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題名：國際會計準則之制訂對國外基金投資的影響：考慮資訊透明度與產業
作者：徐崇豪
作者(外文)：Chung-HaoHsu
校院名稱：國立成功大學
系所名稱：會計學系
指導教授：李宏志
賴秀卿
學位類別：博士
出版日期：2015
主題關鍵詞：國際財務報導準則；國外基金投資；資訊透明度；資訊環境；制度環境；International Financial Reporting Standards；Foreign mutual fund investment；Information transparency；Information environment；Institutional environment
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本文測試了我國接軌與採用國際會計準則（或稱國際財務報導準則，簡稱IFRS）對國外基金投資影響。考量我國證券管理基金會建置之資訊揭露與評鑑系統（或簡稱IDTRS）與高科技產業的發展，我們進一步測試在準則接軌與採用的同時，資訊透明度與產業技術密集度是否為影響國外基金投資之變動的重要因素。基於比較性利益，我們認為準則之接軌與採用時的列報公司淨值差異數越大時，國外基金投資預期會較高，但是我們沒有辦法預期當資訊透明度等級與技術密集度產業分類對上述關係的影響。因此我們實證測試準則制定的過程對國外基金的持股比率與投資人數的影響。首先，我們發現採用國際會計準則後吸引較多的國外基金投資人，但卻並未增加其持股比例。第二，相對於其他公司，我們進一步發現準則接軌與採用之後，最高或最低等級的資訊透明度公司之國外基金投資相對於中等級公司影響較少。第三、我們又進一步發現相對於中等科技產業而言，高科技產業公司與傳統產業公司在接軌國際會計準則後，國外基金投資影響較低。綜而言之，國際會計準則之接軌與採用對國外基金之持股比率與投資人數並未有一致性的提高，並且與兩套準則間的列報差異數大小並沒有顯著關係。然而，公司的資訊透明度與技術密集度對國外基金投資卻有顯著的影響，並且反映了國際會計準則之接軌與採用時產生的資訊環境效應與機構環境效應。
This study examines foreign mutual fund’s reactions to the convergence and adoption of International Financial Reporting Standards (IFRS). Considering the development of the information disclosure and transparency ranking system (the IDTRS) and high-technology industries in Taiwan, we further examine whether firms’ information transparency and technology intensity are important factors in the changes in foreign mutual fund investment under the IFRS mandate. Based on comparability benefits, we argue that the impact of the IFRS mandate on foreign mutual fund investment is expected to be high when the amounts of net-worth difference between IFRS and local accounting standards are high. However, we cannot predict the effects of the IDTRS evaluation and technology-based industries classification on the relation between the IFRS mandate and foreign mutual fund investment. We empirically examine the association between two measures of foreign mutual fund ownership and the IFRS mandate. First, we find IFRS adoption can attract more foreign mutual funds to invest in the firms but not in holdings percentage. Second, we find that the joint effect of the IFRS mandate and the highest and the lowest transparency grades are both negatively associated with foreign mutual fund investment. Third, we find that both high-tech and traditional firms have less foreign mutual fund investment, relative to firms in other industries under IFRS convergence. Overall, the IFRS mandate has no consistently positive effects on the level of foreign mutual fund investment, and is not related to the amounts of NW difference. However, corporate transparency and technology intensity have significantly influence on foreign mutual fund investment, which suggests that these two factors have effects of information and institutional environment under the IFRS mandate.
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