直接採用IFRS前後財務報表資訊內涵之比較

The Information Content of Financial Reports: The Comparison of Pre- and Post IFRS Adopted Directly

本研究以2010 年至2011 年（非直接採用IFRS 時期）和2013 年（直接採用IFRS 時期）臺灣上市櫃公司為研究樣本，探討直接採用IFRS 後對財務報表宣告事件與盈餘數字之資訊內涵之影響，並進一步納入外資持股比例檢測此變數是否影響研究結果。結果發現若未考量外資持股比例，2013 年財報宣告之異常報酬波動幅度之關係低於2010 年至2011 年；進一步分析顯示外資持股比例高組之企業，呈顯著正相關；外資持股比例非高組呈顯著負相關。於盈餘數字之資訊內涵方面，發現外資持股比例高組之企業於2013 年較2010 年至2011年更具資訊內涵，推論可能原因為外資較本國投資人更具有解讀IFRS 財報數字之經驗與能力，因此IFRS 財報對兩者之決策影響不同。本文實證結果也發現，即使我國已於1990 年起逐步趨同IFRS，但於2013 年一次全面直接採用IFRS 後，此變革仍對財報之資訊內涵出現顯著影響。

This study investigated whether the adoption of IFRS influenced the information content of financial report announcements and earnings figures using data from publicly traded companies in Taiwan from the years 2010 to 2011 (pre-IFRS) and 2013 (post-IFRS). We also examined whether the ratio of foreign investors affect the empirical results. The results indicate that when the ratio of foreign investors is not considered, the degree of abnormal volatility in returns in the financial report announcements in 2013 is lower than that from 2010 to 2011. Further analysis showed that companies with a high ratio of foreign investors displayed a significant and positive correlation with the degree of abnormal volatility in returns, while companies with a low ratio of foreign investors displayed a significant and negative correlation with the degree of abnormal volatility in returns. With regard to the information content of earnings figures, companies with a high ratio of foreign investors presented more information content in 2013 than from 2010 to 2011. We speculate that this is because foreign investors are adept and experienced at interpreting IFRS financial reports than domestic investors, and therefore, IFRS financial reports exert varying influences on them. The empirical results of this study also show that even though Taiwan began moving towards IFRS in 1990, the full adoption of IFRS in 2013 still had a considerable impact on the information content of financial reports.