第五章 結論
第二節 結論與建議
一、結論
子公司借款與母公司財務風險具有關聯性之實證結果代表：在受到法律規範 與其他條件之約束下，企業為達到融資目的，母公司對子公司進行實質控制（財 務控制）之可能性增加。於此情況下子公司本身之借款或資本結構並不獨立，其 負債具有為企業整體而舉借之性質。在此意義上，由於母公司對子公司之財務控 制（實質控制），使得子公司借款成為企業整體融資之一部分，因此加總母子公司 負債之合併財務報表有助於瞭解經濟個體融資活動全貌。
但為瞭解投資人是否亦能認同合併個體觀點下所編製之合併財務報表，本研 究進一步透過子公司借款與母公司股權市值及母公司系統風險之關聯性等兩種方 法以驗證子公司負債對於投資人是否具有負債意義。實證結果顯示：母公司本身 借款以外之子公司借款具有母公司股權市值上之負向關聯性，且母子公司借款之 係數並無顯著差異；再者包括子公司借款在內之合併總借款對於母公司系統風險 之解釋能力高於母公司本身之借款者。其意義在於母公司除法律上對於子公司投 資之有限責任外，合併經濟個體因企業整體融資活動所產生之負債，並不因是以 子公司名義借款即與母公司本身之負債有所差異。對於投資人而言，未列入母公 司單獨報表上之子公司借款亦具有負債之意義。換言之合併財務報表允當表達了 母公司及其子公司整體之財務狀況。
彙總而言，本研究驗證了企業經濟個體在融資活動上之一體性，並支持以合 併財務報表報導企業整體（包括母子公司）財務狀況之主張。此外2005 年我國第 七號公報以實質控制力為合併標準之修正擴大了合併經濟個體之界線，但本研究 並未發現因為納入過多子公司而使得子公司借款與母公司股權市值或系統風險之 關聯性有所下降。此結果則可為我國以實質控制力為準以提升財務透明度之規範 提供支持，並為國際間對以控制力為合併報導基礎之準則規範趨勢提供實證證據。
二、建議
合併財務報表之編製乃是在表達企業經濟個體之整體經濟實質，因此除了母 公司投資人對於合併財務報表資訊之了解外，子公司利害關係人對於合併財務報 表之資訊是否亦有所需求？由於本研究之實證結果指出子公司在融資活動上受到 母公司之控制，故其並非一完全財務獨立的法律個體。故而為充分瞭解其暴露在 母公司（或合併個體）財務決策與風險下之可能性（子公司利害關係人可能蒙受 因企業整體決策所帶來之損失），合併財務報表實乃一重要之資訊來源。公司法關 係企業專章規範關係企業三書表（包括關係企業合併營業報告書、關係企業合併 財務報表及關係報告書）之呈送，其立意正是基於此保護受控企業之立場。
另一方面，金融機構雖是以法律個體為授信單位，但國內銀行法（33 之 3 條）
之規定及行業內部規範，其對於同屬一集團企業之公司，包括公司法所謂之關係 企業以及關係人在內，有整體授信上限之規定。因此由集團企業授信額度限制與 關係企業借款往往由母公司背書保證之實務來看，金融機構於授信之審核以具有 企業經濟個體之整體概念，故合併財務報表亦可提供有關集團企業財務風險之有 用資訊。
然而，儘管母公司單獨報表之編製主要係基於法律規範，但在母公司對子公 司進行財務控制之情況下，合併財務報表固可允當表現企業整體之融資活動實 質，但於子公司繼續經營存疑時（如債務違約風險升高時），母公司若能以組織設 計與契約規範拋棄對子公司之控制權（或者說擁有不行使繼續控制子公司之選擇 權）將影響子公司負債是否具有負債之意義乃至於合併表達之適當性。因此母公 司單獨報表之編製與其相對於合併財務報表之增額資訊內涵亦為後續值得探究之 議題。
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