本研究之目的為探討國際財務報導準則(IFRS)是否可提供較攸關之資訊，以評估系統性風險。實證結果顯示，在取消調節規定後：一、美國公司的市場風險—會計風險之相關係數為低度相關，且其會計資訊之風險攸關性無顯著變化。二、對仍揭露IFRS與U.S. GAAP之ADR公司而言，其相關係數亦為低度相關，但其會計資訊之風險攸關性有提升。三、改變為僅揭露IFRS資訊之ADR公司，相關係數則呈現接近無相關，會計資訊之風險攸關性則無顯著提升。四、轉變為揭露U.S. GAAP之公司，其相關係數提升至高度相關，且迴歸結果亦顯示其會計資訊之風險攸關性提高了。本研究也比較了IFRS與非IFRS公司，迴歸結果顯示IFRS公司的會計資訊之風險攸關性較低。根據上述實證結果，本研究推論IFRS可反映風險資訊，然而，與U.S. GAAP相較，IFRS沒有提供較多的風險攸關資訊。

The objective of this study is to explore whether IFRS provide more relevant information for investors when they evaluate systematic risk. The empirical results indicate that after the elimination of Form 20-F reconciliation or the firms change their disclosure policies, (1) there is a modest correlation between market and accounting betas, and the risk relevance of accounting information does not significantly change for U.S. firms; (2) the correlation is modest, and the accounting information is improved to reflect more systematic risk for the firms that disclose both IFRS and U.S. GAAP information; (3) the correlation is weak, and the risk relevance of the accounting information is not enhanced in the case of firms that disclose only IFRS information; (4) there is a high correlation between the market and accounting betas and a great improvement in the risk relevance of accounting information for firms that shift to disclose U.S. GAAP. Comparing IFRS and non-IFRS firms, the accounting information is found to be less risk-relevant for IFRS firms. These findings suggest that IFRS information reflects systematic risk. However, compared to U.S. GAAP, the risk relevance of IFRS information is lower.

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