臺大管理論叢 NTU Management Review VOL.30 NO.2

135 DOI:10.6226/NTUMR.202008_30(2).0004 NTU Management Review Vol. 30 No. 2 Aug. 2020, 135-174 專刊主編：黃華瑋教授 累計其他綜合損益之不對稱評價調整 Asymmetric Valuation Adjustments in Accumulated Other Comprehensive Income Abstract The book value of equity is important in debt contracting, firm equity valuation, and managerial bonus determination, and thus subject to discretionary adjustments by management. Even though annual Other Comprehensive Income (OCI) amounts are independent of the current period profit and loss, annual OCI does constitute a significant proportion of equity book value and thus may also be the object of discretionary management. In this study, we use changes in firms’ market value of equity to measure variations in business conditions, and examine whether firms adjust their OCI amounts to manage the book value of equity. We find that the book value of equity increases (decreases) by approximately 0.09% (0.003%) through changes in OCI amounts, for a 1% improvement (deterioration) in the market value of equity over the prior year. These findings of asymmetric adjustments persist when we use a three-year window period that contains more information and accounting reverses. Further analyses indicate that asymmetric adjustments are more significant for firms with more serious agency problems (measured by corporate social responsibility and CEO duality). The findings are robust when changes in net sales are used as the proxy for variations in business conditions and under various specifications. 【 Keywords 】 fair value adjustment, other comprehensive income, book value 摘 要 業主權益的金額為執行債務契約、評估企業價值及決定經理人員薪酬等議題的重要考 量因素，因此可能受到企業經理人員的權衡調整。年度其他綜合損益 (Other Comprehensive Income; OCI) 之金額雖不影響當期損益，但卻是決定當期期末業主權益 金額的重要因素，因此可能成為權衡管理之對象。本研究使用公司股權市場價值的變 化衡量商業條件的變動，用以評估公司是否權衡調整 OCI 金額，進而管理業主權益的 金額。本研究發現當股權市場價值較上年度提昇（惡化） 1 ％時，業主權益的價值經 由 OCI 金額變動而增加（減少）約 0.09% (0.003%) 。當觀察期間延伸至三年，以包含 更多信息和會計迴轉的影響後，這些不對稱調整的結果仍然存在。進一步分析顯示： 代理問題較嚴重之公司（以企業社會責任和 CEO 是否兼任董事長加以衡量），其不 對稱調整更為顯著。使用淨銷售額變化作為商業條件變化之代理變數，或改變其他研 究設計，本研究結果仍然穩健。 【關鍵字】 公允價值調整、其他綜合損益、帳面價值 Shu Yeh , Department of Accounting, National Taiwan University 葉疏 / 國立臺灣大學會計學系 Chuan-San Wang , Department of Accounting, National Taiwan University 王全三 / 國立臺灣大學會計學系 Received 2017/9, Final revision received 2019/1