國際會計準則對管理者過度投資行為之影響——來自新十號存貨公報之證據

The Effect of International Financial Reporting Standards on Managers' Over-investment behaviors— evidence from the Implementation of Revised SFAS No.10

本文藉由新十號財務會計則公報「存貨之會計處理準則」的實施，探討國際會計準則對經理人過度投資行為的影響。本研究以2006至2011年台灣上市櫃公司為樣本進行分析，探討新十號存貨公報的實施，能否抑制經理人過度投資行為。全樣本的測試結果指出，新十號存貨公報之實施對經理人過度投資行為有抑制效果，但未達統計上10%顯著水準；而對資本密集度較高之化工業進行測試，發現新十號存貨公報的實施能顯著地抑制公司過度投資的行為。

This paper examines the effect of IFRS on managers' over-investment behaviors by the implementation of the revised R.O.C SFAS (Statement of Financial Accounting Standards) No.10 “Inventories”. This study investigates whether the implementation of revised SFAS 10 could inhibit managers' over-investment behaviors by using a sample from Taiwan listed companies during 2006 to 2011. The results of the whole sample indicate that the implementation of revised SFAS No. 10 has the effect of inhibiting managers' over-investment behaviors, but it is not significant at 10% level. However, when we focus on the sample from plastics, rubber and chemical industries, which have higher capital intensity, the results indicate that the implementation of the revised SFAS No. 10 could significantly inhibit firms' overinvestment behaviors.