合併財務報表與母公司財務報表之財務困難預測資訊內涵比較

Use of Consolidated and Parent-Only Financial Statements in Predicting Financial Difficulties

本研究藉由財務危機預警決策情境，探討合併財務報表資訊是否較母公司財務報表更具有用性。實證結果支持合併財務報表具備較佳之預測價值；進一步比較發現，合併財務報表與母公司財務報表表達之現金流量資訊皆未與危機預警有顯著關連，合併財務報表表達之流動性、償債能力及獲利能力指標則與危機預警有顯著關連，顯示合併財務報表較能提供更多有用的資訊。雖然就財務困難預測言，合併財務報表較母公司財務報表提供較多資訊內涵，本研究亦發現現行合併財務報表與母公司財務報表兩表並陳之資訊內涵高於合併財務報表，支持金管會在推動採用國際會計準則後，改以合併財務報表為主要財務報表，保留母公司之個體財務報表的揭露管制政策變革方向；也對國際會計準則理事會無法排除母公司報表列報為報導個體主要財務報表提供實證證據。 Present study aims at providing empirical supports to the recent emphasis on therelative usefulness of consolidated over parent-only financial statements using the contextof financial distress prediction. Our empirical results support that consolidated financialstatements predict financial difficulties better. Furthermore, the cash flow informationpresented in both consolidated and parent-only financial statements do not significantlyrelate to financial difficulty prediction. The liquidity, solvency, and profitability indicatorspresented by consolidated financial statements, however, relate significantly to financialdistress prediction, suggesting that consolidated financial statements provide relativelymore useful information. Although consolidated financial statements outperform parentonlyfinancial statements in terms of predicting financial distress, we also find that the dualpresentation of both sets of financial statements is more informative than consolidationalone. This finding supports Financial Supervisory Commission’s policy of usingconsolidated financial statements as a major report but retaining parent-only financialstatements presentation after adopting International Financial Reporting Standards. Thisfinding also echoes the International Accounting Standards Board’s preliminary view thatthe presentation of parent-only financial statements along with the consolidated financialstatements should not be precluded.

Present study aims at providing empirical supports to the recent emphasis on therelative usefulness of consolidated over parent-only financial statements using the contextof financial distress prediction. Our empirical results support that consolidated financialstatements predict financial difficulties better. Furthermore, the cash flow informationpresented in both consolidated and parent-only financial statements do not significantlyrelate to financial difficulty prediction. The liquidity, solvency, and profitability indicatorspresented by consolidated financial statements, however, relate significantly to financialdistress prediction, suggesting that consolidated financial statements provide relativelymore useful information. Although consolidated financial statements outperform parentonlyfinancial statements in terms of predicting financial distress, we also find that the dualpresentation of both sets of financial statements is more informative than consolidationalone. This finding supports Financial Supervisory Commission’s policy of usingconsolidated financial statements as a major report but retaining parent-only financialstatements presentation after adopting International Financial Reporting Standards. Thisfinding also echoes the International Accounting Standards Board’s preliminary view thatthe presentation of parent-only financial statements along with the consolidated financialstatements should not be precluded.