臺灣大學: 會計學研究所王泰昌;劉嘉雯吳雅雯Wu, Ya-WenYa-WenWu2013-04-152018-06-292013-04-152018-06-292012http://ntur.lib.ntu.edu.tw//handle/246246/257487國際財務報導準則(IFRS)強調公允價值會計，其中IFRS9「金融工具」要求金融資產須以公允價值來入帳。未上市櫃股票因缺乏市價作為衡量基礎，過去係以成本來入帳，因此如何評估未上市櫃股票之公允價值成為目前企業共同面臨之考驗。未上市櫃股票因缺乏流動性，在其他條件相同之下，其價格應低於上市櫃股票，然而過去傳統之評價方法大都只適用於活絡市場交易之資產之評價，故於評估未上市櫃股票之價值時須調整因流動性限制所產生之折價。 本論文採用「限制性股票比較法」(The Restricted Stock Approach)以台灣上市櫃及興櫃公司私募普通股為樣本衡量流動性折價，並以迴歸模型探討影響流動性折價之相關因素，模型結果可應用於評價未上市櫃公司之流動性折價調整。研究結果發現財務表現、營運風險、交易市場別、公司規模、公司年齡及公司治理皆為影響折價幅度之重要因素。而過去文獻對於以「限制性股票比較法」衡量流動性折價存有諸多質疑，因而本文以台灣六家未上市櫃公司驗證模型衡量折價幅度之合理性。方法為以自由現金流量折現法與市場基礎法對個案公司評估其理論價格，其價格業已調整模型計算之流動性折價幅度，再將理論價格與市場價格作比較。驗證結果雖無法對價格差異原因明確之作歸屬，然以各公司評價結果仍可發現，部分公司於調整流動性折價後理論價格與市價較為接近，因此爾後於評估未上市櫃公司價值時，應考量流動性對價值之影響。本研究之結果可作為未來評價未上市櫃公司之參考。International Financial Reporting Standards (IFRS) emphasis on fair value accounting, which IFRS9 “Financial Instruments” requires financial assets shall be recorded at fair value. In the past, accounting for unlisted stocks is based on historical cost due to lack of market prices as a measure of foundation. Therefore, how to assess the fair value of unlisted stock is a big challenge that companies is facing. Other things being equal, unlisted stock prices should be lower than listed stocks due to lack of liquidity. Past traditional methods of evaluation are only applicable to evaluation the asset in active markets, so valuing of unlisted stock required to adjust the liquidity discount. This thesis uses the“restricted stock approach”to measure the liquidity discount and use regression model to investigate related factors that affet liquidity discount. Samples are collected from Taiwan’s listed, OTC, emerging companies who has raised fund from private placement. The regression model results can be applied to evaluate liquidity discount adjustment for the non-listed companies. The results showed that the financial performance, operational risk, the type of trading market, company size, company age, and corporate governance are important factors to affect the discount. Literature indicates that there are some problems with the restricted stock approach. So this study further uses six Taiwan non-listed and OTC companies to verify the rationality of this model. The verification mothod is to use discounted free-cash flow method and market-based approach to assess these companies’ theoretical price, its price has been to adjust the liquidity discount of this model calculation, and finally will be evaluated from the theoretical and the market prices for comparison. Though the causes of price differences can’t be clearly identified and attribution, results indicates part of the company the theoretical price and the market price is closer after adjusting the liquidity discount.So investors should consider the impact of liquidity on the value in assessing the value of the unlisted companies. The results of this study can be used as reference of valuation of unlisted companies in the future.140 bytestext/htmlen-US國際財務報導準則公允價值未上市櫃股票限制性股票比較法流動性折價IFRSfair valueunlisted stocksrestricted stock approachliquidity discountthesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/257487/1/index.html