本研究以Ohlson評價模型為基礎，探討2005年後台灣上市（櫃）公司所發布之半年度合併財務報表是否具有增額的資訊內涵與價值攸關性，以及對年度合併報表之資訊內涵與價值攸關性的影響。
　　實證結果顯示，半年度合併財務報表確實較半年度母公司財務報表更具資訊內涵與價值攸關性。相較於子公司比重小之企業，半年度合併財務報表更能補足投資人對子公司比重大之企業的資訊需求，亦較有增額之資訊內涵與價值攸關性。
　　在半年度合併財務報表發布後，年度合併財務報表變得更具資訊內涵，且年度合併財務報表的地位與重要性並不因半年度合併報表的發布而降低，投資人在年底進行股權評價時仍會考量全年度的營運成果做出最適的決策，因為一個完整會計期間的財務資訊較下半年度更具有指標性。
　　最後本研究發現，在合併財務報表與母公司個別報表兩份報表並陳的情況下，能提供報表使用者最完整的資訊，若缺少任何一份皆會造成資訊流失，加劇管理階層與投資人之間的資訊不對稱，且合併的財務報表確實能提高企業之資訊透明度。

　　This study bases on Ohlson model, investigating whether semiannual consolidated financial statement has incremental information content and value relevance which issued by Taiwan listed and OTC companies after 2005 and the impact on information content and value relevance of annual consolidated financial statement after issuing the semiannual consolidated financial statement.
　　The results are that semiannual consolidated financial statement has more incremental information content and value relevance than parent financial statement. Compared with the company which has lower proportion of subsidiary company, semiannual consolidated financial statement can offer more information about subsidiary company to investors and has more incremental information content and value relevance to the company which has higher proportion of subsidiary company.
　　After issuing semiannual consolidated financial statement, annual consolidated financial statement will have more information content. Moreover, the importance and status of annual consolidated financial statement is stable whether semiannual consolidated financial statement issued or not. Financial information of whole year is more indicative than it of half of year. In this way, in the end of year, investors evaluate equity by considering performance of whole year.
　　Finally, this study finds that consolidated and parent financial statement offer more useful information to investors. Otherwise, it will increase asymmetric information without consolidated or parent financial statement. Furthermore, consolidated financial statement can increase the information transparency of company.

一、中文文獻
1. 方偉廉（2008），｢子公司負債與母公司財務風險、股權市值及系統風險之關聯性：合併財務報表資訊價值之探討｣，國立臺灣大學會計學研究所博士論文。
2. 王朝正（2007），｢母公司月營收與合併月營收之資訊內涵與盈餘預測能力之比較｣，國立臺北大學會計學研究所碩士論文。
3. 王詩韻（2003），｢以投資損益論合併報表與母公司報表之相對資訊內涵｣，國立成功大學會計學研究所碩士論文。
4. 李瑩（2011），｢合併報表增額資訊之探討-以重要財務比率為例｣，私立淡江大學會計學研究所碩士論文。
5. 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碩士論文。
6. 林家華（2006），｢半年度合併財務報表資訊內涵之研究｣，國立東華大學會計學研究所碩士論文。
7. 林嬋娟、蔡彥卿、李文智、陳建中（1993），｢資訊內涵研究之探討－簡介增額資訊內涵｣，會計研究月刊，第89期，頁123-127。
8. 財團法人中華民國會計研究發展基金會（2004），｢財務會計準則公報第七號：合併財務報表｣，財團法人中華民國會計研究發展基金會。
9. 財團法人中華民國會計研究發展基金會（2010），｢國際財務報導準則公報：財務報表編製及表達之架構｣，財團法人中華民國會計研究發展基金會。
10. 財團法人中華民國會計研究發展基金會（2010），｢國際財務報導準則公報第1號：首次採用國際財務報導準則｣，財團法人中華民國會計研究發展基金會。
11. 財團法人中華民國會計研究發展基金會（2010），｢國際會計準則第27號：合併及單獨財務報表｣，財團法人中華民國會計研究發展基金會。
12. 馬秀如、於懋玲（2003），｢企業合併報表與落實公司治理之研究｣。
13. 張琡珮（2008），｢合併財務報表與企業價值之攸關性-從第七號公報變革談起｣，國立臺灣大學會計學研究所碩士論文。
14. 張雅綉（2006），｢半年度合併財務報表之增額資訊內涵研究｣，私立東海大學會計學研究所碩士論文。
15. 張福星（1997），｢合併財務報表與母公司財務報表盈餘組成成份相對資訊內涵之研究｣，國立政治大學會計學研究所博士論文。
16. 陳振遠、張智堯、王蘭芬、李文智（2004），｢應用Ohlson 會計評價模型探究公司治理之價值攸關性—以台灣上市公司電子業為例｣，臺大管理論叢，第十五卷第二期，頁123-142。
17. 陳莉青（2009），｢半年度合併財務報表中資產負債表資訊與損益表資訊之價值攸關性｣，國立雲林科技大學會計學研究所碩士論文。
18. 陳瑩珊（2006），｢企業合併報表地位對其價值攸關性之影響｣，國立成功大學會計學研究所碩士論文。
