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題名：會計穩健對於應計項目組成要素之持續性與錯誤訂價之影響
作者：謝齊莊
作者(外文)：Hsieh, chi-chuang
校院名稱：國立臺北大學
系所名稱：會計學系
指導教授：李淑華
學位類別：博士
出版日期：2015
主題關鍵詞：會計穩健；應計項目組成要素持續性；錯誤訂價；Conservatism；Persistence of accrual components；Mispricing
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過去研究應計項目主要採Healy (1985)對應計項目之定義，Richardson et al. (2005)不同於以往僅考慮短期營運面，發展一項更全面性應計項目之衡量(本文稱全含應計項目)，包含非現金營運資金變動數、非流動淨營運資產變動數及淨金融資產變動數。本論文採Richardson et al. (2005)之定義，探討會計穩健(區分非條件穩健與條件穩健)對於應計項目組成要素持續性及錯誤訂價之影響。
本文實證結果可分為會計穩健與持續性及會計穩健與錯誤訂價兩部分。於會計穩健與持續性方面實證結果包含：(1)非條件穩健會增額降低全含應計項目之持續性，但並未發現條件穩健會增額降低全含應計項目之持續性。(2)若將全含應計項目拆分為非現金營運資金變動數(ΔWC)、非流動淨營運資產變動數(ΔNCO)及淨金融資產變動數(ΔFIN)，則非條件穩健會增額降低非現金營運資金變動數(ΔWC)與非流動淨營運資產變動數(ΔNCO)之持續性；而條件穩健增額降低非流動淨營運資產變動數(ΔNCO)之持續性。(3)若再做進一步拆分應計項目組成對應之資產負債，則發現非條件穩健會降低流動營運資產變動數(△COA)、非流動營運資產變動數(△NCOA)、非流動營運負債變動數(ΔNCOL)、短期投資變動數(ΔSTI)與長期投資(ΔLTI)之持續性；而條件穩健會影響非流動營運資產(△NCOA)與非流動營運負債(ΔNCOL)之持續性。
(4)觀察會計穩健對各應計項目持續性影響之差異程度，於非條件穩健指標模型中，發現非條件會計穩健程度對於營運資金變動數持續性之負向影響高於淨金融資產變動數持續性之影響、對於非流動淨營運資產變動數持續性之負向影響顯著高於淨金融資產變動數持續性之影響；進一步拆分應計項目，發現非條件會計穩健程度對於流動營運資產變動數(低度可靠性)持續性之負向影響顯著高於流動營運負債變動數(高度可靠性)持續性之影響，對於長期投資變動數(中度可靠性)持續性之負向影響高於金融負債變動數(高度可靠性)持續性之影響。另外，於條件穩健指標模型中，則僅發現條件會計穩健程度對於非流動淨營運資產變動數持續性之負向影響高於淨金融資產變動數持續性之影響。(5)考量可靠性與可驗證性之影響，發現非條件穩健與條件會計穩健程度對於非流動營運資產變動數(低度可靠性且困難驗證) 持續性之負向影響皆異於流動營運資產變動數(低度可靠性且易於驗證)持續性之影響。
於會計穩健與錯誤訂價方面，實證結果包含：(1)投資人並不了解非條件穩健對於全含應計項目持續性之影響，因而與下一期異常報酬間為負向關連；然而條件穩健測試並未發現顯著結果。(2)若將全含應計項目拆分為非現金營運資金變動數(ΔWC)、非流動淨營運資產變動數(ΔNCO)及淨金融資產變動數(ΔFIN)，顯示投資人並不了解非條件穩健對於非現金營運資金變動數 (ΔWC)持續性之增額負向影響，及對於非流動淨營運資產變動數持續性之增額負向影響；而投資人似乎了解條件穩健會降低非流動淨營運資產變動數(ΔNCO)之持續性。(3)若再進一步拆分應計項目組成對應之資產與負債，發現投資人似乎了解非條件穩健會降低流動營運資產變動數(△COA)之持續性，但投資人並不了解非條件穩健對於長期投資變動數之負向影響，反而於下一期出現正向異常股價報酬，另外，投資人亦不了解非條件穩健對於金融負債變動數(ΔFINL )之持續性影響； (4)觀察投資人反應會計穩健對應計項目持續性之差異，顯示投資人於非條件穩健對非流動淨營運資產變動數持續性之反應異於非條件穩健對於淨金融資產變動數持續性影響之反應。另投資人於條件穩健對流動營運資產變動數(低度可靠性)持續性之反應則異於條件穩健對流動營運負債變動數(高度可靠性)持續性影響之反應。投資人了解條件穩健會降低非流動營運資產變動數(△NCOA)之持續性。
此外，論文在額外測試中，再同時將條件穩健指標與非條件穩健指標同時納入分析，研究發現於會計穩健與應計項目持續性中，非條件穩健對全含應計項目具顯著影響，條件穩健則否；非條件穩健對於非現金營運資金變動數 (ΔWC) 、非流動淨營運資產變動數(ΔNCO)具顯著負向影響，條件穩健亦未發現顯著結果；進一步將應計項目拆分對應之資產與負債，除金融負債變動數外，非條件穩健對每一應計項目之持續性具顯著影響，而條件穩健則對於長期投資變動數之持續性具顯著增額負向影響。另外，於會計穩健與錯誤訂價方面，發現投資人不了解條件穩健或非條件穩健對於全含應計項目之增額影響；進一步拆分應計項目，則投資人不了解條件穩健對於淨金融資產變動數(ΔFIN) 之持續性增額影響，且投資人不了解非條件穩健對於非流動淨營運資產變動數(ΔNCO)之持續性增額影響；再進一步拆分為較細項之應計項目發現投資人不了解條件穩健對於流動營運負債變動數(△COL)之增額影響，且投資人亦不了解非條件穩健對於非流動營運負債變動數(△NCOL) 、長期投資(ΔLTI)與金融負債變動數(ΔFINL )之增額影響。
會計穩健與持續性方面，能廣泛以資產負債科目說明非條件穩健會降低不可靠應計項目之持續性，條件穩健會降低較不可靠應計項目(非現金營運資金變動數及非流動淨營運資產變動數)之持續性僅限於非流動營運資產負債之部份，此結果可能與條件穩健與非條件穩健之特質有關，非條件穩健主要為企業平時營運之估計涵蓋流動與非流動資產負債，然而條件穩健與一時之事件有關，主要一大項為資產減損，較涉及長期營運資產與負債。此結果與Li and Zhang (2010)之推論「會計穩健並不影響不可靠應計項目之持續性，會計穩健會降低可靠性應計項目的持續性」不同。此外，於可驗證性方面，非條件穩健及條件穩健皆可發現非流動營運資產之可驗證性相對低於流動營運資產，其持續性亦相對較低。
會計穩健與錯誤訂價方面，於非條件穩健中，投資人不了解非條件穩健對於對於非現金營運資金變動數 (ΔWC)及非流動淨營運資產變動數(ΔNCO)之持續性影響，然而於條件穩健中投資人了解條件穩健對於應計項目持續性之增額影響，可能在於條件穩健與當時事件有關，且公司會揭露重大事項或公佈該事件對財報之影響，而非條件穩健則隱藏於各個會計科目之估計項目中，因此投資人較難捕捉非條件穩健對於非現金營運資金變動數 (ΔWC)及非流動淨營運資產變動數(ΔNCO)之持續性影響，將應計項目做進一步拆分後亦可觀察到類似現象。
