兩稅合一制度下股東可扣抵稅額揭露之價值攸關性

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(1)The International Journal of Accounting Studies ཥषຈፌǫ౺ 33 නǫ2001 Ӻ 7 Ћ ౺ 77-99 ज़. ‫ٶ‬หӔ΂‫ࡂڂ‬Η‫ܶޟ‬шԃ‫ܙ‬หᚇඖ្ χሴ७‫ר‬᜙‫!ۻ‬ !. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!ெୄր! ‫ئ‬Ҝτ঑άᏙ!. ߩࢢࡶ!!೑஍྄! ୦Ҝࡰ‫ݦ‬άᏙ!. ௽ऄষ! ୦ҜїоάᏙ! ᄋ!!!!व! ‫ב‬୦Ӟძࡳ‫ٶ‬หӔ΂ࡌǫҎ‫ܤ‬ᔳժٚཧ໏࢛‫܃‬ᛝદχᔳժٚཧ‫܃‬பหш຅ࢸᔳ ժٚཧพ‫ܢ‬ω‫߲ܶޟ‬χԃᛝห්ǫࡱჰॸΊ‫ܶޟ‬ԭ‫ٷع‬ԍ၎ౙχ‫ۻ‬፝ǰ෼ԭǫ‫ב‬୦ ૻୄཥषྎߵϔஉ‫ٸ‬຅ࢸປҋǫ໲ЧߌຆЈӻඖ្ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠχ߅ᚇǭѸ Ѕ‫ވ‬ҕ‫ވ‬ղӞ்૯ϝѐ‫܃‬ඖ្χȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠࡹոӞ‫ע‬၎ΊີՀҵཧຈሴ਋ ຅ࢸ၎ౙǫԭ٣ப့ඖ្χ၎૲‫ٷ‬ሴ७‫ר‬᜙‫ۻ‬ǭძᛵ࣫‫ة‬ԍΖໟॐवพ౓;!౺΂ǫ ෻ፌΙѨ‫ۿ‬Ιᘌ‫ޟ‬౲Ѩൈǫȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠχඖ្‫ވ‬ያჰ‫עܤ‬၎ΊӞີՀҵཧ ຈሴ਋‫ٷ‬ԍሴ७‫ר‬᜙‫ۻ‬ǭ౺Ήǫȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ‫ވ‬ሴ७‫ר‬᜙‫ۻ‬χଦ՜ǫཥ‫ڀڐ‬ ၎ѸѨൈॸըϝѐ‫ޟ‬౲ࢣ୆‫ۻ‬ଦ՜‫܃‬ተ៓ǭടࡌǫӞԬት‫ޟ‬౲ࢣ୆‫ۻ‬χࡌǫ‫ב‬୦ཛྷ ቑ‫܃‬பห‫ݛ‬τԍ᜙‫ܶޟ਺ڎܤ‬ᔾ଒ԵΙѨϝѐχ‫ޟ‬ժǫσҽ፵ҋ 38 ࿛ᓦᆴ‫ע‬၎੔ ըԃଟχೌ‫ۊ‬ǫჰ‫ܤ‬ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠӞΙѨϮΙᘌ‫ޟ‬౲Ѩൈ‫ވ‬ຈሴٗ෻ძ፝৘ ౝǭb! ᜙ᗍຉ;!‫ٶ‬หӔ΂Ǭ‫ܶޟ‬шԃ‫ܙ‬หᚇǬሴ७‫ר‬᜙‫ۻ‬ǬҵཧຈሴǬ‫ޟ‬౲ࢣ୆‫!ۻ‬. ! ! ! ! ‫༹ॱב‬ᖫጧࡆঐǬଦភ๥Ǭܼ‫ێ‬ዔǬ୦Ҝࡰ‫ݦ‬άᏙཥष‫ت‬Ꮩೃ૯ፌཥ୍ᆭ৚ҊǬ౺·‫ے‬ཥष౒ፌᆭ ძୄ࣫૯ཥຈፌΊܼПህЧϮᆭཥ‫ޚ‬ᝁຝ‫ᝳࡃވ‬ǭ‫ॱב‬ӌ਋Οߑ஛༹ᖫΉՆ୊ӓበዱΊᝁຝ‫ࡃވ‬ ᝳǫ٣ѸЅ‫ވ‬Ϛ৉‫ࢸת‬бძǭ ԆዱЉǱ2000 Ӻ 6 Ћ ௎‫ڐ‬ЉǱ2001 Ӻ 5 Ћ 77.

(2) 78. ཥषຈፌǫ౺ 33 නǫ2001 Ӻ 7 Ћ. The Value Relevance of Shareholder Deductible Disclosure after the Integration of Individual and Corporate Income Taxes Wu-Chun Chi Chung-Yuan Christian University. Hung-Chao Yu. Chun-Yuan Hsu. National Chengchi University. Mei-Chuan Tsao National Taipei University. Abstract After Taiwan’s 1998 Tax Reform, which integrates the individual and corporate income taxes, the latter becomes a deductible in the income tax returns (called imputation credit, IC) for shareholders when they receive dividends. Therefore, IC constitutes a valuable asset to individual shareholders. However, current GAAP does not formally recognize it as an asset, but only requires a footnote disclosure. The main purpose of this paper is to examine the value relevance of IC disclosure by testing whether Taiwan’s capital market interprets IC as an asset during the business valuation process. The empirical results reveal three findings. First, there is a positive association between IC and stock price in the Taiwan Stock Exchange (TSE) and Over-the-Counter (OTC) markets. Therefore, the footnote disclosure of IC is value relevant to investors’ equity valuation. Second, the degree of association between IC and stock price may be affected by individual firm’s stock liquidity. Finally, after controlling for stock liquidity, there is no significant difference in the value relevance of IC disclosure between the TSE and OTC markets. This result implies that the effect of eliminating the NT$270,000 savings deductible (as coded in the revised Income Tax Law of 1998) on the valuation of IC is trivial. Keywords: Integration of individual and corporate Income taxes, Imputation credit, Value relevance, Business valuation, Stock liquidity. Submitted June 2000. Accepted May 2001..

(3) ெୄրǬߩࢢࡶǬ೑஍྄ᆭ௽ऄষɘ‫ܶޟ‬шԃ‫ܙ‬หᚇඖ្χሴ७‫ר‬᜙‫ۻ‬. 79. ൏Ǭᆚ!!ፌ! ‫ב‬୦‫ܤ‬Ѿ୦ 87 Ӻ 1 Ћ 1 Љ້‫ڿ‬ძࡳ‫ٶ‬หӔ΂ (integration of individual and corporate income taxes) ‫ࡂڂ‬ǫ့ห‫ڂ‬χ୮Ѹᆉઊࢸϝѐᔳժٚཧ໏࢛‫܃‬ᛝદχᔳ ժٚཧ‫܃‬பหǫ‫ॸܤ‬Ί‫ܶޟ‬ᔾ଒‫ޟ‬ժ਋ǫш‫ܙ‬ᛝॸΊχᆌӔ‫܃‬பหǭ‫܃‬ЧൠॸΊ‫ޟ‬ ܶԭ‫ع‬ǫᔳժٚཧ໏࢛‫܃‬ᛝદχᔳժٚཧ‫܃‬பหш຅ࢸᔳժٚཧพ‫ޟܢ‬ժω‫߲ܶޟ‬ χԃᛝห්ǫࡱш຅ࢸႚШ්ໟǫ‫ٷ‬ԍ၎ౙχ‫ۻ‬፝ǭᗟ෼ᔳժٚཧ‫܃‬பหιә‫ٶ‬ห Ӕ΂χࡳՀԭ‫צ‬ᠹ‫ۻٸ‬፝ǫூ‫ב‬୦ҕ߲χૻୄཥषྎߵϔᆙࡤ‫ٶ‬หӔ΂߲χಷ౒Ј ӻǫஉᔳժٚཧ‫܃‬பหҿࢸປҋǫԭ໲ЧߌຆЈӻඖ្ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇ (imputation credit)Ƞχ߅ᚇǭ1 ୮‫ܤ‬ਆ౎Ѩൈମᇜ (efficient market hypothesis)ǫ ‫ע‬၎Ί٣ҋૻୄോ޻ᓿિୋϠࣝᎠࠋ፝ǫٗࣥࣷૻୄോ޻χ࿭ᔥძ፝ǭәԓǫठ‫ע‬ ၎Ί຅ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠࢸ၎ౙǫߵѨൈΙղཥჰԓໟҕԍ‫܃‬ϯᓿǭѸЅ‫ވ‬ҕ‫ވ‬ ղӞ்૯ϝѐ‫܃‬ඖ្χȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠࡹոӞ‫ע‬၎ΊີՀҵཧຈሴ਋຅ࢸ၎ ౙǫԭ٣ப့ඖ្χ၎૲‫ٷ‬ሴ७‫ר‬᜙‫( ۻ‬value relevance)ǭ2 ӞີՀძሕϠ݂਋ǫѸ࣫‫ة‬Ϡը෪္ΙѨᆭΙᘌѨൈχ‫ޟ‬ሴჰȟ‫ܶޟ‬шԃ‫ܙ‬ห ᚇȠ‫ވ‬ϯᓿǭ‫ॱב‬உΙᘌ‫ޟ‬౲ѨൈદΌ࣫‫ة‬ዻ൅‫ވ‬঑әԍΉ: ౺΂ǫ୦Ϛჰ၎ѸѨ ൈχ࣫‫ة‬Ӥ଺ॐ‫ܤ‬ΙѨ‫ޟ‬౲Ѩൈǫԭ۰ౚΙᘌ‫ޟ‬౲Ѩൈǭ‫ٸ‬঑әшિࢸΙᘌ‫ޟ‬౲Ѩ ൈ‫ܤ‬พ্χ޺ǫᛍ‫ݛܤ‬ЮϮң‫ࡂڂܧ‬χ॒‫ڂ‬ǫࡱೌኪၟβǭ‫ڀދ‬Ѿ୦ 83 Ӻ 11 Ћ 1 ЉԂҜτ๥Ѿ୦ᛵ‫ٽ‬ᘌᘑພ፛τϿǫगΑ௙୆Ιᘌ‫ޟ‬౲ѨൈཧୄχࡌǫσፌӞΙᘌ ϝѐ৅ኞ‫ۿ‬Ԃң߅ᚇาЈॖ֘ࡑሺԂ߆ǭ3 Ҏ‫ܤ‬ΙᘌѨൈЉᖶԂዌǫᏙೃ࣑ჰ‫ܤ‬Ι ᘌ‫ޟ‬౲Ѩൈχ࣫‫ة‬ισ৉۰຅ǭ౺Ήǫ୮‫בܤ‬୦‫܃‬பห‫ݛ‬౺ 17 ఑χ 3 ‫ۊೌވ‬ǫદ ห࿷ୄΊϮᆭ‫ٸ‬Ӕ٪ോᛝχ଒଴ᄛ‫זڐ‬᎝ᑺឝǫԵѾ୦ 88 Ӻ 1 Ћ 1 Љ૽‫ڎ‬பΙѨ ϝѐ‫ޟ‬౲χ‫ޟ‬ժǫσҽ፵ҋᓦᆴ‫ע‬၎੔ըԃଟᚇ 27 ࿛χೌ‫ۊ‬ǰϯχǫΙᘌ‫ޟ‬౲χ ‫ޟ‬ժ঑Ѹղσ፵ҋ 27 ࿛դหχೌ‫ۊ‬ǭәԓǫΙᘌ‫ޟ‬౲Ѩൈჰ‫ܤ‬ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ χϯᓿǫ౒ፌΙᓿଦ‫ܤ‬ΙѨ‫ޟ‬౲Ѩൈ (း‫ط‬౺ 3 ࿦)ǭԓໟห‫ݛ‬χೌ‫ۊ‬ǫඓ٥‫΂ॱב‬ ॸ்૯їᡳᏵᡆ‫ޟ‬౲ѨൈՀࢸ‫ވ‬แ٢ᐉཥǭ Ҏ‫ޟܤ‬౲Ѩൈϯᓿॸը‫ע‬၎ΊҼӌႚනχട಍฿ܷǫәԓ்૯‫ޟ‬౲Ѩൈჰ‫ٶ‬ห Ӕ΂ძՀࡌχϯᓿǫшᔗᡄԓห‫ڂ‬χ࿭ᔥࡌܷǫЧ٥‫ע‬၎Ί‫؃‬ำχ୍Ԭǭᗟ෼‫ٶ‬ห Ӕ΂ߦ‫ܤ‬Ѿ୦ 87 Ӻ 1 Ћ 1 Љძࡳǫ՗့ཛྷ‫܃ڂ‬ౙҊχȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ၎૲ǫ ߼ѯ໡‫ۦ‬Զӑϝѐ 88 Ӻࡂχૻୄോ޻τ‫ڿ‬бϠඖ្ǭәԓǫѸЅࢸय़ዾକჰȟ‫ޟ‬ 1. ೑ӤᏙ‫ޚ‬ჰ‫ܤ‬ᔳժٚཧ‫܃‬பหχ‫ۻ‬፝ӑࡤσӌ༷‫ط‬ǫάगшϠࢸປҋᇜᆭߑປҋᇜǭҎ‫בܤ‬୦౓ Հχ΂૊ϝᇘཥष঑ߵஉ‫ٸ‬຅ࢸປҋǫࡱѸ࣫‫ة‬Уव்૯၎ѸѨൈჰ‫ٶ‬หӔ΂‫܃‬ౙҊχȟ‫ܶޟ‬шԃ ‫ܙ‬หᚇȠ‫ވ‬ϯᓿǫԭٗσჰᔳժٚཧ‫܃‬பห‫ۻ‬፝χ‫ີᝳݵ‬Հ૯ፌǭ 2 ѸЅ‫ة࣫ވ‬ॐϿӞ‫்ܤ‬૯ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ၎૲ඖ្χሴ७‫ר‬᜙‫ۻ‬ǭԶ‫့ܤ‬၎૲ࡹոᓿѼӻω ЧΌ஝ᇘҿࢸ၎ౙχೌዻ‫ۻ‬૯ፌǫߵٗߑѸ࣫‫܃ة‬ఖ૯ፌ‫ވ‬ਘϿᝳᚉǭѼӬӌ Nelson (1996) Ϡ݂ ऄ୦ૻୄཥषྎߵ౺ 107 ဝϝോ (߅ᑳ୏ࠋϝѪሴ७χඖ្) χϝѐඖ្၎૲ᆭ‫ޟٸ‬ሴ‫ވ‬᜙ᕻ‫ۻ‬ǫ ԭߑ૯ፌ့ϝѪሴ७ࡹոᓿωѼӻΌ஝ǭ 3 ٠Ꮼᛵ‫ٽ‬ᘌᘑЋй(2000)ǫ‫ב‬୦Ιᘌϝѐ৅ኞ஬Ѿ୦ 78 Ӻ້‫ ވڿ‬1 ৅‫ڀ‬Ѿ୦ 89 Ӻ 2 Ћιԍ 280 ৅ǫԭΙᘌ‫ޟ‬౲χӺԂң७Ҥ஬Ѿ୦ 78 Ӻ‫ ވ‬NT$913 рϘቑк‫ڀ‬Ѿ୦ 88 Ӻ‫ ވ‬NT$1,899,924,869 рϘǭ.

