採用IFRS轉換期間雙軌財務資訊對股利政策之影響

The Effects of Dual Financial Information on Dividend Policy during the Transitional Period of IFRS Adoption

我國上市櫃公司從2013年起開始適用國際財務報導準則（IFRS），因而2012年為我國採用IFRS之轉換期間。根據IFRS的適用規定，2012年初為IFRS開帳日，在2012年將會同時存在依照我國原先之一般公認會計原則（ROC GAAP）編製而得，與依照IFRS編製而得的兩套財務資訊。本研究首先探討在轉換期間（2012年），雙軌財務資訊（尤其是轉換會計原則所產生的未分配盈餘差異數）對企業股利發放之影響。研究結果發現，無論採用IFRS而增加或減少未分配盈餘之企業，都會減少2012年股利之發放。顯示企業面臨IFRS轉換所可能造成的不確定性，以審慎保守的態度，來因應股利之發放。其次金融監督管理委員會規定企業在首次適用IFRS時，因適用IFRS 1「首次採用國際財務報導準則」之豁免規定，將不動產、廠房及設備之未實現重估增值，及國外營運單位之外幣換算調整數利益轉入未分配盈餘者，須提列特別盈餘公積，不得發放給股東。本研究也針對這些採用IFRS 1豁免規定之公司，探討未實現重估增值及累積換算調整數利益對股利發放之影響。研究發現，這兩個適用豁免規定項目並未對2012年股利發放產生重大影響。

International Financial Reporting Standards (IFRS) have been mandatory for Taiwan listed companies since the beginning of year 2013, thus year 2012 is officially regarded as the IFRS transitional period. Given that January 1, 2012 marks the starting day of IFRS transition, two sets of accounting information must be available during the 2012 reporting period per IFRS adoption requirements: one is opening IFRS financial statements, and the other is financial statements prepared in accordance with ROC GAAP. This study examines the effects on dividend policy of dual financial information (especially, differences in undistributed earnings resulting from the conversion of accounting principles) during the transitional period 2012. The findings show that, regardless of whether undistributed earnings increase or decrease after IFRS adoption, firms tend to reduce their dividend payouts in year 2012. This suggests that firms implement their dividend payout policy in a prudent and conservative manner due to uncertain factors resulting from the IFRS conversion. In addition, when firms first apply the exemptions in accordance with IFRS 1 ＂First-time Adoption of IFRS＂, they are required by Financial Supervisory Commission to appropriate special reserves from undistributed earnings rather than pay them out to their shareholders, if the firm records the unrealized gain on PPE revaluation and the gain on cumulative translation adjustments of foreign currencies from overseas operating units. For companies meeting the IFRS 1 exemption requirement, this study furthermore examines both unrealized gains on revaluation and gains on cumulative translation adjustments to determine if these two have any effect on dividend policy. The findings, however, show neither of them have no significant impact on dividend policy during year 2012.