目前國際會計準則為避免會計穩健與中立性之間的衝突，已不再包括會計穩健於忠實表達中，本研究實證結果顯示會計穩健更容易降低不可靠應計項目之持續性，並產生成本，此實證結果與國際會計準則委員會推動財務報導傾向中立性之品質特性目標一致。
Past studies follow the definition of accruals by Healy (1985), but the definition is only about working capital accruals. Richardson et al. (2005) develop a comprehensive definition of accruals differs from conventional definition. Following Richardson et al. (2005), I investigate the relation between conservatism and persistence of accrual components and examine whether investors understand the phenomenon.
Under conservatism and persistence of accrual components, I find some evidence that unconditional conservatism leads to lower persistence of accrual components in some unreliable balance sheet accounts, but conditional conservatism decreases the persistence of accrual components only in non-current operating assets and non-current operating liabilities. The results may be because of the characteristic of conditional conservatism and unconditional conservatism. Unconditional conservatism occurs by the consistent under-recognition of current and non-current accounting net assets. Conditional conservatism depends on news events, such as impairment loss in non-current operating assets . Li and Zhang (2010) find that conservatism reduces the persistence of reliable accruals, but not that of unreliable accruals. Our results are different from theirs.
Based on different verifiability in current (easy-to-verify information) and non-current operating assets (difficult-to-verify information) , I also find that unconditional conservatism and conditional conservatism both decrease the persistence of non-current operating assets more.
Under conservatism and mispricing, I find that investors don’t understand unconditional conservatism leads to lower the persistence of the change in non-cash working capital and the persistence of the change in net non-current operating assets. Investors understand conditional conservatism incrementally decreases the persistence of accruals. The results may be beacuse conditional conservatism is about bad news, and will be immediately recognized or disclosed in financial statements. But it is difficult to identify unconditional conservatism in financial statements, investors can not easily find the information that unconditional conservatism decreases the persistence of the change in non-cash working capital and the persistence of the change in net non-current operating assets. .
The IASB has excluded conservatism from the notion of faithful presentation. The empirical results, that conservatism leads to lower persistence of less reliable accrual components and increases more costs, in this paper are consistent with this IASB decision .
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