利息資本化對股價影響之研究

The Impacts of Interest Capitalization on Security Prices

王蘭芬(Lan-Fen Wang) ； 張仲岳(Conrad C. Chang)

《管理評論》 25卷1期 (2006/01) Pp. 1-21

https://doi.org/10.6656/MR.2006.25.1.CHI.1

摘要

我國財務會計準則第三號公報「利息資本化會計準則」規定：企業專案建造或生產以供出租或出售之資產的借款利息，應予以資本化。我國利息成本資本化之規定雖與美國FASB作法一致，但與IASB未來朝利息成本費用化的方向並不一致。一旦IASB強制利息成本必須費用化，我國財務會計準則委員會勢必重新檢討第三號公報。因此本研究乃針對利息資本化與否影響最大的產業－營建業，測試其採用利息資本化會計準則，將支付利息納入其存貨成本之後，是否會提高財務報表之攸關性，以供我國財務會計準則委員會未來公報修訂方向之參考。
本研究採用營建業現有將利息資本化之財務報表資訊，去估算若將利息費用化之擬制淨利及股東權益。根據Ohlson(1995)及Lee(1999)所推薦之研究模式，分別採用多元迴歸分析、J(下標 A)檢定方法及Vuong檢定方法去比較利息資本化或費用化何者與股價具有較高之攸關性。
研究結果顯示，不論是比較調整後判定係數(adjusted R^2）或J(下標 A)檢定結果，將利息費用化明顯比利息資本化較具有會計品質攸關性。在加入其它控制變數（如存貨、負債及業務別）後，結論依然不變。因此，我國財務會計準則委員會在未來修訂第三號公報「利息資本化會計準則」時，似可考慮與IASB採同樣作法，將利息成本費用化。

關鍵字

利息資本化 ； 攸關性 ； 會計準則 ； 營建業 ； J(下標 A)檢定 ； Vuong檢定

並列摘要

Taiwanese Financial Accounting Standard No. 3: Accounting for Interest Capitalization specifies that interest cost on assets that are either constructed for its own use or constructed as discrete projects for sale or lease to others should be capitalized. Taiwanese accounting treatment for interest capitalization is consistent with that of the American FASB. However, it is inconsistent with the future improvement of the IASB to expense all borrowing costs. When the IASB mandates to expense all borrowing costs, Taiwanese Financial Accounting Standards Board will have to reconsider the Financial Accounting Standard No. 3. Accordingly, this study focuses on the construction industry that are most affected by the accounting treatment for interest capitalization. This study explicitly examines whether the interest capitalization can improve the relevance of financial statements. The research results can be used as reference for future amendments of the Financial Accounting Standard No. 3.
This study uses the current information on the financial statements of the construction industry prepared by capitalizing interest costs to estimate the pro-forma net income and book value as if the interest costs are expensed. This study applies the multiple regression, J(subscript A) test and Vuong test to examine the research model suggested by Ohlson (1995) and Lee (1999). The research results indicate that expensing interest costs provides more relevant information than capitalizing interest costs. Thus, if the Taiwanese Financial Accounting Standards Board intends to revise the Financial Accounting Standard No. 3, it may consider to require that all interest costs be reported as an expense.

並列關鍵字

Interest capitalization ； Relevance ； Accounting standard ； Construction industry ； J(subscript A) test ； Vuong test

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