國際財務報導準則對企業股價影響之研究–以我國十號存貨公報為例

The Impact of IFRS on Stock Price Reaction:From Taiwan’s Accounting Standards No.10 for Inventory

黃菽芳(SHU-FANG HUANG)

指導教授 ： 陳達新

共同指導教授 ： 梁世安

國立臺北大學/商學院/企業管理學系/碩士(2010年)

摘要

隨著經濟全球化，國際財務報導準則漸趨為全球一般公認會計準則，以台灣產業型態，亦無法置身事外。我國十號公報即是依據國際會計準則修訂並於2009年初起開始適用。因應修訂事項，企業需考量改變其會計處理作業，將影響企業獲利，降低企業價值，而2008下半年度在全球金融風暴陰影之攏罩下對於企業之獲利似乎有雪上加霜之疑。因此自徵詢該公報修訂草案以來，產、官及學三方對於此號公報的關注及討論程度都十分熱烈。本研究旨在探討新十號公報對上市資本市場、上市各產業及不同特性公司之影響。本研究採用事件研究法檢測事件期之平均異常報酬率與平均累計異常報酬率是否顯著小於零；此外，為解釋累積異常報酬率之變動，本研究發展迴歸模型，以測試十號公報對公司報酬率之影響是否隨公司特性而異。
本研究之實證結果顯示，金管會公佈如期實施10號公報（第一事件日）並未於事件期產生顯著為負之累積異常報酬率。公告（申報）2009第一季財務報告事件期（第二事件日）產生顯著為負之累積異常報酬率。在兩事件期中皆呈現負向累積異常報酬率之產業大部分為供應鏈之中下游產業，或產品具有特殊性。在公司特性對累積異常報酬率之影響方面，第一事件日毛利率及存貨佔資產比率與累積異常報酬率有顯著正相關，顯示毛利率高及存貨佔資產比率低之公司，較不會受到十號公報的負面衝擊。第二事件日負債比及資產報酬率與累積異常報酬率有顯著正相關，顯示負債比低及資產報酬率高之公司，較不會受到十號公報的負面衝擊。產業分析方面，在第二事件日整體市場呈現顯著負報酬率時，約有70%之產業其資產報酬率與累積異常報酬率有顯著正相關，顯示資產報酬率越高，顯示資產運用效益愈高，創造公司的價值愈大，亦表示該企業在產業中越有具有競爭力，獲利能力也越佳。

關鍵字

國際財務報導準則；十號存貨公報；事件研究；股價；異常報酬率

並列摘要

With economic globalization, the International Financial Reporting Standards (IFRSs) is becoming the generally accepted standard for accounting in the world. Due to this fact, Taiwan’s Statements of Financial Accounting Standards (SFASs) started to converge with the IFRSs. The newly revised SFAS No. 10 can be applied from 2009 as earlier adoption is permitted. The revised SFAS No. 10 has required enterprises to see the need to consider changing their accounting treatment of inventories on operations and procedures. This would result in having a considerable impact on profit and loss recognition, and hence reduces the earnings of enterprises, as well as the stock market. Due to the significant impact of the changes, enterprises, the academic community and government agencies have been involved from the draft stage and expressed various concerns and opinions regarding the revision, resulting in very intense discussions. In particular, the second half of 2008 was seriously affected by the global financial crisis, and it is a doubtful that the profits of enterprises could be much worse than that, nor the blow to stock market prices, due to application of this revised SFAS No. 10. This study aims to examine how the revision and adoption decision of the new SFAS No. 10 affects the stock market, industries, and firms. This study adopts event study methods to investigate whether the average abnormal returns and the average cumulative abnormal returns during event periods are significantly negative. In addition, a regression model is developed to investigate whether the impact of SFAS No. 10 on cumulative abnormal returns differs with the characteristics of firms.
The empirical results show that the announcement of SFAS 10 as originally planned did not cause significantly negative averaged cumulative abnormal returns during the first event period, but caused significantly negative averaged cumulative abnormal returns during the second event period Industries those belong to mid and down stream of the industry supply chain, or have product specificity, display significantly negative averaged cumulative abnormal returns in two event periods. The multiple regression results show that cumulative abnormal returns positively relate to the gross profit rate and inventory percentage in first event period, suggesting that investors regard a lesser negative impact of SFAS 10 on firms with a higher gross profit rate and lower inventory percentage, and positively relate to the liability percentage and return of assets in the second event period. This suggests that investors regard a lesser negative impact of SFAS 10 on firms with a lower liability percentage and higher return of assets. With analysis by industry for these two event periods, it is analyzed 70% of the industries showing cumulative abnormal returns positively relate to the return of assets in the second event periods which display significantly negative averaged cumulative abnormal returns. The results show that the higher the return of assets. Thus the higher efficiency utilization of assets create a greater value to the company, and also indicates that enterprises in the industry that are more competitive, the better the profitability.

並列關鍵字

IFRS ； SFAS No. 10 ； event study ； stock price ； abnormal returns

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