採用IFRS後廉價購買利益價值攸關性之研究──與其他盈餘組成部分之比較

Value Relevance of Bargain Purchase Gain after IFRS Adoption--Comparison with Other Earnings Components

我國企業自2013年改依國際會計準則（IFRS）編製財務報告，而2012年為我國採用IFRS之轉換期間。其中IFRS3「企業合併」規定，應將企業併購產生的廉價購買利益立即認列為當期利益，這個做法與我國原先一般公認會計原則（ROC GAAP）之規定有較大差異。本研究以Ohlson（1995）會計評價架構為基礎，國內上市櫃公司為樣本，來衡量會計準則變動後，盈餘資訊中廉價購買利益的價值攸關性。研究結果發現：在台灣資本市場中，帳面價值與扣除廉價購買利益之盈餘，皆與股價呈顯著正相關，而廉價購買利益與股價雖有正向關係但未達顯著水準。進一步檢視價值攸關性高低之差異，發現扣除廉價購買利益之盈餘顯著比廉價購買利益具更高的價值攸關性。再考慮盈餘持續性，將扣除廉價購買利益之盈餘分成營業利益、持續性較高之營業外損益、持續性較低之營業外損益，發現營業利益及持續性較高之營業外損益也顯著比廉價購買利益具更高的價值攸關性，至於持續性較低之營業外損益與廉價購買利益兩者價值攸關性之比較，則未有顯著差異。 Taiwan’s listed firms have prepared their financial statements in accordance with International Financial Reporting Standards (IFRS) since the full IFRS adoption starting from the year of 2013. Thus, the year of 2012 is the transitional period for the IFRS adoption. According to IFRS 3 Business Combinations, bargain purchase gain resulting from a business combination shall be recognized as a gain immediately at the time of business combination, which is quite different from the requirements under the previous ROC GAAP. By using the Ohlson’s model (1995), the paper examines the value relevance of bargain purchase gain for Taiwan’s listed firms. The results find that book value and net income excluding bargain purchase gain have significantly positive associations with security price. But bargain purchase gain is insignificantly positively associated with security price. This paper further investigates relative value relevance and the results indicate that net income excluding bargain purchase g ain has significantly higher value relevance than bargain purchase gain. Depending on their earnings persistence, net income excluding bargain purchase is further decomposed into operating income, non-operating income with higher persistence and non-operating income with lower persistence. This paper finds that both operating income and non-operating income with higher persistence also have significantly higher value relevance than bargain purchase gain. But there is no significant difference in value relevance between non-operating income with lower persistence and bargain purchase gain.