本研究利用Ohlson 評價模型探討子公司負債對於投資人之評價意義，並檢視其評價意義是否受到2005 年我國財務會計準則擴大合併財務報表編製範圍之影響。樣本來自TEJ 資料庫樣本公司共227 家，研究期間為2001 至2006 年。實證結果顯示：1. 子公司借款與企業評價具有負向之關聯性，且母子公司借款之評價係數並無顯著差異；2. 2005年後合併財務報表編製範圍之擴大，並未降低子公司借款與企業評價之關聯性。其意義在於：對投資人而言，子公司與母公司借款同為企業負債之一部分。再者以實質控制力為編製基礎之合併財務報表可完整表達企業之財務狀況，而有助於提升經濟個體財務資訊之透明度。

This study uses Ohlson valuation model to address the valuation implications of subsidiary's debt to investors and the effect of consolidation scope change mandated by ROC FASB in 2005 on the value relevance of subsidiary's debt. The sample is from TEJ database and consists of 227 firms, ranging from 2001 to 2006. Our findings are: (1) the Subsidiaries' debt is negatively associated with the valuation of parent company. Besides, the valuation coefficient of subsidiaries' debt is statistically insignificantly different that of parent's debt. (2) 2005 consolidation scope change does not decrease the relevance of subsidiary's debt. These findings imply that from the point of view of investors, the debt of subsidiaries and the debt of parent are both the liabilities of consolidated entity. Furthermore, consolidated financial statements, prepared on the basis of substantial control power, could fully present the financial condition of the economic entity and enhances the transparency of financial information.

子公司; 經濟個體; 合併財務報表

subsidiary; economic entity; consolidated financial statement