| 摘要Abstract | 本研究探討我國上市櫃公司自 2013 年起採用國際會計準則第 37 號公報「負 債準備、或有負債及或有資產」，揭露產品保固負債準備訊息，其與其它負債對公司 市場價值影響是否存在差異？研究期間則涵蓋 2013 年第一季至 2014 年第二季之上 市櫃公司。本研究實證結果顯示，在控制產品品質下，產品保固負債準備與其它負 債二者對公司市場價值之影響並不相同。若進一步考慮保固期限長短，相較於短期 產品保固，長期保固之產品保固負債準備對公司市場價值，呈現顯著正向影響。此 意謂投資人可辨識產品保固負債準備與其它負債性質之不同，尤其保固期限較長 者，亦即保固負債準備具傳遞產品品質之訊號。This study investigates the market valuation of product warranty provision under IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”, which has been adopted by Taiwan publicly traded companies since 2013. Drawing on data from Taiwan-listed and over-the-counter companies during the period from first quarter of 2013 to second quarter of 2014, we examine whether the capital market interprets differently between warranty provisions and other liabilities. After controlling for product quality, we find that product warranty provision and other liabilities have different impacts on the market value Furthermore, our evidence indicates that long-term product warranty provisions have a significantly positive relationship with market value, relative to short-term product warranty provisions. The results of this study imply that investors are capable of distinguishing different natures of warranty provision and other liabilities, and recognize warranty provision as information signals for product quality in the long-term warranty provisions. |