對製造業而言,固定資產是企業持續成長與維持競爭力的基石,因此,取得或處分固定資產決策對製造業公司影響深遠,此外,該等重大事件之公告,亦可能使公司股價造成波動。本研究以民國95年至99年台灣製造業上市公司為樣本,探討公司取得或處分固定資產目的之公告是否給予投資人額外的資訊價值,以及不同取得或處分目的是否會導致公司未來營運及財務績效有所差異。 本研究之實證結果歸納如下: (1) 企業公告取得機器設備之目的為生產用途,證券市場會產生顯著正向累積異常報酬;若公告取得機器設備並非生產用途,或公告取得之固定資產為土地建築物,則證券市場未有顯著反應。 (2) 企業處分固定資產不論是為了改善盈餘,抑或僅為了充實營運資金,證券市場皆給予顯著正向股價反應。 (3) 企業取得機器設備、土地建築物之目的為生產用途,對未來營業收入成長率及稅前淨利成長率有顯著正向影響;取得目的為生產性以外之用途,則對與未來績效表現無明顯關聯。 (4) 企業處分固定資產不論是為了改善盈餘,抑或僅為了充實營運資金, 對未來營業收入成長率皆無顯著影響,而對取得當年稅前淨利成長率皆有顯著正向影響。
Fixed assets are the fundamental of manufacturing. The decisions of acquirement or disposal about fixed assets create profound impact on manufacturing companies. Furthermore, the announcements of information also affect a corporation’s stock prices. This study uses Taiwanese manufacturing companies as sample and explores whether the purpose of acquirement or disposal conveys information content and results in future performance. The results show that the announcements of acquiring productive equipment generate significant positive abnormal return; however, the results regarding the productive land, buildings or non-productive fixed assets are generally not significant. Second, firms disposing fixed assets have significant positive response to such announcements without respect to purpose. Third, productive fixed assets, including equipment, land and buildings increase the rate of sales growth and pre-tax net income growth, but non-productive fixed assets are nonsignificant associated with future performance. Finally, disposing fixed assets for any purpose does not impact on sales growth rate, but significantly affects pre-tax net income growth.