臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：子公司負債與母公司財務風險、股權市值及系統風險之關聯性：合併財務報表資訊價值之探討
作者：方偉廉
作者(外文)：Wei-Lian Fang
校院名稱：國立臺灣大學
系所名稱：會計學研究所
指導教授：葉疏
學位類別：博士
出版日期：2008
主題關鍵詞：合併經濟個體；母公司；子公司；合併財務報表；實質控制力；Consolidated entity；Parent company；Subsidiary；Consolidated financial statements；Substantive control power
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(4) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:4
  • 共同引用共同引用:0
  • 點閱點閱:75
相對於母公司單獨報表僅揭露母公司本身之負債，合併財務報表採取將母子公司負債加總之表達方式。本研究採用子公司負債與母公司財務風險、股權市值與系統風險之關聯性等三種方法，以驗證子公司在融資活動上是否受到母公司控制與子公司借款是否如同母公司借款具有負債之意義，進而瞭解合併財務報表以經濟個體觀點揭露企業財務資訊之價值。
首先探討在母公司財務風險（以資本結構、短期償債力與營業獲利力衡量）較高之情況下，又受限於金融機構以法律個體為授信對象，是否較有可能運用子公司名義行使企業整體之借款決策。針對2000至2006年之391家樣本公司，相關分析與迴歸分析之實證結果顯示子公司借款與母公司財務風險指標間具有關聯性。
其次檢視子公司負債與母公司股權市值之關聯性。若投資人基於母公司法律上之有限責任觀點，則子公司負債將不會被計入母公司之股權價值計算中；反之若將子公司視為企業整體之部份，則子公司借款將有如同母公司借款之負債意義。針對2001至2006年之227家樣本公司，實證結果顯示： 1.子公司借款與母公司股權市值具有負向之關聯性，且母子公司借款之負向估計係數並無顯著差異；2.2005年後合併財務報表編製範圍之擴大，並未降低子公司借款與母公司股權市值之關聯性。
第三，則檢驗子公司負債對於投資人而言，是否亦具有如同母公司負債之財務槓桿風險意義。利用系統風險與其借款具有正向關聯性之理論模型，本研究以Vuong檢定測試合併個體與母公司本身借款權益比對於模型之解釋能力。以2000至2006年之樣本為檢視對象，按無槓桿系統風險之估計期32季、40季與48季，獲得906、728與576個觀察值等三組樣本。實證結果顯示： 1.合併個體借款相對於母公司借款，對於母公司系統風險之解釋能力較高；2.2005年後合併財務報表編製範圍之擴大，並未降低子公司借款與企業系統風險之關聯性。
綜合三項檢驗之實證結果其意義在於：在企業經濟個體之融資決策與控制影響下，以子公司名義舉借之負債具有為企業整體融資目的之性質。於此情況下，合併財務報表整合母子公司借款之表達方式有助於瞭解企業整體融資活動之全貌。因此在母公司投資人觀點，企業以子公司名義所舉借之債務，並未受到法律上對於子公司投資有限責任限制，而與母公司本身之負債有所差異。
另一方面由於母公司本身借款外之子公司借款亦為母公司財務槓桿風險與股權價值計算之一部份，因此加總母子公司負債以合併財務報表允當表達了企業整體之財務狀況。而以實質控制力為編製基礎之合併財務報表，並未影響所揭露子公司負債資訊之關聯性。此結果可為我國將所有子公司納入合併個體範圍以提升財務資訊透明度，以及國際會計準則以控制力為合併報導基礎之準則規範提供實證證據。
Contrast to parent company’s stand-alone financial statements, which only disclose parent company’s own liability, consolidated financial statements sum up the liabilities of parent company and subsidiary. This research examines the relationship between subsidiary’s liability and parent company’s financial risk, market value, and systematic risk to find whether the parent company controls the financing activity of subsidiary, and whether the subsidiary’s debt has the meaning of liability as parent company’s debt. The purpose is to realize the information value of consolidated financial statements, prepared on the point of economic entity.
First, if the parent company’s financial risk (by capital structure, short-term debt resolution and profit) is higher, and given that financial instruments take the legal individual as an decision unit, whether the possibility of using the subsidiary company to get a loan is higher. In view of 391 sample companies, from 2000 to 2006, the empirical results of correlation and regression analysis demonstrate that the subsidiary’s debt is related to the parent company financial risk measures. The implication is that: the financing decision of subsidiary reflects the enterprise overall goal. In this situation, the disclosures of consolidated financial statements conform to the complete picture of the enterprise financing situation.
