第34號財務會計準則公報對盈餘與權益帳面價值的價值攸關性之影響

The Effect of SFAS No.34 on the Value-relevance of Earnings and Equity Book Value

我國在 2006 年開始適用財務會計準則第 34 號公報，此公報之實施是否影響投資者進行股票評價時，對盈餘與權益帳面價值變數之相對依賴程度產生改變為本文之焦點。因交易目的金融資產與金融負債之公平價值變動會隨機性影響當期盈餘，將導致當期盈餘所含暫時性成分增加，預期將降低當期盈餘對於未來盈餘之預測能力，道致盈餘資訊之價值攸關性下降。

The fair value based recognition and measurement of financial instruments required by SFAS No.34 in Taiwan, which is effective for 2006 and latter annual reports, provides an even more interesting context for examining investor perceptions of the value-relevance changes in accounting numbers for listed firms regulated by this new standard. This study refers that the income statement impact of SFAS No.34, resulted by the fair value changes of held-for-trading financial assets and financial liabilities, would be taken as a noise impounded in the current earnings and, thus, impair earnings persistence. Alternatively, the same treatment of this standard, which is applied for financial instruments, should make equity book value approach its intrinsic value. The combination of these SFAS No.34 effects will make investors rely more (less) heavily on equity book value (earnings) in setting stock prices of firms regulated by this new standard. Based on such inference, this study predicts that SFAS No.34 adoption will make the value-relevance of equity book value (earnings) increases (decreases). The empirical results provide solid supports to this prediction. These results remain robust to the various sensitivity tests.