IFRS 15對月營收與股價報酬之影響分析

金管會於2016年3月宣布我國自2018年1月1日起開始適用IFRS 15，並於2017年7月發函認可。IFRS 15適用的範圍，其影響所及包含綜合損益表中最主要之項目及部分資產負債表的項目，對於2018年1月1日適用後的收入認列造成重大變化，其影響性不言可喻。有鑒於此，我國政府也積極做了因應措施，其評估結果於2017年出爐，經統計出影響最大的前五大上市櫃產業分別是：電信產業、生技產業、營建產業、百貨產業及電機機械產業。根據上述背景，本研究欲檢測IFRS 15實施後，有關上市櫃公司收入認列改變，是否如主管機關事前研究報告所提出五大類產業對其營收資料內容的影響較大?另，進一步對於月營收公告與上市櫃公司股價累積異常報酬的影響進行分析研究。本研究共分三部份，第一部份將針對IFRS 15實施前後五大類股一月份月營收資料做成對樣本T檢定分析；第二部份將針對其公告日，以實際公告日為基準，找出各股股價累積異常報酬，並將五大類股2017年與2018年進行成對樣本T檢定，找出其差異；第三部份進一步利用獨立樣本T檢定，確認2018年五大類股股價累積異常報酬與非五大類股股價累積異常報酬是否有差異。根據研究實證的結果顯示，IFRS 15實施對於不同產業影響效果有顯著的不同，在五大類股中，IFRS 15實施前後對於月營收公告之實證結果發現，月營收有顯著影響的有:(1) 生技醫療、(2)貿易百貨及(3)電機機電。然而，股價累積異常報酬有影響的有:(1)貿易百貨及(2)電機機械。證實IFRS 15實施，會影響部份五大類股月營收。而月營收也會影響部份類股股價累積異常報酬。因此，本研究建議投資人對於本次IFRS 15實施，抑或將來有新財務會計制度的改變，對上市櫃公司定期財務資訊公告的解讀，應更須審慎評估後再擬定投資策略。對於企業財務規劃者，該思考如何規劃對營收有利的新措施，以因應新公報實施對收入認列的改變，以免企業受到太大的影響。同時，可以做為主管機關及會計準則制訂單位了解IFRS 15實施對產業營收的反應、證券市場股價走勢及投資大眾對於股票投資的意願及報酬所造成的影響。

關鍵字

IFRS 15 ；月營收分析；股價累積異常報酬；成對樣本T檢定；獨立樣本T檢定

並列摘要

The Fincial Supervisory Commission (FSC) announced in March 2016 that Taiwan would applied IFRS 15 from January 1, 2018 and would issued an accreditation in July 2017. The scope of application of IFRS 15 affects the items including the major parts in the Composite Income Sheet and a portion of Balance Sheet, and causes significant changes of the recognition of income after January 1st, 2018, thus the influence is self-evident. In view of this, the Taiwan government has actively responded to the changes and the results of report were released in 2017. According to the report, the top five greatest impact industry of listed companies are: Telecommunications industry, Biotechnology industry, Construction industry, Department Store industry and Electrical Engineering and Machinery industry. Based on the above descriptions, this study is intended to detect the implementation of IFRS 15, the changes of income recognition for the listed companies, whether its meet the pre-research by competent authority that the five major industries have a greater impact on their revenue data. Furthermore, this study will analyze the impact of the monthly revenue announcement and the cumulated abnormal return of the stock price for listed companies. The study is divided into three parts, the first part will be based on the IFRS 15 implementation of the five major stocks in January monthly revenue data made into a sample of T-test analysis, the second part will identify the cumulated abnormal return of each share price based on the actual announcement date of monthly revenue, and will be paired with T-test in 2017 and 2018 of the five major stocks in order to find out the difference; and the third part will use the independent sample T-test to find out whether there is a difference of the cumulated abnormal return between the five major stocks and the non-five major stocks in 2018. According to the results of the research, the IFRS 15 implementation has significant differences in the different industries. Among the five major stocks, the empirical results of the monthly revenue announcements before and after the implementation of IFRS 15 found that there were significant effects are: (1) Biotechnology, (2) Trade and Department Stores (3) Electrical Engineering and Machinery. Furthermore, as for stock prices of cumulated abnormal return, some of the affected ones are (1) Trade and Department Stores (2) Electrical Engineering and Machinery. All the results are verified that the implementation of IFRS 15 will affect the monthly revenue of some of the five major stocks and the monthly revenue will also affect the stock price of cumulated abnormal return. Therefore, This study suggests that investors should conduct more careful evaluation before formulating an investment strategy specially addressing the regular financial information announcements from listed companies, this is not only for implementing the IFRS 15 but also handling the new financial accounting system changes in the future. As for the role of the corporate financial planner, it is time to think about how to plan new measures that are beneficial to revenue, in order to respond the changes of the recognition of income, eventually to avoid the bad impact on the corporate. At the same time, it can be used as the competent authority and accounting standards setting community to understand the impact of IFRS 15 implementation on industrial revenue, the trend of stock market price, the willingness of stock investment and reward for investors.