單一報表與合併財務報表的訊息內容之研究

Abstract

本研究旨在探討單一財務報表與合併報表對於公司價值之關聯性，藉此瞭解投資人是否能藉由合併報表及母公司財務報表所揭露之資訊，辨別公司真實營運狀況。本研究以2005年至2009年台灣上市櫃公司為研究樣本，採用Tobin’s Q作為研究模型中用來衡量公司價值的之應變數。以追蹤資料模型（Panel Data），透過公司規模、財務結構、經營能力等變數，探討單一報表與合併財務報表對於公司價值的影響及產業特性與重要財務報表資訊之差異與公司價值的關係。 實證結果發現：（1）單一報表與合併報表之財務資訊均能反映公司價值，但單一報表資訊內涵稍較合併財務報表顯著；（2）以產業特性區分，高科技產業之財務報表資訊對於公司價值，比傳統產業更為顯著；(3）合併財務報表資訊反映公司價值，且顯著性逐年增加，表示投資者對於合併財務報表愈發重視；(4）比較單一報表與合併財務報表所揭露資訊之差異，對於公司價值，單一報表較合併財務報表具有顯著性。

This study aims to explore the association of stand-alone financial statements and consolidated financial statements with the disclosure of firm value, so as to understand whether investors are able to identify the real operating conditions of a company through disclosed information in the financial statements of the parent company and consolidated statements. In this study listed companies from Taiwan stock market and over-the-counter are selected as our research samples covering the years 2005 to 2009, and Tobin's Q is applied as our research model to measure dependent variable of firm value. The panel data are tracked by company size, financial structure, management capacity and other variables to explore the effects of stand-alone financial statements and consolidated financial statements on the disclosure of firm values, and the effects of industry characteristics and important differences in financial statement information on the firm value.

Empirical results indicated that (1), regardless of stand-alone financial statements and consolidated statements, disclosed financial information from both financial statements reflects the firm value, but the information content in stand-alone financial statement is more meaningful than consolidated financial statement; (2) to distinguish industry characteristics, the information disclosed on financial statements of high-tech industry is more significant than the financial statements of traditional industries; (3) not only disclosed information from consolidated financial statements reflect company value, its significance increases by each year, indicating that investors have attached increasing importance to the consolidated financial statements; (4) to compare disclosed information between stand-alone financial statements and consolidated financial statements, the disclosure of firm value is more significant from the single company financial statements than the consolidated financial statements.