進階搜尋


   電子論文尚未授權公開,紙本請查館藏目錄
(※如查詢不到或館藏狀況顯示「閉架不公開」,表示該本論文不在書庫,無法取用。)
系統識別號 U0026-0407201123123600
論文名稱(中文) 公平價值階層資訊之攸關性與公司治理機制之影響:台灣資本市場為例
論文名稱(英文) Value Relevance of Fair Value Hierarchy Information and the Impact of Corporate Governance Mechanisms: Evidence from Taiwan Capital Market
校院名稱 成功大學
系所名稱(中) 會計學系碩博士班
系所名稱(英) Department of Accountancy
學年度 99
學期 2
出版年 100
研究生(中文) 蔡士嘉
研究生(英文) Shih-Chia Tsai
學號 r16981138
學位類別 碩士
語文別 英文
論文頁數 54頁
口試委員 指導教授-林松宏
口試委員-賴秀卿
口試委員-郭啟賢
中文關鍵字 SFAS第157號公報  台灣34號公報  公平價值  公平價值階層  價值攸關性  公司治理  衍生性金融商品 
英文關鍵字 FAS No. 157  Taiwan GAAP No.34  fair value  fair value hierarchy  value relevance  corporate governance  derivatives. 
學科別分類
中文摘要 SFAS第157號公報-公平價值之衡量,將公平價值規範為三種類型:(1)第一階層輸入值(企業於衡量日時,可取得與平價標的相同之資產或負債於活絡市場之公開報價)。(2)第二階層輸入值:除第一階層輸入值之外之其他可觀察輸入值。(3)第三階層輸入值:不可觀察輸入值,通常由企業決定輸入值之數目。在2006年台灣發布了三十四號公報,該公報也傳達了公平價值之精神,然而台灣公報和美國發布之公報依舊有相異之處。本研究依據Song et al. (2010)之研究模式進行台灣資本市場對於公平價值之研究。樣本為2006年至2010年第三季金融控股產業各季財務報表。本人發現第一階層和第二階層輸入值較第三階層輸入值更為攸關。除此之外,因為台灣現在公司治理之至尚未完全成熟,因此在考慮公司治理機制後,本人發現公司治理機制並未對第三階層輸入值帶來正面之影響。總體而言,台灣三十四號公報可以提供報表使用者較為攸關之資訊,但目前公司治理機制可能會降低公平價值資訊之攸關性。
英文摘要 Statement of Financial Accounting Standards No. 157 (FAS No. 157), Fair Value Measurements, which classifies the information used in fair value measurements into three levels: (1) Level 1 (observable inputs from quoted prices in active markets), (2) Level 2 (indirectly observable inputs from quoted prices of comparable items in active markets, identical items in inactive markets, or other market-related information) and (3) Level 3 (unobservable, firm-generated inputs). Taiwan GAAP No.34 was modified when 2006; it also conveys the spirit of the FAS No. 157. However, the way to present in the financial statements is similar not the same to each other. This research is based on Song et al. (2010). Using quarterly financial statements of financial holding companies in Taiwan from 2006 to 2010, I find that the value relevance of Level 1 and Level 2 fair values is greater than the value relevance of Level 3 fair values. In addition, due to the corporate mechanism in Taiwan capital market is immature, the supervise effect is not good enough to have positive result in the Level 3 inputs. Overall, the results support the relevance of fair value measurements under Taiwan GAAP No. 34, but weaker corporate governance mechanisms may reduce the relevance of these measures.
論文目次 1. Introduction 1
2. Literature Review 5
The Revolution and Main Concept of Fair Value Accounting 5
Enhance the Degree of the Transparency by Disclosing More 7
Pros and Cons of Using Fair Value Accounting 8
The Relationship between the Management and Investors in the Fair Value Issue 11
Value Relevance of Fair Value Hierarchy 12
3. Hypothesis Development, Research Design and Sample Selection 14
Hypothesis Development 14
How the Investors to Evaluate the Fair Value Information (H1) 14
The Effect of Corporate Governance on the Value Relevance of Fair Values (H2) 17
The Relationship between Derivatives and the Stock Price (H3) 18
Research Design 19
Value Relevance of Fair Value Hierarchy (H1) 19
Corporate Governance on the Fair Value Hierarchy (H2) 21
Derivation instruments on the value relevance (H3) 24
Sample selection 25
4. Descriptive Statistics and Empirical Results 34
Descriptive Statistics 34
Empirical Results 41
Value Relevance of Fair Value Hierarchy (H1) 41
Corporate Governance on the Fair Value Hierarchy (H2) 45
Derivation instruments on the value relevance (H3) 46
5. Conclusion 47
Reference 49
參考文獻 Aboody, D., Barth, M. E., & Kasznik, R. (1999). Revaluations of fixed assets and future firm performance: Evidence from the UK. Journal of Accounting & Economics, 26(1-3), 149-178.