(4) 80. ཥषຈፌǫ౺ 33 නǫ2001 Ӻ 7 Ћ. ܶшԃ‫ܙ‬หᚇȠχඖ្Ӟҵཧຈሴၯสτ‫ס܃‬ᄴ‫ظ‬ԼີՀχძᛵ࣫‫ة‬ǭϠ݂฿ܷᡀ ҙǱ౺΂ǫσፌӞΙѨ‫ۿ‬Ιᘌ‫ޟ‬౲Ѩൈǫ‫ٶ‬หӔ΂ࡌ‫ޟ‬ሴᆭȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ֘ վѼӒ᜙ߦǫ೤༷‫ڑ‬๨їᡳ‫ޟވ‬౲Ѩൈያિ৹৽ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ‫ٷ‬ങ၎ౙ‫ۻ‬፝ χ༷࿷ǭ౺Ήǫ‫ॱב‬พ౓ॸըϝѐ‫ޟ‬౲ࢣ୆‫ވۻ‬ଦ՜ཥተ៓၎ѸѨൈჰ‫ܤ‬ȟ‫ܶޟ‬ш ԃ‫ܙ‬หᚇȠ‫ވ‬ຈሴ฿ܷǭടࡌǫӞԬት‫ޟ‬౲ࢣ୆‫( ࡌۻ‬ЧӺԂңຽǬӺԂң७ᆭ‫ޟ‬ ౲ຳᙦ౎кЧᑴຽ) χࡌǫ‫ב‬୦ཛྷቑχ‫܃‬பห‫ݛ‬౺ 17 ఑χ 3 ‫ۊೌވ‬ǫჰ‫ܤ‬ΙѨ‫ۿ‬ Ιᘌϝѐχȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ‫ވ‬ຈሴٗ෻ძ፝৘ౝǭ ѸЅឲࡌ฿ᄣӬΗǱ౺Ή࿦ࢸЅᝏӚ។ǰ౺Ζ࿦ϖಆ࣫‫ة‬ମᇜχࡃҜǰ౺ћ࿦ ᇜ‫ة࣫ܫ‬೒षǰ౺ύ࿦Ϡ݂ძຊ฿ܷǰ౺ϛ࿦ߵࢸ฿ፌǭ. ຘǬЅᝏӚ។ ΂Ǭ‫ב‬୦‫ٶ‬หӔ΂χ࣫‫ة‬ НࡃǪ (1965) ᇘࢸ‫ݛ‬Ί‫܃‬பหᆭॸΊ‫܃‬பหٗՀஉᏛगჰӌ΂‫܃‬பፇቲ‫ٶ‬Ԓ หऻǫٗඓз·ᅶိ௨‫ݛ‬Ί‫܃‬பॐጻፇหχЈਙǫ້௫Έ୦Ϛ‫ٶ‬หӔ΂χ࣫‫ة‬ǭ࿭ ᔥॗཛྷ‫ڸ‬ঠཥૻหಋ (1985) ൠ‫ב‬୦ྴ਋‫܃‬பห‫ڂ‬χ઩џඓзᇜ‫ܫ‬ǫٗУதһ೴ԃ ‫ݛܙ‬ട፵Ӕ‫ב‬୦୦஺ǭুգ᜛ (1985) ߵ୮‫ݛܤ‬Ίᔌ‫ڂ‬ᇜϮϝѐ‫܃‬பหσᙦ༣χମ ೒ΗǫີՀᆌӔ‫܃‬பหᆭᔳժٚཧ‫܃‬பห‫ٶ‬หӔ٪χϠ݂ǭᝬᏛѾ (1986) Ч୆ᄁ ΂૊֘ᑴኪࠗϠ݂‫ٶ‬หӔ΂χ࿭ᔥਆܷǫԭ೑჆ඹǬதታ፬ᆭ፻Ѕ፬ (1989) ߵЧ ኪᔌϠ݂‫்ݛ‬૯Ζᅶ‫ٶ‬หӔ΂‫ޟ( ࡂڂ‬ժ‫܃‬பְһԃ‫ڂܙ‬Ǭ‫ޟ‬ժ‫܃‬ப೴Ϡԃ‫ڂܙ‬ᆭ ιϠ଒ࣝᎠ೴Ϡԃ‫ )ڂܙ‬ჰ‫܃ܤ‬பห‫ڂ‬Ӕ౒ϦǬቮ୏ଉᄼหᇟәǬቮ୏Եԍ၎߅Б ౎ᆭҵཧ೯ၯѹϠ଒ࣝᎠೌᗀ‫ܶޟ‬ᆌӔ‫܃‬பหऻχઑห࿭ᔥࡌܷǭം᠂ӳᆭᝬࡃᄡ (1997) Ϡ݂ྴ਋ૻࡰ೴‫࣫܃‬ᔌχ‫ٶ‬หӔ΂‫ࡂڂ‬ჰ‫ܤ‬ҵཧᜇሕหऻχተ៓ǭܼკεǬ ‫׬‬ટ឵Ϯߩѯ໾ (1997) ਜᏬїᡳτβҵཧѾ୦ 78 Զ 82 Ӻ໋χძ፝ᔳժٚཧ‫܃‬ப หหऻ (м࡫ᔳժٚཧ‫܃‬பหᆭॸΊᆌӔ‫܃‬பห)ǫУதᓿძࡳ‫ٶ‬หӔ΂ǫЧෞ϶ॐ ጻፇหٗඓଦદห༷ᜢǭ ‫ٶ‬หӔ΂ཛྷ‫ڂ‬χࡳՀӌ਋Ͼพ୦ϚᏙ‫ີޚ‬Հࣣ᜙‫ވ‬ძᛵ࣫‫ة‬ǭ೑஍྄Ǭߩࢢ ࡶǬࢢࣝ␑ᆭெୄր (2000) ЧٚҰ࣫‫ٶة்ݛة‬หӔ΂ჰΙѨϝѐឝ‫ۻ‬ᆭ‫ޟ‬౲ോ ၶ᜙ᕻ‫ۻ‬χተ៓ǫ฿ܷᡀҙǫԍਆห౎༾ଦ‫ވ‬ϝѐஉӞ‫ٶ‬หӔ΂ࣣ᜙ٚҰЉԍၟଦ ‫ޟވ‬౲ౝ஛ോၶǰԭ‫ॸܶޟ‬Ίᜇሕห౎ᆭ‫ޟ‬౲ౝ஛ോၶ໋ߵӯӞϯӒ‫ވ‬᜙ߦǭԓ ѝǫҎ‫ٶܤ‬หӔ΂ཛྷ‫צڂ‬ᠹΈϝѐᔳժٚཧ‫܃‬பหχ‫ۻ‬፝ǫChi, Yu and Hsu (2001) ϠըЧཕੲ޻Ϯ၎ౙऻ໯޻ᡷᗱ෪္їᡳΙѨ‫ޟ‬౲Ѩൈࡹոлિ‫ڧ‬๨‫܃ܤ‬பหປ ҋχӓҕോᏛǫ࣫‫ة‬฿ܷพ౓їᡳ‫ޟވ‬౲ѨൈшЧ৹৽‫܃‬பหປҋ‫ۻ‬፝‫צވ‬ᠹǭѸ Ѕσӌ‫ܤ‬Ιुძᛵ࣫‫ة‬χಷԍΉ: ౺΂ǫҎ‫ٶܤ‬หӔ΂ძࡳࡌ‫܃‬ౙҊχȟ‫ܶޟ‬шԃ ‫ܙ‬หᚇȠჰ‫ٷܶޟܤ‬ԍ၎ౙ‫ۻވ‬፝ǫ‫܃‬Чᕌဵ‫ޟ‬౲Ѩൈჰ‫့ܤ‬шԃ‫ܙ‬หᚇχϯᓿࡹ ΂ໟॐव‫ᝳة࣫ވ‬ᚉǫԭѸЅղࢸҕ߲୛΂କჰȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠඖ្χძᛵ࣫.

(5) ெୄրǬߩࢢࡶǬ೑஍྄ᆭ௽ऄষɘ‫ܶޟ‬шԃ‫ܙ‬หᚇඖ្χሴ७‫ר‬᜙‫ۻ‬. 81. ‫ة‬ǭ౺Ήǫ୮‫ܤ‬Ιᘌ‫ޟ‬౲Ѩൈχॐव‫ۻ‬ᆭЉॶቑǫСཛྷॼѼ‫܃‬பห‫ݛ‬౺ 17 ఑τ᜙ ‫ ܤ‬27 ࿛դหχࣣ᜙ೌ‫ۊ‬ǫჰΙѨᆭΙᘌϝѐ‫ܶޟ‬χተ៓σӌǫәԓѸЅӌ਋દΌ ΙѨᆭΙᘌ‫ވ‬ኣѸǫЧְᏵϠ݂їᡳ‫ޟ‬౲ѨൈχՀࢸǭ. ΉǬૻୄ‫ߌۻ‬ຆඖ្χሴ७‫ר‬᜙‫ۻ‬ ٠Ꮼૻୄཥष౒ፌǫߌຆඖ្ࢸᏵᡆૻୄോ޻‫΂ވ‬೴Ҵǫ‫ٸ‬ҕ‫ވ‬Ӟඓ٥‫ע‬၎Ί ີՀҵཧຈሴ਋‫܃‬መχ‫ר‬᜙၎૲ǭࢸ்‫ૻة‬ୄ‫ߌۻ‬ຆඖ្ (financial disclosures) ӞძሕၥҋΙࡹո੶િၩԂԓࡴ‫ۊ‬ҕከǫ೑ӤཥषᏙ‫ޚ‬஬ٚߌຆඖ្χሴ७‫ר‬᜙‫ۻ‬ ‫ة࣫ވ‬ǭBeaver, Christie, and Griffin (1980) ჰऄ୦ᛵᅼཥ (SEC) ‫܃‬พѩχ Accounting Series Release No. 190 τव‫׺‬ඖ្χॐ࿳ԂѸ၎ਈ (replacement cost) ‫ވ‬၎૲ϚళີՀძᛵ࣫‫ة‬ǫ‫ٸ‬฿ܷพ౓‫ޟ‬ሴჰ‫ܤ‬ԓॐ࿳ԂѸχඖ្ٗ෻‫ܫ‬ᡀϯᓿǭ Beaver and Ryan (1985) ߵЧૻୄཥषྎߵ౺ 33 ဝϝോτԍ᜙‫౓ܤ‬਋ԂѸ (current cost) χඖ្ǫ෪္౓਋ԂѸࡹոၟᐌѕԂѸ‫ת‬િဵក‫ޟ‬౲ሴਨ‫ވ‬ᠹ୆ǭ ძᛵ฿ܷᡀҙǫ့ϝോ‫܃‬ඓ٥‫ވ‬၎૲෻‫ݛ‬ჰ‫ޟ‬ሴԍᚇѝᡀ๨‫ဵވ‬កΑǭԍ᠐‫ܤ‬ၯч ‫ވ‬ძᛵ࣫‫֘ة‬Ч᐀ᘇॖ (cross-sectional) ‫ވ‬ЈӻີՀ࣫‫ة‬ǫ۰ౚ‫܃‬ԍϝѐ‫ۿ‬ౙཧ໋ χ‫ޟ‬ሴോၶᆭ੔‫ݹۊ‬ሴДྎፊᏵ໋‫ވ‬᜙ߦшિࡹࣣౝ‫ވ‬ǫәԓ Bernard and Ruland (1987) ‫צ‬Ч਋໋‫־‬ҿ (time series) Ϡ݂Ј‫ݛ‬ǫ٧்૯ᐌѕԂѸϮ౓਋ԂѸΗ఺ժ ኞӮ‫ވ‬ቑᚇ၎૲Ϛళǭძᛵ฿ܷᡀҙǫӞά೴Ϡ‫ވވ‬ౙཧτǫ౓਋ԂѸᆭᐌѕԂѸ Η‫఺ވ‬ժဵកΑࣣчσᇲǫ౓਋ԂѸٗ෻ቑᚇ၎૲Ϛళǭ Daley (1984) ࣫‫ة‬ऄ୦౺ 36 ဝૻୄཥषྎߵϝോτԍ᜙ଆҭ߅ປҋǬѹඓ኏ ࡴபժੲϮѹඓ኏߲නܱୄԂѸχඖ្ჰ၎ѸѨൈ‫ވ‬ϯᓿǫძᛵ฿ܷᡀҙǫଆҭ߅ ປҋχോᏛᆭ៵ੲѨൈχຈሴส‫־‬ടࢸ΂गǰԭѹඓ኏ࡴபժੲᆭѹඓ኏߲නଆҭ ߅ԂѸࣚ᜻ॐ՜Վଆҭ߅χѹ٧౓߅ࢣຽǭLandsman (1986) ᆭ Barth (1991) Ϡ݂ ٠ྚऄ୦౺ 87 ဝૻୄཥषྎߵϝോ‫܃‬ඖ្χଆҭ୮߅၎ౙϮऻ໯‫ވ‬ϝѪѨሴࡹո шඓ٥ჰ‫ޟ‬ሴχቑᚇဵកિΑǭLandsman (1986) พ౓ଆҭ୮߅၎ౙϮऻ໯‫ૻވ‬ౙ ៵ឝ‫ܤ‬ϝѐǫѨൈ຅ଆҭ୮߅၎ౙϮऻ໯ࢸϝѐχ၎ౙϮऻ໯ǻԭ Barth (1991) ߵ พ౓ᗟ෼ଆҭ߅၎ౙᆭऻ໯‫ވ‬ᑴຽᠹኞિ୳ᡀ๨‫ဵވ‬កϝѐ‫ވ‬Ѩൈሴ७ǫ՗ࡹ‫ॸ׹‬ ᠹኞ‫ဵވ‬កΑ৘຦ࡇάǭ‫ٸ‬τǫଆҭ୮߅၎ౙϝѪѨሴᆭಌᐿๆШ࿷ୄӞᏵॸኣѸ ‫ވ‬ᑴຽᒨᇛ೶ၟ‫ٸ‬Ыᠹኞ϶ǫႚषๆШ࿷ୄӞᖉДᅄ൦ιԬት‫ݹ‬ሴϮᖳພΑᠹ୆‫ވ‬ ኣѸτߵԍၟ϶‫ވ‬ᑴຽᒨᇛǭσӌ‫ ܤ‬Landsman (1986)ǬBarth (1991) ᆭ Amir (1993) ࣫‫ة‬ऄ୦‫ޟ‬౲Ѩჰ‫ܤ‬౺ 106 ဝૻୄཥषྎߵϝോ‫܃‬व‫׺‬ඖ្χȟଆҭࡌߑଆҭ߅ๆ ШȠ‫ࣣވ‬᜙ຈሴᝳᚉǫძᛵ฿ܷᡀҙǫӞ 1984-1986 Ӻ໋ǫ‫ע‬၎Ίٗѹ༷ᛴ‫ڀ‬ϝѐ ѹ٧шિჰଆҭঠηԍଆҭࡌ‫ࡤވ‬ឲ‫ۻ‬ๆШǫәԭ՜ՎΈϝѐჰଆҭࡌঠηๆШ‫ވ‬ ‫܄‬ᒄǻӞ 1987-1990 ໋ǫ‫ע‬၎Ίߵι༷ᛴ‫ڀ‬ଆҭࡌߑଆҭ߅ๆШ࿷ୄ‫ވ‬ያࢸϝѐ‫ވ‬ ऻ໯ǭ Eccher, Ramesh and Thiagarajan (1996)ǬNelson (1996) ᆭ Barth, Beaver and Landsman (1996) ЧሃՀཧ٧்૯ऄ୦౺ 107 ဝૻୄཥषྎߵϝോԍ᜙߅ᑳ୏.

