IAS 40雙重可選擇性之決定因素與經濟後果

Determinants and Consequences of the Dual Choices in IAS 40

我國於2013年導入國際會計準則第40號（International Accounting Standards No. 40，簡稱IAS 40）〈投資性不動產〉。導入第一年金融監督管理委員會要求企業只能採用成本模式進行後續衡量，惟仍須於附註中揭露公允價值資訊，本研究擬探討此情況下企業選擇外部鑑價之決定因素，及其對公允價值資訊之價值攸關性的影響。2014年金融監督管理委員會開放企業投資性不動產之衡量可選擇成本或公允價值模式，本研究擬驗證在新規定下，外部鑑價與公允價值之雙重可選擇性的決定因素，及其對公允價值資訊之價值攸關性的影響。本研究實證結果發現：（1）投資性不動產持有愈多或債務比率愈高之企業較可能於2013年選擇外部鑑價，及於2014年選擇公允價值模式；（2）2013年採用外部鑑價與2014年採用公允價值模式之企業，公允價值資訊之價值攸關性顯著較高。

In the first year of adoption International Accounting Standards No. 40 (IAS 40), the Financial Supervisory Commission (FSC) obliged firms to adopt only the cost model as the measurement base. This study examines, under these circumstances, the determinants of using external appraisers (EA) and the effects of such use on the value relevance of fair value. Firms were given the choice by the FSC of adopting either the fair value model (FVM) or the cost model for measurement base in 2014. Given that, this study examines the determinants of dual choice and the extent to which the value relevance of fair value was affected under different choices. The empirical results show that (1) a high percentage of investment property possession or high debt ratio prompted the use of EA in 2013 and the use of the FVM in 2014, and (2) the employment of EA in 2013 or the adoption of the FVM in 2014 significantly increased the value relevance of fair value information.