解鎖投資敏感性的調解因素：IFRS實施前後被銷除關係人銷貨角色之檢測

Unlocking Investment Sensitivity Patterns: The Role of Eliminated Related Party Transactions Before and After IFRS Adoption in Taiwan

集團企業間若有大量的關係人銷貨交易（RPTs）常被認為是公司從事掏空行為，然而，RPTs亦可能是聯屬個體間正常營運活動與資源配置。在我國財務報表編製準則規範下，上市櫃公司應同時提供合併財務報表與報導個體（母公司）財務報表兩種財務報告。此特殊規範讓本研究可以將RPTs區分為因合併報表編製而被銷除之關係人銷貨交易（ERPTs）及未被銷除之關係人銷貨交易（NERPTs）。ERPTs在編製合併報表時會被銷除，原則上對報導合併損益不會產生影響，較可能是集團內部長期效率契約的安排。本研究探討ERPTs在Tobin's Q及內部現金流量對投資敏感性影響之角色。實證結果顯示：ERPTs顯著提高Tobin's Q之投資敏感度，並降低內部現金流量之投資敏感性；然此效果在IFRS實施前較為明顯。本研究推測IFRS實施後提高財報透明度，因而降低ERPTs在Tobin's Q及內部現金流量對投資敏感性之調解角色；也意味IFRS實施後，投資者轉而較看重合併財務報表所報導之資訊。

A substantial volume of related party sales (RPTs) within affiliated groups may be linked to tunneling practices. Yet, many such transactions are a natural part of operating activities and resource allocation among related parties. To comply with the Regulations Governing the Preparation of Financial Reports by Securities Issuers, Taiwanese listed firms are required to prepare both consolidated and parent company-only financial statements. This reporting framework facilitates the breakdown of RPTs into eliminated RPTs (ERPTs) and non-eliminated RPTs (NERPTs). ERPTs, which have no income effect in consolidated financial statements, may signify long-term contracting relationships among related parties. This study investigates whether ERPTs correlate with investment sensitivity to Tobin's Q and internally generated cash flows. The findings demonstrate that ERPTs significantly increase investment sensitivity to Tobin’s Q and reduce sensitivity to internal cash flows. This effect is more pronounced before the IFRS adoption. This result suggests that increased transparency and reporting quality under IFRS lead to investors' reduced reliance on ERPT in investment sensitivity to Tobin's Q and internally generated cash flows. It also implies that market participants place greater emphasis on consolidated financial statements over parent company-only financial statements after the IFRS adoption.