頁籤選單縮合
題 名 | 公司折舊性資產對帳面價值與公平市價比率之影響=Impact of Depreciable Assets on the Evolution of Book-to-Market Ratio |
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作 者 | 劉啟群; 徐昭旻; | 書刊名 | 管理與系統 |
卷 期 | 6:2 1999.04[民88.04] |
頁 次 | 頁207-219 |
分類號 | 495.44 |
關鍵詞 | 帳面價值與公平市價比率; 歷史成本會計; 可折舊性資產; 未實現持有損益; Book-to-market ratio; Historical cost accounting; Depreciable assets; Unrealized holding gains or losses; |
語 文 | 中文(Chinese) |
中文摘要 | 企業須定期將日常發生之經濟事項,依一般公認會計原則彙整後編製成財務報表,會計所表達之公司價值(資產減負債之餘額)稱為帳面價值(book value)。另一方面,股票市價代表投資人對公司價值之評估,稱為公平市價(market value)。由於會計處理之特殊規範,公司之帳面價值和公平市價往往不等,其原因可能係公司有未入帳之資產或負債,例如,未入帳之商譽;或係公司帳上之資產或負債有尚未認列之未實現損益。因此,除了未入帳之項目外,未實現損益的多寡會影響帳面價值與公平市價比率。未實現損益除可能源自於資產外,亦可能來自負債;以資產為例,其未實現益將隨資產之使用而逐漸認列,並終因報廢或處分而全部認列,因此未實現損益便會受到公司資產結構與特性的影響。針對此現象,本研究利用我國上市公司全體樣本及按可折舊性資產多寡及資產平均耐用年限長短將樣本分組,然後進行帳面價值與公平市價比率之實證分析。結果顯示,帳面價值對公平市價比率與未實現損益相關,其迴歸係數呈遞減形態。以可折舊性資產多寡分類,可折舊性資產較多之公司,其帳面價值對公平市價比率(book-to-market ratio)的模式解釋力確實比可折舊性資產較少之公司高。其次,若按資產平均耐用年限長短分組,資產平均耐用年限較長之公司,要將未實現損益認列所花費時間,明顯較資產平均耐用年限較短之公司長,故資產平均耐用年限較長之公司,其係數遞減速度較為緩慢。整體而言,上述實證結果皆符合預期之理論分析。 |
英文摘要 | Book value of common equity, an accounting measure of common stock value, is calculated and preppared under GAAP (generally accepted accounting principles). Market value of common equity captures investors' assessment of the economic value of common stock. Historical cost accounting causes the difference between these two measures, specifically, book value changes tend to lag market value changes(i.e., unrecognized goodwill and unrealized holding gains or losses in assets and liabilities). This study focuses on the impact of depreciable assets on the difference between book and market values and the evolution of book-to-market ratio. A stylized model of accrual measurement in unrealized gains or losses for depreciable assets is introduced, and provides specific predicitions about the coefficients and R-squares in linear regressions of book-to-market ratios on current and lagged market value changes. The empirical results are consistent with the hypotheses that the coefficients are predicted to be negative at further lags and more negative the longer the useful life of assets, and Rsquares are predicted to be higher for companies with more depreciable assets. |
本系統中英文摘要資訊取自各篇刊載內容。