我國上市櫃公司採行34號公報第二次修訂規定之誘因：以交易目的股票重分類為備供出售為例

The Incentives of Listed Companies to Adopt the Second Revisions on the Statement of Financial Accounting Standard No. 34: An Example of Reclassification of Trading Stock Investments to Available for Sale Investments

本文探討我國上市櫃公司採行財務會計準則34號公報第二次修訂規定進行金融資產重分類之誘因。本文的實證分析結果顯示，債務契約限制會影響公司傾向選擇將交易目的股票投資之金融資產重分類為備供出售金融資產，且重分類前盈餘低於前期盈餘之上市櫃公司，基於避免報導盈餘減少之結果，亦較傾向採行該項重分類規定以增加當年度盈餘。其次，本文研究亦發現債務契約限制愈大及重分類前盈餘低於前期盈餘之上市櫃公司，其將交易目的股票投資金融資產重分類為備供出售金融資產之部位較大。本文的結果提供我國上市櫃公司在金融風暴時期選擇金融資產重分類誘因之實證解釋。

This study examines the incentives of listed companies to adopt the second revisions on the reclassification of financial assets of Financial Accounting Standard No.34 (FAS 34). The second revisions on FAS 34 allow firms to reclassify trading stock investments from financial assets measured at fair value through profit or loss to available-for-sale financial assets during the 2008 global financial crisis. The empirical results of this study show that debt covenants restriction is a significant factor affecting firms’ decision to reclassify trading stock investments to available-for-sale financial assets. Further, companies which would report a decline in earnings from the previous year’s before the reclassification of trading stock investments are more likely to reclassify those assets to available-for-sale financial assets. Further, the results also show that the amount of reclassified trading stock investments is related to the debt covenants restriction and the reluctance to report a decline in earnings. Our results provide evidence on the incentives of Taiwanese listed companies to reclassify financial assets that are exposed to the reporting risk of fair value accounting during a global financial crisis.