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標題: 非條件穩健會計與公司獲利能力關係之探討
The Effects of Unconditional Accounting Conservatism on Firm Profitability
作者: 何文萍
Ho, Wen-Ping
Contributors: 蘇迺惠
高階經理人碩士在職專班
關鍵字: 穩健會計;非條件穩健;獲利能力;毛利率;營業活動現金流量
Conservative Accounting;Unconditional conservatism;Profitability;Profit Margin;Operating Cash Flows
日期: 2013
Issue Date: 2013-11-18 14:49:17 (UTC+8)
Publisher: 高階經理人碩士在職專班
摘要: 穩健原則為對會計評價工作影響最深遠的會計準則。在非條件會計穩健之下,會計政策對於資產或負債的入帳成本採一致性保守決定,係取決於會計程序的運作,並非因當時經濟狀況造成且與市場消息無關,因而產生淨資產帳面價值持續低於市場價值的現象。投資活動是一家公司財務營運的核心,目的為增加公司之價值及獲利能力,而投資活動效率的高低會反應在獲利能力的改善,因此本研究探討非條件穩健是否可以改善投資後公司的獲利能力。

本研究以2005年至2008年我國上市公司為樣本,並控制平均獲利能力、獲利能力之波動性、公司規模、負債比率及公司上市掛牌年數等控制變數。非條件穩健係參考Givoly and Hayn(2000)提出之應計基礎觀點及Beaver and Ryan (2000)提出之市場基礎觀點衡量,並參考Ahmed and Duellman (2011)衡量非條件穩健之模型。獲利能力則是以營業活動的現金流量及毛利率衡量。

本研究實證結果發現,非條件會計穩健不論在應計基礎或是市場基礎衡量之下與公司投資後之營業活動的現金流量及毛利率均未有顯著關係,因此非條件穩健可能無法改善公司投資後之營業活動的現金流量及毛利率。本研究推論非條件穩健對於公司的獲利能力無明顯改善效果,可能之原因為採用非條件會計穩健會系統性的低估資產及淨利,公司在持續採保守之會計政策時,其盈餘之報導亦會系統性地保守,因此在此情況之下,以應計基礎及市場基礎衡量非條件會計穩健雖然無法看到公司獲利能力之改善,但非表示非條件會計穩健無法改善投資效率。
Accounting conservatism is one of accounting system and financial reporting characteristics. Unconditional accounting conservatism can avoid overvaluing assets and profits and undervaluing liabilities and losses. Unconditional accounting conservatism is not affected by market information and is expected ex-ante to reduce managers’ incentives to take on negative NPV projects.

Using the sample of firms listed in Taiwan Stock Exchange over the 2005-2008 period, this study uses the fixed-effect model to control unobservable firm characteristics and reduces the heterogeneity in different years and different firms. This study measures unconditional conservatism by using Givoly and Hayn’s (2000) accrual-based model and Beaver and Ryan’s (2000) market-value based model. This study uses gross profit margin and operating cash flows to measure future profitability.

After controlling average of profitability, violability of profitability firm size, leverage, and age, this study finds that there are no relations between unconditional conservatism and operating cash flows and gross profit margin. This study that unconditional accounting conservatism has no effect on profitability, due to firms systematically undervalue net assets and earnings. Although this study finds no significant correlation between unconditional accounting and future profitability, the evidence doesn’t conclude that unconditional accounting has no impact on firm’s investment efficiency.
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