近年來採用國際會計準則(IFRS)是否能提高財報品質之議題廣受重視，但尚未獲致穩定之結論。台灣於2013年開始採用IFRS，故本研究探討採用IFRS後對財報宣告與盈餘數字之資訊內涵(異常報酬、異常交易量)之影響，並進一步納入投資人特性(以外資持股比例區分)檢測此變數是否影響研究結果。本研究以2011年(非採用IFRS)和2013年(採用IFRS)台灣上市櫃公司為研究樣本，結果發現若未考量外資持股比例，整體而言2013年採用IFRS後財報宣告之異常報酬波動和異常交易量之關係，較2011年顯著下降；然而進一步分析顯示外資持股比例高組之企業，並未呈顯著影響，前述效果僅存在外資持股比例非高組之企業。於盈餘數字之資訊內涵方面，則發現外資持股比例高組之企業於2013年較2011年更具資訊內涵。故本研究推論原因為外資已有解讀IFRS財報數字之能力，而本國投資人對IFRS財報資訊內涵較陌生而不具信心，故持續教育本國投資人具解讀IFRS報表之能力與信心，應是欲達到趨同IFRS預期成效之配套措施。

The issue of conversion on IFRS financial report quality was be wide attention in recent years. The past studies do not have stable conclusion yet. Taiwan adopted IFRS in year 2013 and this research investigate whether the information content (abnormal return and abnormal trading volume) of financial report announcement and earnings change following adoption of IFRS. We also use the view of investor characteristic(through foreign investor ratio) to detect this change. The research sample covers all the publicly traded company in Taiwan from year 2011 (pre-IFRS) and 2013 (post IFRS). The results suggest abnormal return volatility and abnormal trading volume decreased after adoption of IFRS, but no significant relation with high foreign investor ratio companies. In earnings change part, the result shows significant positive relation in high foreign investor ratio companies. It means that IFRS earnings have more information content for foreign investors. Overall we conclude foreign investors have ability to interpret the IFRS financial report. If we want adoption of IFRS which can achieve the anticipated benefits, we need complementary measures to educate the domestic investors to develop adequate capacity to interpret and use IFRS financial report.

壹、緒論 1
第一節  研究背景及動機 1
第二節  研究目 3
第三節  研究架構流程 4
貳、文獻探討及假說發展 6
第一節  會計盈餘之資訊內涵 6
第二節  採用IFRS後的影響 7
第三節  投資人特性與盈餘資訊內涵之關聯性 10
第四節  研究假說 11
参、研究方法 14
第一節  樣本選取與資料來源 14
第二節  實證模型及變數衡量 16
肆、實證結果 23
第一節  敘述性統計分析 23
第二節  相關性分析 30
第三節  迴歸結果分析 32
第四節  敏感性分析 39
伍、結論與建議 49
第一節  研究結論 49
第二節  研究限制與建議 51
參考文獻 52

表目錄
表3-1 樣本篩選過程及產業分布狀況	15
表4-1變數敘述性統計量	26
表4-2採用IFRS前後樣本之t檢定	27
表4-3相關係數表	31
表4-4迴歸模型實證結果-假說一	35
表4-5迴歸模型實證結果-假說二	36
表4-6迴歸模型實證結果-假說三	37
表4-7迴歸模型實證結果-假說四	38
表4-8事件期-2至+2迴歸模型實證結果-假說三	40
表4-9事件期-2至+2迴歸模型實證結果-假說四	41
表4-10 以各產業外資持股比例中位數為分類依據迴歸模型實證結果-假說三	43
表4-11 以各產業外資持股比例中位數為分類依據迴歸模型實證結果-假說四	44
表4-12 將連續變數外資持股比例放入迴歸模型之實證結果-假說三	47
表4-13 將連續變數外資持股比例放入迴歸模型之實證結果-假說四	48

圖目錄
圖1- 1研究流程圖	5
圖3-1 事件研究法之事件日與窗期	18
圖4-1外資持股比例高組之事件期異常報酬波動變化	28
圖4-2外資持股比例非高組之事件期異常報酬波動變化	28
圖4-3外資持股比例高組之事件期異常交易量變化	29
圖4-4外資持股比例非高組之事件期異常報交易量變化	29

中文文獻

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吳如玉，2002，再談我國財務會計準則與國際會計準則之調和，會計研究月刊，第202期，頁65-72。
周建宏，2009，資誠會計師事務所，資誠通訊第222期，全面採用IFRS對企業的衝擊與影響。
陳依蘋，2002，透明度與企業價值，會計研究月刊，第200期，頁48-54。

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