Aboody, D., Barth, M. E., & Kasznik, R. (2006). Do firms understate stock option-based compensation expense disclosed under SFAS 123? Review of Accounting Studies, 11(4), 429-461.
Baiman, S., & Verrecchia, R. E. (1996). The relation among capital markets, financial disclosure, production efficiency, and insider trading. Journal of Accounting Research, 34(1), 1-22.
Ball, R. (2006). International Financial Reporting Standards (IFRS): pros and cons for investors. [Article]. Accounting & Business Research, 36, 5-27.
Barry, C. B., & Brown, S. J. (1985). Differential Information and Security Market Equilibrium. Journal of Financial and Quantitative Analysis, 20(4), 407-422.
Barth, M., & Taylor, D. (2010). In defense of fair value: Weighing the evidence on earnings management and asset securitizations. Journal of Accounting and Economics, 49(1-2), 26-33.
Barth, M. E. (1994). Fair Value Accounting - Evidence from Investment Securities and the Market Valuation of Banks. Accounting Review, 69(1), 1-25.
Barth, M. E., Beaver, W. H., & Landsman, W. R. (1996). Value-relevance of banks' fair value disclosures under SFAS No 107. Accounting Review, 71(4), 513-537.
Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). The relevance of the value relevance literature for financial accounting standard setting: another view. Journal of Accounting & Economics, 31(1-3), 77-104.
Barth, M. E., & Clinch, G. (1998). Revalued financial, tangible, and intangible assets: Associations with share prices and non-market-based value estimates. Journal of Accounting Research, 36, 199-233.
Bartov, E., Mohanram, P., & Nissim, D. (2007). Managerial discretion and the economic determinants of the disclosed volatility parameter for valuing ESOs. Review of Accounting Studies, 12(1), 155-179.
Beaver, W. H., & Venkatachalam, M. (1999). Differential Pricing of Discretionary, Nondiscretionary and Noise Components of Loan Fair Values. SSRN eLibrary.
Bech, M. L., & Rice, T. (2009). Profits and Balance Sheet Developments at U.S. Commercial Banks in 2008. Federal Reserve Bulletin, June 2009.
Bens, D. A., & Monahan, S. J. (2004). Disclosure quality and the excess value of diversification. Journal of Accounting Research, 42(4), 691-730.
Bernard, V. L., Merton, R. C., & Palepu, K. G. (1995). Mark-to-Market Accounting for Banks and Thrifts - Lessons from the Danish Experience. Journal of Accounting Research, 33(1), 1-32.
Bhat, G. (2008). Impact of Disclosure and Corporate Governance on the Association Between Fair Value Gains and Losses and Stock Returns in the Commercial Banking Industry. SSRN eLibrary.
Biddle, G. C., & Hilary, G. (2006). Accounting quality and firm-level capital investment. Accounting Review, 81(5), 963-982.
Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of Accounting & Economics, 32(1-3), 237-333.
Caparrós, A., Campos, P., & Montero, G. (2003). An Operative Framework for Total Hicksian Income Measurement: Application to a Multiple-Use Forest. Environmental and Resource Economics, 26(2), 173-198.
Carroll, T. J., Linsmeier, T. J., & Petroni, K. R. (2003). The Reliability of Fair Value vs. Historical Cost Information: Evidence from Closed-End Mutual Funds. SSRN eLibrary.
Chen, A., Kao, L., Tsao, M., & Wu, C. (2007). Building a Corporate Governance Index from the Perspectives of Ownership and Leadership for Firms in Taiwan. Corporate Governance: An International Review, 15(2), 251-261.
Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, Liquidity, and the Cost of Capital. Journal of Finance, 46(4), 1325-1359.
Dietrich, J. R., Harris, M. S., & Muller, K. A. (2000). The reliability of investment property fair value estimates. Journal of Accounting & Economics, 30(2), 125-158.
Easton, P. D., Eddey, P. H., & Harris, T. S. (1993). An Investigation of Revaluations of Tangible Long-Lived Assets. Journal of Accounting Research, 31, 1-38.
Eccher, E. A., Ramesh, K., & Thiagarajan, S. R. (1996). Fair value disclosures by bank holding companies. Journal of Accounting & Economics, 22(1-3), 79-117.
Financial Accounting Standards Board. (2004). Share-based payment. Norwalk: Financial Accounting Standards Board of the Financial Accounting Foundation.
