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中文論文名稱 IFRS趨同前後績效指標價值攸關性之變化-以中國為例
英文論文名稱 The Change of Value Relevance of Performance Measures after Convergence with IFRSs- Evidence from China
校院名稱 淡江大學
系所名稱(中) 會計學系碩士班
系所名稱(英) Department of Accounting
學年度 101
學期 2
出版年 102
研究生中文姓名 林婉菁
研究生英文姓名 Wan-Ching Lin
學號 600600513
學位類別 碩士
語文別 中文
口試日期 2013-06-17
論文頁數 67頁
口試委員 指導教授-顏信輝
委員-莊嘉建
委員-丁緯
中文關鍵字 中國  新企業會計準則  績效指標  價值攸關性 
英文關鍵字 China  New china accounting standards  Performance measure  Value relevance 
學科別分類
中文摘要 中國於2007年1月1日起即實施與IFRSs趨同的新企業會計準則,故本研究以中國上海及深圳證券交易所A股上市公司為研究對象,分別從相對及增額價值攸關性之角度,探討新企業會計準則之實施,對財務報表績效指標價值攸關性之影響。實證結果(1) 實施與IFRSs趨同之新準則並未增加中國綜合損益表中各績效指標之資訊內涵,並反而使得稅前利潤(IBTAX)、稅後淨利(NI)及綜合損益(TCI)之相對價值攸關性下降。(2)增額價值攸關性部分顯示各績效指標在實施新準則前後均未具顯著差異。故整體對投資者而言,中國資本市場依新準則所編製之綜合損益表之資訊內涵,並未較舊準則高。(3)在新準則實施前後,其績效指標之價值攸關性在外資及法人持股比例高低之企業間不具顯著差異。(4)外資及法人持股比例高組之投資者認為綜合損益(TCI)所擁有之資訊內涵較實施前降低。外資及法人持股比例低組之投資者認為新準則實施之後,各績效指標所擁有之資訊內涵與實施前無顯著差異。(5)多變量分析之結果顯示中國新準則實施後,規模較大的企業,其營業利潤(OPINC)、稅後淨利(NI)及綜合損益(TCI)之相對價值攸關性較新準則實施前及規模較小的企業為低。而增額價值攸關性的部分,顯示中國新準則實施後,規模較大的企業,其稅前息前折舊及攤銷前利潤(EBITDA)之增額價值攸關性較新準則實施前及規模較小的企業為低。而單變量分析之結果顯示在新準則實施前後,稅前息前折舊及攤銷前利潤(EBITDA)、營業利潤(OPINC)、稅後淨利(NI) 及綜合損益(TCI)指標之價值攸關性在公司規模大及小兩組間具顯著差異。
英文摘要 In January 1th, 2007, China implemented the New China Accounting Standards (NEWCAS) which converged with International Financial Reporting Standards (IFRSs).Therefore, this paper aims to examine the change of value relevance of performance measures before/after implementing the NEWCAS from the relative/ incremental view by using the sample of Shanghai and Shenzhen Stock Exchange A-share listed companies in China. This study finds that(1)The relative value relevance of income before income tax(IBTAX), net income(NI) and total comprehensive income(TCI) were decreased after implementing the NEWCAS. (2) The incremental value relevance doesn’t have significanct difference after implementing the NEWCAS. In general, relative to old China accounting standards, NEWCAS didn’t bring more information to investor.(3)Before/after NEWCAS, the value relevance of performance measures between the company in foreign investment and institutional investor’s shareholding rate high/low group doesn’t have statistically significant difference.(4)The investor in high foreign investment and institutional investor’s shareholding rate group think the information content of total comprehensive income(TCI) were decreased after implementing the NEWCAS. The investor in low rate group think the information content doesn’t have significanct difference after implementing the NEWCAS.(5)In multivariate analysis, after NEWCAS, the value relevance of operating income(OPINC), net income(NI) and total comprehensive income(TCI) in large size company are lower than before NEWCAS and small size company. In univariate analysis, before/after NEWCAS, the value relevance of earnings brfore interest, income tax, depreciation, and amortization (EBITDA) ,operating income(OPINC), net income(NI) and total comprehensive income(TCI) between the company in large/small size have statistically significant difference.
論文目次 目錄 IV
圖目錄 V
表目錄 VI
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 研究流程 4
第四節 論文結構 5
第二章 文獻回顧與假說建立 6
第一節 中國會計準則及股票市場概述 6
第二節 績效指標之價值攸關性 8
第三節 中國新準則與績效指標之價值攸關性 12
第四節 外資及法人持股比例與績效指標之價值攸關性 16
第三章 研究方法 19
第一節 樣本來源與選取 19
第二節 實證模型與變數定義 22
第四章 實證結果與分析 29
第一節 敘述性統計 29
第二節 實施新準則前後價值攸關性之實證結果與分析 37
第三節 外資及法人持股比例 42
第四節 額外分析 46
第五章 研究結論與限制 59
第一節 研究結論 59
第二節 貢獻與限制 61

圖目錄
圖1-1研究架構之流程圖 4
圖4-1績效指標之價值攸關性-實施新準則前後 42
圖5-1成交量 47
圖5-2上海及深圳A股綜合指數 47
圖5-3外資及法人持股比例高組 53
圖5-4外資及法人持股比例低組 55

表目錄
表2-1 中國產業分類表 8
表3-1 各產業公司樣本年分布 21
表4-1 敘述性統計-績效指標及股票報酬 29
表4-2 各產業績效指標之價值攸關性-新準則實施之前 30
表4-3 各產業績效指標之價值攸關性-新準則實施之後 31
表4-4 各產業績效指標之價值攸關性-外資及法人持股比例低組(02~06年) 32
表4-5 各產業績效指標之價值攸關性-外資及法人持股比例高組(02~06年) 33
表4-6 各產業績效指標之價值攸關性-外資及法人持股比例低組(08~12年) 34
表4-7 各產業績效指標之價值攸關性-外資及法人持股比例高組(08~12年) 35
表4-8 敘述性統計-外資及法人持股比例 37
表4-9 績效指標之相對價值攸關性 38
表4-10 績效指標之增額價值攸關性 41
表4-11 外資及法人持股比例高低與價值攸關性 43
表4-12差異中的差異分析(DIFFERENCE-IN-DIFFERENCE)-外資及法人持股比例 45
表5-1 2008-2012分年價值攸關性分析 50
表5-2 外資及法人持股比例高組-實施前後之相對價值攸關性 52
表5-3 外資及法人持股比例低組-實施前後之相對價值攸關性 54
表5-4 公司規模大小之企業與價值攸關性 57
表5-5 差異中的差異分析(DIFFERENCE-IN-DIFFERENCE) -公司規模大小 58

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