| 摘要(英) |
The International Financial Reporting Standards 15 (IFRS 15) indicates that ‘Revenue from Contracts with Customers’ takes effect on January 1st, 2018, which changes the previous revenue recognition and instead requires each enterprise revealing liabilities derived from the contracts with customers on financial statements. Therefore, enterprises need to recognize deferred revenue of non-compliance as contract liability on financial statements based on IFRS 15. This way, with decreasing operating revenue of enterprises and declining net income, when a company’s operating condition is not ideal and investors are not willing to purchase the company’s stock, the stock price would be finally ended in the red.
The thesis aims to study the effect of contract liabilities on company stock in financial statements. According to the regulation of Financial Supervisory Commission R.O.C. (Taiwan) that listed companies, over-the-counter companies, and public entities in Taiwan are supposed to abide by the financial statements of IFRS 15 to reveal contract liabilities quarterly after January 1st, 2018. Hence, this research focuses on the contract liabilities revealed by the financial statements quarterly and stock price on release date in Taiwan listed companies, over-the-counter companies, and public entities of semiconductor industry from 2018 to 2021 in order to trace panel data and relevance with regression analysis.
Experimental results of this study suggest that after controlling the influence of other factors on its stock price, contract liabilities have correlation effect on the stock price revealed by the quarterly financial statements of semiconductor company. Additionally, current contract liabilities have positive impact on the company stock; instead, non-current contract liabilities have negative effect. When investors predict stock price, they could take the reference of contract liabilities revealed by the company financial statements. |
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