臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：衍生性金融商品使用程度對會計資訊價值攸關性之影響--避險與非避險使用動機之檢測
書刊名：管理與系統
作者：陳慶隆 引用關係／林秀謙／盧鎮瑋
作者(外文)：Chen, Ching-lung／Lin, Hsiu-chien／Lu, Chen-wei
出版日期：2014
卷期：21:2
頁次：頁329-361
主題關鍵詞：衍生性金融商品；Ohlson模式；價值攸關性；盈餘；權益帳面價值；Derivatives；Ohlson model；Value-relevance；Earnings；Equity book value
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(3) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:2
  • 共同引用共同引用:253
  • 點閱點閱:81
衍生性金融商品具低交易成本與高報酬率的特性，近年來已成為熱門的避險或投資工具。因衍生性金融商品使用動機可區分為避險與非避險兩種類型，本研究預期不同的衍生性金融商品使用動機，將對公司報導會計資訊的價值攸關性產生不同之影響；從事避險目的衍生性金融商品之操作，能減少利率、匯率或原物料價格波動所產生的風險，可使公司盈餘相對平穩，提高盈餘資訊的相對價值攸關性；反之，從事非避險目的之衍生性金融商品交易，則使公司盈餘的波動性增加，降低盈餘資訊的相對價值攸關性。本文採取Ohlson股價評價模式，以平衡追蹤資料（balanced panel data）型態，探討公司衍生性金融商品使用程度如何透過每股盈餘及權益帳面價值對股價產生影響。實證結果顯示：我國上市公司從事避險性（非避險性）衍生性金融商品的程度越高，盈餘之相對價值攸關性提高（降低）；然而，從事避險性（非避險性）衍生性金融商品的程度越高，僅在某些情境下，權益帳面價值之價值攸關性會提高（降低）。本研究進行若干敏感性測試，發現實證結果具相當穩固性。
The ongoing growth in use of financial instruments together with the accompanying disclosure requirements debate has motivated this study to examine the role of derivatives usage on the value-relevance of accounting numbers. Especially, this study divides the entire sample into hedging-versus non-hedging-purpose derivatives usage sub-samples and examines whether various derivative usage motives trigger distinct effects on the value-relevance of earnings and equity book value. The empirical result reveals that, as conjectured, firms with large magnitude of hedging-purpose (non-hedging-purpose) derivatives usage have higher (lower) value-relevance of earnings. However, firms with large magnitude of hedging-purpose (non-hedging-purpose) derivatives usage have higher (lower) value-relevance of equity book value only gains limited supports in the empirical testing. This study implements several diagnostic checks and demonstrates the results are robust to various specifications.
期刊論文
1.Feltham, Gerald A.、Pae, Jinhan(2000)。Analysis of the Impact of Accounting Accruals on Earnings Uncertainty and Response Coefficients。Journal of Accounting, Auditing & Finance，15(3)，199-224。  new window
2.林美花、黃祥宇(20060700)。衍生性金融商品數量性資訊揭露與外匯風險暴露之關聯性研究。會計評論，43，63-93。new window  延伸查詢new window
3.Petersen, M. A.、Thiagarajan, S. R.(2000)。Risk measurement and hedging: With and without derivatives。Financial Management，29(4)，5-30。  new window
4.劉志諒、賴淑妙(20090400)。衍生性金融商品之使用對盈餘屬性及盈餘資訊性之影響。管理評論，28(2)，77-100。new window  延伸查詢new window
5.Burgstahler, D. C.、Dichev, I. D.(1997)。Earning, Adaptation, and Equity Value。The Accounting Review，72(1)，187-215。  new window
6.Eccher, A.、Ramesh, K.、Thiagarajan, S.(1996)。Fair Value Disclosures of Bank Holding Companies。Journal of Accounting & Economics，22(1/3)，79-117。  new window
7.Finnerty, J.、Grant, D.(2002)。Alternative Approaches to Testing Hedge Effectiveness under SFAS No.133。Accounting Horizons，16(2)，95-108。  new window
8.Graham, J. R.、Rogers, D. A.(2002)。Do Firm Hedge in Response to Tax Incentives。Journal of Finance，57(2)，815-839。  new window
9.Hodder, Leslie D.、Hopkins, Patrick E.、Wahlen, James M.(2006)。Risk-relevance of Fair-value Income Measures for Commercial Banks。The Accounting Review，81(2)，337-375。  new window
10.Kanodia, C.、Mukherji, A.、Sapra, H.、Venugopalan, R.(2000)。Hedge Disclosure, Future Prices, and Production Disclosures。Journal of Accounting Research，38(3)，53-82。  new window
11.Minton, B. A.、Schrand, C.(1999)。The Impact of Cash Flow Volatility on Discretionary Investment and the Cost of Debt and Equity Financing。Journal of Financial Economics，54(3)，423-460。  new window
12.Pincus, M.、Rajgopal, S.(2002)。The Interaction of Accounting Policy Choice and Hedging: Evidence from Oil and Gas Firms。The Accounting Review，77(1)，127-160。  new window
13.Smith, C. W.、Stulz, R. M.(1985)。The Determinants of Firms' Hedging Policie。Journal of Financial and Quantitative Analysis，20(4)，391-405。  new window
14.Wang, L.、Alam, P.、Makar, S.(2005)。The Value-relevance of Derivative Disclosures by Commercial Banks: A Comprehensive Study of Information Content under SFAS No 119 and 133。Review of Quantitative Finance and Accounting，25(4)，413-427。  new window
