美國財務會計準則公報第157號與財務報表可比性

SFAS 157 and Financial Statement Comparability

本研究比較美國銀行採行第157號公報前（2005年至2006年）和採行第157號公報後（2008年至2009年）的財務報表可比性差異。本文參考Brochet, Jagolinzer and Riedl（2013），以內部人購買股票的異常報酬當作是可比性的代理變數，藉此來衡量公司內部人的私有資訊效果。本文假說認為美國銀行採行第157號公報後，可以提升財務報表的可比性，且前述提升效果對於持有公允價值第三階的銀行來說較不顯著。本研究實證結果部分符合本研究假說，亦即資本市場可以藉由採行第157號公報而改善財務報表的可比性並帶來效益；然而前述效益對於持有公允價值第三階的銀行來說並沒有較不顯著。本文實證結果可以補充過去文獻的不足，並作為採行公允價值會計參考之用。

This research presents financial statement comparability before and after the implementation of SFAS 157 for banks in the U.S. over the periods 2005-2006 and 2008-2009. Referring to Brochet et al. (2013), I use the change in abnormal returns following insiders’equity market purchases of their own firms’shares as the proxy of comparability, which measures private information possessed by corporate insiders. My hypotheses state that the implementation of SFAS 157 for banks in the U.S. improves the comparability of financial statements. Moreover, the increasing effect is less pronounced for banks with Level 3 instruments. The empirical results partially support my hypotheses, meaning its implementation leads to capital market benefits through improved financial statement comparability, and the above benefits are not less pronounced for banks with Level 3 instruments. The results herein complement the literature and provide implications for adopting fair value accounting.