本研究以2015年至2024年臺灣上市櫃非金融業公司為樣本，依循IFRS 18之活動分類精神，將獲利績效拆解為營業、投資與籌資活動，並以Tobin’s Q衡量企業價值。本研究探討國際財務報導準則第18號（IFRS 18）所強調之細分財務績效資訊，是否較傳統彙總盈餘資訊，與企業價值具有更高之關聯性，並進一步檢視機構投資人持股與附息負債水準對此關聯性是否存在調節效果。實證結果顯示，細分財務績效資訊與企業價值之關聯性高於傳統彙總盈餘資訊。其中，營業活動績效與投資活動績效均與企業價值呈顯著正向關聯，籌資活動績效則呈顯著負向影響。此外，機構投資人持股高低、附息負債水準高低，以及兩者之交叉作用，皆顯著影響市場對細分財務績效資訊之定價。整體而言，細分財務績效資訊能有效補充傳統盈餘資訊對企業價值之解釋，且其與企業價值之關聯性受到治理情境變數所影響。

Using a sample of Taiwanese listed non-financial firms over the period of 2015–2024 and Tobin’s Q as a proxy variable for firm value, this study examines whether disaggregated activity-based financial performance with compliance to IFRS 18 concepts is more value relevant as compared to traditional aggregated earnings indicator (measured as ROE). This study further investigates whether shareholding by institutional investors and level of interest-bearing debts have moderating effects on the aforementioned association. The empirical results show that disaggregated activity-based earnings information exhibits greater value relevance than aggregated earnings (ROE) information. Operating and investing performance (financing performance) are positively (negatively) associated with Tobin’s Q. The level of shareholding by institutional investors, level of interest-bearing debts, and their interaction terms have significant impacts on market pricing of disaggregated financial performance information. Overall, disaggregated information complements traditional aggregated performance indicator, and its value relevance is moderated by certain governance mechanisms.

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