International Financial Reporting Standards第15號準則公報(以下簡稱IFRS 15)「客戶合約之收入」於2018年1月1日生效，其改變往常的企業收入認列方式，要求各企業於財務報表中揭露因客戶合約關係產生之負債金額。因此企業需要依照IFRS15將尚未履約之遞延收入，於財務報導中列為合約負債，因此使得企業的營業收入減少與營業績效下降，而當公司營業績效不佳時，投資人不願買進公司股票，最終影響公司股價下跌。 本文旨在研究公司財務報導中揭露之合約負債對股價的影響。台灣金融管理監督委員會規範在2018年1月1日後，台灣公開發行公司，均須依照IFRS 15編制財務報導，於每季財務報導中揭露合約負債，因此本研究選用2018年至2021年間，台灣公開發行公司半導體企業之每季財務報導所揭露之合約負債與發布日股價，以追蹤資料(Panel Data)迴歸模型分析其關聯性。 實證結果顯示，在控制其它影響股價的因素之後，半導體公司每季財務報導揭露之合約負債對公司股價皆有顯著影響，其中以流動合約負債對公司股價更有正向影響，而非流動合約負債對公司股價有負向影響，當投資人在進行企業股價預測時，可參考企業財務報導所揭露之流動合約負債金額。;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.
