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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：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
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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）.
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