新存貨會計準則對公司財務績效及存貨管理的影響

The Impacts of New ROC GAAP No. 10 on Firm’s Financial Performance and Inventory Management

呂觀文(Kuan-Wen Lu)

指導教授 ： 李存修

國立臺灣大學/管理學院/財務金融組/碩士(2009年)

https://doi.org/10.6342/NTU.2009.01972

摘要

企業的存貨成本通常占流動資產及資產總額重要的比例，尤其台灣的廠商以製造業為主，其存貨成本計價方法的選用，以及各項與存貨取得的必要成本費用，究係歸屬於存貨取得成本抑或當期費用?往往對該企業之稅前損益與每股盈餘（=稅後淨利/流通在外股數，簡稱EPS）有著顯著的影響。
本文選用平面顯示器（LCD）中游產業背光模組廠（BLU）為分析案例。因為背光模組廠位處LCD產業中段，本身對產能無主導權，亦無價格制訂權，且技術性不高，關鍵原材料又受美日廠商控制。該類企業須致力於安全庫存的管理、存貨成本控制及適時適量的產品製造與供應，才足以維持競爭力。又由於毛利偏低，製造基地分散於兩岸三地，精確的成本運算及存貨管理往往需耗費大量的管理成本，因此面對新存貨準則的實施，相對敏感度亦高。
新存貨準則公報中引用閒置產能列入當期費用、淨變現價值以估計售價為計算基礎、存貨評價改採逐項比較法及存貨跌價損失列入銷貨成本等，都將衝擊BLU產業原本已微薄的營業獲利。
本研究係Y公司2008年的實際損益為例，蒐集其依舊準則核算之銷貨成本、期末存貨、正常產能與製造費用分攤數值及期末存貨評價等，套用新準則模式後，相關的稅前淨利變動及對EPS之影響，探討企業能否透過「資本支出及管理策略的調整」，從而根本改善其因「存貨成本衡量及評價方式」變動對財務績效的影響，俾供其參酌因應。

關鍵字

存貨成本衡量 ； 正常產能 ； 淨變現價值 ； 液晶顯示器 ； 背光模組

並列摘要

Inventory costs account for a substantial part of the assets of business companies, especially in the manufacturing industries. The way inventory costs are evaluated thus plays a crucial role in determining the accounting profitability of a company.
The new GAAP No. 10 of Taiwan introduces several new approaches in evaluating inventories. It regards idle capacity as an expense. Inventories are priced at their net realizable value instead of the lower of cost or market. When evaluating the necessary reserve for possible loss in inventory value, item-by-item approach replaces the traditional aggregation approach. The estimated loss in inventory value has to be recognized as part of the cost of goods sold, resulting in lower gross profit margin. All these changes may bring about great impacts on the manufacturing industries, especially those with thin profit margin.
Back light units (BLU) firms, which represent the middle stream of LCD industry are selected for detailed analysis. The reasons are that they have no control over their capacity utilization rate. Furthermore, when key materials and parts supplies are grasped in the hands of big U.S. and Japanese firms, BLU firms have little bargaining power whatever on their product prices. Timely production and stringent inventory management turn out to be the most important factors for their survival in a low-profit-margin environment. Taiwanese BLU firms usually follow a strategy that separates the functions of planning, manufacturing, marketing and financing among Taiwan, China and Hong Kong. This in turn makes inventory pricing and management a costly task, under the new accounting rules.
The financial statements of Y Company are analyzed to figure out its normal capacity, the amortization of manufacturing expenses and the cost of goods sold to arrive at the ending inventory value under both old and new accounting regimes. Net income, either before or after tax, is computed under the new ROC GAAP No. 10 and compared with what it would have been under the previous rules. Managerial implications are then derived with respect to the adjustment of capital expenditure decisions and strategies based on the research findings. It is hoped that the manufacturing industry may benefit from minimizing the financial impacts of the new accounting rules through this research.

並列關鍵字

Inventory cost ； Normal capacity ； Net realizable value ； LCD ； BLU

參考文獻

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