十號公報對企業獲利能力及分析師預測之影響

The Impact of No. 10 Standard on the Firms' Profitability and Analysts' Forecasts

近年來，國際財務報導準則的採用已成各國趨勢，因此，我國金融監督管理委員會為順應國際潮流以及提高財務報表的透明度，規定企業自2009年1月1日起適用新的十號「存貨之會計處理準則」公報。有鑑於在新十號公報實施前夕，企業反彈聲浪不斷，本研究擬探討新公報實施至今，是否確實如企業事先所預期的，對企業獲利能力產生重大的負面影響，以及新公報的實施是否會影響分析師盈餘預測的準確度以及離散度。本研究以2007、2008、2010及2011年我國的上市上櫃公司為樣本的實證結果發現，在新十號公報實施後，企業的獲利能力會下降，而當企業的存貨週轉率愈低時，其獲利能力會愈差。另外，本研究也發現，分析師預測的準確度以及離散度在新十號公報實施前後有所不同。

Recently, the adoption of International Financial Reporting Standards has become a national trend. In order to follow the international trend and to improve financial statements transparency, Financial Supervisory Commission has required listed companies to apply the new Statements of Financial Accounting Standard No. 10 ” Accounting for Inventories” since January 1, 2009. To clarify the anxiety of the public with respect to the implementation of the new No. 10 standard, this study was to examine whether the implementation had a significant negative impact on firms' profitability and analysts' earnings forecasts accuracy and dispersion. Based on the empirical results on the sample of the listed companies in Taiwan for 2007, 2008, 2010 and 2011, this study found that firms' profitability declined after the implementation of the new No. 10 standard. Besides, the lower firms' inventory turnover rates, the worse their profitability. In addition, analysts' forecasts accuracy and dispersion changed after the implementation of the new No. 10 standard.