響	53
第三節      準則施行前後權益帳面值與每股盈餘交互作用	64
第四節	人力資本資本化對於會計資訊價值攸關性之影響	66
第五節	敏感性分析	71
第伍章　結論及建議	75
參考文獻		78

圖目錄
圖1- 1研究流程圖	7
圖3- 1研究架構	28
圖4- 1財務會計資訊攸關性變動狀況	53
圖4- 2財務會計資訊攸關性變動狀況	57
圖4- 3 2006年上半年衍生性金融商品分佈狀況	64

表目錄

表3- 1　樣本公司市場別及產業分佈狀況	46
表4-1 迴歸分析各變數之敘述性統計量	49
表4-2 迴歸分析各變數之相關係數	50
表4-3 財務報表會計資訊價值攸關性實證結果	51
表4-4 各年度殘差成對樣本t檢定結果	51
表4-5 財務報表會計資訊價值攸關性實證結果 (BV)	52
表4-6 財務報表會計資訊價值攸關性實證結果 (EPS)	53
表4-7 迴歸分析各變數之敘述性統計量	54
表4-8 迴歸分析各變數之相關係數	55
表4-9 金融商品會計處理準則施行前後財務報表會計資訊攸關性變動(觀察R2變動狀況)	56
表4-10金融商品會計處理準則施行前後財務報表會計資訊攸關性 
(以係數檢定)	58
表4-11迴歸分析各變數之敘述性統計量	59
表4-12迴歸分析各變數之相關係數	61
表4-13金融商品會計處理準則是否增進財報與股價關聯之迴歸分析
及聯合檢定	63
表4-14 迴歸分析各變數之敘述性統計量	65
表4-15帳面值及每股盈餘交互作用實證結果	66
表4-16 迴歸分析各變數之敘述性統計量	67
表4-17 迴歸分析各變數之相關係數	67
表4-18 人力資本對Tobins’s Q之實證結果	68
表4-19人力資本資本化之敘述性統計量	70
表4-20人力成本資本化對企業價值攸關性評估之檢定結果	73
表4-21上市公司金融商品會計處理準則是否增進財報與股價關聯之迴歸分析及聯合檢定	73
表4-22上櫃公司金融商品會計處理準則是否增進財報與股價關聯之迴歸分析及聯合檢定	74

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