Francis, J., LaFond, R., Olsson, P. M., & Schipper, K. (2004). Costs of equity and earnings attributes. Accounting Review, 79(4), 967-1010.
Frankel, R., & Li, X. (2004). Characteristics of a firm's information environment and the information asymmetry between insiders and outsiders. Journal of Accounting and Economics, 37(2), 229-259.
Hodder, L., Mayew, W. J., McAnally, M. L., & Weaver, C. D. (2006). Employee stock option fair-value estimates: Do managerial discretion and incentives explain accuracy? Contemporary Accounting Research, 23(4), 933-975.
Hope, O. K., Kang, T., Thomas, W. B., & Vasvari, F. (2009). The effects of SFAS 131 geographic segment disclosures by US multinational companies on the valuation of foreign earnings. Journal of International Business Studies, 40(3), 421-443.
Hope, O. K., & Thomas, W. B. (2008). Managerial empire building and firm disclosure. Journal of Accounting Research, 46(3), 591-626.
Kanodia, C., Sapra, H., & Venugopalan, R. (2004). Should intangibles be measured: What are the economic trade-offs? Journal of Accounting Research, 42(1), 89-120.
Kathy Ruby, P., & Wahlen, J. M. (1995). Fair Values of Equity and Debt Securities and Share Prices of Property-Liability Insurers. The Journal of Risk and Insurance, 62(4), 719-737.
Lambert, R., Leuz, C., & Verrecchia, R. E. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research, 45(2), 385-420.
Landsman, W. R. (2007). Is fair value accounting information relevant and reliable? Evidence from capital market research. Accounting and Business Research, 19-30.
Leuz, C., & Verrecchia, R. E. (2000). The economic consequences of increased disclosure. Journal of Accounting Research, 38, 91-124.
Lombardo, D., & Pagano, M. (2002). Law and equity markets: A simple model. In L. Renneboog, J. McCahery, P. Moerland & T. Raaijmakers (Eds.), Corporate Governance Regimes: Convergence and Diversity (pp. 343–362). New York: Oxford University Press.
Maines, L. A., & Wahlen, J. M. (2006). The Nature of Accounting Information Reliability: Inferences from Archival and Experimental Research. Accounting Horizons, 20(4), 399-425.
Martin, R. D., Rich, J. S., & Wilks, T. J. (2006). Auditing Fair Value Measurements: A Synthesis of Relevant Research. Accounting Horizons, 20(3), 287-303.
Muller, K. A., & Riedl, E. J. (2002). External monitoring of property appraisal estimates and information asymmetry. Journal of Accounting Research, 40(3), 865-881.
Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 575-592.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
Nelson, K. K. (1996). Fair value accounting for commercial banks: An empirical analysis of SFAS No 107. Accounting Review, 71(2), 161-182.
Nissim, D. (2003). Reliability of Banks' Fair Value Disclosure for Loans. Review of Quantitative Finance and Accounting, 20(4), 355-384.
Ohlson, J. A. (1995). Earnings, Book Values, and Dividends in Equity Valuation*. Contemporary Accounting Research, 11(2), 661-687.
Penman, S. H. (2007). Financial reporting quality: is fair value a plus or a minus? Accounting and Business Research, 33-44.
Petroni, K. R., & Wahlen, J. M. (1995). Fair Values of Equity and Debt Securities and Share Prices of Property-Liability Insurers. SSRN eLibrary.
Ramesh, K., Mesa Graziano, C. d., & Federal Executives International. Pittsburgh, C. (2004). Fair value accounting a status report.
Roll, R. (1986). The Hubris Hypothesis of Corporate Takeovers. [Article]. Journal of Business, 59(2), 197-216.
Ross, S. A. (1977). Determination of Financial Structure - Incentive-Signaling Approach. Bell Journal of Economics, 8(1), 23-40.
Ryan, S. G. (2007). Financial instruments and institutions : accounting and disclosure rules. Hoboken (N.J.): J. Wiley.
Schrand, C. M. (1997). The Association between Stock-Price Interest Rate Sensitivity and Disclosures about Derivative Instruments. The Accounting Review, 72(1), 87-109.
Song, T. Y. (2010). Value Relevance of FAS No. 157 FairValue Hierarchy Information and the Impact of Corporate Governance Mechanisms. The Accounting Review, 85(4), 1375-1410.
Venkatachalam, M. (1996). Value-relevance of banks' derivatives disclosures. Journal of Accounting & Economics, 22(1-3), 327-355.
論文全文使用權限
  • 同意授權校內瀏覽/列印電子全文服務,於2013-07-15起公開。


  • 如您有疑問,請聯絡圖書館
    聯絡電話:(06)2757575#65773
    聯絡E-mail:etds@email.ncku.edu.tw