新修訂之財務會計準則公報第十號對建築投資類股之影響

Abstract

新修訂之財務會計準則公報第十號是否應如期實施之事件廣受各界爭議，本文旨在利用事件研究法(event study)探討「金管會宣布新修訂之財會準則公報第十號確定如期實施」以及「企業與總統府財經諮詢小組建議暫緩實施新修訂之財會準則公報第十號」之事件，對上市、上櫃建築投資公司股價異常報酬率之影響，並分析各公司股價累積異常報酬率與其公司特性間之關聯性。 實證結果顯示： 一、當「金管會宣布新修訂之財會準則公報第十號確定如期實施」之事件期間，上市、上櫃建築投資公司股票產生顯著的負向累積異常報酬率。 二、當「企業與總統府財經諮詢小組建議暫緩實施新修訂之財會準則公報第十號」之事件期間，上市、上櫃建築投資公司股票產生顯著的正向累積異常報酬率。 三、與公司特性關聯之結果如下: (一)、在「金管會宣布新修訂之財會準則公報第十號確定如期實施」之事件期間，存貨比率較高之上市、上櫃建築投資公司，其股票累積異常報酬率低於存貨比率較低之上市、上櫃建築投資公司。 (二)、在「企業與總統府財經諮詢小組建議暫緩實施新修訂之財會準則公報第十號」之事件期間， 1.存貨價值換算比率較低之上市、上櫃建築投資公司，其股票累積異常報酬率高於存貨價值換算比率較高之上市、上櫃建築投資公司。 2.存貨比率較高之上市、上櫃建築投資公司，其股票累積異常報酬率高於存貨比率較低之公司。 3.存貨週轉率較高之上市、上櫃建築投資公司，其股票累積異常報酬率高於存貨週轉率較低之上市、上櫃建築投資公司。

The event that whether the new revised Financial Accounting Standard No.10 should be brought into force on time on the first day of 2009 was a hotly debated issue by people from all walks of life. With a sample of 33 observations, this study uses event study method to examine stock market reactions toward the declaration made by Financial Supervisory Commission that the new revised Financial Accounting Standard No.10 would be brought into force on time and the proposal made by Economic Advisory Task Force of the Presidential Office that the new revised Financial Accounting Standard No.10 should be postponed. In addition, the relations between stock cumulative abnormal returns (CAR) and firm characteristics are also examined in this study. The study finds that the stock market reactions are significantly negatively related to the declaration made by Financial Supervisory Commission. However, the stock market reactions are significantly positively related to the proposal made by Economic Advisory Task Force of the Presidential Office. Moreover, the regression results indicate: (1) When the Financial Supervisory Commission declared that the new revised Financial Accounting Standard No.10 would be brought into force on time, companies with higher inventory-to-asset ratio tend to have lower CAR. (2) When the Economic Advisory Task Force of the Presidential Office proposed that the new revised Financial Accounting Standard No.10 should be postponed, companies with lower inventory-conversion rate seem to have higher CAR; companies with higher inventory-to-asset rate tend to have higher CAR; companies with higher inventory turnover rate appear to have higher CAR.