採用IFRS後商譽及廉價購買利益之價值攸關——以臺灣為例

The Study on Value Relevance of Goodwill and Bargain Purchase Gains after Adoption of IFRS: Evidence from Taiwan

我國於2013年全面採用國際財務報導準則（IFRSs），依據IFRS 1「首次採用國際財務報導準則」規定「企業合併」（IFRS 3）為追溯豁免項目，故在採用IFRSs後之財務報表，商譽資產可能同時包含以ROC GAAP 25衡量與以IFRS 3衡量之商譽資訊。本文以我國採用IFRSs後期間之上市公司為研究對象，利用前述商譽資訊之特殊性，並翻閱財務報表附註揭露資訊區分商譽組成要素，以檢測投資人對於不同會計準則規範（IFRS 3與ROC GAAP 25）下之商譽資產的評價差異，另探討因企業合併認列廉價購買利益之價值攸關性。本文實證結果包含：（1）投資人對以IFRS 3衡量商譽之評價係數顯著高於以ROC GAAP 25衡量商譽之評價係數，該結果顯示投資人認為以IFRS 3衡量之商譽資訊更具價值攸關。此外，區分商譽組成要素資訊係來自於財務報表附註揭露資訊，該實證結果亦顯示投資人會解讀及評價財務報表附註揭露資訊，即附註揭露資訊同樣具價值攸關。（2）以股價基礎及報酬率基礎模型測試價值攸關之實證結果顯示投資人給予因企業合併認列之廉價購買利益正向評價，該結果支持IASB對廉價購買利益會計處理之觀點，即在收購日當期認列廉價購買利益於收購者，可反映賣方在急迫壓力下出售企業控制權之企業合併經濟實質。整體而言，本文實證結果支持更重視以公允價值衡量以反映企業合併經濟實質之IFRS 3，相較於較為穩健保守之ROC GAAP 25，IFRS3可提供更具價值攸關之企業合併資訊，支持IASB對「企業合併」會計處理之準則制定之方向。

All Taiwan listed companies fully adopt IFRSs since 2013. Applying IFRS 1, business combinations (IFRS 3) is one of the exceptions to the retrospective application of IFRSs, therefore reported goodwill involves the information based on ROC GAAP 25 and IFRS 3 simultaneously after 2013. Using hand collected information for the components of goodwill from the footnote disclosures of financial statements, we examine the differences in the valuation of goodwill, reported according to two different accounting standards (IFRS 3 and ROC GAAP 25), by investors. Moreover, we examine the value relevance of bargain purchase gains. The empirical results show the followings: (1) the goodwill measure under IFRS 3 is significantly more value relevant than that under ROC GAAP 25. Furthermore, because the information of goodwill components is presented in footnote disclosure of financial statements, this finding shows that investors understand and take into account the valuation implication of the disclosures examined; (2) bargain purchase gains are significantly and positively value relevant in both the valuation model test and the return model test. In sum, our results show that the fair value accounting for business combinations (under IFRS 3) is more value relevant than the more conservative goodwill accounting (under ROC GAAP 25), which supports the arguments stated in IFRS3 by the IASB.