為增進財務報表透明度，並與國際會計準則接軌，我國乃參酌國際會計準則第39號引進公平價值會計之觀念，制定我國財務會計準則第34號公報「金融商品之會計處理準則」，明訂金融商品應以公平價值評價、衍生性金融商品須入帳並以公平價值評價。 因34號公報之適用，使多數金融商品需採用公平價值衡量，公平價值波動所產生未實現損益，是否使企業財務報表具攸關性，係一重要且值得探討之課題。本文即以Ohlson（1995）and Feltham and Ohlson (1995) 動態線性資訊評價模式，設計相關評價模式，以驗證因公平價值變動所產生金融商品評價利益、金融商品評價損失、金融商品未實現損益等科目是否具有其價值攸關性。此外，本研究亦檢視企業因首次適用第34號公報所產生之會計原則變動累計影響數，是否具有價值攸關。 本研究係以2006年及2007年排除金融業之上市櫃公司為研究樣本，實證結果顯示，超 額盈餘與權益帳面價值皆具有價值攸關性。金融商品評價利益與金融商品未實現損益具有價值攸關性，可做為公司評價重要增額資訊。而金融商品評價損失及公司適用三十四號公報所產生會計原則變動累積影響數未具有資訊內涵。 In order to improve the transparency of financial statements and converge with the International Financial Accounting Standards, the Taiwan Financial Accounting Standards Board issued Statement of Financial Accounting Standards No.34 “Accounting For Financial Instruments” （SFAS No.34） in December, 2003. According to the requirements of SFAS No.34, the financial instruments classified as “trading”, “designed financial asset at fair value through profits and losses” and “available-for-sale” are measured at the fair value. The derivatives are recognized in the financial statements based on the fair value. Furthermore, the unrealized gains and losses due to fair value changes are recognized in the financial statements. The objective of this study is to examine whether unrealized gains or losses due to changes of fair value are relevant to firm valuation. Based on Ohlson (1995) and Feltham and Ohlson (1995) valuation model, this study designs several valuation models. Except abnormal earnings and book value, valuation gain on financial instruments, valuation loss on financial instruments, unrealized gain or loss on financial instruments, and cumulative effects of changes in accounting principles are included into valuation model. We collect financial information on the population of listed companies from the Taiwan Economic Journal. The sample period of this study comprises 2006 and 2007. The empirical results show that abnormal earnings and book value are significantly relevant to firm valuation. Furthermore, valuation gain on financial instruments and unrealized gain or loss on financial instruments are significantly value-relevant. However, valuation loss on financial instruments and cumulative effects of changes in accounting principles resulting from the adoption of SFAS No.34 in 2006 are not value-relevant.
