公司報導之未使用產能成本與市場評價

The Market Valuation of Corporate Reported Unused Capacity

蔡柳卿(Liu-Ching Tsai) ； 楊朝旭(Chaur-Shiuh Young) ； 朱雅菁(Ya-Ching Chu) ； 許慧雯(Hui-Wen Hsu)

《證券市場發展季刊》 35卷1期 (2023/03) Pp. 103-162

https://doi.org/10.6529/RSFM.202303_35(1).0004

摘要

本研究利用國際會計準則第二號要求衡量、揭露未使用產能成本資訊之機會，檢視此資訊的市場評價以及公司特質差異對此評價的影響。以2009至2019年台灣製造業之上市、櫃公司為樣本，實證結果發現：平均而言，投資人對於公司未使用產能成本資訊之評價為負，顯示投資人將未使用產能成本視為未來需求不足及財務風險劣勢的資訊意涵。此外，實證結果亦發現投資人對未使用產能資訊之評價受到公司特質等相關因素的調節影響：（1）若公司越具成長性，投資人認同公司是基於未來成長而事前規劃產能，故對這類公司的未使用產能呈現更為正向的評價；（2）控制股東股權偏離越大，未使用產能的市場評價更為負向，顯示投資人對於控制股東掠奪誘因趨強的疑慮下，認為未使用產能可能偏向不當產能投資決策使然；（3）對於董事會品質越高之公司，公司未使用產能資訊更有正面評價，表示投資人認為在有效的監督與策略建議下所從事的產能投資決策越具正面意涵；（4）投資人對於客戶集中度越高之公司的未使用產能資訊，乃視為公司過度依賴重大客戶而出現的高財務風險警訊，故而隨著客戶集中度越高而給予未使用產能成本資訊更負面的評價。本研究藉由檢視公司未使用產能資訊之市場評價而補充過去文獻，所得證據可供企業思考加強闡明產能管理以利市場解讀，故具有學術與實務應用價值。同時提供準則制定者評估此會計準則來自資本市場的經濟後果，故亦具有政策意涵。

關鍵字

未使用產能 ； 市場評價 ； 國際會計準則第2號

並列摘要

IAS No. 2 requires firms to measure and disclose unused capacity expenses, making unused capacity visible information that was not publicly available before. This requirement offers us an ideal opportunity to examine the market perception of a firm's capacity management. We examine the market valuation of corporate reported unused capacity and how the valuation varies with specific factors, including firm growth, controlling shareholders' entrenchment effect, board quality, and customer-base concentration. We create a sample of manufacturing firms listed on the Taiwan Stock Exchange and Taipei Exchange from 2009 to 2019. We find a negative market valuation for firms' reported unused capacity, suggesting that unused capacity conveys information about negative implications for future firm performance, on average. Next, we find that the market valuation of reported unused capacity varies with firm characteristics: it increases with growth opportunity and board quality, but decreases with customer concentration and controlling shareholders' entrenchment effects. This study complements prior literature by examining the market valuation of a firm's reported unused capacity; it has both academic and practical values. In addition to filling a gap in the literature, our findings encourage managers to add more explanation on capacity arrangement in the notes of financial reports, at the institutional investor conference or through other channels, thereby avoiding investors' misunderstanding. The findings of this study also have policy implications regarding economic effects of mandatory reporting of unused capacity from the perspective of capital market investors.

並列關鍵字

Unused Capacity ； Market Valuation ； IAS No.2

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