(6) 82. ཥषຈፌǫ౺ 33 නǫ2001 Ӻ 7 Ћ. ࠋ (financial instruments) ϝѪѨሴඖ្၎ਈχሴ७‫ר‬᜙‫ۻ‬ǭBarth et al. (1996) ᆭ Eccher et al. (1996) ‫ة࣫ވ‬฿ܷᡀҙǫԍሴ७‫עٽ‬၎ᆭ‫්ܢ‬χϝѪሴ७‫ވ‬ඖ្ǫш Ч‫ٸܤ‬஝ॖ७၎૲ѝǫඓ٥ჰ‫ޟ‬ሴχቑᚇဵកિΑǻNelson (1996) ೯ၯѨ७஝ॖ ७Б (market to book ratio) ᆭϝѪሴ७၎૲ඖ្໋‫ވ‬᜙ᕻ‫ۻ‬Ϡ݂ǫพ౓໲ԍሴᛵ ‫עٽ‬၎‫ވ‬ϝѪሴ७၎૲‫ٷ‬ሴ७‫ר‬᜙‫ۻ‬ǭ ടࡌǫAmir, Kirschenseiter and Willard (1997) ᆭ Ayers (1998) ෪္ऄ୦౺ 109 ဝૻୄཥषྎߵϝോ‫܃‬ඖ្χᇷ‫܃ۦ‬பหऻ໯၎૲‫ވ‬ቑᚇ‫ר‬᜙ሴ७ǭAmir et al. (1997) พ౓‫נ‬ᙈᆭ‫נ‬લԍ᜙‫ވ‬ᇷ‫܃ۦ‬பหஉ٧ଈᙦ‫ވ‬ᐉཥࡇ՜ǫԭ໯ୄॐᏵЄз‫ܤ‬ ฤනχϚଈᙦ‫ވ‬ᐉ౎ടଦǭࣣၟ‫ ܤ‬Amir et al. (1997)‫ދ‬௎෪္౺ 109 ဝϝോχඖ្ ჰ‫ޟ‬ሴ‫ဵވ‬កΑǫAyers (1998) ߵЧ APB ౺ 11 ဝ༷‫ط‬ਓ‫ވ‬ඖ្଱ࢸ୮ྎǫ٧ᔗᡄ ౺ 109 ဝϝോχඖ្ࡹոિඓ٥‫ע‬၎Ί‫ת‬Ӥ‫רވ‬᜙၎૲ǭძᛵ฿ܷᡀҙ౺ 109 ဝϝ ോχಌᐿተ៓ኞ‫ވ‬ያၟ APB ౺ 11 ဝ༷‫ط‬ਓ‫ٷ‬ቑᚇ‫ר‬᜙ሴ७၎૲ǭ4 Ѹ࣫‫ة‬Ҥឝૻ ୄ၎૲ඖ្χሴ७‫ר‬᜙‫ة࣫ۻ‬ǫ՗ԍը‫ة࣫ु߲ܤ‬ǫѸЅ்૯χከ‫ࢸވ‬ҵཧ‫܃‬ඖ្ χȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠࡹոೆ‫ע‬၎Ί຅ࢸ၎ౙǫԭ٣ப့ඖ្χ၎૲‫ٷ‬ሴ७‫ר‬᜙‫ۻ‬ǭ. ୍Ǭ࣫‫ة‬ମᇜχࡃҜ ΂Ǭମᇜ΂:ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠᆭ‫ޟ‬ሴχ᜙ᕻ‫ۻ‬ ‫ב‬୦Ӟ௝ҋȟ೒ᆀԃ‫ڂܙ‬Ƞ(full imputation system) χ‫ٶ‬หӔ΂‫ࡌࡂڂ‬ǫᔳ ժٚཧཥषಷ౒Јӻϔᆙࡤ঑‫ڂ‬ǫҵཧபϠ଒‫܃ٸ‬ᛝદχᔳժٚཧ‫܃‬பหω‫ܶޟ‬ǫ ٗ‫ܤ‬ཥष஝ᛒѝ೒࿳ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ஝ЁǫЧՙࢸ೨฿ᔳժٚཧ‫܃‬பหᆭॸΊ ᆌӔ‫܃‬பหχᐆ኱ǫ‫ٸ‬஝Ёឝങ‫ۻ׈‬፝ǫ෻໡‫ܤ‬၎ౙऻ໯޻Ι޻ၩǭ5 ძࡳ‫ٶ‬หӔ ΂ࡌǫൠॸΊ‫ܶޟ‬ԭ‫ع‬ǫϝѐᔳժٚཧ‫܃‬பหшᒶӌ‫ޟ‬ժพ‫ܢ‬ๆ‫ܶޟ‬ǫᄣԂ‫ޟ‬ժᕫ ᚇχ΂೴Ϡǫҋ‫ܤ‬ᔾ଒‫ޟ‬ժχ‫ܙވܶޟ‬ห‫ۿ‬ଆหǭࡹЧǫ‫ٶ‬หӔ΂ࡌǫᔳժٚཧ‫܃‬ ᛝદχห්ძ፝ΙιࢸॸΊᆌӔ‫܃‬பหχԃᛝห්ǭମ೒ਆ౎Ѩൈମ೒ԂҜǫߵ‫ע‬ ၎Ίᓿિᒚ‫ٶܫ‬หӔ΂ࡌȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠࢸ‫ॸٸ‬Ί‫܃‬பหχአᛝǫ‫ٷ‬၎ౙ‫ۻ‬፝ǭ ୮‫ܤ‬Ιुᇜ‫ܫ‬ǫ‫ׅॱב‬ԂΗҿମᇜ΂: H1ǱӞ‫ٸ‬Ы఑ҰσᠹΗǫ‫ٶ‬หӔ΂ࡌ‫ܶޟ‬шԃ‫ܙ‬หᚇχߌຆඖ្‫ٷ‬ሴ७‫ר‬᜙‫ۻ‬ǭ. 4. ᜙‫ૻߑܤ‬ୄ‫ߌۻ‬ຆඖ្ (nonfinancial disclosures) ჰ‫ޟܤ‬ሴተ៓χ࣫‫ة‬ǫ୍‫ ط‬Barth and McNichols (1994)ǬAmir and Lev (1996)ЧϮ Hughes II (2000)ǭ 5 ٠ᏬॼѼ‫܃‬பห‫ݛ‬౺ 66 ఑χ 1 ೌ‫ۊ‬ǱȟΜ٠Ѹ‫ۊೌݛ‬ፇቲᔳժٚཧ‫܃‬பหχᔳժٚཧǫᓿԵ 87 Ӻࡂ૽ǫӞ‫ٸ‬ཥष஝ᛒѝǫ೒࿳‫ܶޟ‬шԃ‫ܙ‬஝ЁǫҋЧ૭ᒬшϠ଒ω‫ގۿܶޟ‬ঠχ‫܃‬பᚇǫٗ٠Ѹ ‫ۊೌݛ‬ǫߜࡤ‫ـ‬ЧѼያषᆀ့஝Ё߅ᚇχᏞᛵϮࣾᒬǫЧ٥ዴቲᐉ᜙ࢎਘǭཛྷ೒Ҝχᔳժٚཧǫᓿ Ե೒ҜχЉ૽೒࿳ٗ૭ၠǭȠૻୄཥषҤ௝ҋӌኣ‫ވ‬ಷ౒Јӻǭ.

(7) ெୄրǬߩࢢࡶǬ೑஍྄ᆭ௽ऄষɘ‫ܶޟ‬шԃ‫ܙ‬หᚇඖ្χሴ७‫ר‬᜙‫ۻ‬. 83. ΉǬମᇜΉ: ΙѨᆭΙᘌѨൈჰȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠχϯᓿ ٠ॼѼ߲‫܃‬பห‫ݛ‬౺ 17 ఑ೌ‫ۊ‬:ȟદห࿷ୄΊϮᆭ‫ٸ‬Ӕ٪ോᛝχ଒଴ᄛ‫זٸڐ‬᎝ ᑺឝ‫߅ܤ‬ᑳᐉᄣχӯ්Ǭϝ໯Ǭϝѐ໯Ǭ߅ᑳ໯‫ٽ‬ժ৩ǫᓦᆴ‫ۻ‬፝ߕ૳୮߅χԆੲ Ϯϝѐϝ້พՀٗΙѨχ૭ӓ‫ޟ‬౲χ‫ޟ‬ժǫӔषһӺσຣၯΉ˱΅࿛‫ޚ‬ǫபһኞԃ ଟǫຣၯΉ˱΅࿛Ϙ‫ޚ‬ǫЧԃଟΉ˱΅࿛Ϙࢸ॒ǭȠԓໟΉ˱΅࿛Ϙԃଟχᓣ൸໲ ፵ҋ‫ܤ‬ΙѨϝѐ૭ӓ‫ޟ‬౲ǫσ፵ҋ‫ܤ‬ΙᘌϝѐǭӞ‫ٶ‬หӔ΂‫ࡂڂ‬Ηǫ‫ܶޟ‬ᔾ଒‫ޟ‬ժ τϝѐ‫܃‬ᛝદχᔳժٚཧ‫܃‬பหǫபҋЧԃ‫ٸܙ‬ᓿᛝદχᆌӔ‫܃‬பหᚇǫ‫ޟ‬ժι෻ ॐጻፇห஺ٚǫࡱཛྷቑχ‫܃‬பห‫ݛ‬౺ 17 ఑χ 3 ೌ‫ۊ‬Ǳ ȟદห࿷ୄΊϮᆭ‫ٸ‬Ӕ٪ോᛝ χ଒଴ᄛ‫זٸڐ‬᎝ᑺឝǫԵτ๥Ѿ୦ 88 Ӻ 1 Ћ 1 Љ૽‫ڎ‬பϝѐϝ້พՀٗΙѨχ ૭ӓ‫ޟ‬౲‫ޟ‬ժǫσҽ፵ҋᓦᆴ‫ע‬၎੔ըԃଟχೌ‫ۊ‬ǭȠҎ‫ܤ‬ԓໟೌ‫ۊ‬௟ଟ٧ԵΙѨ ϝѐ‫ޟ‬ժ 27 ࿛դห‫ވ‬ᓣ൸ǫ٣பࣣӌ‫ވ‬ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠჰ‫ܤ‬ΙѨᆭΙᘌ‫ܶޟ‬ หࡌૻ൛ተ៓‫ވ‬ਆܷǫЧΙᘌϝѐ‫ޟ‬౲ၟଦǭࢸີ΂‫்׸‬૯ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠჰ ‫ૻܶޟܤ‬൛‫ވ‬ተ៓ǫ‫ۊॱב‬࿷ d ࢸ‫ޟ‬ժ౎ǫti ࢸ‫ॸܶޟ‬Ίᜇሕห౎ǫO (‫ ۿ‬M) ࢸΙ ᘌ (‫ۿ‬ΙѨ) ϝѐǫY (‫ ۿ‬N) ࢸԍٝ‫ۿ( ڐ‬ѹٝ‫ )ڐ‬ᔳժٚཧ‫܃‬பหդหᓣ൸ (ЧΗ ᘸᅷࢸઑหᓣ൸) ЧϮ B (‫ ۿ‬A) ࢸ‫ٶ‬หӔ΂ძࡳ߲ (‫)ࡌۿ‬ǭӞମ೒: (1)ϝѐχᔳժ ٚཧ‫܃‬பห౎ࢸ 25%ǫ(2)σԬት‫ࣝۊݛ‬ᎠϝᐿϮဗᅨၶഥঠηࣽժา‫ٸ‬Ыәટǫ(3) ٧Եժ৩ԆΌЧϮΙѨϝѐχ‫ޟ‬ժѹຣၯ 27 ࿛‫ވ‬஺‫ݠ‬ΗǫϠըൠ့ϝѐࡹոࢸΙ Ѩ‫ۿ‬ΙᘌЧϮࡹոٝ‫ڐ‬ઑหᓣ൸ǫϠћᅶ஺‫ݠ‬Ϡ݂‫΂׹ࡌ߲ڂצ‬Ϙห߲఺ժჰ‫ܶޟ‬ ძ፝‫܃‬ப (Ч Z ijk Э޻) χተ៓ǫ‫ٸ‬τ i∈{O,M}Ǭj∈{Y,N}С k∈{B,A}:6,7 ஺‫(ݠ‬A)ǱΙᘌϝѐСѹٝઑหᓣ൸ B A Ҏ‫ ܤ‬Z ON = [(1 − 25% ) ⋅ d ] ⋅ (1 − t i ) = 0.75d ⋅ (1 − t i ) С Z ON = d ⋅ (1 − t i ) ǫәԓǫ‫צ‬ A B ‫ܶޟࡌ߲ڂ‬ძ፝‫܃‬பχ৘ᚇࢸ Z ON − Z ON = 0.25d ⋅ (1 − t i ) ≥ 0 ǭ. ஺‫(ݠ‬B)ǱΙᘌϝѐСٝԍઑหᓣ൸ B A Ҏ‫ ܤ‬Z OY = d ⋅ (1 − t i ) С Z OY = d ⋅ (1 − t i ) ǫәԓǫ‫ܶޟࡌ߲ڂצ‬ძ፝‫܃‬பχ৘ A B ᚇࢸ Z OY − Z OY = 0 ǭ. ஺‫(ݠ‬C)ǱΙѨϝѐСѹٝઑหᓣ൸ Ҏ‫ ܤ‬Z BMN = [(1 − 25% ) ⋅ d ] = 0.75d С Z AMN = d ⋅ (1 − t i ) ǫәԓǫ‫ܶޟࡌ߲ڂצ‬ძ ፝‫܃‬ப৘ᚇࢸ Z AMN − Z BMN = d ⋅ (0.25 − t i ) ǫ‫ٸ‬७ࢸѼ‫ऻۿ‬ǫᅻ຅‫ॸܶޟ‬Ίχᜇሕห౎ ti ଦ՜ԭ‫ۊ‬ǭ. 6. ძሕΙєव‫ޟۊ؃‬ሴ‫ވ‬ᜇሕ‫ע‬၎Ί(marginal investor)‫ٸ‬٧ԵΙѨϝѐχ‫ޟ‬ժѹຣၯ 27 ࿛Ϙǫ‫ॱב‬ ЧΗ‫ވ‬Ϡ݂฿ܷϔ෼፵ҋǭ 7 ٠ߝີౙཧϩત఑٦ೌ‫ۊ‬ǫॐवࣴ‫ו‬ٚཧϮॐव‫ע‬၎ٚཧǫшᒞᏮ፵ҋύӺդቲᔳժٚཧ‫܃‬பห ‫עܶޟۿ‬၎‫ܙ‬ෞǭѸ٦ମ೒ᒞᏮ፵ҋύӺϚդቲᔳժٚཧ‫܃‬பหχ஺‫ݠ‬ǭ.

(8) 84. ཥषຈፌǫ౺ 33 නǫ2001 Ӻ 7 Ћ. ஺‫(ݠ‬D)ǱΙѨϝѐСٝԍઑหᓣ൸ Ҏ‫ ܤ‬Z BMY = d С Z AMY = d ⋅ (1 − t i ) ǫәԓǫ‫ܶޟࡌ߲ڂצ‬ძ፝‫܃‬பχ৘ᚇࢸ Z AMY − Z BMY = −d ⋅ t i ≤ 0 ǭ ‫ॱב‬உΙुϠ݂ᆌӔ༳ᕫ‫΂޻ܤ‬ǭ ޻΂ ‫ٶ‬หӔ΂ძࡳ߲ࡌǫ‫ܶޟ‬ძ፝‫܃‬பБၟ޻ ϝѐࠗᄁ Ιᘌϝѐ. ΙѨϝѐ. ஺ ‫ݠ‬. ‫ ܶ ޟ‬ძ ፝ ‫ ܃‬ப. ‫ڂצ‬ਆܷ. ‫ٶ‬หӔ΂߲. ‫ٶ‬หӔ΂ࡌ. ৘ ౝ. 0.75d(1−ti). d(1−ti). 0.25d(1−ti). Ѽ. ٝ‫ڐ‬ઑหᓣ൸. d(1−ti). d(1−ti). 0. σᠹ. ѹٝ‫ڐ‬ઑหᓣ൸. 0.75d. d(1−ti). d(0.25−ti). ѹ‫†ۊ‬. D. d(1−ti). −dti. ऻ. ѹٝ‫ڐ‬ઑหᓣ൸. ٝ‫ڐ‬ઑหᓣ൸ †. ‫ ڂ צ‬ਆ ܷ ‫ ॸ ܶ ޟ ܤ ؃ ڎ‬Ί ᜇ ሕ ห ౎ χ ଦ ՜ ǫ ठ t i > 25%ߵ ਆ ܷ ࢸ ऻ ǰ ԭ t i < 25%ߵ ਆ ܷ ࢸ Ѽ ǭ. Ҏ޻΂шЧพ౓ћໟΙѨᆭΙᘌѨൈჰȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠϯࡷχ৘ౝǭ౺΂ǫ ძࡳ‫ٶ‬หӔ΂ჰ‫ܤ‬ѹٝ‫ڐ‬ઑหᓣ൸χΙᘌϝѐ‫ܶޟވ‬ᔾੲടଦǭ٦ӬǫൠॸΊᜇሕ ห౎ࢸ 0%χ‫ܶޟ‬ԭ‫ع‬ǫ‫ٸ‬หऻ஬ၯчടଦ‫ ވ‬25% (ϝѐ໏࢛หऻ) ॕԶ 0% (ְһԃ ‫)ܙ‬ǭඛј၀ᇜǫ့‫ܶޟ‬Ҏ‫ޟ‬ժԭ٧χძ፝‫܃‬பඓଦ 25%ǭ౺Ήǫჰιٝ‫ڐ‬ઑหᓣ ൸χΙᘌϝѐԭ‫ع‬ǫ‫ܤܶޟٸ‬ძࡳ‫ٶ‬หӔ΂߲ࡌǫҎ‫ܤ‬ϝѐ໏࢛֘ٝ‫ڐ‬ઑหᓣ൸ǫ ‫܃‬Ч‫ܶޟ‬χძ፝‫܃‬ப‫ٗࡌ߲ڂצܤ‬෻৘ౝǭ౺Ζǫჰѹٝ‫ڐ‬ઑหᓣ൸χΙѨϝѐԭ ‫ع‬ǫᗟ෼ ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ ཥ‫ڐ‬ϝѐᔳժٚཧ‫܃‬பห౎χଦ՜ (Ѹኪࠗମ೒ࢸ 25%) ԭተ៓‫ܶޟ‬χძ፝‫܃‬பǫ՗ӌ਋әࢸ‫ܶޟ‬χ‫ޟ‬ժԆΌισҽ፵ҋ 27 ࿛ᓦᆴ‫ע‬၎੔ ըԃଟᚇǫ‫܃‬Ч‫ٶ‬หӔ΂ჰ‫ܶޟ့ܤ‬χძ፝‫܃‬ப఺ተ៓መ຅‫ॸٸ‬Ίχᜇሕห౎ଦ՜ ԭ‫ۊ‬ǭടࡌǫჰ‫ܤ‬ιٝ‫ڐ‬ઑหᓣ൸χΙѨϝѐԭ‫ع‬ǫҎ‫ٶܤ‬หӔ΂߲ϝѐᆭ‫ॸܶޟ‬ Ί֘σመᛝหǫ՗‫ٶܤ‬หӔ΂ࡌǫәࢸ‫ܶޟ‬χ‫ޟ‬ժԆΌισҽ፵ҋ 27 ࿛ᓦᆴ‫ע‬၎ ੔ըԃଟᚇǫ‫܃‬Ч‫ٶ‬หӔ΂ჰ‫ܶޟ‬χძ፝‫܃‬பተ៓ࢸऻǭ8 ମ೒‫ޟ‬ժ౎ d า‫ ܤ‬100%ǫӞσӌ‫ॸܶޟވ‬Ίᜇሕห౎Η (஬ 0% ‫ ڀ‬40%)ǫ‫ב‬ ॱшЧஉ޻΂‫ވ‬ȟ৘ౝȠឦඋᛛ‫ܤ‬ა΂ǭა΂ᗝ֍Ήໟॐव‫ވ‬࿭ᔥళ࿷: ౺΂ǫҎ ‫ ܤ‬A ጌଦ‫ ܤ‬C ጌС B ጌଦ‫ ܤ‬D ጌǫ೤༷‫ڑ‬๨σፌࡹոٝ‫ڐ‬ઑหᓣ൸ǫΙᘌϝѐχ ‫ܶޟ‬ძ፝‫܃‬ப֘ၟΙѨϝѐχ‫ࢸܶޟ‬άǭ౺Ήǫა΂τ‫ ވ‬C ጌᆭ D ጌߦମ೒‫ܶޟ‬ ‫ٶܤ‬หӔ΂Ч߲٧ԵΙѨϝѐχ‫ޟ‬ժһ೴፵ҋ 27 ࿛դห‫ۊೌވ‬ǰϯχǫठ့‫ܶޟ‬ ‫ٶܤܤ‬หӔ΂Ч߲٧ԵΙѨϝѐχ‫ޟ‬ժһ೴σ፵ҋ 27 ࿛դห‫ۊೌވ‬ǫߵ‫ٸ‬ძ፝‫܃‬ பӞཛྷห‫ࡌ߲ڂ‬χᠹϦஉᆭΙᘌϝѐ΂गǫҤղ C ጌᠹࢸ A ጌС D ጌᠹࢸ B ጌǭ ඛј၀ᇜǫӬܷ‫ٶܤܶޟ‬หӔ΂Ч߲‫ڎ܃‬ப٧Եٝ‫ڐ‬ઑหᓣ൸χΙѨϝѐ‫ޟވ‬ժԆ 8. ठ‫ܶޟ‬χժ৩ԆΌιຣၯ 27 ࿛ǫ‫ۿ‬٧ԵΙѨϝѐχ‫ޟ‬ժԆΌຣၯ 27 ࿛೴Ϡǫߵ‫ٶ‬หӔ΂ჰ‫ܶޟ‬ χძ፝‫܃‬பተ៓ᆭΙᘌϝѐ‫ࣣܶޟ‬ӌǭ.

