論屬非控制權益之子公司資產負債對母公司評價之影響

Discuss the Effect of the Assets and Debts of the Subsidiary Attributed to the Non-controlling Interest on the Valuation of the Parent Company

簡雪芳(Hsueh-Fang Chien)；謝佩蓁(Pei-Chen Hsieh)；李淑華(Shu-Hua Lee)；蔡彥卿(Yann-Ching Tsai)

子公司 ； 母公司 ； 非控制權益 ； 合併財務報表 ； 評價 ； Subsidiary ； Parent company ； Non-controlling interest ； Consolidated financial statement ； Valuation

管理評論

43卷4期（2024 / 10 / 01）

1 - 23

繁體中文;英文

研究目的：本文探討母公司股價對其合併財務報表納入之子公司資產（借款）分屬母公司股東（控制權益）與非控制權益之評價。研究設計／方法：本文以2005年至2021年台灣上市（櫃）公司為研究對象，利用我國同時提供合併財務報表與個體財務報表資訊估算屬於非控制權益所享有之子公司資產（借款）部分。研究結果：母公司股價對子公司資產（借款）歸屬於母公司部分給予評價，而對於子公司資產與子公司借款歸屬於非控制權益部分則未給予評價。研究限制／啟發：本文限制為所估算之非控制權益占比為平均概估值，可能存在衡量誤差。理論／實務／社會意涵：投資人可正確解讀非控制權益之子公司資產與借款。創見／價值：本文實證結果支持合併財務報表增加非控制權益資訊附註揭露之規範，有助於投資人評價決策。

Purpose - This study examines how investors value the part of the assets/debts of subsidiaries belongs to the parent company and the part belongs to the non-controlling interests. Design/methodology/approach - The sample of this study consists of the companies listed in Taiwan Stock Exchange from 2005 to 2021. This paper estimates the assets/debts of subsidiaries into the part belongs to the parent company and the part belongs to the non-controlling interests, use the information of the consolidated financial statements and the parent company only financial statements. Findings - The assets/debts of subsidiaries attributed to the parent company are significantly valuation-relevant, but the part attributed to the non-controlling interests are not significantly valuation-relevant. Research limitations/implications - The estimated proportion of non-controlling interests is an average approximate valuation, it may include measurement errors. Practical implications/Social implications - The investors can recognize that the assets/debts of subsidiaries attributed to the non-controlling interests don't belong to the parent company. Originality/value - The results of this study support the view of cash flow rights, and support that consolidated financial statements disclosing more information about non-controlling interests are more transparent and useful for investors to value the company.