實施IFRS對我國營建業宣告推出建案之股價異常報酬的影響

Abstract

本研究探討國際財務報告準則(IFRS)的採用是否影響營建業公司宣告推出建案之股價異常報酬。營建業係取得土地後再發包給承包商之業者，主要可區分為營造廠商與建設公司。營建業公司宣告推出建案，可區分為較前階段之「取得土地」和較後階段之「預計推案」，此二者皆應使投資人預期建案產生潛在獲利來源，因此應使股價產生正向異常報酬。惟我國上市櫃公司於2013年1月1日起正式採用IFRS，採用前大多數的預售建案只要符合公報規定即可按完工百分比法逐年認列收入，但在採用IFRS後大部分將修正為全部完工法，於完工時方得認列合約總收入，如此可能導致投資人預期建案收入延後認列，亦使各年盈餘波動幅度提高，因此本研究預期IFRS實施後將使營建公司宣告推出建案之股價正向累積異常報酬降低。 本研究採用事件研究法，自聯合知識庫與公開資訊觀測站搜尋2008年至2014年期間共776筆宣告推出建案事件，其中IFRS實施前218筆，實施後558筆，當事件期為(-1, 1)時，IFRS實施後(0.3735)顯著低於IFRS實施前(0.7815)之平均正向累積異常報酬。本研究欲進一步探討宣告推出建案之累積異常報酬是否受到事件特性影響，因此以橫斷面迴歸分析將累積異常報酬表達為以下各事件特性之函數:事件日是否已採用IFRS、公司規模大小、事件類型是否為取得土地以及公司存貨周轉率。根據迴歸分析結果，累積股價異常報酬與採用IFRS有負向關聯性、與公司規模大小呈顯著負相關、與事件類型為取得土地者呈顯著負相關、與公司存貨周轉率大小呈顯著負相關。

This study examines the impact of adopting IFRS on the market reactions to the announcements of new projects as rolled out by construction firms. The announced projects are classified into “land acquirement” in the early stage and “initiation of construction” in the later stage of construction process. The announced new projects should cause investors to expect prospective profits and results into positive market reactions. However, since 2013 Taiwan starts to adopt IFRS. The timing of recognizing construction revenue is postponed due to the transition from Percentage of Completion Basis under previous R.O.C. GAAP to Completed Contract Basis under IFRS. Thus, the IFRS adoption is expected to reduce the market reactions to the announced new projects. Event-study approach is used. I search UDN Knowledge Database and Taiwan Market Observation Posting System (MOPS) from 2008 to 2014 for the announcements of new projects and find 776 events, which include 218 pre-IFRS and 558 post-IFRS events. Under event window (-1, 1), the average cumulative abnormal returns (CARs) of post-IFRS events (0.3735) are significantly lower than those of pre-IFRS events (0.7815). The study further investigates the relation between the CARs surrounding the announcements of new projects and the project characteristics. Based on cross-sectional regression analysis, CARs are expected and found to be negative related to the following four project characteristics: whether IFRS has been adopted, firm size, whether the project is in the early stage “land acquirement”, and inventory turnover.