關係人銷貨交易在編製報導個體財務報表規範下對會計資訊相對價值攸關性之影響

Impacts of Disclosure of Related-Party Sales in Parent Company Only Financial Statements on the Relative Value-Relevance of Accounting Numbers

在我國合併報表編製會計準則（TSFAS 7或IFRS 10）與母公司報導個體財務報表編製規範下，可將報導個體財務報表之關係人銷貨交易區分為：(1)因合併報表編製被銷除的關係人銷貨交易（報導個體對有控制力子公司之關係人銷貨交易）；(2)編製合併報表未被銷除之關係人銷貨交易（報導個體對有重大影響力關聯企業之關係人銷貨交易）兩種類型。在Ohlson (1995)模型架構下，本研究探討此兩種類型關係人銷貨交易對會計資訊相對價值攸關性之影響。實證結果顯示：編製合併報表被銷除的關係人銷貨交易，顯著提高盈餘變數之相對價值攸關性；而編製合併報表未被銷除之關係人銷貨交易，對盈餘變數之相對價值攸關性無顯著影響。然而，除在混合資料型態設定外，編製合併報表未被銷除之關係人銷貨交易顯著提高權益帳面價值相對價值攸關性。顯示投資者將編製合併報表被銷除的關係人銷貨交易視為效率契約安排的觀點；然因無法釐清未被銷除之關係人銷貨交易對盈餘報導之影響，故投資者提高權益帳面價值對股票評價權重。

This study, based on both the consolidated financial statements (in accordance with TSFAS 7 or IFRS 10) and the parent company only financial statements of Taiwanese listed firms, categorizes disclosed related-party sales into two groups: those that should be eliminated (i.e., ERPT, related-party sales between the reporting entities and the subsidiaries) and those that should be retained (i.e., NERPT, related-party sales between the reporting entities and the associates). We adopt Ohlson’s (1995) framework to examine the impacts of ERPT and NERPT on the relative value-relevance of accounting numbers. Our empirical results indicate that ERPT significantly enhances the relative value-relevance of earnings, supporting the efficient contracting hypothesis in Taiwanese listed firms. NERPT, on the other hand, does not influence the relative value-relevance of earnings, except when using pooled data for analysis, where we observe that NERPT enhances the relative value-relevance of equity book value. It is worth noting that investors may find it challenging to assess the relative value-relevance of earnings in NERPT cases, as it can be attributed to both efficient contracting and opportunistic (or propping up) reasons. Consequently, Investors may assign a higher weight to equity book value when valuing stocks of firms engaged in NERPT.