(9) 85. ெୄրǬߩࢢࡶǬ೑஍྄ᆭ௽ऄষɘ‫ܶޟ‬шԃ‫ܙ‬หᚇඖ្χሴ७‫ר‬᜙‫ۻ‬. Όǫ໲೴Ҵ፵ҋ 27 ࿛դหχೌ‫ۊ‬ǫߵ‫ٸ‬әძՀ‫ٶ‬หӔ΂‫܃‬ౙҊχძ፝‫܃‬பᠹϦஉ ϖ‫ ܤ‬C ጌ (Ч߲һ೴፵ҋ 27 ࿛դห) ᆭ A ጌ (Ч߲һ೴σ፵ҋ 27 ࿛դห) χ໋ǰ ӌኣ‫౒ވ‬ҎǫӬܷ‫ٶܤܶޟ‬หӔ΂Ч߲‫ڎ܃‬ப٧Եѹٝ‫ڐ‬ઑหᓣ൸χΙѨϝѐ‫ޟވ‬ ժԆΌǫ໲೴Ҵ፵ҋ 27 ࿛դหχೌ‫ۊ‬ǫߵ‫ٸ‬ә‫ٶ‬หӔ΂χძՀ‫܃‬ౙҊძ፝‫܃‬பχ ᠹϦஉϖ‫ܤ‬Dጌ (Ч߲һ೴፵ҋ27 ࿛դห) ᆭBጌ (Ч߲һ೴σ፵ҋ27࿛դห) χ ໋ǭәԓǫ‫ॱב‬ႚනΙᘌѨൈჰ‫ܤ‬ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ‫ވ‬ϯᓿཥၟΙѨѨൈࢸάǭ ୮‫ܤ‬Ιुᇜ‫ܫ‬ǫѸ࣫‫ׅة‬ԂΗҿମᇜΉǱ H2ǱӞ‫ٸ‬Ы఑ҰσᠹΗǫΙᘌ‫ޟ‬౲Ѩൈ‫ޟ‬ሴჰ‫ܶޟܤ‬шԃ‫ܙ‬หᚇ‫ވ‬ϯᓿά‫ܤ‬Ι Ѩ‫ޟ‬౲Ѩൈ‫ޟ‬ሴჰ‫ܶޟܤ‬шԃ‫ܙ‬หᚇ‫ވ‬ϯᓿǭ ა΂ ‫ٶ‬หӔ΂ძࡳ߲ࡌǫσӌᜇሕห౎Η‫ܶޟ‬ძ፝‫܃‬பᠹϦა. ‫ ޟ‬30 ܶ ძ 20 ፝ ‫ ܃‬10 ப 0 ቑ ෞ -10 ᠹ Ϧ -20 & -30. Ιᘌѹٝ‫ڐ‬ઑหᓣ൸(A). Ιᘌιٝ‫ڐ‬ઑหᓣ൸(B). 0%. 6%. 13%. 21%. 30%. 40%. ΙѨѹٝ‫ڐ‬ઑหᓣ൸(C). -40 ΙѨιٝ‫ڐ‬ઑหᓣ൸(D). -50 !‫ॸܶޟ‬Ίᜇሕห౎. ࿼Ǭ࣫‫ة‬೒ष ΂ǬϠ݂ኪӻᆭᠹኞᑴຽ Ѹ࣫‫ة‬Уव்૯‫ޟ‬౲Ѩൈჰ‫ܤ‬ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠχϯᓿǭࢸᡄᛵძᛵମᇜǫ ѸЅЧΗҿΉᅶ᐀ᘇॖጻଈᘓϠ݂ີՀძᛵ࣫‫ة‬: 1.ኪࠗ΂ǱࢸΈϠ݂ѹΌ஝χȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠჰϝѐ‫ޟ‬ሴχተ៓ǫ‫୍ॱב‬ ԬၯчϠ݂ߌຆඖ្χሴ७‫ר‬᜙‫ވۻ‬Ѕᝏǫ௝ҋΗҿ‫៵ވ‬ੲຈሴኪࠗǫЧ்૯ȟ‫ޟ‬ ܶшԃ‫ܙ‬หᚇȠᆭϝѐ៵ੲሴ७ᠹϦχ᜙ߦǱ MVE i = a + b1 ⋅ BVA i + b 2 ⋅ BVL i + b 3 ⋅ EPS i + b 4 ⋅ ICA i + b 5 ⋅ G i + e i. (1).

(10) 86. ཥषຈፌǫ౺ 33 නǫ2001 Ӻ 7 Ћ. ‫ٸ‬τ MVEiǱ౺ i ৅ϝѐӞ 87 ӺӺۤ‫ ۿ‬88 Ӻ 4 Ћۤχ‫៵ܶޟޟ׹‬ੲѨሴǫ9 BVAiǱ.87 ӺӺۤ౺ i ৅ϝѐ஝ҿ‫ޟ׹‬၎ౙǫ BVLiǱ.87 ӺӺۤ౺ i ৅ϝѐ஝ҿ‫ऻޟ׹‬໯ǫ EPSiǱ 87 Ӻࡂ౺ i ৅ϝѐχห߲‫ࣝޟ׹‬Ꭰǫ ǫ ICAiǱ ӑᄉЎЉχ౺ i ৅ϝѐඖ្χ‫ޟ׹‬ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ GiǱ ౺ i ৅ϝѐχԂ߆ᠹኞǫ‫ۊ‬࿷ࢸ (87 Ӻ‫ޟ׹‬၎ౙ−83 Ӻ‫ޟ׹‬၎ౙ) / 4ǫ ౺ i ৅ϝѐχ෍৘ໟǭ eiǱ Ӟኪࠗ΂τǫ ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ(ICA) χߦኞ b4 ᑴຽȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠჰ ϝѐ៵ੲሴ७χተ៓สࡂǫшҋЧ෪္ମᇜ΂ǭठ‫ٶ‬หӔ΂ࡌ‫ޟ‬ሴᆭшԃ‫ܙ‬หᚇԂ Ѽ ࣣ ᜙ ǫ ߵ b4 உ ᡀ ๨ ࢸ Ѽ ७ ǭ ࢸ ᗀ դ ෍ ৘ ᆭ ‫ ޟ‬ሴ ࣣ ᜙ ‫ ܃‬ౙ Ҋ χ ౝ ፝ ‫ۻ‬ (heteroskedasticity)୙ᚉǫ‫ॱב‬௝ҋ White’s (1980) ‫ވ‬Ј‫ݛ‬٧ᔗ‫ۊ‬ኪࠗ΂τ෍৘ໟ ‫ ވ‬ш િ ౝ ፝ ‫ ۻ‬୙ ᚉ ǭ ठ ѹ ೦ ၯ ౝ ፝ ‫ ۻ‬ᔗ ‫ ۊ‬ǫ ‫ ॱ ב‬Ч White’s (1980) heteroskedasticity-consistent standard errors ٧ᔗ‫ۊ‬Վषߦኞχᡀ๨‫ۻ‬ǭ10 Ӟኪࠗ΂τǫ ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠࢸ‫ڎ‬Ե 87 Ӻ 12 Ћ 31 Љӑϝѐૻୄോ޻‫܃‬ඖ ្χ߅ᚇǭѸ࣫‫ة‬ӞີՀኪࠗ΂χϠ݂਋ǫय़ҺЧ့ϝѐ 87 Ӻ 12 Ћ 31 Љ‫܃‬ඖ្ χȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ (Ч ICA87/12/31 ޻ҙ) кЧᑴຽǭԓѝǫҎ‫ܤ‬ӑϝѐχȟ‫ܶޟ‬ шԃ‫ܙ‬หᚇȠߦ୮‫߅౓ܤ‬୮ᘬषᆀԭபǫመࡈϝѐᛝદหᚇЈ‫ڿ‬षΌȟ‫ܶޟ‬шԃ‫ܙ‬ หᚇȠ஝ЁǫәԓǫኣѸϝѐ‫ ܤ‬87 Ӻ 12 Ћ 31 Љૻୄോ޻‫܃‬ඖ្χȟ‫ܶޟ‬шԃ‫ܙ‬ หᚇȠ ǫٗѹм֍உ‫ܤ‬ԒӺ (ղ 88 Ӻ) Јᛝદχ 87 Ӻࡂᔳժٚཧ‫܃‬பหǫәԓ௝ҋ ǭ୮‫ܤ‬೤ॸ঑әǫ‫ॱב‬ӌ਋உ ICA87/12/31 ICA87/12/31 шિ՜Վ੶ძχȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ кषනѺᓿШ‫܃‬பห (Ч ICA ޻ҙ) દΌϠ݂ǭࢸያߜኪࠗ‫ဵވ‬កિΑǫЧන৹৽ ְᏵχ៵ੲຈሴኪࠗǫ‫ॱב‬દΌԂ߆ᠹኞ (G) ଱ࢸϝѐԂ߆χЭ౒ᠹኞǫЧொ‫ڂ‬ દΌ့ᠹኞᆭոшિჰᔗ‫ۊ‬฿ܷ‫܃‬ౙҊ‫ވ‬ተ៓ǭ11 2.ኪࠗΉǱࢸᔗᡄମᇜΉǫ‫׸΂ີॱב‬உኣѸ၎ਈϠࢸΙѨᆭΙᘌϝѐ‫ٶ‬ᜡǫ Ч෪္ΙѨϮΙᘌѨൈჰȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠχϯᓿǭࢸၩ‫ڀ‬ԓҕ‫ވ‬ǫѸ࣫‫ة‬௝ҋ Ηҿ‫ވ‬ଈᘓኪࠗǱ 9. ठЧ 87 ӺӺۤχԆዣሴࢸәᠹኞǫ‫ٸ‬шિ‫ވ‬઩ᗱӞ‫܃ܤ‬ԍԵᠹኞ‫ވ‬၎ਈ֘ࢸ 87 ӺӺോ‫ވ‬၎ਈǫ ՗့ૻୄോ޻χϝւ೦஛ߦ‫ ܤ‬88 Ӻࡂ 4 ЋҴพҊǭࢸΈያߜѨൈшЧְᏵᔾப‫܃‬ԍඖ្χ၎૲ǫ ‫ॱב‬ӌ਋௝ҋ 88 Ӻ 4 ЋۤχԆዣሴ଱ࢸѓѝ΂ᅶᑴຽәᠹኞ‫ވ‬୮ᘬǭ७ப‫ࡹވ༷ݐ‬ǫ௝ҋ 88 Ӻ 4 Ћۤ‫ޟވ‬ሴшિᏛग 88 Ӻ 1~4 ЋҴχ‫ٸ‬Ыᙾ૲ີΌϠ݂၎ਈτǫີԭተ៓ଈᘓϠ݂χᔗ‫ۊ‬ਆܷǭ әԓǫၯч࣫‫ة‬ᗟԍժҋૻୄോ޻ϝՠЉ଱ࢸϠ݂‫ވ‬୮ᘬЉ(Ӭ Nelson 1996)ǫ՗ϔԍ೑Ӥ࣫‫ة‬ϔЧ Ӻۤχ‫ޟ‬ሴີՀϠ݂(Ӭ Barth et al. 1996 ᆭ Eccher et al. 1996)ǭࢸΈ٣Ѹ࣫‫ވة‬฿ܷ‫ְת‬Ᏽǫ‫ॱב‬ ӌ਋Ԭຽ‫ٶ‬ᅶσӌЉන(ૻୄോ޻Љᆭ‫ۊݛ‬ടᒟϝւЉ)χԆዣሴີΌϠ݂ኪࠗǭ 10 ‫ॱב‬ද࿭Чॸըϝѐχන޺‫ޟ‬ሴࢸ៵ኞǫ௝ҋк៵ടβѪЈ‫(ݛ‬weighted least-squares regression) ີՀଈᘓϠ݂ǫ‫ٸ‬ძᛵ฿ܷᆭѸЅχ฿ፌࣣ΂गǭ 11 ٠Ꮼ Daley (1984, 186)‫ވ‬УதǫЧȟ(87 Ӻ‫ޟ׹‬၎ౙ - 83 Ӻ‫ޟ׹‬၎ౙ)/4Ƞ٧ᑴຽԂ߆ᐉཥǫߦ୮ ‫ ܤ‬Miller-Modigliani (1966)‫ ވ‬finite period, constant-growth ኪࠗǭСၯч‫ވ‬ຈሴძᛵ࣫‫ة‬Οพ౓့Ԃ ߆ᠹኞχߦኞ֘ᡀ๨ࢸѼ(Ӭ: Litzenberger and Rao 1971; Dukes 1976; Foster 1975; Bowen 1981)ǭ୮ ‫ܤ‬ԓ঑әǫ‫ॱב‬௝ҋ Daley (1984)‫ވ‬Ј‫ݛ‬٧ᑴຽϝѐ‫ވ‬Ԃ߆ᐉཥǭ.

