我國上市櫃營建業導入IFRS前後之財務比率分析

Financial Ratio Analysis of Listed Construction Companies in Taiwan Before and After Adopting IFRS

陳彥亨(Yen-Heng Chen)

指導教授 ： 蔡彥卿

國立臺灣大學/管理學院/會計學研究所/碩士(2014年)

https://doi.org/10.6342/NTU.2014.00558

摘要

自2013年正式導入國際財務報導準則(IFRS)以來，營建業所面臨的最大挑戰為預售建案之收入認列方法的改變，造成整體收入、成本、淨利的波動，進而導致財務績效波動的疑慮。在導入IFRS前，預售建案係依照我國財務會計準則公報第十一號處理，只要符合俗稱的「六大條件」，即可採用完工比例法逐年認列收入；然而導入IFRS後，預售建案因為不符合IAS11中對建造合約的定義，故需改依照IAS18關於收入認列的規定，於完工交屋時才可一次認列所有收入。如此一來便可能導致公司整體的收入、成本、淨利於建案完工年度突然暴增。
本研究是選用我國上市櫃營建業公司為樣本，將其2003-2012年間的預售建案原依完工比例法逐年認列之收入、成本、利益，調整為採用IFRS後的情況，也就是改依IAS18之規定，在完工交屋的年度才能一次認列收入、成本、利益。接著本研究利用調整前後的資料，分別計算樣本公司之應收款項週轉率、存貨週轉率、固定資產週轉率、資產報酬率、利息保障倍數、股東權益報酬率、純益率、每股盈餘等八個關鍵財務比率，並比較調整前後之比率差異，試圖驗證導入IFRS後是否真的造成財務績效的波動。
分析結果顯示，不論是何種財務比率，都約有將近半數之樣本公司於調整後產生明顯波動。本研究並進一步歸納出三大結論: (1) 各建案的完工交屋年度越集中，財務比率的波動越大，(2) 以預售建案為主要業務之公司，財務比率波動較大，(3)「建案規模」比「建案數量」更能決定財務比率是否大幅波動。

關鍵字

營建業 ； 建造合約 ； 完工比例法

並列摘要

Ever since the adoption of International Financial Reporting Standards(IFRS) in 2013, the greatest challenge that the Construction Industry has been facing is the change of revenue recognition of “Pre-sale real estate”, which makes revenue, costs, and net income fluctuate, and casts doubt on the financial performance of construction companies. Before the adoption of IFRS, the revenue of “Pre-sale real estate” was recognized following Generally Accepted Accounting Principles(R.O.C GAAP). A “Pre-sale real estate” could be recognized under the percentage of completion method of accounting, once it satisfied so called “six conditions”. However, after the adoption of IFRS, “Pre-sale real estates” can no longer be recognized under the percentage of completion method of accounting, since they do not satisfy the definition of construction contract in IAS11. That is to say, the revenue of “Pre-sale real estates” can be recognized only when the constructions are 100% completed, following the rules of IAS18. Therefore, it is possible that the revenue, costs, and net income of a company would rise sharply in the years that “Pre-sale real estates” are completed.
First of all, using listed construction companies’ “Pre-sale real estates” from 2003 to 2012 in Taiwan as sample data, this research transfers the revenue recognition method from the percentage of completion method of accounting to the revenue recognition method in IAS18, which puts off the recognition of all the revenue, costs, and profits of those “Pre-sale real estates” to the year they are completed. Secondly, this research calculates eight key ratios including Accounts Receivable Turnover Ratio, Inventory Turnover Ratio, Fixed Asset Turnover Ratio, Return on Assets, Return on Equity, Interest Cover, Net Profit Margin, and Earnings Per Share using data before and after transformation. Finally, this research compares the difference between ratios using data before and after transformation to verify whether the financial performance of construction companies will fluctuate after the adoption of IFRS.
The result shows that nearly half of the sample companies’ financial performance fluctuates sharply. Through the observation of these sample companies, this research concludes that─(1) The more concentrated the completion years of “Pre-sale real estates” are, the more apparent the fluctuation of the key ratios will be. (2) The construction companies that earn profits mainly on “Pre-sale real estates” will be affected more seriously by adopting IFRS. (3) The “scale” of a project is more influential than the “number” of projects to determine whether the ratios will fluctuate sharply.

並列關鍵字

Construction Industry ； Construction Contract ； Percentage of Completion Method

參考文獻

2. 江美艷，2009，「不動產行業導入IFRSs實務探討」，勤業眾信會計師

4. 財團法人中華民國會計研究發展基金會財務會計準則公報第十一號「長期

3. 財團法人會計研究發展基金會: http://www.ardf.org.tw/

一、參考資料

1. 台灣上市上櫃營建業公司2003-2012年度財務報告