穩健原則過去一直被受批評，然而在台灣實證上對於穩健原則少有研究，本研究係對台灣財務報表穩健特性及穩健原則的資訊價值提出實證上的證據，並對穩健原則提出抗辯。

本為參照多篇文章，利用迴歸方式分解出企業淨值與盈餘中的穩健原則(偏差因素)，並對於台灣財務報表穩健特性及穩健原則的資訊價值提出實證上及解釋原因。並且將條件式及非條件式穩健原則的觀念導入，以澄清過去對穩健原則觀念所造成的誤解。

本文的研究成果共有五項：(1)發現從非條件式穩健原則的角度發現穩健能量呈現遞減，但從條件式穩健原則的角度卻發現穩健能量為呈現遞增(2)財務報表存在穩健原則，但其提供的資訊價值卻不會因穩健原則而失去攸關性(3)淨值市價比對於未來股東權益報酬率相較於當期股東權益報酬率解釋能力之持續性較低。淨值中的偏差因素(穩健原則)對未來股東權益報酬率解釋能力相較於當期股東權益報酬率較具持續性(4)盈餘落後股價反應的原因來自盈餘落後因素及盈餘偏差因素 (5)過去穩健原則能調和股東與債權人在股利政策上之衝突，但近年調和能力有呈遞減趨勢。本文希望這些研究結果可提供準則制訂機關重新思考穩健原則的會計意涵，以瞭解其真正的資訊價值。

Conservatism has been criticized all the time, but there are few empirical studies about conservatism in Taiwan. My empirical study is about the attributes of conservatism in Taiwan’s financial statements, and the relevant value of conservatism’s information to give a different view on conservatism.

This study decomposes book value and earnings to bias and lag components, and analyses the changes of bias component in book value and earnings. And this study leads in a new view about unconditional and conditional conservatism.

There are five outcomes in this study: (1) unconditional conservatism decreases by years and conditional conservatism increases by years (2) the value relevance of accounting has declined only for firms with the least conservative accounting. Further tests indicate that the decline in value relevance cannot be attributed to conservatism (3) bias component (conservatism) is the best factor to predict future ROE when compared with the present ROE (4) there are two reasons of the declining contemporaneous linear relation between annual stock returns and accounting earnings,earnings reflect news with a lag relative to stock prices and earnings reflect good and bad news in an asymmetric fashion (5) conservatism mitigates conflicts of interest over dividend policy between shareholders and bondholders.But the ability of mitigation is decreasing recently.

一、中文文獻
吳大成，2002，「會計穩健原則對會計盈餘影響：台灣上市公司財務報表表達是否愈來愈保守」，國立成功大學會計學研究所。

周庭楷，2002，「會計保守原則對權益評價影響之實證研究」，國立成功大學會計學研究所。

馬鳳禧，2003，「會計保守性對盈餘品質之影響及與股票報酬之關聯性」，國立台灣大學會計學研究所。

戚務君，2006，「會計盈餘對好消息認列之時效性與對壞消息認列之穩健性的實證研究:分量迴歸的應用」，會計理論與實務研討會，台北：國立台灣大學會計學系主辦。

戚務君、林嬋娟和廖益均，2006，「我國企業盈餘穩健特性之研究」，會計理論與實務研討會，台北：國立台灣大學會計學系主辦。

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