美國財務會計準則委員會(FASB) 於1987年10月發佈第94號公報，刪除ARBNO.51准許營業性質不同的子公司可排除於合併財務報表之外的規定。

然而，對於債權人而言，合併財務子公司的財務資訊

是否有助於決策的釐訂？在美國債券市場上，債券評級機構公佈的債券等級報導，一直是債券投資人賴以評估公司長期債券的工具，影響債券投資人的投資決策，至為深遠。

本研究主要從實証上測試SFAS94規定之合併財務子公司財務資訊為公司債評級人員所採用並列入評級決策，以驗證SFAS94之規定是否對評級決策具備有用性。研究中採用Kaplan和Urwitz的公司價等級模型做為評級過程的替代，由模型的預測能力來推論SFAS94規定之合併財務子公司財務資訊是否為公司債評級人員所採用並列入評級決策。為了瞭解此一問題，本研究分二階段進行測試，前一階段

乃針對SFAS94規定之前，合併財務子公司財務資訊是否為評級人員所採用；後一階段則針對SFAS94規定之後，合併財務子公司財務資訊是否為評級人員所採用。

研究方法的設計包括：搜集1988年因適用SFAS94之規定而將財務子公司財務資訊編入合併財務報表之公司，取出資料完整之104 家公司為1987年樣本， 111 家公司為1988年樣本。利用N-probit分析模型之結果，在預測1987年的公司債等級方面，原始財務報表姐的預測準確度高於重編財務報表組，由此項結果可推知在SFAS94之前，評級人員的評級決策可能是採用原始財務報表組的財務資訊。

就1988年樣本而言，重編財務報表組的預測準確度高於原始財務報表組，由此可推知在SFAS94之後，評級人員的評級決策改採重編財務報表組的財務資訊。

實証結果可知， SFAS94規定之合併財務子公司財務資訊的確為評級人員所採用並列入評級決策。因此，合併財務子公司財務資訊對於評級人員之評級決策而言，具有資訊價值。

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