Next, if the investor considers the subsidiary as an independent individual, then the subsidiary’s debt would not be considered in the parent’s stock price; otherwise if the subsidiary is regarded as part of the enterprise, then the subsidiary’s debt will be valued like the debt of parent company. In view of 227 sample companies, from 2001 to 2006, by implementing Ohlson valuation model, the findings are: (1) the Subsidiaries’ debt is negatively associated with the narket value of parent company. Besides, the valuation coefficient of subsidiary’s debt is statistically insignificantly different that of parent’s debt; (2) 2005 consolidation scope change does not decrease the relevance of subsidiary’s debt.
Third, on the discussion of the leverage risk meaning of subsidiary’s debt, by using the theoretical model constructed on the enterprise systematic risk, the research examines the significance of the subsidiary’s debt on the systematic risk, and compares it to that of the parent’s debt. The sample consists of three groups of 906, 728 and 576 observations, according to the estimation periods of accounting systematic risk of 32, 40 and 48 seasons, from 2000 to 2006. The empirical results show that: (1) By Vuong tests, the consolidated debt, including subsidiary’s debt, has more explanatory power than the parent’s debt on the systematic risk of parent’s; (2) The 2005 expansion of the scope of consolidated financial statements does not reduce the information relevance of subsidiary’s debt.
These findings imply that from the point of view of investors, the debt of subsidiary and the debt of parent are both the liabilities of consolidated entity. Furthermore, consolidated financial statements, prepared on the basis of substantial control power, could fully present the financial condition of the economic entity and enhances the transparency of financial information. The research might provide some evidence to the fully consolidation principles of International Accounting Standards（IAS）.
中文部分
1.財團法人中華民國會計研究發展基金會財務會計準則委員會，2005，財務會計準則公報第五號「長期股權投資會計處理準則」（第五次修訂），台北：財團法人中華民國會計研究發展基金會。new window
2.財團法人中華民國會計研究發展基金會財務會計準則委員會，1985，財務會計準則公報第六號「關係人交易之揭露」，台北：財團法人中華民國會計研究發展基金會。
3.財團法人中華民國會計研究發展基金會財務會計準則委員會，2006，財務會計準則公報第七號「合併財務報表」（第二次修訂），台北：財團法人中華民國會計研究發展基金會。
4.中華徵信所，2007，台灣地區集團企業研究2007年版，台北：中華徵信所。
5.王志誠，2002，新修正公司法解析，台北：元照出版社。
6.王怡文，2002，企業編製合併財務報表會計個體之探討，私立中國文化大學會計研究所碩士論文。
7.王詩韻，2003，以投資損益論合併報表與母公司報表之相對資訊內涵，國立成功大學會計學系碩士論文。
8.洪貴參，1999，關係企業法理論與實務，台北：元照出版社。
9.孫德軒（杜榮瑞、姜家訓、顏信輝譯），2000，會計與控制系統，台北：遠流出版公司。
10.黃子文，1996，我國上市公司編製合併財務報表動機之研究，國立政治大學會計研究所碩士論文。
11.張福星，1997，合併財務報表與母公司財務報表盈餘組成成份相對資訊之研究，國立政治大學會計學研究所博士論文。
12.劉志明，1994，交易量面之合併報表資訊內涵研究，國立台灣大學會計學研究所碩士論文。
13.葉疏與方偉廉，2005，「合併財務報表與企業融資之關連性」，2005中華會計學會「會計理論與實務研討會」。
14.賴書芸，2001，合併報表基本分析投資策略績效之研究，國立成功大學會計學系碩士論文。
15.蘇心盈，2003，以財務比率預測未來盈餘及股價異常報酬之研究－比較母公司財務報表與合併財務報表，國立政治大學會計研究所碩士論文。
16.蘇仁偉，1998，財務比率對股票超常報酬預測能力之研究-母公司財務報表與合併財務報表之比較，國立成功大學會計學系碩士論文。
17.蘇敏賢，2000，合併財務報表、母公司財務報表之比較及其與企業風險之關聯性，國立台灣大學會計學研究所碩士論文。
18.蘇煥文，2001，關係企業合併財務報表、合併財務報表與母公司財務報表之盈餘組成成份資訊內涵研究，私立東吳大學會計學研究所碩士論文。
英文部分
19.Accounting Principles Board. 1971. Opinion No. 18: The equity method of accounting for investments in common stock. Norwalk, CT: APB.
20.Alchian, A., and H. Demsetz. 1972. Production, information cost and economic organization. American Economic Review 62, 777-795.
21.American Institute of Certified Public Accountants. 1959. ARB 51: Consolidated financial Statement. Norwalk, CT: AICPA.
22.Ball, R., and P. Brown. 1968. An empirical evaluation of accounting income numbers. Journal of Accounting Research 6, 159-178.
23._______. 1969. Portfolio theory and accounting. Journal of Accounting Research 7, 300-323.
24.Barth, M. 1991. Relative measurement errors among alternative pension asset and liability measures. The Accounting Review 66, 433-463.
