2008 年始於美國之系列金融危機，致使投資人、政府開始關注金融資產認列之相關規範。我國於 2018 年始改採 IFRS 9 號公報，過往文獻指出改採 IFRS 9公報後，公司之財務報表能提供較有資訊內涵之訊息，但鮮少有文獻關注債券投資對於價值攸關之影響。本論文則以我國改採 IFRS 9 公報之際，觀察公司於財務報表中之債券投資是否增加其財務報表數字之攸關程度。
本論文透過使用 Ohlson Model 來發展本論文檢驗預期信用損失對股價攸關性之設計，並參照 Aboody & Lev (1998)之設計加做變動模型檢測預期信用損失變動數與同期股票報酬變動數之相關性。同時本論文也討論了關於金融業之揭露以及當公司之報導誘因較強時，帶給報表使用者之資訊是否更具有價值攸關性。
最後本論文之發現：(1)公司於採行 IFRS 9 號公報後，其預期信用減損之價值攸關性具有可靠之結果證實其確實具有價值攸關性，以及(2)金融業於債券投資之攸關性上，確實較於一般產業更高，最後(3)當公司之報導誘因較強時，公司所揭露之預期信用損失資訊確實也更為具有攸關性。

Series of financial crisis happened in 2008, it causes stakeholders and government pay close attention to the recognition of financial instruments. In the Republic of China, adopts the recognized bulletin to the IFRS 9 in 2018, previous studies point out that after adopts the IFRS 9, corporate has improved its relevance in financial statements, but there are few studies follow with interest in the effect of relevance on bonds investment. This study is mainly detecting after adopts IFRS 9, whether the bond investment in financial statement improves the relevance.
This study used the Ohlson Model to develop the research design to test the relevance of expected credit losses to stock prices, and referred to Aboody & Lev (1998) developed a change model to test the correlation between changes in expected credit losses and changes in stock returns. This study also discussed the disclosure of the financial industry and when the company’s reporting incentives are strong, whether the information brought to financial statement users is more valuable and relevant.
This study finds out that: (1) after adopts IFRS 9, the expected credit loss has reliable results prove it will be more relevant, (2) the financial industry has significant difference from the general, and (3) when the company’s reporting incentives the stronger, the expected credit loss is also more relevant.

第一章 緒論 1
第二章 文獻回顧與假說發展 5
第三章 研究方法 15
第四章 實證結果 20
第五章 結論 27

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