The Value Relevance of Financial Information on Revaluation Property Plant and Equipment

Transcription

1 The Value Relevance of Financial Information on Revaluation Property Plant and Equipment *. ** 16 ( 2552) 2554 Abstract The objective of this study is to investigate the value relevance of fixed asset revaluation according to the adoption of Thai Accounting Standard No.16 (revised 2552): Property, Plant, and Equipment by using the data from annual financial statements and stock prices of year The samples of this study are companies listed in the Stock Exchange Thailand which are using revaluation method by studying the relationship between revaluation reserves and difference in depreciation calculated by using revaluation method and cost method with stock prices of companies listed in the Stock Exchange Thailand. The result of this study shows that the revaluation reserves is positively related to stock prices. On the other hand, the study does not find significant relationship between the difference in depreciations calculated by using revaluation method and cost method. ** ** 50 50

2 ( 2552) ( 2552) ( 1) (, 2554) 16 ( 2552) 16 ( 2552) 16 ( 2552) 1 16 ( 2550) 51 51

3 52 (Ball & Brown, 1968; Barth, 1994) (Beaver, 1968; Rippington & Taffler, 1995) (Ball & Brown, 1968; Beaver, 1968; Easton & Harris, 1991; Foster, 1981; Lev, 1989) (Biddle, Seow, and Siegel, 1995; Collins, Maydew, and Weiss, 1997; Francis and Schipper, 1999; Lev and Zarowin, 1999; Lipe, 1986) (Baginski, 1987;, 2539;, 2544;, 2003; Suchitra Vacharajitipan, 1990) (Alsalman, 2003; Mostafa & Metwally, 2005; Mufeed, 2003; Wu, Koo & Kao, 2005) Easton et al. (1993), Barth and Clinch (1998), Aboody et al. (1999) Pisek (2006) Pisek (2006) 16 ( 2552) 52

4 H1: H2: 16 ( 2552) ( 2552) 15 ( 1) ( 1) ( 2552) ( SETSMART (

5 /

6 Ohlson (1995) P it = a 0 + a 1 BVPS it + a 2 EPS it + it P it i t BVPS it i t EPS it i t it Ohlson (1995) (Multiple regression analysis) P it = 0 + 1BVPS_ADJ it + 2RR it + 3EPS_ADJ it + 4 DEPRE it + it P it i BVPS_ADJ it ( ) i trr it i t EPS_ADJ it i t ( ) i t DEPRE it ( ) it 55 55

7 2 2 N Minimum Maximum Mean Std.deviation P BVPS_ADJ RR EPS_ADJ DEPRE P = BVPS_ADJ = RR = EPS_ADJ = DEPRE = ( )

8 (Multicollinearity) (Correlation analysis) Pearson (n = 74) VARIABLE P BVPS_ADJ RR EPS_ADJ DEPRE P 1.00 BVPS_ADJ RR EPS_ADJ DEPRE P = RR = BVPS_ADJ = EPS_ADJ = DEPRE = ( ) 57 57

9 Variance Inflation Factor (VIF) VIF VIF 10 VIF ( 4) 4 58

10 4 Variables Expected Unstandardized Coefficients B Standardized Coefficients Beta t-value Sig. VIF (Constant) BVPS_ADJ ** RR ** EPS_ADJ *** DEPRE R = R 2 = Adjusted R 2 = F-value = Sig = R 2 Change = P = BVPS_ADJ = RR = EPS_ADJ = DEPRE = ( ) * 0.1 ** 0.05 *** p-value (r)

11 62.7% (Adj.R 2 = 0.627) H1: p-value (p < 0.05) 2 H2: p-value (p > 0.05) (Multiple regression analysis) Easton et al. (1993); Barth and Clinch (1998); Aboody et al. (1999) Pisek (2006) 60 60

12 Ronald (2002) 16 ( 2552). (2548). SPSS for Windows ( 7). :.. (2549). SPSS for Windows ( 5). :.. (2546). :.,,,.. (2554).. :.. (2539)..,,,. 61

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