25._______, W. Beaver, J. Hand, and W. Landsman. 1999. Accruals, cash flows, and equity values. Review of Accounting Studies 4, 205-229.
26.Bauman, M. 2003. The impact and valuation of off-balance-sheet activities concealed by equity method Accounting horizons 17, 303-309.
27.Beaver, W., P. Kettler, and M. Scholes. 1970. The association between market determined and accounting determined risk measures. The Accounting Review 45, 654-682.
28._______, and J. Manegold. 1975. The association between market determined and accounting determined measures of systematic risk: Some further evidence. Journal of Financial and Quantitative Analysis 10, 231-266.
29._______, R. Clarke, and W. Wright. 1979. The association between unsystematic security returns and the magnitude of earnings forecast errors. Journal of Accounting Research 17, 316-340.
30.Bell, T., W. Landsman, B. Miller, and S. Yeh. 2002. The valuation implications of employee stock option accounting for profitable computer software firms. The Accounting Review 77, 971-996.
31.Benis, M. 1979. The non-consolidated finance company subsidiary. The Accounting Review 54, 808-814.
32.Beranek, W., and R. Clayton. 1985. Risk differences and financial reporting. Journal of financial research 8, 323-334.
33.Bowman, R. 1979. The theoretical relationship between systematic risk and financial (accounting) variables. Journal of Finance 34, 617-630.
34.Burnett, T., T. King, and V. Lembke. 1979. Equity method reporting for major finance company subsidiaries. The Accounting Review 54, 815-823.
35.Chastain, C. 1983. Managing your debt for survival. Management Accounting 65, 20-26.
36.Cheung, S. 1983. The contractual nature of the firm. Journal of Law and Economics 26, 1-21.
37.Coase, R. 1937. The nature of the firm. Economica 4, 386-405.
38.Collins, D., E. Maydew, and I. Weiss. 1997. Changes in the value-relevance of earings & equity book values over the past forty years. Journal of Accounting and Economics 24, 39-67.
39.Comiskey, E., R. McEwen, and C. Mulford. 1987. A test of proforma consolidation of finance subsidiaries. Financial Management 16, 45-50.
40.Copeland, R., and S. McKinnon. 1987. Financial distortion and consolidation of captive finance subsidiaries in the general merchandising industry. Journal of Business Finance and Accounting 14, 77-97.
41.Dechow, P. 1994. Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals. Journal of Accounting and Economics 18, 3-42.
42.Dechow, P., A. Hutton, and R. Sloan. 1999. An empirical assessment of the residual income valuation model. Journal of Accounting and Economics 26, 1-34.
43.Dhaliwal, D. 1986. Measurement of financial leverage in the presence of unfunded pension obligations. The Accounting Review 61, 651-661.
44.Fama, E. 1968. Risk, return and equilibrium: Some clarifying comments. Journal of Finance 23, 29-40.
45.Feltham, G.., and J. Ohlson. 1995. Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11, 689-731.
46.Feltham, G.., and J. Ohlson. 1999. Residual earnings valuation with risk and syochastic interest rates. The Accounting Review 74, 165-184.
47.Financial Accounting Standards Board. 1987. SFAS 94: Consolidation of an majority-owned subsidiaries. Norwalk, CT: FASB.
48._______. 2000. SFAS 140: Accounting for transfers and servicing of financial assets and extinguishments of liabilities- A replacement of FASB Statement No. 125. Norwalk, CT: FASB.
49._______. 2003. FIN 46 (Revised): Consolidation of Variable Interest Entities- An interpretation of ARB No.51. Norwalk, CT: FASB.
50.Francis, J. 1986. Debt reporting by parent companies: Parent-only versus consolidated statement. Journal of Business Finance and Accounting 13, 393-403.
51.Gibson, C. 1982. How industry perceives financial ratios. Management Accounting 63, 13-18.
52.Gonedes, N. 1975. A note on accounting-based and market-based estimates of systematic risk. Journal of Financial and Quantitative Analysis 10, 355-365.
53.Greene, W. H. 2000. Econometric Analysis. 4th ed. New York, NY: Macmillan.
54.Hamada, R. 1969. Porfolio analysis, market equilibrium and corporation finance. Journal of Finance 24, 13-32.
55._______. 1972. The effect of the firm’s capital structure on the systematic risk of common stocks. Journal of Finance 27, 435-452.
56.Hartgraves, A., and G. Benston. 2002. The evolving accounting standards for special purpose entities and consolidations. Accounting horizons 16, 245-258.
57.Heian, J., and J. Thies. 1989. Consolidation of finance subsidiaries: $230 billion in off-balance-sheet financing comes home to roost. Accounting horizons 3, 1-9.
58.Hulslander, R. 1979. A better debt coverage ratio. The Journal of Commercial Bank Lending 61, 54-60.