(11) ெୄրǬߩࢢࡶǬ೑஍྄ᆭ௽ऄষɘ‫ܶޟ‬шԃ‫ܙ‬หᚇඖ្χሴ७‫ר‬᜙‫ۻ‬. MVEi = a1 + a 2 ⋅ Di + b1 ⋅ BVAi + b2 ⋅ BVLi + b3 ⋅ EPSi + b4 ⋅ ICAi + b5 ⋅ Di ⋅ ICAi + b6 ⋅ G i + ei. 87. (2). ‫ٸ‬τ Di ࢸ΂๷ᔌᠹኞǫठࢃኣѸϝѐ i ࢸΙѨ (Ιᘌ) ϝѐǫߵ‫ٸ‬७ࢸ 0 (1)ǫ Զ‫ٸܤ‬Ыᠹኞߵᆭኪࠗ΂‫ۊވ‬࿷ࣣӌǭҎኪࠗΉш‫ތ‬ǫ ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠჰΙѨ ϝѐχተ៓สࡂࢸ b 4 ǫԶ‫ܤ‬ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠჰΙᘌϝѐχተ៓ߵЧ b 4 + b 5 кЧ ᑴຽǭठମᇜΉԂҜǫߵߦኞ b5 உᡀ๨ά‫ ܤ‬0ǭӞԬት෍৘ౝ፝‫ވۻ‬୙ᚉࡌǫ‫ॱב‬ ӌኣЧ White’s (1980)ᔗ‫ۊ‬ЧϮ‫ ٸ‬heteroskedasticity-consistent standard errors ٧ ᔗ‫ۊ‬Վषߦኞχᡀ๨‫ۻ‬ǭ. ΉǬኣѸᒞᏮᆭ࣫‫ة‬න໋ Ҏ‫ٶܤ‬หӔ΂ཛྷห‫ܤߦڂ‬Ѿ୦ 87 Ӻ້‫ڿ‬ძࡳǫࡱѸ࣫‫ة‬Ч 87 Ӻࢸ࣫‫ة‬න໋ǭ Ϡ݂၎ਈ٧྄ࢸїᡳ࿭ᔥཛྷോ၎ਈ৛(Taiwan Economic Journal)ǭࢸԍਆᔗ‫ۊ‬ମ ᇜǫኣѸመӌ਋ᄿ‫ـ‬Ηҿύॸ఑ҰǱ1. 87 Ӻ 12 Ћ 31 ЉЧ߲ࢸιΙѨ‫ۿ‬Ιᘌχϝѐǫ 2. ঌଟһᚇңഡ‫ޟ‬ǫ3. ௟ଟߑ᏶Ӻ‫ڂ‬ϝѐǫЧᔾगၟ΂गχБၟ୮ᘬǫ4. ௟ଟ‫ۻ‬ ፝੔ਯχ߅ᑳߜᒷཧǫ5. ঌଟѹඖ្ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ၎ਈχϝѐǭӞ೤ٛᒞ‫ڎ‬ ኣѸ‫ވ‬ከྎΗǫ‫ॱב‬ப‫ ڀ‬413 ৅Ч ICA87/12/31 ࢸᑴຽ୮ᘬχኣѸϝѐ (֍ΙѨ 336 ৅ǫΙᘌ 77 ৅) ᆭ 467 ৅Ч ICA ࢸᑴຽ୮ᘬχኣѸϝѐ (֍ΙѨ 379 ৅ǫΙᘌ 88 ৅)ǭ12. ҫǬძᛵ฿ܷᆭϠ݂ ΂Ǭ௭ु಄षຽ ޻Ή༳ᕫӑໟᠹኞχ௭ु಄षຽǭӞЧ ICA87/12/31 ࢸᑴຽ୮ᘬ‫ ވ‬413 ৅ኣѸτǫ ΙѨ (Ιᘌ) ϝѐχѪ֘ 87 ӺӺۤ‫៵ޟ׹‬ੲѨሴࢸ$34.275 ($30.684)ǫԭ‫ ٸ‬88 Ӻ 4 ЋۤχѪ֘‫៵ޟ׹‬ੲѨሴߵࢸ$35.614 ($25.988)ǭ‫ޟ׹‬၎ౙᆭऻ໯஝ॖሴ७Ѫ֘ࢸ $27.029 ($29.720) Ϯ$11.502 ($14.402)ǫΙѨᆭΙᘌϝѐ৘ౝσάǭԶ‫ܤ‬Ιᘌϝѐχ ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ ǬԂ߆ᐉཥᆭ‫ࣝޟ׹‬ᎠѪ֘ԭ‫ߵع‬ଦ‫ܤ‬ΙѨϝѐǭԶ‫ܤ‬Ч ICA ࢸᑴຽ୮ᘬ‫ ވ‬467 ৅ኣѸ‫ވ‬௭ु಄षຽǫߵᆭЧ ICA87/12/31 ࢸᑴຽ୮ᘬ‫ވ‬ኣѸࣣ৘ σᇲǭ ޻ΖϠըോᏛӑᠹኞ໋χࣣ᜙ߦኞǭ့޻ᡀҙ෻ፌࡹΙѨ‫ۿ‬ΙᘌϝѐǱ1. ᗟ෼ ‫ޟ׹‬஝ॖऻ໯ BVL ᆭ‫៵ޟ׹‬ੲѨሴ MVE վѼࣣ᜙ǫᆭႚන౻ဝࣣϯǫ՗‫ٸ‬᜙ߦ ٗσᡀ๨ǭ‫ॱב‬ᇘࢸ BVL ᆭ MVE ѹվ౓ऻࣣ᜙χшિ঑әǫߦҎ‫ ܤ‬BVA Ϡըᆭ 12. Ҏ‫ܤ‬ϝѐߦ೙ұԍ॒ǫ‫܃‬Чղ٣ EPS ࢸऻኞχϝѐǫ‫ ٸ‬MVE ᓿϔࢸѼ७ǭࡱൠ౒ፌԭ‫ع‬ǫଈᘓ ኪࠗχ೒‫ۊ‬ᓿ௟ଟऻࣝᎠχኣѸີΌϠ݂τǭ՗Ҏ‫ ܤ‬ICA ჰ‫ވܶޟܤ‬ሴ७ࡹσ‫ ڐ‬EPS Ѽऻ‫ވ‬ተ៓ǫ ࢸΈિદΌടְᏵ‫ވ‬ኣѸ၎ਈǫ‫܃‬Чǫ‫ॱב‬ϔஉ EPS ࢸऻ७‫ވ‬ϝѐદΌኣѸкЧϠ݂ǭӞ౺ 5.2.2 ࿦‫ॱב‬உᇜ‫ܫ‬௟ଟ EPS ࢸऻ७‫ވ‬ኣѸჰძᛵ฿ܷ‫ވ‬ተ៓ǭ.

(12) 88. ཥषຈፌǫ౺ 33 නǫ2001 Ӻ 7 Ћ. MVE ЧϮ BVL վ౓ᡀ๨Ѽࣣ᜙ǫԭᏛग BVL ᆭ MVE վѼࣣ᜙ǭྴ‫ॱב‬Ӟࡌឲ ‫ވ‬ଈᘓϠ݂τொ‫ ڂ‬BVA χࡌǫBVL ᆭ MVE ղࢸऻࣣ᜙ (‫޻ط‬ύԶ޻΍)ǫ2. ଟΈ ‫ޟ׹‬஝ॖ७ BVL ѝǫ‫ٸ‬ЫԵᠹኞ֘ᆭ‫៵ޟ׹‬ੲѨሴ MVE ԍᡀ๨‫ވ‬ѼӒ᜙ߦǭᏵ ᡆԭ‫ع‬ǫѸ࣫‫܃ة‬ᒞ‫ވڎ‬Եᠹኞᆭ MVE ໋‫ٷ‬ԍ‫س‬Ӫ‫ވ‬᜙ߦǭ13 ޻Ή ӑᠹኞ௭ु಄षຽ† ICA87/12/31 ኣѸ τՆኞ ከྎ৘ Ѫ֘ኞ Panel A: ΙѨϝѐ MVE_12 MVE_4 ICA BVA BVL EPS G Panel B: Ιᘌϝѐ MVE_12 MVE_4 ICA BVA BVL EPS G Panel C: һ೴ϝѐ MVE_12 MVE_4 ICA BVA BVL EPS G †. 34.275 35.614 0.103 27.029 11.502 0.699 3.303. (N=336) 24.100 24.908 0.017 24.715 9.243 0.790 2.754. 30.684 25.988 0.119 29.720 14.402 0.843 4.591. (N=77) 26.800 22.800 0.013 26.847 10.565 0.810 3.906. 33.606 33.819 0.106 27.531 12.043 0.726 3.543. (N=413) 24.500 24.357 0.017 24.976 9.455 0.810 3.029. 33.161 35.370 0.171 9.827 8.041 2.774 2.660. 17.686 15.298 0.293 12.875 11.436 1.753 3.121. 30.884 32.780 0.199 10.498 8.831 2.613 2.793. Ѫ֘ኞ. ICA ኣѸ τՆኞ. ከྎ৘. 33.392 34.822 0.085 27.146 11.860 0.547 3.290. (N=379) 22.800 24.772 0.000 24.701 9.822 0.700 2.706. 33.123 34.548 0.158 10.198 8.176 2.832 2.737. 29.141 24.870 0.086 29.232 14.459 0.707 4.382. (N=88) 25.400 22.450 0.013 26.501 10.796 0.730 3.793. 17.633 15.118 0.140 12.957 11.239 1.785 3.217. 32.591 32.947 0.085 27.539 12.350 0.577 3.496. (N=467) 23.500 23.600 0.000 24.776 9.932 0.710 2.923. 30.835 32.032 0.154 10.787 8.879 2.666 2.862. MVE_12 ࢸ 87 Ӻ Ӻ ۤ χ ‫ ៵ ޟ ׹‬ੲ Ѩ ሴ ǫ MVE_4 ࢸ 88 Ӻ 4 Ћ ۤ ‫ ៵ ޟ ׹‬ੲ Ѩ ሴ ǫ BVA ࢸ 87 Ӻ ۤ ‫׹‬ ‫ ޟ‬஝ ҿ ᕫ ၎ ౙǫBVL ࢸ 87 Ӻ ۤ ‫ ޟ ׹‬஝ ҿ ᕫ ऻ ໯ǫEPS ࢸ 87 Ӻ ࡂ χ ‫ ޟ ׹‬ห ߲ ࣝ ᎠǫICA 8 7 / 1 2 / 3 1 ࢸ 87 Ӻ ۤ ϝ ѐ ඖ ្ χ ‫ޟ ׹‬ȟ ‫ ܶ ޟ‬ш ԃ ‫ ܙ‬ห ᚇ ȠǫICA ࢸ ICA 8 7/ 12 / 3 1 к ष 87 Ӻ ۤ ᓿ Ш ‫ ܃‬ப หǫG ࢸ Ԃ ߆ ᠹ ኞ ǫ ‫ ۊ‬࿷ ࢸ (87 Ӻ ‫ ޟ ׹‬၎ ౙ −83 Ӻ ‫ ޟ ׹‬၎ ౙ )/4ǭ. 13. ޻Ζᡀҙᠹኞ G ᆭ‫ٶ‬ᅶȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ‫ވ‬ᑴຽ໋шિӯӞҼጌ‫(ۻ‬multicollinearity)‫ވ‬୙ᚉǫີԭተ៓ ‫ڀ‬Ѹ࣫‫ة‬χძᛵ฿ܷǭӞԬຽԓ୙ᚉχࡌǫ‫ॱב‬ӞີՀძᛵϠ݂਋ǫදஉᠹኞ G Ե‫܃‬ԍኪࠗτիଟǫ฿ܷᡀ ҙѸ࣫‫ة‬ԍ᜙ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ‫ވ‬฿ፌǫٗσཥәࢸદΌᠹኞ G ᆭոԭԍ‫צ܃‬ᠹǭ.

(13) 89. ெୄրǬߩࢢࡶǬ೑஍྄ᆭ௽ऄষɘ‫ܶޟ‬шԃ‫ܙ‬หᚇඖ្χሴ७‫ר‬᜙‫ۻ‬. ޻Ζ ࣣ᜙ߦኞ੹ଛ† Panel A: ICA87/1231 ኣѸΗӑᠹኞχࣣ᜙ߦኞ੹ଛ MVE_12 MVE_4 MVE_12 0.962 Ι MVE_4 0.917 ᘌ ICA 0.336 0.235 0.263 0.191 ϝ BVA 0.059 0.027 ѐ BVL 0.725 0.587 (N=77) EPS G 0.377 0.339. ΙѨϝѐ(N=336) ICA BVA BVL 0.448 0.344 0.040 0.385 0.339 0.044 0.126 -0.069 0.080 0.874 0.055 0.941 0.245 0.453 0.239 0.177 0.843 0.762. EPS 0.615 0.628 0.372 0.209 -0.106. G 0.525 0.498 0.202 0.749 0.546 0.291. 0.393. Panel B: ICA ኣѸΗӑᠹኞχࣣ᜙ߦኞ੹ଛ MVE_12 MVE_4 MVE_12 0.959 Ι MVE_4 0.923 ᘌ ICA 0.543 0.479 0.298 0.247 ϝ BVA 0.062 0.046 ѐ BVL 0.736 0.622 (N=88) EPS G 0.401 0.376 †. ΙѨϝѐ(N=379) ICA BVA BVL 0.463 0.338 0.048 0.388 0.337 0.059 0.211 -0.024 0.232 0.872 0.129 0.925 0.509 0.498 0.254 0.233 0.850 0.742. EPS 0.592 0.601 0.421 0.231 -0.084. G 0.504 0.482 0.286 0.766 0.560 0.300. 0.432. ޻τ௰ჰ‫ظ‬χъΙс೴ࢸΙѨϝѐχࣣ᜙ߦኞ੹ଛǫԭѧΗс೴ߵࢸΙᘌϝѐχࣣ᜙ߦኞ੹ଛǭ MVE_12 ࢸ 87 Ӻ Ӻ ۤ χ ‫ ៵ ޟ ׹‬ੲ Ѩ ሴ ǫ MVE_4 ࢸ 88 Ӻ 4 Ћ ۤ ‫ ៵ ޟ ׹‬ੲ Ѩ ሴ ǫ BVA ࢸ 87 Ӻ ۤ ‫׹‬ ‫ ޟ‬஝ ҿ ᕫ ၎ ౙ ǫ BVL ࢸ 87 Ӻ ۤ ‫ ޟ ׹‬஝ ҿ ᕫ ऻ ໯ ǫ EPS ࢸ 87 Ӻ ࡂ χ ‫ ޟ ׹‬ห ߲ ࣝ Ꭰ ǫ ICA 8 7 / 1 2 / 3 1 ࢸ 87 Ӻ ۤ ϝ ѐ ඖ ្ χ ‫ ޟ ׹‬ȟ ‫ ܶ ޟ‬ш ԃ ‫ ܙ‬ห ᚇ Ƞǫ ICA ࢸ ICA 8 7 / 1 2/ 3 1 к ष 87 Ӻ ۤ ᓿ Ш ‫ ܃‬ப ห ǫ G ࢸ Ԃ ߆ ᠹ ኞ ǫ ‫ ۊ‬࿷ ࢸ (87 Ӻ ‫ ޟ ׹‬၎ ౙ −83 Ӻ ‫ ޟ ׹‬၎ ౙ )/4ǭ. ΉǬძᛵ฿ܷ 1. ମᇜ΂‫ވ‬ᔗ‫ۊ‬ ࢸᡄᛵମᇜ΂ǫ‫ॱב‬ϠըൠΙѨϝѐǬΙᘌϝѐᆭһ೴ኣѸ٠ྚኪࠗ΂ີՀମ ᇜᔗ‫ۊ‬ǫ‫ٸ‬τ޻ћ༳ᕫЧ ICA87/12/31 ࢸᑴຽ୮ᘬχძᛵ฿ܷǫ޻ύߵോᏛЧ ICA ࢸ ᑴຽ୮ᘬχძᛵ฿ܷǭ޻ћχ Panel A ᡀҙǫ෻ፌЧ 87 Ӻۤχ‫ޟ‬ሴ (MVE_12) ‫ۿ‬ Ч 88 Ӻ 4 Ћۤχ‫ޟ‬ሴ (MVE_4) ࢸәᠹኞǫΙѨϝѐχ ICA87/12/31 ‫ވ‬Վषߦኞ֘ၩ ໱಄χᡀ๨Дྎ (ՎषߦኞϠըࢸ 35.462 ᆭ 22.883ǫt ७ࢸ 2.971 ᆭ 2.029) ǻϯχǫ Ιᘌϝѐߵ෻ፌЧ MVE_12 ‫ ۿ‬MVE_4 ࢸәᠹኞǫPanel B ᡀҙ ICA87/12/31 ‫ވ‬Վषߦ ኞ֘ѹၩ໱಄χᡀ๨Дྎ (ՎषߦኞϠըࢸ 8.327 ᆭ 2.175ǫt ७ࢸ 1.253 ᆭ 0.375)ǭ Զ‫ٸܤ‬Ꭰொ‫ڂ‬ᠹኞχՎषߦኞ‫ވ‬ЈӒߵ֘ᆭ౒ፌႚනࣣ౻ǫСά೴Ϡ֘ၩ 10%‫ވ‬Д ྎᡀ๨ǭᏵᡆԭ‫ع‬ǫ޻ћ‫ވ‬฿ܷ‫ܤ‬ΙѨϝѐ‫ވ‬ኣѸЄࡤѸ࣫‫ވة‬ମᇜ΂ǫ՗Ιᘌϝ ѐ‫ވ‬ኣѸߵѹિᡀ๨Єࡤମᇜ΂ǭඛј၀ᇜǫїᡳΙѨ໚τѨൈ‫עވ‬၎Ίિᒚ‫ܫ‬ȟ‫ޟ‬ ܶшԃ‫ܙ‬หᚇȠჰ‫ע‬၎Ί‫ٷ‬ԍ၎ౙχ‫ۻ‬፝ǫٗϯᓿ‫ޟܤ‬ሴΙǭ.