19. 楊家瑜（2006），｢專利權績效與公司價值之關聯性研究-以我國化學產業為例｣，國立政治大學會計學研究所碩士論文。
20. 葉疏、方偉廉（2009），｢子公司負債對母公司評價之攸關性研究｣，臺大管理論叢，19卷專2期，頁99-126。
21. 劉志明（1994），｢交易量面之合併報表資訊內涵研究｣，國立台灣大學會計學研究所碩士論文。
22. 鄧芳怡（2009），｢半年度合併現金流量表資訊內涵之研究｣，國立雲林科技大學會計學研究所碩士論文。
23. 蘇煥文（2001），｢關係企業合併財務報表、合併財務報表與母公司財務報表之盈餘組成成份資訊內涵研究｣，私立東吳大學會計學研究所碩士論文。

二、英文文獻
24. Abad, C., Laffarga, J., García‐Borbolla, A., Larrán, M., Pinero, J.M., Garrod, N. (2000). “An evaluation of the value relevance of consolidated versus unconsolidated accounting information pp.Evidence from quoted Spanish firms.” Journal of International Financial Management & Accounting, 11(3) pp.156-177.
25. Aboody, D. (1996). “Market valuation of employee stock options.” Journal of Accounting and Economics, 22(1) pp.357-391.
26. Ball, R. and P. Brown (1968). “An empirical evaluation of accounting income numbers.” Journal of Accounting Research, 6(2) pp.159-178.
27. Barth, M. E., Beaver, W.H., Hand, J.R.M., Landsman, W.R. (1999). “Accruals, cash flows, and equity values.” Review of Accounting Studies, 4(3) pp.205-229.
28. Barth, M. E., Beaver, W.H., Landsman, W.R. (1998). “Relative valuation roles of equity book value and net income as a function of financial health.” Journal of Accounting and Economics, 25(1) pp.1-34.
29. Barth, M. E., Beaver, W.H., Landsman, W.R. (2001). “The relevance of the value relevance literature for financial accounting standard setting pp.another view.” Journal of Accounting and Economics, 31(1-3) pp.77-104.
30. Beaver, W., R. Lambert, Morse, D. (1980). “The information content of security prices.” Journal of Accounting and Economics, 2(1) pp.3-28.
31. Beaver, W. H. (1968). “The information content of annaual earnings announcement.” Journal of Accounting Research, Supplement pp.67-92.
32. Beaver, W. H., Clarke, R., Wright, W.F. (1979). “The association between unsystematic security returns and the magnitude of earnings forecast errors.” Journal of Accounting Research, 17(2) pp.316-340.
33. Beaver, W. H., Lambert, R.A., Ryan, S.G. (1987). “The information content of security prices: A second look.” Journal of Accounting and Economics, 9(2) pp.139-157.
34. Bell, T. B., Landsman, W.R., Miller, B.L., Yeh, S. (2002). “The valuation implications of employee stock option accounting for profitable computer software firms.” The Accounting Review, 77(4) pp.971-996.
35. Chu, L. (1991). Market-based Accounting Research pp.An International Comparison and New Evidence, New York University, Leonard N. Stern School of Business.
36. Collins, D.W., Maydew, E.L., Weiss, I.S. (1997). “Changes in the value-relevance of earnings and book values over the past forty years.” Journal of Accounting and Economics, 24(1) pp.39-67.
37. Committee on Accounting Procedure (1959). “Accounting Research Bulletin No. 51:Consolidated Financial” Committee on Accounting Procedure.
38. Easton, P. D. and T. S. Harris (1991). “Earnings as an explanatory variable for returns.” Journal of Accounting Research, 29(1) pp.19-36.
39. Edwards, E. O. and P. W. Bell (1964). The theory and measurement of business income, US:University of California Press.
40. Emekat, N. (1998). “Regulation and the Valuation Relevance of Book Value and Earnings pp.Evidence from the United States.” Contemporary Accounting Research 15(4) pp.547-573.
