信用評等、合約負債與公司績效之影響

本研究以國際會計準則第15號公報正式實施後之2018年及2019年的台灣上市櫃公司為研究樣本，並探討信用評等與合約負債，以及合約負債與公司績效之關聯性，此外，也同時探討特定產業之合約負債對公司績效之影響性。本研究實證結果發現，信用評等等級較好的公司，其合約負債的金額愈高，且信用評等等級愈細分時，愈具有資訊價值；合約負債金額較高的公司其整體公司績效的表現也愈佳，且流動性合約負債對公司績效之影響性大於非流動性合約負債；除此之外，相較於非特定產業，擁有合約負債之特定產業具有較佳之公司績效。換言之，當公司具有良好的信用評等，其履行合約負債的違約風險愈低，因而較易取得交易對象的合約負債，並反映於公司績效表現上，因此本實證結果可供報表使用者做為決策參考之用，並將合約負債視為一反映績效之領先指標。

關鍵字

信用評等；合約負債；公司績效； IFRS 15 ；資訊價值

並列摘要

The objective of this study is to investigate the relationship between credit ranking grades and contract liabilities, and the relationship between contract liabilities and firm performance after the IFRS policy no. 15 applied in Taiwanese listed research sample firms in the period from 2018 to 2019. Further, we tend to find the contract liabilities effect in firm performance in different type of industries. The empirical evidence demonstrates that firms with better credit rankings tend to have higher contract liability amount. In addition, the finer demarcation of the credit rating, the more information value it has. The higher amount in contract liabilities the better performance in firm. Further, the effect of current contract liabilities is stronger than non- current contract liabilities in firm performance. Besides, some specified industries which have contract liabilities have a better firm performance then the other non-specified industries. In the other words, when a firm has a good credit rating, the default risk in carrying out contract liabilities is lower, and it is easier to obtain contract liabilities from the counterparty. The results can provide readers of the financial reporter to see the contract liabilities as an index for making decision.