(14) 90. ཥषຈፌǫ౺ 33 නǫ2001 Ӻ 7 Ћ. σӌ‫޻ܤ‬ћ‫ވ‬Ϡ݂฿ܷǫ޻ύχ Panel A ᆭ Panel B ᡀҙЧ MVE_12 ࢸәᠹኞ ਋ǫ෻ፌΙѨ‫ۿ‬Ιᘌϝѐǫ‫ ٸ‬ICA ‫ވ‬Վषߦኞ֘ၩ໱಄χᡀ๨Дྎ (ՎषߦኞϠը ࢸ 34.154 ᆭ 27.950ǫt ७ࢸ 1.719 ᆭ 2.379)ǭ೤༷‫ڑ‬๨ǫїᡳΙѨᆭΙᘌѨൈ‫עވ‬၎ Ίિᒚ‫ܫ‬ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠჰ‫ע‬၎Ί‫ٷ‬ԍ၎ౙχ‫ۻ‬፝ǫٗϯᓿ‫ܤ‬Ӻۤχ‫ޟ‬ሴΙǭ ෼ԭǫठЧ MVE_4 ࢸәᠹኞ਋ǫᗟ෼ ICA ‫ވ‬ՎषߦኞЈӒᆭႚනࣣ౻ǫ՗֘ѹၩ ᡀ๨ДྎǭԶ‫ٸܤ‬Ꭰொ‫ڂ‬ᠹኞχՎषߦኞ‫ވ‬ЈӒߵ֘ᆭ౒ፌႚනࣣ౻ǭҎ‫ ܤ‬ICA ‫ވ‬ ᑴຽӌ਋ԬትΈ ICA87/12/31 ᆭᓿШ‫܃‬பหǫ‫܃‬Ч౒ፌΙ޻ύ‫ת‬િ৹৽ȟ‫ܶޟ‬шԃ‫ܙ‬ หᚇȠჰ‫ܤ‬ҵཧຈሴχተ៓ǭәԓǫᏵᡆԭ‫ع‬ǫମᇜ΂‫ވ‬௙ፌப‫ڀ‬ძᛵ‫ވ‬ЄࡤǭҤ ղǫ‫ב‬୦‫ވ‬ΙѨᆭΙᘌ‫ޟ‬౲Ѩൈ֘િϯࡷ ICA ჰ‫ॸܶޟܤ‬Ίૻ൛ሴ७‫ވ‬ተ៓ǫСЧ ૻୄോ޻Љ‫ވ‬ਆܷട٢ǭԶ‫ܤ‬Ч MVE_4 ࢸәᠹኞχϠ݂σᡀ๨‫ވ‬঑әǫшિߦҎ ‫ܤ‬ԍ 88 Ӻ 1 ЋԶ 4 ЋҴχ‫ٸ‬Ыᙾ૲ີΌϠ݂၎ਈτǫәԭተ៓ଈᘓϠ݂χᔗ‫ۊ‬ਆ ܷǭ ޻ћ ମᇜ΂χଈᘓᔗ‫ۊ‬฿ܷ − Ч ICA87/12/31 ᑴຽ† MVE i = a + b1 ⋅ BVA i + b 2 ⋅ BVL i + b 3 ⋅ EPS i + b 4 ⋅ ICA i + b 5 ⋅ G i + e i ᄉ຦ໟ. BVA. Panel A:ΙѨϝѐ (N=336) MVE _12 ߦኞ 2.213 1.077 t-७ 0.333 1.942* MVE _4 ߦኞ 2.980 1.147 t-७ 0.385 1.767* Panel B:Ιᘌϝѐ (N=77) MVE_12 ߦኞ 19.727 0.231 *** t-७ 2.734 0.428 MVE _4 ߦኞ 23.674 -0.289 t-७ 3.368*** -0.503. BVL. EPS. ICA. G. Adj.R2. F७. -1.614 3.974 35.462 4.567 ** *** -2.463 2.758 2.971*** 4.906***. 0.567 88.625***. -1.582 4.964 -2.099** 3.423***. 0.532 77.130***. 22.883 4.268 2.029** 4.466***. -0.855 -1.721*. 5.958 6.129***. 8.327 1.253. 2.267 2.551**. 0.612 24.956***. -0.390 -0.775. 4.736 4.379***. 2.175 0.375. 2.668 2.576**. 0.420 12.021***. Panel C:һ೴ϝѐ (N=413) MVE _12 ߦኞ 1.981 1.330 -1.947 4.036 23.338 3.679 t-७ 0.350 2.885*** -3.710*** 2.924*** 2.665*** 4.748*** MVE _4 ߦኞ 3.550 1.323 -1.893 4.814 13.283 3.313 ** *** *** t-७ 0.526 -3.112 3.448 1.620 4.002*** 2.436. 0.544 99.189***. †. 0.486 79.029***. MVE_12 ࢸ 87 Ӻ Ӻ ۤ χ ‫ ៵ ޟ ׹‬ੲ Ѩ ሴǫMVE_4 ࢸ 88 Ӻ 4 Ћ ۤ ‫ ៵ ޟ ׹‬ੲ Ѩ ሴǫBVA ࢸ 87 Ӻ ۤ ‫ޟ ׹‬ ஝ ҿ ᕫ ၎ ౙ ǫ BVL ࢸ 87 Ӻ ۤ ‫ ޟ ׹‬஝ ҿ ᕫ ऻ ໯ ǫ EPS ࢸ 87 Ӻ ࡂ χ ‫ ޟ ׹‬ห ߲ ࣝ Ꭰ ǫ ICA 8 7 / 1 2 / 31 ࢸ 87 Ӻ ۤ ϝ ѐ ඖ ្ χ ‫ޟ ׹‬ȟ ‫ ܶ ޟ‬ш ԃ ‫ ܙ‬ห ᚇ ȠǫICA ࢸ ICA 8 7/ 12 / 3 1 к ष 87 Ӻ ۤ ᓿ Ш ‫ ܃‬ப หǫG ࢸ Ԃ ߆ ᠹ ኞǫ‫ ۊ‬࿷ ࢸ (87 Ӻ ‫ ޟ ׹‬၎ ౙ −83 Ӻ ‫ ޟ ׹‬၎ ౙ )/4ǭt-७ ҿ τ Ч *޻ ҙ 10ʔ ᡀ ๨ Д ྎǫ**޻ ҙ 5ʔ ᡀ ๨ Д ྎ ǫ ***޻ ҙ 1ʔ ᡀ ๨ Д ྎ (ᙿ ַ ᔗ ‫) ۊ‬ǭ.

(15) 91. ெୄրǬߩࢢࡶǬ೑஍྄ᆭ௽ऄষɘ‫ܶޟ‬шԃ‫ܙ‬หᚇඖ្χሴ७‫ר‬᜙‫ۻ‬. ޻ύ ମᇜ΂χଈᘓᔗ‫ۊ‬฿ܷ − Ч ICA ᑴຽ† MVE i = a + b1 ⋅ BVA i + b 2 ⋅ BVL i + b 3 ⋅ EPS i + b 4 ⋅ ICA i + b 5 ⋅ G i + e i ᄉ຦ໟ. BVA. Panel A:ΙѨϝѐ (N=379) MVE _12 ߦኞ 8.693 0.787 t-७ 1.100 1.255 MVE_4 ߦኞ 9.493 0.870 t-७ 1.148 1.279 Panel B: Ιᘌϝѐ (N=88) MVE_12 ߦኞ 21.481 0.063 t-७ 3.721*** 0.140 MVE_4 ߦኞ 21.518 -0.184 t-७ 3.666*** -0.381 Panel C: һ೴ϝѐ (N=467) MVE_12 ߦኞ 8.843 0.905 t-७ 1.427 1.864* MVE_4 ߦኞ 9.693 0.969 t-७ 1.486 1.828* †. BVL. EPS. ICA. G. Adj.R2. F७. -1.343 -1.929*. 3.882 34.154 4.329 *** 2.687 1.719* 4.718***. 0.511. 80.102***. -1.317 -1.711*. 4.744 3.253***. 0.478. 70.332***. -0.709 -1.737*. 5.301 27.950 2.265 5.075*** 2.379** 2.846*** 0.646. 32.750***. -0.440 -1.058. 3.893 22.277 *** 3.283 1.640. 0.492. 17.840***. -1.514 -2.883***. 3.800 34.383 3.546 *** 2.730 2.006** 4.779*** 0.504. 95.682***. -1.502 -2.565**. 4.474 17.334 3.140*** 1.016. 76.277***. 15.458 0.803. 4.079 4.367***. 2.383 2.565**. 3.164 4.038*** 0.447. MVE_12 ࢸ 87 Ӻ Ӻ ۤ χ ‫ ៵ ޟ ׹‬ੲ Ѩ ሴǫMVE_4 ࢸ 88 Ӻ 4 Ћ ۤ ‫ ៵ ޟ ׹‬ੲ Ѩ ሴǫBVA ࢸ 87 Ӻ ۤ ‫ޟ ׹‬ ஝ ҿ ᕫ ၎ ౙ ǫ BVL ࢸ 87 Ӻ ۤ ‫ ޟ ׹‬஝ ҿ ᕫ ऻ ໯ ǫ EPS ࢸ 87 Ӻ ࡂ χ ‫ ޟ ׹‬ห ߲ ࣝ Ꭰ ǫ ICA 8 7 / 1 2 / 31 ࢸ 87 Ӻ ۤ ϝ ѐ ඖ ្ χ ‫ޟ ׹‬ȟ ‫ ܶ ޟ‬ш ԃ ‫ ܙ‬ห ᚇ ȠǫICA ࢸ ICA 8 7/ 1 2 / 3 1 к ष 87 Ӻ ۤ ᓿ Ш ‫ ܃‬ப หǫG ࢸ Ԃ ߆ ᠹ ኞǫ‫ ۊ‬࿷ ࢸ (87 Ӻ ‫ ޟ ׹‬၎ ౙ −83 Ӻ ‫ ޟ ׹‬၎ ౙ )/4ǭt-७ ҿ τ Ч *޻ ҙ 10ʔ ᡀ ๨ Д ྎǫ**޻ ҙ 5ʔ ᡀ ๨ Д ྎ ǫ ***޻ ҙ 1ʔ ᡀ ๨ Д ྎ (ᙿ ַ ᔗ ‫) ۊ‬ǭ. 2. ମᇜΉ‫ވ‬ᔗ‫ۊ‬ ୮‫ܤ‬౺ 3.2 ࿦Ϯა΂‫ވ‬ᇜ‫ܫ‬ǫ‫ׅॱב‬ԂମᇜΉǱ ȟΙᘌ‫ޟ‬౲Ѩൈჰ‫ܶޟܤ‬шԃ‫ܙ‬ หᚇ‫ވ‬ϯᓿཥଦ‫ܤ‬ΙѨ‫ޟ‬౲ѨൈȠ ǭࢸᔗ‫ۊ‬ԓ΂ମᇜǫ‫ॱב‬ӞኪࠗΉτદΌ΂๷ᔌ ᠹኞ D (ΙѨ‫ ࢸޚ‬0ǬΙᘌ‫ ࢸޚ‬1)ǫЧ৹৽σӌ‫ޟ‬౲Ѩൈ‫ࣣވ‬ჰϯᓿǭठՎषߦኞ b5 ᡀ๨ά‫ ܤ‬0ǫߵЄࡤମᇜΉǭ޻ϛᡀҙӞ‫ٶ‬ᅶȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ‫ވ‬ᑴຽ୮ᘬΗǫ b5 ‫ވ‬Վषߦኞ෻ፌЧ MVE_12 ‫ ۿ‬MVE_4 ࢸәᠹኞǫ‫ٸ‬Վष฿ܷ֘ࢸऻ७ǫСԶ϶ Ӟ 10%‫ވ‬ДྎΗᡀ๨ǭࡇ‫ܫ‬ᡀ‫ވ‬ǫ޻ϛσ໲෻‫ݛ‬ЄࡤମᇜΉǫϯԭப‫ڀ‬ᆭႚනְһ ࣣϯ‫ވ‬฿ܷǭ‫౉ॱב‬෪ԍЧΗΖॸшિ‫ވ‬঑әபЧဵកԓໟ฿ܷ: (1)Ϡ݂ኪࠗτԍ ᒡᄼᠹኞ (omitted variable)ǫ(2)‫ࣝޟ׹‬Ꭰऻ७‫ވ‬ኣѸჰኪࠗ೒‫ވۊ‬ተ៓ǫ(3)Ҏ‫ܤ‬ ‫ב‬୦ΙѨ‫ޟ‬౲χࢣ୆‫( ۻ‬liquidity) ΂૊٧ᇜၟΙᘌ‫ޟ‬౲ࢸଦǫәԓǫΙѨ‫ޟ‬౲Ѩ ൈჰ‫ܤ‬ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠχϯᓿଦ‫ܤ‬Ιᘌ‫ޟ‬౲Ѩൈшિߦ‫ڀڐ‬ϝѐ‫ޟ‬౲ࢣ୆‫ۻ‬ଦ.

(16) 92. ཥषຈፌǫ౺ 33 නǫ2001 Ӻ 7 Ћ. ՜‫܃‬ተ៓ǭࢸΈᔗ຅೤Ζໟшિ঑ә‫ވ‬ተ៓ǫ‫ີॱב‬Հᚇѝ‫ވ‬Ϡ݂ǭय़ҺǫҎ‫ܤ‬ Landsman (1986) ϮBarth (1991) พ౓Ѩൈ‫ע‬၎Ίཥஉଆҭ߅၎ౙϮऻ໯຅ࢸϝѐ χ၎ౙϮऻ໯ǫࢸᗀդᒡᄼᠹኞ‫ވ‬୙ᚉተ៓Ѹ࣫‫ة‬χძᛵ฿ܷǫ‫ॱב‬உଆҭ߅ඓ኏ ஺‫( ݠ‬funding status) દΌϠ݂ኪࠗǭӞԬትଆҭ߅၎ౙᆭऻ໯шિӯӞ‫ވ‬Ҽጌ‫ۻ‬ ୙ᚉࡌǫ‫ॱב‬Чϝѐ‫܃‬ඖ្χଆҭ߅ऻ໯ᆭ୮߅၎ౙϝѪѨሴࣣෞࡌχ఺ᚇᑴຽ‫ٸ‬ ඓ኏‫ݠݺ‬ǭ14 ‫ٸ‬ԒǫକჰऻࣝᎠኣѸჰኪࠗ೒‫ۊ‬χшિተ៓ǫ‫ॱב‬௟ଟΈऻࣝᎠχ ኣѸࡌॐཛྷϠ݂(঑ ICA87/12/31 ኣѸ௟ଟ 106 ิ၎ਈǫ঑ ICA ኣѸ௟ଟ 137 ิ၎ਈ)ǭ ՗෻ፌкΌ఺ଆҭඓ኏‫ۿݠݺ‬իଟऻࣝᎠኣѸǫٗσཥ‫צ‬ᠹѸ࣫‫ة‬ӞѸ࿦‫܃‬ப‫ڀ‬෻ ‫ݛ‬ЄࡤମᇜΉ‫ވ‬฿ፌǭ15 ޻ϛ ମᇜΉχଈᘓᔗ‫ۊ‬฿ܷ† Panel A: Ч ICA87/12/31 ᑴຽ (N=413) ᄉ຦ໟ. MVE _12 ߦኞ 4.811 t-७ 0.838 MVE_4 ߦኞ 8.451 t-७ 1.251. D. BVA. BVL. EPS. ICA. DǮICA. G. Adj.R2. F७. -4.430 1.060 -1.700 4.013 36.742 -30.097 4.068 -1.930* 2.276** -3.194*** 2.964*** 3.163*** -2.228** 5.122*** 0.559. 75.656***. -10.605 0.939 -1.512 4.858 26.186 -28.502 3.964 -4.003*** 1.728* -2.516** 3.584*** 2.378** -2.412** 4.713*** 0.516. 63.777***. Panel B: Ч ICA ᑴຽ (N=467) ᄉ຦ໟ. MVE_12 ߦኞ 11.451 t-७ 1.791* MVE_4 ߦኞ 14.538 t-७ 2.181** †. D. BVA. BVL. EPS. ICA. DǮICA. G. Adj.R2. F७. -5.735 0.735 -2.385** 1.485. -1.346 3.909 37.058 -16.393 3.844 -2.530** 2.818*** 1.965** -1.658* 4.989*** 0.510. 70.423***. -11.218 0.665 -4.330*** 1.244. -1.207 4.670 20.766 -21.001 3.712 -2.063** 3.324*** 1.144 -1.819* 4.633*** 0.470. 60.008***. MVE_12 ࢸ 87 Ӻ Ӻ ۤ χ ‫ ៵ ޟ ׹‬ੲ Ѩ ሴ ǫ MVE_4 ࢸ 88 Ӻ 4 Ћ ۤ ‫ ៵ ޟ ׹‬ੲ Ѩ ሴ ǫ D ࢸ ๷ ᔌ ᠹ ኞ (Ι Ѩ ϝ ѐ ࢸ 0ǫ Ι ᘌ ࢸ 1)ǫ BVA ࢸ 87 Ӻ ۤ ‫ ޟ ׹‬஝ ҿ ᕫ ၎ ౙ ǫ BVL ࢸ 87 Ӻ ۤ ‫ ޟ ׹‬஝ ҿ ᕫ ऻ ໯ ǫ EPS ࢸ 87 Ӻ ࡂ χ ‫ ޟ ׹‬ห ߲ ࣝ Ꭰ ǫ ICA87/12/31 ࢸ 87 Ӻ ۤ ϝ ѐ ඖ ្ χ ‫ ޟ ׹‬ȟ ‫ ܶ ޟ‬ш ԃ ‫ ܙ‬ห ᚇ Ƞǫ ICA ࢸ ICA87/12/31 к ष 87 Ӻ ۤ ᓿ Ш ‫ ܃‬ப หǫG ࢸ Ԃ ߆ ᠹ ኞǫ‫ ۊ‬࿷ ࢸ (87 Ӻ ‫ ޟ ׹‬၎ ౙ −83 Ӻ ‫ ޟ ׹‬၎ ౙ )/4ǭ t-७ ҿ τ Ч *޻ ҙ 10ʔ ᡀ ๨ Д ྎ ǫ **޻ ҙ 5ʔ ᡀ ๨ Д ྎ ǫ ***޻ ҙ 1ʔ ᡀ ๨ Д ྎ (ᙿ ַ ᔗ ‫) ۊ‬ǭ. ടࡌǫࢸΈᡄᛵ‫ޟ‬౲ࢣ୆‫ۻ‬ଦ՜ჰ‫ܤ‬ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠຈሴሴ७χተ៓ǫ‫ב‬ ॱᄣࡃ΂ॸཛྷ‫ވ‬๷ᔌᠹኞ Tǭठࢣ୆‫ۻ‬՜ǫߵЮ T ७ࢸ 0ǰϯχǫߵࢸ 1ǭჰ‫ࢣܤ‬ ୆‫ۻ‬ଦ/՜‫ވ‬෪ࡂǫ‫ॱב‬ϠըЧȟ‫ޟ‬౲ӺԂң߅ᚇȠ Ǭ ȟ‫ޟ‬౲ӺԂң‫ޟ‬ኞȠᆭȟ‫ޟ‬౲ຳ. 14. Landsman (1986) ௝ҋଆҭ߅ऻ໯ᆭ୮߅၎ౙϝѪѨሴࣣෞࡌχ఺ᚇ٧ဵ‫؃‬Ҽጌ‫ވۻ‬୙ᚉǭ၆඲ ຝ(1997)χ࣫‫ة‬Οพ౓ଆҭ୮߅၎ౙχϝѪሴ७ᆭࡴபๆШ࿷ୄǬಌᐿๆШ࿷ୄᆭႚषๆШ࿷ୄ໋ ֘ԍᡀ๨‫ވ‬Ҽጌ‫(ۻ‬ᔗ‫ۊ‬ၩ 1ʔᡀ๨Дྎ)ǭ 15 ࠴‫ܤ‬ዾ൦‫ڂ॒ވ‬ǫ‫ٗॱב‬ѹോᏛкΌ఺ଆҭ߅ඓ኏‫ݠݺ‬ᆭիଟऻࣝᎠኣѸχძᛵ฿ܷǭԍᑢ፡‫ވ‬ ᠇‫ޚ‬ǫшЧᆭՙ‫ޚ‬ᕻᛗǫ‫ྴࣣॱב‬ኮ༷ඓ٥ძᛵ‫ވ‬ኞᏬǭ.