15.Dadalt, P.、Gay, G. D.、Nam, J.(2002)。Asymmetric information and corporate derivatives use。Journal of Futures Markets，22(3)，241-267。  new window
16.Guay, W.、Kothari, S. P.(2003)。How much do firms hedge with derivatives?。Journal of Financial Economics，70(3)，423-461。  new window
17.Sapra, H.(2002)。Do Mandatory Hedge Disclosures Discourage or Encourage Excessive Speculation。Journal of Accounting Research，40(3)，933-964。  new window
18.Ahmed, A. S.、Kilic, Emre、Lobo, G. J.(2006)。Does recognition versus disclosure matter? Evidence from value-relevance of banks' recognized and disclosed derivative financial instruments。The Accounting Review，81(3)，567-588。  new window
19.Black, Ervin L.、White, John J.(2003)。An International Comparison of Income Statement and Balance Sheet Information: Germany, Japan and the U.S.。European Accounting Review，12(1)，29-46。  new window
20.Arce, Miguel、Mora, Araceli(2002)。Empirical Evidence of the Effect of European Accounting Differences on the Stock Market Valuation of Earnings and Book Value。European Accounting Review，11(3)，573-599。  new window
21.Collins, D. W.、Maydew, E. L.、Weiss, I.(1997)。Changes in the Value-relevance of Earnings and Book Value over the past Forty Years。Journal of Accounting and Economics，24(1)，39-67。  new window
22.王萬成、高祥恒(20050400)。Discretionary Accruals, Derivatives and Income Smoothing。中華會計學刊，5(2)，143-168。new window  延伸查詢new window
23.Nwaeze, Emeka T.(1998)。Regulation and the valuation relevance of book value and earnings: Evidence from the United States。Contemporary Accounting Research，15(4)，547-573。  new window
24.Ou, Jane A.、Sepe, James F.(2002)。Analysts Earnings Forecasts and the Roles of Earnings and Book Value in Equity Valuation。Journal of Business Finance & Accounting，29(3/4)，287-316。  new window
25.Beaver, William H.(1968)。The Information Content of Annual Earnings Announcement。Journal of Accounting Research，6(Suppl.)，67-92。  new window
26.Géczy, Christopher C.、Minton, Bernadette A.、Schrand, Catherine M.(1997)。Why Firms Use Currency Derivatives?。Journal of Finance，52(4)，1323-1354。  new window
27.Guay, Wayne R.(1999)。The Impact of Derivatives on Firm Risk: An Empirical Examination of New Derivative Users。Journal of Accounting & Economics，26(1-3)，319-351。  new window
28.Tufano, P.(1996)。Who Manage Risk? An Empirical Examination of Risk Management Practices in the Gold Mining Industry。Journal of Finance，51(4)，1097-1137。  new window
29.Chow, C. W.、Wong-Boren, A.(1987)。Voluntary Financial Disclosure by Mexican Corporations。The Accounting Review，62(3)，533-541。  new window
30.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
31.Marquardt, Carol A.、Wiedman, Christine I.(2004)。The effect of earnings management on the value relevance of accounting information。Journal of Business Finance & Accounting，31(3/4)，297-332。  new window
32.Francis, Jennifer、Schipper, Katherine(1999)。Have Financial Statements Lost Their Relevance?。Journal of Accounting Research，37(2)，319-352。  new window
33.Easton, Peter D.、Zmijewski, Mark E.(1989)。Cross-Sectional Variation in the Stock Market Response to Accounting Earnings Announcements。Journal of Accounting and Economics，11(2/3)，117-141。  new window
34.Froot, Kenneth A.、Scharfstein, David S.、Stein, Jeremy C.(1993)。Risk Management: Coordinating Corporate Investment and Financing Policies。Journal of Finance，48(5)，1629-1658。  new window
35.Collins, Daniel W.、Pincus, Morton、Xie, Hong(1999)。Equity Valuation and Negative Earnings: The Role of Book Value of Equity。The Accounting Review，74(1)，29-61。  new window
36.Venkatachalam, Mohan(1996)。Value-relevance of Banks' Derivatives Disclosures。Journal of Accounting and Economics，22(1-3)，327-355。  new window
37.Kormendi, Roger、Lipe, Robert(1987)。Earnings Innovations, Earnings Persistence, and Stock Returns。Journal of Business，60(3)，323-345。  new window
