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題名:The Impact of Account Method Change for Business Group ROE Valuation: A New RDP Valuation Model vs. Improve DuPont Model
書刊名:評價學報
作者:楊麗玲
作者(外文):Yang, Li-ling
出版日期:2014
卷期:7
頁次:頁21-37
主題關鍵詞:國際會計準則權益報酬資源配置組合評價IFRSEquity returnResources deployment portfolioValuation
原始連結:連回原系統網址new window
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台灣財務會計準則早期是依循美國會計準則的架構,自2002年起開始與國際會計調和,本文主要目的在針對國內會計國際調和後,會計處理方法的改變如何反應於企業評價。先前研究提出一個以資源配置(Resources Deployment Portfolio, RDP)為基礎的集團企業股東權益評價模式,在RDP模式下將股東權益報酬(ROE)拆解成五個權益來源,營運權益報酬(RoOE)、財務權益報酬(RoFE)、其他權益報酬(RoXE)、影響權益報酬(RoIE)及創新研發權益報酬(R&DI)。在會計的全球接軌後,本文進一步拆解RoOE到模型裡,實證會計處理改變:1.金融工具公平價值先前採報表揭露,改採認列是否較具資訊內涵;2.先前企業員工分紅/董監酬勞係由盈餘分配,改認列為企業營運成本投資人之市場評價;3.將股東權益項下之其它綜合淨利調整認列入當期損益,是否具價值攸關性。本文以468家上市的集團企業2006~2008財務資料為研究樣本。實證結果顯示,採認列金融商品公平價值具有資訊內涵、市場對於員工分紅/董監酬勞認列為營運成本具負面反應,RDP拆解股東權益的評價模式能有效解釋企業長期價值的創造,且能符合會計規範的改變。
This study is to examine how the change in accounting methods reflects firm valuation after the harmonization between Taiwan Generally Accepted Accounting Principles (TGAAP) and International Financial Reporting Standards (IFRS). Previous research proposes a shareholders' equity valuation model for business group based on Resources Deployment Portfolio (RDP). It decomposes ROE of a business group into the sum of return on operating equity (RoOE), return on financial equity (RoFE), return on other equity (RoXE), return on influencing equity (RoIE) and R&D intensiveness (R&DI). The account global convergence, we attempt to further decompose RoOE and to add components to the model. We conduct a RDP-analysis of IFRS adoption to investigate 468 listed business groups between 2006 and 2008. Our finding by the model used for recognition the fair value of financial instruments provides better information content; and the market reacts negatively to the recognition of employee bonus/compensation to directors and supervisors as operating costs. Finally, our find the RDP equity valuation model can effectively explain the creation of long-term firm value.
期刊論文
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2.Ball, R.(2006)。International Financial Accounting Standards (IFRS): Pros and Cons for Investors。Accounting and Business Research,Special Issue,5-27。  new window
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4.Chen, D. M.、Yang, L.-L.(2009)。Market Valuation of Employee and Director Bonuses for Profitable High-Tech Firms: The Case of Taiwan。Journal of International Management Studies,4(1),189-196。  new window
5.Chen, D. M.、Yang, L.(2009)。An Empirical Test of a Resources Deployment Portfolio (RDP) Approach to Business Group ROE Decomposition。Review of Pacific Basin Financial Markets and Policies,12(4),1-26。  new window
6.Pinto, J. A.(2005)。How Comprehensive is Comprehensive Income? The Value Relevance of Foreign Currency Translation Adjustments。Journal of International Financial Management and Accounting,17(2),97-122。  new window
7.Goodwin, J.、Ahmed, K.(2006)。Longitudinal Value Relevance of Earnings and Intangible Assets: Evidence from Australian Firms。Journal of International Accounting, Auditing and Taxation,15(1),72-91。  new window
