| Summary: | 碩士 === 國立高雄應用科技大學 === 商務經營研究所 === 99 === The purpose of this study is to explore the effect of financial statement data on the predictive ability of financial crisis after implementing the Statement Financial Accounting Standard (SFAS) No.34-Fair Value Accounting. Using hazard model and Z-score from 2004 to 2009, this paper examines the relationship between financial statement data and the predictive ability of financial crisis during three periods, that is, historical cost accounting, fair value accounting, and revised fair value accounting. I define 2004 to 2005 which SFAS No. 27 is implemented as first period. Second period is the period from 2006 to 2007 since SFAS No. 34 is promulgated. After revising SFAS No. 34 in 2008, I classify 2008 to 2009 as third period.
The empirical results show that hazard model is better than Z-score on the predictive ability of financial crisis in three time periods. Moreover, the predictive ability of financial crisis under fair value accounting (i.e. period two and three) is also better than historical cost accounting (i.e. period one), implying that fair value accounting is more value-relevance than historical cost accounting. However, the predictive ability reduces under revised fair value accounting.
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