59.International Accounting Standards Board. 1989 (Revised 2003). IAS 27: Consolidated Financial Statements. London, UK: IASB.
60._______. 1998. SIC 12: Consolidation—Special Purpose Entities. London, UK: IASB.
61._______. 1998 (Revised 2004). IAS 39: Financial Instruments: Recognition and Measurement. London, UK: IASB.
62.Jenson, M., and W. Meckling. 1976. Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics 3, 305-360.
63.Kothari, S., and J. Zimmerman. 1995. Price and return models. Journal of Accounting and Economics 20, 155-192.
64.Landsman, W. 1986. An empirical investigation of pension fund property rights. The Accounting Review 61, 662-691.
65._______, K. Peasnell, and C. Shakespeare. 2006. Are asset securitizations sales or loans? The Accounting Review, accepted.
66.Legoria, J., D. Cagwin, and K. Sellers. 2000. Earnings management in anticipation of debt financing. Accounting Enquiries 9, 1-46.
67.Lev, B. 1972. On the association between operating leverage and risk. The Journal of Financial and Quantitative Analysis 9, 627-641.
68.Lin, S., T. H. Lin, and Y. C. Tsai. 2004. Earnings management in Taiwan’s imputation tax system. Taiwan Accounting Review 4, 127-152.
69.Lintner, J. 1965. The valuation of risk assets and the selection of risky investment in stock portfolios and capital budgets. Review of Economics and Statistics 47, 13-37.
70.Markowitz, H. 1952. Portfolio selection. Journal of Finance 7, 77-91.
71.Marsh, P. 1982. The Choice between equity and debt: An empirical study. The Journal of Finance 37, 121-144.
72.Mian, S., and C. Smith. 1990a. Incentives for unconsolidated financial reporting. Journal of Accounting and Economics 12, 141-171.
73._______. 1990b. Incentives associated with changes in consolidated reporting requirements. Journal of Accounting and Economics 13, 249-266.
74.Miller, M. 1977. Debt and taxes. Journal of Finance 32, 261-275.
75._______, and F. Modigliani. 1966. Some estimates of the cost of capital to the electric utility industry, 1954-57. American Economic Review 56, 333-391.
76.Modigliani, F., and M. Miller. 1958. The cost of capital, corporation finance, and the theory of investment. American Economic Review 47, 261-297.
77._______. 1963. Corporate income taxes and cost of capital: A correction. American Economic Review 52, 433-443.
78.Mossin, J. 1966. Equilibrium in a capital asset market. Econometrica 34, 768-783.
79.Mohr, R. 1988. Unconsolidated finance subsidiaries: Characteristics and debt/equity effects. Accounting horizons 2, 1-9.
80.Niu, F, and G. Richardson. 2006. Are securitizations in substance sales or secured borrowings? Capital-market evidence. Contemporary Accounting Research 23, 1105-1133.
81.Ohlson, J. 1995. Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research 11, 661-687.
82._______. 1999. On transitory earnings. Review of Accounting Studies 3, 145-162.
83.Pendlebury, M. 1980. The application of information theory to accounting for groups of companies. Journal of Business Finance and Accounting 7, 105-117.
84.Penman, S. 2006. Financial Statement Analysis and Security Valuation: 3rd edition. NY: McGraw-Hill.
85.Reeb, W. 1995. Ratios prove invaluable for assessing financial health. Accounting Today 19, 14-17.
86.Remmers, L., A. Stonehill, R. Wright, and T. Beekhuisen. 1974. Industry and size as debt ratio determinants in manufacturing internationally: Introduction. Financial Management 3, 24-32.
87.Rubinstein, M. 1973. A mean-variance synthesis of corporate financial theory. Journal of Finance 28, 167-181.
88.Securities and Exchange Commission. 1982. Accounting Series Release No.302: Separate financial statements required by regulation S-X. Washigton, DC: SEC.
89.Sharpe, W. 1963. A simplified model for portfolio analysis. Management Science 9, 277-293.
90._______. 1964. Capital asset prices: A theory of market equilibrium under conditions of risk. Journal of Finance 19, 425-442.
91.Stonehill, A., T. Beekhuisen, R. Wright, and L. Remmers. 1975. Financial goals and debt ratio determinants: A survey of practice in five countries. Financial Management 4, 27-41.
92.Vuong, Q. 1989. Liklihood ratio tests for model selection and non-nested hypotheses. Econometrica 57, 307-333.
93.White, H. 1980. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 48, 817-838.
94.Whittred, G. 1986. The evolution of consolidated financial statement in Australia. Abacus 22, 103-120.
95.Wyman, H. 1977. Standardized debt coverage ratio. The Accounting Review 52, 503-507.
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：671（臺灣：667，外國：4） ／ 本年度總使用人次：2516201 ／ 訪客人次（自102年09月）：68330087
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上