(17) ெୄրǬߩࢢࡶǬ೑஍྄ᆭ௽ऄষɘ‫ܶޟ‬шԃ‫ܙ‬หᚇඖ្χሴ७‫ר‬᜙‫ۻ‬. 93. ᙦ౎ȠχτՆኞᆭћϠՆኞϠըкЧᑴຽǭ16 Чȟ‫ޟ‬౲ӺԂң߅ᚇȠχϠಋࢸ٦ǫ ठЧτՆኞкЧϠಋǫߵྴࢃϝѐχ‫ޟ‬౲ӺԂң߅ᚇଦ (՜) ‫܃ܤ‬ԍϝѐ‫ޟ‬౲ӺԂ ң߅ᚇχτՆኞ਋ǫ‫ ٸ‬T ७ࢸ 1 (0)ǰठЧћϠՆኞкЧϠಋǫߵྴ့ϝѐχ‫ޟ‬౲Ӻ Ԃң߅ᚇଦ (՜) ‫܃ܤ‬ԍϝѐ‫ޟ‬౲ӺԂң߅ᚇχ౺Ζ(΂)ॸћϠՆኞ਋ǫ‫ ٸ‬T ७ࢸ 1 (0)ǭ‫ॱב‬य़ҺժҋΗҿኪࠗΖᔗᡄ‫ޟ‬౲ࢣ୆‫ۻ‬ଦ՜ࡹոჰ‫ܤ‬ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ‫ވ‬ ຈሴሴ७ԍ‫܃‬ተ៓Ǳ MVEi = a + b1xBVA + b2xBVL + b3xEPS + b4xICAi + b5xTixICAi + b6xGi + ei. (3). ठኪࠗΖτχՎषߦኞ b5 ᡀ๨ά‫ ܤ‬0ǫߵЄࡤ‫ॱב‬ჰ‫ޟܤ‬౲ࢣ୆‫ۻ‬ཥተ៓ȟ‫ޟ‬ ܶшԃ‫ܙ‬หᚇȠຈሴ‫౉ވ‬෪ǭ޻΅ᡀҙЧȟ‫ޟ‬౲ӺԂң߅ᚇȠ଱ࢸࢣ୆‫ۻ‬ଦ՜χᑴ ຽ୮ᘬ‫ވ‬ძᛵ฿ܷǭ‫ॱב‬พ౓ǫ෻ፌ௝ҋՍᅶȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ (ICA87/12/31 ‫ ۿ‬ICA) ‫ވ‬ᑴຽ୮ᘬ‫ޟۿ‬ሴᑴຽЉ (MVE_12 ‫ ۿ‬MVE_4)ǫb5 ‫ވ‬Վषߦኞ֘ப‫ڀ‬Ѽ७‫ވ‬฿ܷǫ СԶ϶ၩ 5%χᡀ๨Дྎǭ17 ೤ॸძᛵ฿ܷ༷‫ڑ‬๨ǫ‫ޟ‬౲ࢣ୆‫ވۻ‬ଦ՜‫ވ‬ያཥተ៓ ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠχຈሴǭ ୮‫ވ΅޻ܤ‬ძᛵ฿ܷǫ‫׸΂ີॱב‬ЧΗҿኪࠗћ٧ॐཛྷ෪္ମᇜΉǱ MVEi = a1 + a2xDi + a3xTi + b1xBVA + b2xBVL + b3xEPS + b4xICAi + b5xTixICAi .+ b6xDixICAi + b7xGi + ei. (4). ኪࠗћσ໲ϯࡷзΙѨᆭΙᘌϝѐԍσӌ‫ވ‬ᄉ຦ໟǫΟӌ਋ொ‫ޟڂ‬౲ࢣ୆‫ۻ‬ଦ ՜ჰ‫ܤ‬ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠχተ៓ǭәԓǫӌኣࢸ՜‫ޟ‬౲ࢣ୆‫ۻ‬χኣѸ (ղ T=0)ǫ ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠჰΙѨ (‫ۿ‬Ιᘌ) ϝѐ៵ੲሴ७χተ៓ࢸ b4 (‫ ۿ‬b4+b6)ǻԭჰ ‫ܤ‬ଦ‫ޟ‬౲ࢣ୆‫ۻ‬χኣѸ (ղ T=1)ǫ ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠჰΙѨ(‫ۿ‬Ιᘌ)ϝѐ៵ੲሴ७ χተ៓ࢸ b4+b5 (‫ ۿ‬b4+b5+b6)ǭ‫܃‬Чǫ‫ॱב‬шЧժҋኪࠗћτ‫ވ‬Վषߦኞ b6 ࡹոᡀ ๨ά‫ ܤ‬0 ٧ॐཛྷᔗ‫ۊ‬ମᇜΉǭ޻΍ോᏛЧȟ‫ޟ‬౲ӺԂң߅ᚇȠୋϠࢣ୆‫ۻ‬ଦ՜ࡌǫ ‫܃‬ப‫ڀ‬χኪࠗћଈᘓՎष฿ܷǭ ޻ 8 ᡀҙǫ෻ፌ௝ҋՍᅶȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ (ICA87/12/31 ‫ ۿ‬ICA) ‫ވ‬ᑴຽ୮ᘬ ‫ޟۿ‬ሴᑴຽЉ (MVE_12 ‫ ۿ‬MVE_4)ǫb6 ‫ވ‬Վषߦኞ֘σᡀ๨ǭ18 ԍը‫ ޻ܤ‬6 ‫܃‬ப. 16. ࿭Ϡ݂Ч ICA ࢸ୮ᘬ‫ ވ‬464 ৅ (Ч ICA87/12/31 ࢸ୮ᘬ‫ ވ‬410 ৅) ኣѸǫ‫ॱב‬พ౓ΙѨᆭΙᘌϝ ѐ‫ޟ‬౲χ‫ޟ‬౲ӺԂң߅ᚇχѪ֘ኞϠըࢸ 67,376 (69,311) ᆭ 4,067 (4,398) ٩࿛Ϙǰ‫ޟ‬౲ӺԂң‫ޟ‬ ኞχѪ֘ኞϠըࢸ 1,362 (1,379) ᆭ 105 (108) ٩࿛‫ޟ‬ǫຳᙦ౎(‫ۊ‬࿷ࢸ: Ԃң‫ޟ‬ኞ/ࢣ೦‫ޟ‬ኞ×100%) χѪ֘ኞϠըࢸ 327.75% (326.64%) ᆭ 87.20% (89.33%)ǫ‫ٸ‬৘ౝ֘‫ ܤ‬1%ДྎΗᡀ๨ǭ 17 ठЧȟ‫ޟ‬౲ӺԂң‫ޟ‬ኞȠᆭȟ‫ޟ‬౲ຳᙦ౎Ƞ଱ࢸࢣ୆‫ۻ‬ଦ՜χᑴຽ୮ᘬǫ‫ॱב‬ᔾபᆭ޻΅ְһࣣ ӌ‫ވ‬฿ፌǭԓѝǫ෻ፌЧτՆኞᆭћϠՆኞкЧϠಋǫΟσཥተ៓‫ॱב‬ჰ‫ޟܤ‬౲ࢣ୆‫ۻ‬ჰ‫ܤ‬ȟ‫ܶޟ‬ шԃ‫ܙ‬หᚇȠຈሴተ៓χ౉෪ǭ࠴‫ܤ‬ዾ൦‫ڂ॒ވ‬ǫ‫ॱב‬໲ോᏛЧȟ‫ޟ‬౲ӺԂң߅ᚇȠχτՆኞୋϠ ࢣ୆‫ۻ‬ଦ՜χϠ݂฿ܷǭჰ‫ܤ‬Ч‫ٸ‬Ыࢣ୆‫ۻ‬ᑴຽ୮ᘬϠಋχძᛵ฿ܷǫ៶޽ԍᑢ፡‫ޚ᠇ވ‬ᆭ‫ॱב‬ᕻ ᛗǭ 同附註 17，我們以「股票年成交股數」與「股票週轉率」做為流動性高低之衡量基礎，獲得與表. 18. 8 完全相同的結論。此外，無論以中位數與四分位數加以分組，也不會影響我們的結論。宥於篇幅.

(18) 94. ޻΅. ཥषຈፌǫ౺ 33 නǫ2001 Ӻ 7 Ћ. ኪࠗΖχଈᘓϠ݂฿ܷ-Чң‫߅ܧ‬ᚇᡷᗱ෪္ຳᙦ‫ۻ‬ਆܷ†. MVEi = a + b1xBVAi + b2xBVL i + b3xEPS i + b4xICAi + b5xTixICAi + b6xGi + ei ᄉ຦ໟ. BVA. BVL. EPS. ICA. TxICA. G. Adj. R2. F७. Panel A:Ч ICA87/12/31 ࢸᑴຽ୮ᘬ (N=410). MVE_12 ߦኞ t७. 4.818 0.834. 1.052 2.223**. -1.641 -3.074***. 4.396 3.045***. 12.626 1.563. 32.252 2.300**. 3.733 4.886***. 0.564. 89.089***. ߦኞ t७. 6.589 0.950. 1.024 1.817*. -1.563 -2.503**. 5.059 3.468***. 1.448 0.198. 36.238 2.726***. 3.411 4.185***. 0.500. 69.261***. -1.360 -4.234***. 4.154 8.282***. 16.595 1.534. 26.285 2.175**. 3.574 5.998***. 0.515. 82.790***. -1.334 -2.195**. 4.735 3.154***. -3.166 -0.186. 30.915 1.996**. 3.231 4.168***. 0.453. 64.807***. MVE_4. Panel B:Ч ICA ࢸᑴຽ୮ᘬ (N=464) MVE_12 ߦኞ 10.704 0.762 ** t७ 2.367** 2.445. MVE_4 ߦኞ t७ †. 11.733 1.715*. 0.813 1.466. M V E _ 1 2 ࢸ 8 7 Ӻ Ӻ ۤ χ ‫ ៵ ޟ ׹‬ੲ Ѩ ሴ ǫ M V E _ 4 ࢸ 8 8 Ӻ 4 Ћ ۤ ‫ ៵ ޟ ׹‬ੲ Ѩ ሴ ǫ T ࢸ ๷ ᔌ ᠹ ኞ ( ң ‫ ߅ ܧ‬ᚇ ՜ ‫ ࢸ ޚ‬0ǫ ଦ ‫ ࢸ ޚ‬1 )ǫ B VA ࢸ 8 7 Ӻ ۤ ‫ ޟ ׹‬஝ ҿ ᕫ ၎ ౙǫB V L ࢸ 8 7 Ӻ ۤ ‫ ޟ ׹‬஝ ҿ ᕫ ऻ ໯ǫE P S ࢸ 8 7 Ӻ ࡂ χ ‫ ޟ ׹‬ห ߲ ࣝ ᎠǫI C A 8 7 / 1 2 / 3 1 ࢸ 8 7 Ӻ ۤ ϝ ѐ ඖ ្ χ ‫ޟ ׹‬ȟ ‫ ܶ ޟ‬ш ԃ ‫ ܙ‬ห ᚇ Ƞ ǫI C A ࢸ I C A 8 7 / 1 2 / 3 1 к ष 87 Ӻ ۤ ᓿ Ш ‫ ܃‬ப ห ǫ G ࢸ Ԃ ߆ ᠹ ኞ ǫ ‫ ۊ‬࿷ ࢸ (87 Ӻ ‫ ޟ ׹‬၎ ౙ −83 Ӻ ‫ ޟ ׹‬၎ ౙ )/4ǭ t-७ ҿ τ Ч *޻ ҙ 10ʔ ᡀ ๨ Д ྎ ǫ **޻ ҙ 5ʔ ᡀ ๨ Д ྎ ǫ ***޻ ҙ 1ʔ ᡀ ๨ Д ྎ (ᙿ ַ ᔗ ‫) ۊ‬ǭ.

(19) 95. ெୄրǬߩࢢࡶǬ೑஍྄ᆭ௽ऄষɘ‫ܶޟ‬шԃ‫ܙ‬หᚇඖ្χሴ७‫ר‬᜙‫ۻ‬. ޻΍ ኪࠗћχଈᘓϠ݂฿ܷ-Чң‫߅ܧ‬ᚇᡷᗱ෪္ຳᙦ‫ۻ‬ਆܷ† MVEi = a1 + a2xDi + a3xTi + b1xBVA + b2xBVL + b3xEPS + b4xICAi + b5xTixICAi + b6xDixICAi + b7xGi + ei ᄉ຦ໟ. D. T. BVA. BVL. EPS. ICA. TxICA. DxICA. G. Adj. R2. F७. Panel A:Ч ICA87/12/31 ࢸᑴຽ୮ᘬ (N=410). MVE_12 ߦኞ t७. 5.984 1.029. -4.174 -1.594. 0.189 0.077. 0.951 1.994**. -1.546 -2.893***. 4.368 3.019***. 26.048 1.692*. 17.792 0.925. -19.682 -1.188. 3.998 5.050***. 0.568. 60.757***. ߦኞ t७. 9.765 1.433. -10.825 -3.461***. -0.361 -0.126. 0.843 1.493. -1.402 -2.254**. 5.067 3.493***. 14.968 1.056. 18.935 1.082. -17.489 -1.211. 3.955 4.721. 0.517. 49.715***. Panel B:Ч ICA ࢸᑴຽ୮ᘬ (N=464) MVE_12 ߦኞ 12.079 -5.083 * t७ 1.880 -2.027**. 1.175 0.444. 0.645 1.279. -1.246 -2.310**. 4.235 2.870***. 24.630 1.249. 15.168 0.664. -5.425 -0.274. 3.780 4.942***. 0.517. 56.021***. 1.331 0.464. 0.591 1.071. -1.120 -1.872*. 4.866 3.251***. 12.823 0.633. 9.720 0.471. -13.860 -0.660. 3.677 4.611***. 0.469. 46.507***. MVE_4. MVE_4 ߦኞ t७ †. 14.821 2.162**. -10.570 -3.770***. MVE_12 ࢸ 87 Ӻ Ӻ ۤ χ ‫ ៵ ޟ ׹‬ੲ Ѩ ሴ ǫ MVE_4 ࢸ 88 Ӻ 4 Ћ ۤ ‫ ៵ ޟ ׹‬ੲ Ѩ ሴ ǫ D ࢸ ๷ ᔌ ᠹ ኞ (Ι Ѩ ϝ ѐ ࢸ 0ǫ Ι ᘌ ࢸ 1)ǫ T ࢸ ๷ ᔌ ᠹ ኞ (ң ‫ ߅ ܧ‬ᚇ ՜ ‫ ࢸ ޚ‬0ǫ ଦ ‫ ࢸ ޚ‬1 )ǫ B VA ࢸ 8 7 Ӻ ۤ ‫ ޟ ׹‬஝ ҿ ᕫ ၎ ౙ ǫ B V L ࢸ 8 7 Ӻ ۤ ‫ ޟ ׹‬஝ ҿ ᕫ ऻ ໯ ǫ E P S ࢸ 8 7 Ӻ ࡂ χ ‫ ޟ ׹‬ห ߲ ࣝ Ꭰ ǫ I C A 8 7 / 1 2 / 3 1 ࢸ 8 7 Ӻ ۤ ϝ ѐ ඖ ្ χ ‫ ޟ ׹‬ȟ ‫ ܶ ޟ‬ш ԃ ‫ ܙ‬ห ᚇ Ƞǫ I C A ࢸ I C A 8 7 / 1 2 / 3 1 к ष 8 7 Ӻ ۤ ᓿ Ш ‫ ܃‬ப ห ǫ G ࢸ Ԃ ߆ ᠹ ኞ ǫ ‫ ۊ‬࿷ ࢸ ( 8 7 Ӻ ‫ ޟ ׹‬၎ ౙ − 8 3 Ӻ ‫ ޟ ׹‬၎ ౙ ) / 4 ǭ t - ७ ҿ τ Ч *޻ ҙ 10ʔ ᡀ ๨ Д ྎ ǫ **޻ ҙ 5ʔ ᡀ ๨ Д ྎ ǫ ***޻ ҙ 1ʔ ᡀ ๨ Д ྎ (ᙿ ַ ᔗ ‫) ۊ‬ǭ.

