採用國際會計準則與資訊透明度評等制度對國外基金投資的影響：考慮產業技術

Impact of the IFRS and IDTRS Mandate on Foreign Mutual Fund Investment: Role of Industry Technology

本研究檢查國外信託基金投資對我國採用國際會計準則的反應。考慮配合實施的資訊揭露評鑑與台灣高科技產業的發展，我們測試受評公司資訊透明度，是否為採用國際會計準則後，國外信託基金投資增加的重要因素。首先，我預期採用國際會計準則後，當資訊透明度評分較高時，國外信託基金投資較高。再者，公司的資訊環境與制度環境因素效果相對，而且分別受產業層級的影響甚大，因此，我們預期採用國際會計準則之後，依技術密集度基礎區分之高科技與非高技公司，其資訊透明度對國外信託基金投資的影響會有顯著差別。收集了轉換年度（2012年）之前後各兩個年度進行測試。首先，我發現採用國際會計準則後，高資訊透明度公司並未吸引較多的國外信託基金投資，因此沒有顯著的透明度利益。但我們進一步比較發現，採用國際會計準則後，非高科技公司的資訊透明度較高的時候，參與國外信託基金投資件數明顯增多，產生制度環境的提升效果；相反地，低透明度的高科技公司，參與國外信託基金投資件數比高透明度公司增加較多，顯示資訊環境改善的效果。最後，我們採用限縮的樣本與變動模式進行額外的測試，結果顯示資訊透明度的變動對國外基金投資影響在高科技或與高科技公司之間仍重大的差異。

This study examines foreign mutual fund's reactions to adoption of International Financial Reporting Standards in Taiwan. Considering concurrent Information Disclosure and Transparency Ranking System and rapid growth in high-technology industries in Taiwan, we examine whether improved corporate transparency is a factor that decisively affects the changes in foreign mutual fund ownership following IFRS adoption. First, we expect that when corporate transparency is higher after adopting IFRS, foreign mutual fund ownership is higher. Second, because the effects of information and institutional environments are reverse and affected by industries, we expect the joint effects of corporate transparency associated with IFRS adoption on foreign mutual fund ownership are as different for high-tech and non-high-tech firms. Using the data obtained from two years pre- and post- transfer year (2012), we first find that high transparency cannot attract higher foreign capital participation. Further, we find that non-high-tech firms with high transparency are positively associated with the number of foreign mutual fund investment, suggesting an effect of institutional environment. In contrast, high-tech firms with high-transparency are negatively associated with the number of foreign mutual fund investment, suggesting an effect of information environment. Finally, using restricted samples and change regression model for additional analyses, we find that upgraded transparency has significantly different influences on the number of foreign mutual funds invested in between high-tech and non-high-tech firms.