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題名：合併財務報表資訊與企業系統風險之關聯性研究
書刊名：會計審計論叢
作者：方偉廉
作者(外文)：Fang, Wei-lian
出版日期：2011
卷期：1:2
頁次：頁1-25
主題關鍵詞：合併財務報表；母公司單獨報表；系統風險；Consolidated financial statements；Parent-only financial statements；Systematic risk
原始連結：連回原系統網址new window
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我國上市櫃公司目前同時編製有合併財務報表與母公司單獨報表，但對於投資人而言，何者具有較高之資訊攸關性？本研究藉由比較兩種報表資訊與企業系統風險之關聯性以探討此議題。財務理論將系統風險拆解為財務槓桿風險與無槓桿營運風險。因此合併報表相對於母公司報表呈現出較高之財務槓桿風險與較低之營運風險。樣本來自台灣經濟新報社之財務與權益資料庫，研究期間為2000至2009年。Vuong測試之結果顯示合併財務資訊對於企業系統風險之解釋力較高。其次，若把合併負債分為母公司負債與子公司負債，子公司負債之財務風險意義並未顯著異於母公司負債。最後，2005年合併財務報表會計準則之修正，擴大子公司範圍，則並未改變子公司負債之資訊攸關性。
In Taiwan, the listed companies present both consolidated financial statements and parent-only financial statements. But which kind of information is more relevant for investors? The research examines this issue by comparing the associations between the two kinds of information and enterprise systematic risk. In finance literatures systematic risk could be decomposed into financial leverage risk and unlevered operating risk. Thus the information of consolidated statements presents higher leverage risk and lower operating risk than that of parent single statements. The sample is from TEJ finance and equity databases, and research period is from 2000 to 2009. The result of Vuong test shows that the model fitted with the information of consolidated statements has more explanation power of systematic risk. Second, if the consolidated liability is separated into the parent's liability and the subsidiary's liability, the finance risk meaning of subsidiary's liability is insignificantly different from that of parent's liability. And last, the 2005 amendments of accounting standards of consolidated financial statements, which expanded the scope of subsidiary, does not change the information relevance of subsidiary's liability.
期刊論文
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15.Pendlebury, M.(1980)。The application of information theory to accounting for groups of companies。Journal of Business Finance and Accounting，7(1)，105-117。  new window
16.Vuong, Q.(1989)。Liklihood ratio tests for model selection and non-nested hypotheses。Econometrica，57(2)，307-333。  new window
17.White, H.(1980)。A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity。Econometrica，48(4)，817-838。  new window
18.Beaver, W.、Manegold, J.(1975)。The association between market determined and accounting determined measures of systematic risk: Some further evidence。Journal of Financial and Quantitative Analysis，10(2)，231-284。  new window
19.Bowman, R. G.(1979)。The Theoretical Relationship between Systematic Risk and Financial (Accounting) Variables。The Journal of Finance，34(3)，617-630。  new window
20.Rubinstein, M. E.(1973)。A Mean-Variance Synthesis of Corporate Financial Theory。Journal of Finance，28(1)，167-181。  new window
21.林世銘、林宗輝、蔡彥卿(20040400)。Earnings Management in Taiwan's Imputation Tax System。中華會計學刊，4(2)，127-152。new window  延伸查詢new window
22.Hamada, R. S.(1972)。The effect of the firm's capital structure on the systematic risk of common stocks。Journal of Finance，27(2)，435-452。  new window
23.Modigliani, F.、Miller, M.(1958)。The Costs of Capital, Corporation Finance, and the Theory of Investment。The American Economic Review，48(3)，261-297。  new window
24.Lev, B.(1974)。On the association between operating leverage and risk。Journal of Financial and Quantitative Analysis，9(4)，627-641。  new window
25.Dechow, Patricia M.(1994)。Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals。Journal of Accounting and Economics，18(1)，3-42。  new window
26.Sharpe, William F.(1963)。A simplified model for portfolio analysis。Management Science，9(2)，277-293。  new window
27.Black, Fischer、Scholes, Myron S.(1973)。The Pricing of Options and Corporate Liabilities。Journal of Political Economy，81(3)，637-654。  new window
28.Beaver, W.、Kettler, P.、Scholes, M.(1970)。The Association between Market Determined and Accounting Determined Risk Measures。The Accounting Review，45(4)，654-682。  new window
29.葉疏、方偉廉(20090900)。子公司負債對母公司評價之攸關性研究。臺大管理論叢，19(S2)，99-126。new window  延伸查詢new window
30.Miller, Merton H.(1977)。Debt and Taxes。The Journal of Finance，32(2)，261-275。  new window
31.Benis, M.(1979)。The non-consolidated finance company subsidiary。The Accounting Review，54 (4)，808-814。  new window
32.Francis, J.(1986)。Debt reporting by parent companies: Parent-only versus consolidated statement。Journal of Business Finance and Accounting，13 (3)，393-403。  new window
33.Walker, R.(1976)。An evaluation of information conveyed by consolidated statements。Abacus，12(2)，77-115。  new window
學位論文
1.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內涵之研究(博士論文)。國立政治大學。new window  延伸查詢new window
2.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(碩士論文)。國立政治大學。  延伸查詢new window
3.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内涵(碩士論文)。國立成功大學。  延伸查詢new window
4.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(碩士論文)。國立成功大學。  延伸查詢new window
5.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内涵研究(碩士論文)。私立東吳大學。  延伸查詢new window
6.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(碩士論文)。國立臺灣大學。  延伸查詢new window
圖書
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(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。  延伸查詢new window
2.Financial Accounting Standards Board(FASB)(1987)。Consolidation of an majority-owned subsidiaries。Statements of Financial Accounting Standards No. 94.。Norwalk, CT：FASB。  new window
3.Financial Accounting Standards Board(FASB)(2000)。Accounting for transfers and servicing of financial assets and extinguishments of liabilities- A replacement of FASB Statement No. 125。Statements of Financial Accounting Standards No. 140.。Norwalk, CT：FASB。  new window
4.Financial Accounting Standards Board(FASB)(2003)。Consolidation of Variable Interest Entities- An interpretation of ARB No.51。FASB Interpretation No. 46.。Norwalk, CT：FASB。  new window
5.International Accounting Standards Board(IASB)(1989)。Consolidated Financial Statements。International Accounting Standards No. 27。London, UK：IASB。  new window
6.International Accounting Standards Board(IASB)(1998)。Consolidation--Special Purpose Entities。Standing Interpretations Committee No. 12。London, UK：IASB。  new window
7.International Accounting Standards Board(IASB)(1998)。Financial Instruments: Recognition and Measurement。International Accounting Standards No. 39。London, UK：IASB。  new window
8.International Accounting Standards Board(IASB)(2009)。Consolidated Financial Statements。Exposure Draft No. 10。London, UK：IASB。  new window
9.Securities and Exchange Commission(1982)。Accounting series release no. 302: Separate financial statements required by regulation S-X。Washigton, DC：SEC。  new window
 
 
 
 
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