(20) 96. ཥषຈፌǫ౺ 33 නǫ2001 Ӻ 7 Ћ. ޻ 8 ᡀҙǫ෻ፌ௝ҋՍᅶȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ (ICA87/12/31 ‫ ۿ‬ICA) ‫ވ‬ᑴຽ୮ᘬ ‫ޟۿ‬ሴᑴຽЉ (MVE_12 ‫ ۿ‬MVE_4)ǫb6 ‫ވ‬Վषߦኞ֘σᡀ๨ǭ19 ԍը‫ ޻ܤ‬6 ‫܃‬ப ‫ڀ‬ᆭମᇜΉְһࣣѧ‫ވ‬ძᛵ฿ܷǫ޻ 8 ᡀҙӞொ‫ޟڂ‬౲ࢣ୆‫ࡌۻ‬ǫ ȟ‫ܶޟ‬шԃ‫ܙ‬ห ᚇȠჰ‫ܤ‬ΙѨᆭΙᘌϝѐχ៵ੲຈሴٗ෻ᡀ๨χ৘ౝǭҎ‫ܤ‬ମᇜΉχᄣࡃߦ୮‫בܤ‬ ୦ཛྷቑ‫܃‬பห‫ݛ‬౺ 17 ఑χ 3 ‫( ۊೌވ‬ղ:‫ע‬၎Ί‫ٶܤ‬หӔ΂ࡌ‫ڎ܃‬பΙѨϝѐχ‫ޟ‬ ժǫσҽ፵ҋ 27 ࿛ᓦᆴ‫ע‬၎੔ըԃଟᚇ)ǫЈ٣பࣣӌ‫ވ‬ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠჰ‫ܤ‬ ‫ܶޟ‬ԃᛝተ៓‫ވ‬ਆܷǫЧΙᘌϝѐ‫ޟ‬౲ၟଦǫәԓǫ޻ 8 ‫ވ‬ძᛵ฿ܷ༷‫ڑ‬๨ǫ‫ב‬୦ ‫܃‬ཛྷቑχ‫܃‬பห‫ݛ‬౺ 17 ఑χ 3 ‫ۊೌވ‬ǫჰ‫ܤ‬ΙѨ‫ۿ‬Ιᘌϝѐχȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ ‫ވ‬ຈሴٗ෻ძ፝৘ౝ. ഃǬ ฿ፌ ‫ٶ‬หӔ΂‫ࡂڂ‬χ୮Ѹᆉઊࢸϝѐᔳժٚཧ໏࢛‫܃‬ᛝદχᔳժٚཧ‫܃‬பหǫ‫ॸܤ‬ Ί‫ܶޟ‬ᔾ଒‫ޟ‬ժ਋ǫш‫ܙ‬ᛝॸΊᆌӔ‫܃‬பหǭ‫܃‬Чൠ‫ܶޟ‬ԭ‫ع‬ǫᔳժٚཧ໏࢛‫܃‬ᛝ દχᔳժٚཧ‫܃‬பหш຅ࢸᔳժٚཧพ‫ޟܢ‬ժω‫߲ܶޟ‬χԃᛝห්ǫࡱш຅ࢸႚШ ්ໟǫ‫ٷ‬ԍ၎ౙχ‫ۻ‬፝ǭூ‫ב‬୦ૻୄཥषྎߵϔ൲ᙈ‫ڂ‬ҿࢸປҋǫԭ໲ЧߌຆЈӻ ඖ្‫ܶޟ‬χшԃ‫߅ܙ‬ᚇǫ೤ඓ٥‫ࡇॸ΂ॱב‬Ӫ‫ވ‬ᐉཥ٧்૯၎ѸѨൈࡹոஉҵཧ‫܃‬ ඖ្χȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ຅ࢸ၎ౙǫٗஉ‫ٸ‬દΌҵཧຈሴၯสτǭҤղǫ‫ॱב‬ш Чժҋԓඖ្၎૲٧ဵក‫ޟ‬౲Ѩൈχϝѐ‫ޟ‬ሴǫЧ்‫ة‬ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠχඖ្ ࡹո‫ٷ‬ԍሴ७‫ר‬᜙‫ۻ‬ǭԓѝǫ୮‫ܤ‬Ιᘌ‫ޟ‬౲Ѩൈχॐव‫ۻ‬ᆭЉॶቑЧϮཛྷॼѼ‫܃‬ப ห‫ݛ‬౺ 17 ఑χ 3 ‫܃‬೮Ԃȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠჰ‫ܤ‬ΙѨᆭΙᘌϝѐ‫ܶޟ‬χተ៓σӌǫ ѸЅҤີ΂‫׸‬ᔗ຅ૻୄോ޻ߌຆඖ្χȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ၎૲ǫჰ‫בܤ‬୦ΙѨᆭ Ιᘌ‫ޟ‬౲Ѩൈχ‫ע‬၎Ίࡹո‫ٷ‬ԍሴ७‫ר‬᜙‫ۻ‬ǭ ٠Ꮼ‫ٶ‬หӔ΂ჰ‫ܶޟܤ‬χძ፝ተ៓ǫ‫ॱב‬ႚන෻ፌӞΙѨ‫ۿ‬Ιᘌ‫ޟ‬౲Ѩൈτǫ ‫ٶ‬หӔ΂ძࡳࡌ‫ޟ‬ሴᆭȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ໋ᓿվ౓ѼӒ᜙ߦǰ‫׸΂ີॱב‬୮‫ॼܤ‬ Ѽࡌ‫܃‬பห‫ݛ‬٧ᄣࡃኞᏙኪࠗǫٗႚනΙᘌϝѐჰ‫ܤ‬ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠχϯᓿБ ΙѨϝѐၟάǭძᛵ฿ܷԍЧΗॐव‫ވ‬พ౓ǭ౺΂ǫ ȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠχඖ្၎ ૲෻ፌӞΙѨ‫ۿ‬Ιᘌ‫ޟ‬౲Ѩൈǫ֘‫ٷ‬ԍሴ७‫ר‬᜙‫ۻ‬ǭ౺Ήǫ‫ॱב‬พ౓ȟ‫ܶޟ‬шԃ‫ܙ‬ หᚇȠ‫ވ‬ሴ७‫ר‬᜙‫ۻ‬ཥ‫ڀڐ‬၎ѸѨൈτॸըϝѐ‫ޟ‬౲ࢣ୆‫ۻ‬ଦ՜‫܃‬ተ៓ǭടࡌǫӞ Ԭት‫ޟ‬౲ࢣ୆‫( ۻ‬ЧӺԂңຽǬӺԂң७ᆭ‫ޟ‬౲ຳᙦ౎кЧᑴຽ) χࡌǫ‫ב‬୦‫܃‬ཛྷ ቑχ‫܃‬பห‫ݛ‬౺ 17 ఑χ 3 ‫ۊೌވ‬ǫჰ‫ܤ‬ΙѨ‫ۿ‬Ιᘌϝѐχȟ‫ܶޟ‬шԃ‫ܙ‬หᚇȠ‫ވ‬ ຈሴٗ෻ძ፝৘ౝǭ. 19. ӌߌຆ 17ǫ‫ॱב‬Чȟ‫ޟ‬౲ӺԂң‫ޟ‬ኞȠᆭȟ‫ޟ‬౲ຳᙦ౎Ƞ଱ࢸࢣ୆‫ۻ‬ଦ՜χᑴຽ୮ᘬǫᔾபᆭ޻ 8 ְһࣣӌ‫ވ‬฿ፌǭԓѝǫ෻ፌЧτՆኞᆭћϠՆኞкЧϠಋǫΟσཥተ៓‫ވॱב‬฿ፌǭ࠴‫ܤ‬ዾ൦ ‫ڂ॒ވ‬ǫ‫ॱב‬໲ോᏛЧȟ‫ޟ‬౲ӺԂң߅ᚇȠୋϠࢣ୆‫ۻ‬ଦ՜χϠ݂฿ܷǭჰ‫ܤ‬Ч‫ٸ‬Ыࢣ୆‫ۻ‬ᑴຽ୮ ᘬϠಋχძᛵ฿ܷǫ៶޽ԍᑢ፡‫ޚ᠇ވ‬ᆭ‫ॱב‬ᕻᛗǭ.

(21) ெୄրǬߩࢢࡶǬ೑஍྄ᆭ௽ऄষɘ‫ܶޟ‬шԃ‫ܙ‬หᚇඖ្χሴ७‫ר‬᜙‫ۻ‬. 97. ୍ԬЅᝏ НࡃǪǫ1965ǫ‫ݛ‬Ί‫܃‬பห୙ᚉχ࣫‫ة‬ǫ୦Ҝࡰ‫ݦ‬άᏙૻࡰ࣫‫܃ة‬ѹз‫ݷ‬ᅱΪፌЅǭ ܼკεǬ‫׬‬ટ឵ᆭߩѯ໾ǫ1997ǫїᡳτβҵཧᔳժٚཧ‫܃‬பหऻχ࣫‫ة‬ǫૻห࣫ ‫ة‬ǫ౺ 29 ‫ڋ‬౺ 2 නǭ ুգ᜛ǫ1985ǫїᡳӝୋძࡳ‫ٶ‬หӔ٪χшՀ‫ۻ‬Ϡ݂ǫїᡳሃՀ‫ۈ‬й౺Ζ˱ϛ‫ڋ‬౺ ΂නǱ 275-296ǭ ೑஍྄ǬߩࢢࡶǬࢢࣝ␑ᆭெୄրǫ2000ǫ‫ٶ‬หӔ΂‫ࡂڂ‬ჰϝѐឝ‫ۻ‬ᆭ‫ޟ‬౲ോၶ᜙ ᕻ‫ۻ‬χተ៓ǫཥषຈፌǫ౺ 32 ‫ڋ‬Ǳ81-101ǭ ೑჆ඹǬதታ፬ᆭ፻Ѕ፬ǫ1989ǫᔳժٚཧ‫܃‬பหᆭᆌӔ‫܃‬பห‫ٶ‬หӔ΂ተ៓χ΂ ૊֘ᑴ୆ᄁኪᔌϠ݂ǫፖห‫צ‬ॗ‫ڸ‬ঠཥஈᚉ࣫‫ة‬ോւ 30ǭ ം᠂ӳᆭᝬࡃᄡǫ1997ǫ‫ٶ‬หӔ΂‫ࡂڂ‬Ϯ‫ٸ‬ਆܷχϠ݂ǫ‫ٶ‬หӔ΂࣫૯ཥძᒬǫু ၥᘣᏙೃ୮߅ཥ᛼ծǫτ๥࿭ᔥ࣫‫ة‬ଚጊӈǱ13-54ǭ ࿭ᔥॗཛྷ‫ڸ‬ঠཥૻหಋǫ1985ǫ௝Հ‫ٶ‬หӔ΂‫܃ڂ‬பหшՀ‫ۻ‬χ࣫‫ة‬ǫหୄԉйǫ ౺ 1212 නǱ 5-16ǭ ၆඲ຝǫ1997ǫଆҭ߅ϝോೌ‫ۊ‬ඖ្ໟҕᆭ‫ޟ‬ሴ᜙ᕻ‫ۻ‬χ࣫‫ة‬ǫ୦ҜїᡳάᏙཥष Ꮩ࣫‫܃ة‬ѹз‫ݷ‬ᅱΪፌЅǭ ᛵ‫ٽ‬ᘌᘑЋйǫ2000ǫᐌӺΙᘌ‫ޟ‬౲಄षǫૻ჏‫ݛ‬Ίτ๥Ѿ୦ᛵ‫ٽ‬ᘌᘑພ፛τϿз ‫ݷ‬ǫ౺ 45 නǱ 26ǭ ᝬᏛѾǫ1986ǫ‫ב‬୦௝Հ‫ٶ‬หӔ΂χ΂૊֘ᑴϠ݂ǫ୦Ҝࡰ‫ݦ‬άᏙૻࡰ࣫‫܃ة‬ѹз ‫ݷ‬ᅱΪፌЅǭ Amir, E. 1993. The market valuation of accounting information: The case of postretirement benefits other than pensions. The Accounting Review 68 (October): 703-724. , and B. Lev. 1996. Value-relevance of nonfinancial information: The wireless communications industry. Journal of Accounting and Economics 22 (August): 3-30. , M. Kirschenheiter, and K. Willard. 1997. The valuation of deferred taxes. Contemporary Accounting Research 14 (Winter): 597-622. Ayers, B. C. 1998. Deferred tax accounting under SFAS No. 109: An empirical investigation of its incremental value-relevance to APB No.11. The Accounting Review 73 (April): 195-212. Barth, M. 1991. Relative measurement errors among alternative pension assets and liability measures. The Accounting Review 66 (July): 433-463. , and M. McNichols. 1994. Estimation and market valuation of environmental liabilities relating to superfund sites. Journal of Accounting Research 32 (Supplement): 177-209..

(22) 98. ཥषຈፌǫ౺ 33 නǫ2001 Ӻ 7 Ћ. Barth, M., W. Beaver, and W. Landsman. 1996. Value-relevance of banks' fair value disclosures under SFAS No. 107. The Accounting Review 71 (October): 513-537. Beaver, W., A. Christie, and P. Griffin. 1980. The information content of SEC replacement cost disclosures. Journal of Accounting and Economics 7 (June): 127-157. , and S. Ryan. 1985. How well do Statement No. 33 earnings explain stock returns? Financial Analysts Journal 41 (September/ October): 66-71. Bernard, V., and R. Ruland. 1987. The incremental information content of historical cost and current cost income numbers: Time-Series analyses for 1962-1980. The Accounting Review 62 (October): 707-722. Bowen, R. M. 1981. Valuation of earnings components in the electric utility industry. The Accounting Review (January): 1-22. Chi, W. C., H. C. Yu, and C. Y. Hsu. 2001. The nature of corporate income tax under full imputation tax regime-A test of the functional fixation. Working paper, National Chengchi University. Daley, L. 1984. The valuation of reported pension measures for firms sponsoring defined benefit plans. The Accounting Review 59 (April): 177-198. Dukes, R. 1976. An investigation of the effects of expensing research and development costs on securities prices. Proceedings of Conference on Topical Research in Accounting: 147-193. Eccher, E., K. Ramesh, and S. Thiagarajan. 1996. Fair value disclosures by bank holding companies. Journal of Accounting and Economics 22 (August-December): 79-117. Foster, G. 1975. Accounting earnings and stock prices of insurance companies. The Accounting Review (October): 686-698. Hughes II, K. E. 2000. The value relevance of nonfinancial measures of air pollution in the electric utility industry. The Accounting Review 75 (April): 209-228. Landsman, W. 1986. An investigation of pension fund property rights. The Accounting Review 61 (October): 662-691. Litzenberger, R., and C. Rao. 1971. Estimates of the marginal rate of time preference and risk aversion of investors in electric utility shares: 1960-1966. The Bell Journal of Economics and Management Science (Spring): 265-277. Lobo, G., and I. Song. 1989. The incremental information in SFAS No. 33 income disclosures over historical cost income and its cash and accrual components. The Accounting Review 64 (April): 329-343. Nelson, K. 1996. Fair value accounting for commercial banks: An empirical analysis of SFAS No. 107. The Accounting Review 71 (April): 161-182..

(23) ெୄրǬߩࢢࡶǬ೑஍྄ᆭ௽ऄষɘ‫ܶޟ‬шԃ‫ܙ‬หᚇඖ្χሴ७‫ר‬᜙‫ۻ‬. 99. White, H. 1980. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heterosedasticity. Econometrica 48: 817-838..

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