金融資產分類與盈餘品質之關聯研究－－以台灣金融業為研究對象

A Study on the Association Between Financial Asset Classification and Earnings Quality: Evidence from Taiwan’s Financial Sector

本研究旨在探討金融資產分類對盈餘品質之影響，特別是企業於IFRS No. 9實施後，對以公允價值衡量而分類於不同類型之金融資產，是否會因會計處理上的不同而成為盈餘管理與盈餘平穩化之工具。本文以2018年至2023年間我國公開發行以上之金融業與銀行業為樣本，分別以應計項目與盈餘平穩化指標衡量盈餘品質，進行研究探討。
研究結果顯示，企業持有較高比例之以公允價值衡量金融資產，可有效抑制盈餘操控行為，顯著提昇盈餘品質。惟當企業以公允價值衡量之金融資產中，將較高比重分類為「透過其他綜合損益按公允價值衡量之金融資產」（FVOCI）時，其盈餘管理行為雖呈正向傾向，但統計不具顯著性，顯示其影響尚不明確；相對地，FVOCI金融資產與盈餘平穩化管理則呈現顯著負向關係，顯示FVOCI金融資產占比較高時，企業盈餘波動性降低，盈餘平穩化管理程度提高，進而影響盈餘品質。另本研究並未發現企業會透過出售FVOCI金融資產之債券已實現損益來進行盈餘調節與平穩化管理。

This study investigates the impact of financial asset classification on earnings quality, particularly focusing on whether different types of fair value measurements under IFRS No. 9 provide managers with opportunities for earnings management and earnings smoothing due to varying accounting treatments. The empirical sample comprises publicly listed financial holding companies and banks in Taiwan from 2018 to 2023. Earnings quality is measured using accrual-based earnings management indicators and earnings smoothing metrics.
The results reveal that a higher proportion of financial assets measured at fair value is associated with significantly lower levels of earnings manipulation, indicating improved earnings quality. However, when a greater proportion of these fair value assets are classified as ’Fair Value through Other Comprehensive Income’ (FVOCI), the relationship with earnings management is positive but statistically insignificant, suggesting no clear impact on managerial discretion. Conversely, FVOCI assets exhibit a significant negative relationship with earnings smoothing management, indicating that a higher proportion of FVOCI assets is associated with reduced earnings volatility and an increased degree of earnings smoothing management, thereby impacting overall earnings quality. Furthermore, the study finds no significant evidence that firms engage in earnings management or smoothing by realizing gains or losses from the disposal of FVOCI bond investments.