8.李漢力、陳明道(20070500)。臺灣紡織業價值鏈分析。貨幣觀測與信用評等,65,28-45。  延伸查詢new window
9.Hamberg, M.、Mavruk, T.、Sjoger, S.(2013)。Investment Allocation Decisions, Home Bias and the Mandatory IFRS Adoption。Journal of International Money and Finance,36,107-130。  new window
10.Yen, S. -H.、Yen, Y. -F.(2002)。Intangible Assets and Valuation Relevance: The Impact of Taiwan Stock Market Cycles and Industry。Contemporary Accounting,3(2),121-147。  new window
11.Aboody, D.、Barth, M. E.、Kasznik, R.(2004)。SFAS No.123 Stock-Based Compensation Expense and Equity Market Values。The Accounting Review,79(2),251-275。  new window
12.Barth, M. E.、Beaver, W. H.、Landsman, W. R.(1996)。Value-relevance of Banks' Fair Value Disclosures under SFAS No.107。The Accounting Review,71(4),513-537。  new window
13.Joos, P. P. M.、Leung, E.(2013)。Investor Perceptions of Potential IFRS Adoption in the United States。The Accounting Review,88(2),577-609。  new window
14.Aboody, D.(1996)。Market Valuation of Employee Stock Options。Journal of Accounting and Economics,22(1-3),357-391。  new window
15.Horton, Joanne、Serafeim, George、Serafeim, Ioanna(2013)。Does mandatory IFRS adoption improve the information environment?。Contemporary Accounting Research,30(1),388-423。  new window
16.Huson, M. R.、Scott, T. W.、Wier, H. A.(2001)。Earnings Dilution and the Explanatory Power of Earnings for Returns。The Accounting Review,76(4),589-612。  new window
17.Bell, Timothy B.、Landsman, Wayne R.、Miller, Bruce L.、Yeh, Shu(2002)。The Valuation Implications of Employee Stock Option Accounting for Profitable Computer Software Firms。The Accounting Review,77(4),971-996。  new window
18.Jorion, P.(1990)。The Exchange-Rate Exposure of U. S. Multinationals。Journal of Business,63(3),331-345。  new window
19.Venkatachalam, Mohan(1996)。Value-relevance of Banks' Derivatives Disclosures。Journal of Accounting and Economics,22(1-3),327-355。  new window
20.劉正田(20010700)。研發支出資本化之會計基礎股票評價。會計評論,33,1-26。new window  延伸查詢new window
21.Lev, Baruch、Zarowin, Paul(1999)。The Boundaries of Financial Reporting and How to Extend Them。Journal of Accounting Research,37(2),353-385。  new window
會議論文
1.陳明道(2006)。集團企業分析、評價、與信評的整合模式。「兩岸管理暨經濟合作發展模式」學術研討會。台北:輔仁大學。  延伸查詢new window
研究報告
1.Kanagaretnam, K.、Mathieu, R.、Shehata, M.(2005)。Usefulness of Comprehensive Income Reporting in Canada: Evidence from Adoption of SFAS 130。  new window
學位論文
1.巫素玫(2002)。影響員工分紅入股高低之因素及宣告時市場反應(碩士論文)。東海大學,臺中市。  延伸查詢new window
2.林岱融(2007)。我國電子業上市公司金融商品公平價值資訊之報導方式對於價值攸關性之影響(碩士論文)。輔仁大學,台北。  延伸查詢new window
3.郭子慧(2003)。員工分紅配股與權益評價(碩士論文)。國立中山大學,台北。  延伸查詢new window
4.蔡志瑋(2003)。員工分紅與公司績效及投資人報酬之關聯性研究--以臺灣上市資訊電子業為例(碩士論文)。國立政治大學。  延伸查詢new window
5.謝月香(2000)。無形資產(碩士論文)。國立成功大學,臺南市。  延伸查詢new window
圖書
1.FASB(1991)。SFAS No.107. Disclosure about Fair Value of Financial Instruments。  new window
2.FASB(1994)。SFAS No.119. Disclosure about Derivative Financial Instruments and Fair Value Financial Instruments。  new window
3.FASB(1998)。SFAS No.133. Accounting for derivative instruments and hedging activities。  new window
 
 
 
 
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