公司特性與董事會特徵影響金融業採用公允價值衡量之研究

The Effects of Firm and Board Characteristics on Fair Value Measurements: Evidence from Financial Industry

公允價值衡量假定公司和市場參與者以有秩序的方式交換其資產及負債，公司也要求依據按IFRS13中規範的三個等級揭露其公允價值。IFRS13的適用雖然沒有行業別的限制，但由於金融機構持有之資產及負債部位超過八成以上是為金融工具，其在公報上的揭露之資訊，相較其他產業所揭露的資訊來說，不管是做為外部或內部使用，將比其他產業更為重大及攸關。因此本研究以金融業為樣本，探討公司特性與董事會特徵如何影響其使用公允價值衡量第二等級和第三等級資產與負債。本研究以2011年至2013年國內三十一家金融業為主要研究對象，研究結果發現當公司規模較大、資產報酬率較低時，將較傾向使用第二等級公允價值衡量評價其資產與負債。此外，董事會規模越小的公司，其多使用之第三等級公允價值衡量評價其資產與負債。 A fair value measurement assumes firms exchange their assets and liabilities in an orderly manner with market participants. Firms are required to determine the exit prices based upon a hierarchy of three input levels which are formulated in IFRS 13. There is no difference in the application of IFRS 13 among different industries. However, compare to other industries, financial industry has 80% of financial instruments in their assets and liabilities. Therefore, the disclosure of fair value measurements under IFRS13 in financial industry is more significant than the disclosures in other industries. The purpose of this study is to examine the effects of firm and board characteristics on fair value measurements in financial industry. Using a sample of 71 yearly observations from 28 banks and 3 securities companies over 2010-2013, this study finds companies with larger firm size, lower returns on assets use more Level 2 inputs on valuing their assets and liabilities. In addition, this paper also finds that firms with larger board size use less Level 3 inputs on valuing their assets and liabilities.