為提升財務報導的價值性，近年來公平價值會計已逐步取代歷史成本會計，報表閱讀重點似漸轉移到資產負債表。本研究探討台灣34號會計公報實施後，資產負債表的帳面價值與損益表的盈餘之相對價值攸關性；並藉由檢視2008年金融海嘯期間的衝擊效果，以測試帳面價值的價值攸關性是否相對較穩定。本研究以Ohlson評價模型為基礎，選擇以出口為主、投資與避險活動較頻繁的資訊電子業為研究樣本，利用Panel Data迴歸模型進行實證研究。我們發現，金融風暴前、後盈餘與帳面價值皆具有價值攸關性，帳面價值的攸關性則高於盈餘，且面對金融危機的衝擊時，盈餘的價值攸關性受到負面衝擊較大，帳面價值則相對穩定，說明以投資人的觀點而言，電子公司帳面價值擁有較高的資訊價值。

To increase the value of accounting information, historical cost accounting has gradually been replaced by fair value accounting, and the focus of financial reporting has seem moved toward emphasizing the balance sheet. This study examines whether equity book value has higher value relevance than earnings, and investigates the impact of the financial crisis to verify whether book value has a more stable value relevance. In this study, we verify the relevance of current earnings and book value before, during, and after the 2008 financial crisis, which occurred after Taiwan's Statement of Financial Accounting Standards 34 (SFAS No.34) took effect in Taiwan.This study refers to Ohlson valuation model and uses the panel data regression method to perform the empirical study. We chose electronics firms as its samples, which are export-oriented and have more frequent investments and risk avoidance activities. The results show that book value has higher and more stable value relevance than earnings, which suggests that book value possesses higher value of information from the perspectives of investors.