38.Feltham, Gerald A.、Ohlson, James A.(1995)。Valuation and clean surplus accounting for operating and financial activities。Contemporary Accounting Research，11(2)，689-731。  new window
39.Lev, Baruch、Thiagarajan, S. Ramu(1993)。Fundamental Information Analysis。Journal of Accounting Research，31(2)，190-215。  new window
40.范宏書、陳慶隆、廖英任(20080100)。盈餘管理對會計資訊的相對價值攸關性之影響。管理與系統，15(1)，93-136。new window  延伸查詢new window
41.Ball, Ray、Brown, Philip(1968)。An Empirical Evaluation of Accounting Income Numbers。Journal of Accounting Research，6(2)，159-178。  new window
42.Yeh, Yin-Hua、Lee, Tsun-Siou、Woidtke, Tracie(2001)。Family control and corporate governance: Evidence from Taiwan。International Review of Finance，2(1/2)，21-48。  new window
43.Barton, Jan(2001)。Does the use of financial derivatives affect earnings management decisions?。The Accounting Review，76(1)，1-26。  new window
44.Hausman, Jerry A.(1978)。Specification tests in econometrics。Econometrica: Journal of the Econometric Society，46(6)，1251-1271。  new window
45.Subramanyam, K. R.(1996)。The pricing of discretionary accruals。Journal of Accounting and Economics，22(1-3)，249-281。  new window
46.Barth, Mary E.、Beaver, William H.、Landsman, Wayne R.(1998)。Relative Valuation Roles of Equity Book Value and Net Income as a Function of Financial Health。Journal of Accounting and Economics，25(1)，1-34。  new window
47.Ohlson, James A.(1995)。Earnings, Book Values, and Dividends in Equity Valuation。Contemporary Accounting Research，11(2)，661-687。  new window
48.Abarbanell, Jeffery S.、Bushee, Brian J.(1997)。Fundamental Analysis, Future Earnings, and Stock Prices。Journal of Accounting Research，35(1)，1-24。  new window
49.Allayannis, George、Weston, James P.(2001)。The Use of Foreign Currency Derivatives and Firm Market Value。The Review of Financial Studies，14(1)，243-276。  new window
50.Nance, Deana R.、Smith, Clifford W. Jr.、Smithson, Charles W.(1993)。On the determinants of corporate hedging。Journal of Finance，48(1)，267-284。  new window
51.White, Halbert L. Jr.(1980)。A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity。Econometrica: Journal of the Econometric Society，48(4)，817-838。  new window
52.Beaver, William H.、Clarke, Roger、Wright, William F.(1979)。The Association between Unsystematic Security Returns and the Magnitude of Earnings Forecast Errors。Journal of Accounting Research，17(2)，316-340。  new window
研究報告
1.Allayannis, G.、Lel, U.、Miller, D. P.(2009)。Corporate Governance and the Hedging Premium around the World。Darden Business School。  new window
2.Carter, D.、Rogers, D.、Simkins, B.(2003)。Does Fuel Hedging Makes Economic Sense? The Case of the US Airline Industry。  new window
3.Cho, S. Y.、Han, J.、Brown, K. F.(2006)。Do Nonaudit Services Enhance Value? Evidence from the Capital Markets。Drexel University。  new window
4.Whelan, Catherine J.、McNamara, Raymond P.(2004)。The Impact of Earnings Management on the Value-relevance of Financial Statement Information。Georgia College and State University。  new window
5.Breeden, Douglas、Viswanathan, S.(1998)。Why do Firms Hedge? An Asymmetric Information Model。Duke University Fuqua School of Business。  new window
圖書
1.Blankley, A.、Schroeder, R.(2000)。Accounting for Derivatives under SFAS No.133。The Mid-Atlantic Journal of Business。  new window
2.Greene, Willian H.(2004)。Econometric Analysis。Prentice-Hall。  new window
3.Melumad, N.、Weyns, G.、Ziv, A.(1999)。Comparing Alternative Hedge Accounting Standards: Shareholders Perspective。Review of Accounting Studies。  new window
4.葉銀華、李存修、柯承恩(2013)。公司治理與評等系統。台北：智商文化。new window  延伸查詢new window
5.Hsiao, Cheng(1986)。Analysis of Panel Data。Cambridge University Press。  new window
圖書論文
1.Riffe, S.(1997)。The Valuation of Off-balance-sheet Financial Instrument Disclosures in the Banking Industry。Derivatives, Regulation and Banking。North-Holland。  new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關著作
 
無相關點閱
 
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：930（臺灣：926，外國：4） ／ 本年度總使用人次：1780212 ／ 訪客人次（自102年09月）：67573274
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上