本研究以我國上市金融控股公司及保險公司為對象，探討依國際財務報導準則第4號「保險合約」所允許之覆蓋法—為降低會計配比不當及額外損益波動，將透過損益按公允價值衡量之金融資產各期公允價值變動自損益重分類至其他綜合損益之情況下，從本期淨利移除且重分類之各期公允價值變動是否仍與投資人定價及報酬相關，亦即是否具備價值攸關性。
研究結果顯示，該重分類調整數與股價及報酬顯著相關，顯示投資人並非僅考量重分類後所呈現之一次性處分損益，而此相關性為負，顯示重分類調整數可能與保險業中長期績效存在反向關係；此外，投資人既已將其納入考量，似乎並無繼續維持覆蓋法之需要，而應直接將公允價值變動認列於損益。

This study investigates listed financial holding and insurance companies in Taiwan, focusing on the overlay mechanism permitted under International Financial Reporting Standard (IFRS) 4 Insurance Contracts. The overlay allows fair value changes of financial assets measured at fair value through profit or loss (FVPL) to be reclassified from profit or loss to other comprehensive income, mitigating accounting mismatches and earnings volatility. We examine whether these reclassified amounts, excluded from current net income, continue to influence investors’ pricing and returns, thereby preserving value relevance.
Empirical evidence indicates that the reclassification adjustments are significantly associated with stock prices and returns, suggesting that investors consider more than one-off realized gains. Notably, the negative association implies a potential inverse relationship between these adjustments and insurers’ long-term performance. Given that investors already internalize these effects, the findings challenge the continued necessity of the overlay and support direct recognition of FVPL fair value changes in profit or loss.

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