| Summary: | 碩士 === 國立政治大學 === 會計研究所 === 97 === This research mainly focuses on the market responses and its information content against the second amendment re-classification of SFAS NO.34 of financial assets using event study methodology. Market responses is examined with the amount disclosed at the first announcement of quarterly report. Then Ohlson model is applied to verify whether the disclosed amount has value relevance and how investors react to the announcement. The logit and OLS regression is utilized to examine the rationale behind reclassification and what affects the amount of reclassification.
The empirical result shows that the announcement date of second amendment and announcement date of quarterly report do retain information content and value relevance. The investors have shown significant functional fixation. Higher pledged share ratio of directors and supervisors, lower ROE and higher TCRI rating, and is not reviewed by big four audit firms, is positively related to reclassification of financial assets. The amount of reclassification is positively related to higher pledged share ratio of directors and supervisors, higher TCRI rating, higher dividend payout ratio, is not reviewed by big four audit firms and lower ROE.
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