我國逐步趨同國際財務報導準則對財報品質之影響

The Effect of Convergence to International Financial Reporting Standards on the Quality of Financial Reporting in Taiwan

本研究考量我國逐步趨同IFRSs之特性，採長窗期研究法，將研究期間劃分為逐步趨同前（1988－1998）與逐步趨同後（1999－2009），探討我國上市櫃公司之財報價值攸關性與未來現金流量預測能力，於此兩段期間之變化趨勢。採用水準模型（level model）分析時，研究發現我國企業財報價值攸關性，於逐步趨同前及逐步趨同後都顯著逐年提升，且此二期間提升之趨勢並未具顯著差異；但採變動模型（change model）分析時，於逐步趨同後之淨值資訊與淨值增額價值攸關性顯著逐年提升。在未來現金流量預測能力方面，逐步趨同後亦較逐步趨同前顯著提升。故整體而言，本研究結果支持隨著逐步趨同IFRSs，我國企業之財報品質有顯著之提升。本研究進一步發現不論逐步趨同前期或後期，盈餘管理行為均會降低財報當期盈餘對未來現金流量之預測能力，但投資人在進行價值評估時，卻未能將此因素納入考量。

This study analyzes the impact of convergence to International Financial Reporting Standards (IFRSs) on the quality of financial reporting using a sample of companies listed in Taiwan. We employ a long-window approach by comparing the valuerelevance of accounting information and the predictability of cash flows from the pre-convergence period (1988-1998) to the post-convergence period (1999-2009). By adopting a price level model, our results show that the value relevance of financial reporting significantly increases with time in both the pre- and post-convergence periods, while there is insignificant difference in this trend between the two periods. However, results using a price change model show increases in the explanatory power and the incremental explanatory power of book value in the post-convergence period. The ability of financial reporting information to predict future cash flows is also significantly enhanced from pre- to post-convergence period. Overall, the results indicate that IFRS convergence improves the financial reporting quality of firms in Taiwan. Additional analyses reveal that earnings management reduces the ability of earnings to predict future cash flows in both the pre- and post-convergence periods, while investors fail to take into account of this in the valuation process.