41. Eli Bartov, Stephen R. Goldberg, Myung-Sun Kim. (2001). “The Valuation-relevance of Earnings and Cash Flows pp.an International Perspective.” Journal of International Financial Management and Accounting, 12(2) pp.103-132.
42. Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith (2012). Advanced accounting(11th. ed), US:Prentice Hall.
43. Feltham, G. and J. Ohlson (1995). “Valuation and clean surplus accounting for operating and financial activities.” Contemporary Accounting Research, 11(2) pp.689-731.
44. Francis, J. (1986). “Debt reporting by parent companies pp.Parent-only versus consolidated statement.” Journal of Busniess Finance and Accounting, 13(3) pp.393-403.
45. Financial Accounting Standards Board (1987). “SFAS 94 : Consolidation of an majorityowned subsidiaries.” Financial Accounting Standards Board
46. Financial Accounting Standards Board. (1995). “Consolidated Financial Statement:Policy and Procedure.” Financial Accounting Standards Board
47. Gore, R. and D. Stott (1999). “Toward a more informative measure of operating performance in the REIT industry pp.Net income vs. funds from operations.” Accounting Horizons 12(4) pp.323-339.
48. Healy, P. M. (1985). “THE EFFECT OF BONUS SCHEMES ON ACCOUNTING DECISIONS “ Journal of Accounting and Economics, 7 pp.85-107.
49. Holthausen, R. W. (2000). The relevance of the value relevance literature for financial accounting standard setting, University of Rochester.
50. Hoskin, R.E., Hughes, J.S., Ricks, W.E. (1986). “Evidence on the incremental information content of additional firm disclosures made concurrently with earnings.” Journal of Accounting Research, 24 pp.1-32.
51. Hung, M. (2000). “Accounting standards and value relevance of financial statements pp.An international analysis.” Journal of Accounting and Economics, 30(3) pp.401-420.
52. Hung, M. (2001). “Accounting standards and value relevance of financial statement pp.An international analysis.” Journal of Accounting and Economics, 30(2001) pp.401-420.
53. International Accounting Standards Board (1998). “SIC 12 : Consolidation-Special purpose entities.” International Accounting Standards Board.
54. Landsman, W.R., Peasnell, K.V., Shakespeare, C. (2008). “Are asset securitizations sales or loans?” The Accounting Review, 83 pp.12-51.
55. Lipe, R. C. (1986). “The information contained in the components of earnings.” Journal of Accounting Research, 24 pp.37-64.
56. Lundholm, R. and L. A. MYERS (2002). “Bringing the Future Forward pp.The Effect of Disclosure on the Returns-Earnings Relation.” 40(3) pp.809-839.
57. Marty Butler., Arthur Kraft, Ira S. Weiss. (2007). “The effect of reporting frequency on the timeliness of earnings pp.The cases of voluntary and mandatory interim reports.” Journal of Accounting and Economics, 43 pp.181-217.
58. Ohlson, J. A. (1995). “Earnings, Bookvalues, and Dividends in Euity Valuation.” Contemporary Accounting Research, 11(4) pp.661-687.
59. Ohlson, J. A. (2001). “Earnings, Bookvalues, and Dividends in Euity Valuation pp.An Empirical Perspective.” Contemporary Accounting Research, 18(1) pp.107-120.
60. Ohlson, J. A. (2009). “Accounting Data and Value pp.The Basic Results.” Contemporary Accounting Research, 26(1) pp.231-259.
61. Opong, K. K. (1995). “THE INFORMATION CONTENT OF INTERIM FINANCIAL REPORTS pp.UK EVIDENCE.” Journal of Busniess Finance and Accounting 22(2) pp.269-279.
62. Penman, S. (2006). Financial statement anaiysis and security valuation(3rd ed.). New York:McGraw-Hill.
63. Subramanyam, K. R. and M. Venkatachalam (2007). “Earnings, cash flows, and ex post intrinsic value of equity.” The Accounting Review, 82(2) pp.457-481.
64. Swaminathan, S. and J. Weintrop (1991). “The information content of earnings, revenues, and expenses.” Journal of Accounting Research, 29(2) pp.418-427.
65. Securities and Exchange Commission (1982). “Accounting series release No. 302 : Separate financial statement required by regulation S-X.” Securities and Exchange Commission.
66. Wild, J. J. (1992). “Stock price informativeness of accounting numbers pp.evidence on earnings, book values, and their components.” Journal of Accounting and Public policy, 11(2) pp.119-154.
67. Williams, J. B. (1938). “Evaluation by the rule of present worth.”The Theory of Investment Value, pp.55-75.