外幣換算調整數價值攸關性之研究

• Main Author: 陳奕卉
• Language: 中文
• Published: 國立政治大學
• Subjects: 外幣換算調整數; 價值攸關性; Foreign translation adjustment; Value relevant
• Online Access: http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G0091353002%22.

本文利用我國上市、上櫃公司的資料探討跨國性製造公司之財務報表所報導之外幣換算調整數（foreign translation adjustment）是否具備價值攸關性（value relevance）。具體而言，本研究利用股票報酬法（return study）與股票價格法（price study）檢視換算調整數資訊的價值攸關性。實證結果發現，整體而言外幣換算調整數對投資人是具有價值攸關性的，並與公司價值呈顯著負相關，即財務報表上所報導正（負）的外幣換算調整數與公司價值減損（增加）有關；另外，本研究為驗証勞動成本對「換算調整數」評價價值的影響，在進一步將樣本公司依勞動成本中位數分成高勞力密集公司與低勞力密集公司並作測試後發現，這種負向關係在高勞力密集公司方達顯著相關水準，且在其他條件不變下，高勞力密集公司之公司價值對於換算調整數的反應大於低勞力密集公司之公司價值對於換算調整數的反應，顯示勞動成本在外幣換算調整數與公司價值負相關中的確扮演重要的角色。 === This thesis use return study and price study to examine whether foreign translation adjustment reported on financial statement in the multinational manufacturing firm is value relevant. The empirical results show that, for firms in the manufacturing sector, a positive foreign translation adjustment is associated with a loss of value instead of a creation of value. We also find that the negative association between the foreign translation adjustment and change in value is largely attributable to those firms that are the most labor-intensive. And in the same condition, the reaction of the foreign translation adjustment to change in high-labor-intensive firms value is high than change in low-labor-intensive firms value.