| 摘要: | 在知識經濟時代，促成企業成功的主要因素已從傳統的實體資產轉變到顧客關係管理、供應鏈管理、人力資源管理、以及創新能力等無形的價值趨動因素上；故企業價值的評估也從偏重財務面資訊到兼顧非財務面資訊。然而，目前企業對於非財務資訊或價值動因的揭露卻是嚴重的缺乏。因此，企業資訊揭露的趨勢必須逐漸朝向報導企業創造價值的能力、管理價值的過程及衡量價值的結果，最終目標要以價值報告替代財務報告。 本研究主要目在於探討企業價值報告的發展現況、以及一份有用的企業價值報告資訊內容與架構為何？本研究以PwC所提出的企業價值報告模式為架構，透過市場概況、價值策略、價值管理及價值平台四構面詮釋價值報告所應涵蓋的內容。以此模式為基礎，就一般產業及銀行業建立了數項資訊揭露項目及針對每個項目詳細說明所應傳達的內容。並透過個案分析，以實務面的角度進一步體會銀行業價值報告的發展現況。另外，本研究以問卷調查方式，瞭解本國經理人對於價值報告的認知與投資人對於資訊揭露現況的看法。 個案分析發現國外銀行業在資訊揭露上已具備相當程度的價值報告雛形，而國內銀行則著重於揭露財務面資訊。問卷調查結果則發現投資人對於目前資訊揭露現況不滿意；經理人對於價值報告的認同與執行也不能配合。國內銀行業在資訊揭露上存在著資訊落差、報導落差、瞭解落差與認知落差。 In knowledge economy, key success factors of a business have migrated from traditional tangible assets to intangible assets such as: Customer Relationship Management, Supply Chain Management , Human Resource Management and Innovation. Focusing on nonfinancial information is, therefore, becoming more imperative in valuing a business. However, such nonfinancial information or value drivers are rarely seen in current reporting practice. A trend of unveiling business information shall tend to reflect capability of value creating process of a business for the purpose of appraising value. Eventually, value reporting shall completely substitute financial reporting. The purpose of this thesis is to probe into the current practice and the trend of information disclosure. It uses the structure of ValueReporting proposed by PriceWaterhouseCooper（PwC）Education Foundation, which covers four aspects of performance indicators including, market profile, value strategy, value management, and value platform. Based on this structure, several items on performance indicators were established with detailed description in general and banking firms. A selected foreign bank and a selected domestic bank were used to compare the content of information disclosure under the framework of PwC ValueReporting. In addition, questionnaires are used to find out domestic managers and investors’ view of current trend of reporting practice. The results of the case study indicate that the information disclosure by the foreign bank is more consistent with the PwC ValueReporting structure than the domestic bank. The results of sample survey show that the current financial reporting does not meet the demand of information by investors. The survey also shows that though managers recognize the importance of disclosing information of business value drivers, they are reluctant to do so. In fact, there exist information gap, reporting gap, understanding gap, and perception gap between managers and investors. |
