月營收編製基礎變動前後資訊內涵之比較

Information Content Comparison of Monthly Sales Before and After Change of Preparation Basis

為了提供投資人更及時性的財務資訊，我國證券市場有一個獨步全球的規定：上市櫃公司必須在每月10日之前，公告上個月的月營業收入金額。在採用IFRS之前，上市櫃公司公告的月營收資訊只包括母公司個體的個別月營收，聯屬公司（子公司及孫公司）的營業收入則未納入；而有母子公司順流交易時，縱使未實現仍納入母公司的個別營收中。然而在採用IFRS之後，上市櫃公司的月營收資訊改變為合併營收，包含原先母公司本身的個別營收及聯屬公司（子公司及孫公司）的營業收入，但剔除母子公司間的順流交易。因此本研究以2010年至2015年為樣本期間，比較在編製基礎變動後上市櫃公司公告的月合併營收，是否比編製基礎變動前的月個別營收更具有資訊內涵。研究結果發現，合併營收的資訊內涵大於個別營收的資訊內涵，亦即合併營收比個別營收具有較高的資訊內涵。本文進一步將宣告月營收區分為好、壞消息，就好消息而言，合併營收相對於個別營收，月營收資訊內涵顯著增加；但壞消息則不顯著。就合併營收部分，好壞消息的資訊內涵也有所不同。

To provide investors with more timely financial information, Taiwan's securities market has a unique requirement that is ahead of the rest of the world: listing companies are required to announce by the 10th day of each month their monthly sales amount for the previous month. Prior to International Financial Reporting Standards (IFRS) adoption, Taiwan listing companies were required to prepare its financial reports on a basis of individual-entity. Thus, the announced monthly sales information only included individual sales of a parent company but excluded sales of affiliated companies (subsidiaries and sub-subsidiaries). In addition, unrealized sales were included when downstream transactions occurred between a parent company and a subsidiary. Since IFRS adoption in 2013, Taiwan listing companies have been required to change the prepareation basis of their financial reports from individual sales basis to consolidated-entity basis. The announced monthly sales thus have to include not only the parent company's own sales but also the sales from all subsidiaries. Unrealized sales from downstream transactions have to be eliminated as well. Therefore, this study employs sample data from the year 2010 to 2015 to compare whether the monthly consolidated sales announced by the listed company after the change in the preparation basis is more content informative than that before the change. The findings indicate that monthly consolidated sales have higher information content than monthly individual sales. The study further divides declared monthly sales into good-news and bad-news groups. In the good-news group, consolidated monthly sales have significantly increased the information content compared to individual sales. No significance is found in the bad-news group. In terms of consolidated sales, the information content of the good-news group and bad-news group are also different.