過度生產對企業未來績效與存貨跌價的影響

The Effect of Overproduction on Future Firm Performance and Inventory Write-down

曾鈺釧(YeeChuann Chan)

指導教授 ： 王維康

元智大學/管理學院/商學碩士班(會計學程)/碩士(2012年)

https://doi.org/10.6838/YZU.2012.00066

摘要

本研究探討電子製造商的當期過度生產對未來經營效率以及存貨跌價的影響。過度生產的定義是生產成本在同行業中最高的20％。本文採用以動態差額變數為基礎測度(dynamic slack-based measure)的資料包絡分析法模式以計算經營效率值。存貨跌價則為大於總資產的1％的重大性跌價。樣本為2003年至2007年期間在紐約證券交易所/美國證券交易所/納斯達克上市的電子製造業公司。研究結果發現過度生產企業的未來經營效率有提升。然而，本文並無強而有力的證據去支持，過度生產的公司相對於非過度生產的公司有更多的存貨跌價。這表示，高於同行業的平均生產水平並不一定會導致非增值的存貨滯銷，從而沒促使未來有更多的存貨跌價；公司過度生產的誘因是為了應付未來預期銷售額的增高，而不是為了執行實質盈餘管理。妥善規劃的過度生產能提高經營效率，但不會導致更多存貨跌價。

關鍵字

過度生產 ； 動態資料包絡法 ； 存貨跌價 ； 實質盈餘管理

並列摘要

The purpose of this study is to examine the impacts of current overproduction on future operating efficiency and inventory write-down in the electronic manufacturers. Overproduction is identified based on the criterion that the production cost of a company is in the highest quintile of the industry. This study utilizes dynamic slack-based measure (DSBM) model to estimate operating efficiency. Inventory write-down represents the material write-down that is greater than 1% of the total assets. The sample covers the electronic manufacturing companies listed on NYSE/AMEX/ NASDAQ for the period from 2003 to 2007.
Our findings show that overproducing firms experience improved operating efficiency subsequent to the year of overproduction. However, no strong evidence exists to support that overproducing firms write down more inventory relative to non-overproducing firms. The results indicate that production level above the industry average does not necessarily result in the piling up of non-value added slow-moving inventory and thus a lesser amount of inventory write-down in the future. This suggests that overproduction could signal anticipation of higher future sales instead of engaging in real earnings management. This study provides insights that properly planned overproduction could lead to improved operating efficiency and does not necessarily cause more inventory write-down.

並列關鍵字

Overproduction ； Dynamic data envelopment analysis ； Inventory write-down ； Real earnings management

參考文獻

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