本研究在實證調查合併財務報表與母公司財務報表之相對資訊內涵，從「經濟實質重於法律形式」之理論主張，以及會計報表適當分類之傳統會計要求，再加上近來報表個別細項研究所顯示報表使用者重視報表細部項目資訊的實證證據，本研究預期報表使用者在同一公司合併財務報表與母公司財務報表間作資訊選擇時，應會較重視合併報表資訊。

本研究用資本市場研究法從會計資訊影響投資人股票評價之角度實證調查合併報表與母公司報表資訊之相對資訊內涵，由於單線合併之母公司財務報表與全頊合併之合併財務報表中二個最重要的底線數字（淨利、業主權益）相同，二種報表所不同者即在其底線數字之組成成份上，因此分析時專注於盈餘之組成成份，利用此兩種報表在盈餘組成成份金額上之差異，比較何者具有更多之資訊內涵。本研究盈餘作兩個向度的解構，其一為按功能性組成成份作分解，將盈餘分解為營業毛利、營業費用及營業外損益等損益項目；另一方向係以現金流量為標準將盈餘區分為從營業而來之現金流量與應計項目。透過比較兩種報表之各種不同盈餘組成成份與股價報酬之關係何者較為密切，以推論合併報表與母公司報表資訊之相對資訊內涵。

本研究共設立六個研究假說，並以我國股票上市公司中有編製並發布合併報表者為樣本對象，從台灣經濟新報社資料庫選取符合之樣本，自1992年至1995年止共得222個樣本觀察值。實證結論如下：

一、合併報表盈餘功能性組成成份對股價報酬的解釋力高於母公司報表。此一實證結果顯示合併報表盈餘功能性組成成份比母公司報表盈餘功能性組成成份更具資訊內涵。

二、合併報表營業外損益項目的反應係數較母公司報表者為小，且營業淨利與營業外損益反應係數間之差異，合併報表亦較母公司報表來得大，符合研究假說之預期。此一結果有助於對過去研究發現母公司報表營業外損益項目反應係數偏高現象之解釋，本文証據支持此一現象係因母公司報表營業外損益項目中含有大量持續性高之權益法股權投資損益的看法。

三、本研究主張合併報表盈餘資金基礎解構組成成份對股價報酬的解釋力應高於母公司報表，但並未獲實證支持。不論從模式解釋力R2比較或從JA-test分析均發現合併報表與母公司報表在此方面之資訊內涵並無重大差異。此結果與將盈餘區分為從營業而來之現金流量與流動、非流動應計項目，並未能產生增額資訊內涵有關。而盈餘現金流量解構不具增額資訊內涵之結論與過去國內外相關多數人之發現相同。

四、為進一步得到合併報表資訊內涵具優越性的證據，本文推論子公司重要性較高之公司，合併報表資訊內涵之優越程度會比子公司重要性較小之公司來得明顯。實證結果顯示在盈餘功能性組成成份方面有獲得支持，但在盈餘資金基礎解構組成成份方面則並未獲得支持。

Relative information content of consolidated financial statements and parent company's financial statements is empirically investigated. In addition to the normative assertion of 'substance over form' and classification scheme adopted in standard financial statement presentation, current empirical evidence on the usefulness of information contained in individual line items on the financial financial statements implies that users will opt for consolidated statements when both consolidated financial statements and parent company's financial statements are presented by the same accounting entity.

Utilizing market-based research design commonly used in examining the use of accounting information in stock valuation, current study looks into the relative information content of consolidated financial statements and parent company's financial statements from the view of investors. Tow bottom lines, net income and total stockholders' equity, are articulated between consolidated financial statements (full consolidation) and parent company's financial statements (one line consolidation). The difference, thus, arise from the components of the two bottom lines. Current study focuses on the earnings. The relative information content between the two sets of financial statements is studied via the differences on the components of earnings. Earnings are decomposed in two ways. The functional decomposition results in profit margin, operating expense and nonoperating items. The fund-based decomposition results in cash flow from operating activities and accrual items. The association between components mixes with the stock returns provides evidence on the relative information content between the two sets of financial statements.

All listed companies that publish consolidated financial statements are initially included in the sample. Final sample consists of 222 observations from 1992 to 1995. The empirical results are as follows.

1. The functional earnings components from consolidated financial statements have higher explanatory power over those from parent company's financial statements. This implies that the functional earnings components on consolidated financial statements are more informative than those on parent company's financial statements.

2. The earning response coefficient (ERC) for the nonoperating item of company's financial statements. One possibility is that equity method brings in largely permanent investment income in parent company's financial statements. As expected, the ERC difference between operating income and nonoperating income for the consolidated financial statements is lager than the difference for the parent company's financial statements. The results if consistent with high ERC on nonoperating income documented in previous research.

3. Under fund-based decomposition, the empirical results do not support the hypothesis that cash flows components from consolidated financial statements are more informative than those from parent company's financial statements. This implies that earnings decomposed into cash flows from operating activities, current accrual and noncurrent accural does not provide incremental information content. The result is consistent with previous research.

4. To ascertain the relative informative of consolidated financial statements, it is hypothesized that the more important subsidiaries the more informative the consolidated financial statements are. The functional decomposition results support the hypothesis while the fund-based decomposition fails.