企業的產能利用率與內部管理、資本支出決策、訂單量、單位成本以及未來產品需求息息相關，進而影響公司績效。另一方面，許多公司的投資人關係網頁、法人說明書，以及現金或盈餘增資後的公開說明書內皆有提及產能與產能利用率的相關資訊，顯現市場投資人可能將產能利用率當作投資決策的重要參考指標。過去鮮少投資人對於公司閒置產能成本看法之文獻，因此本研究欲探討閒置產能成本之價值攸關性，並且將閒置產能分別結合未來成長機會、客戶集中度以及公司治理等相關因素後，討論其與股價間之關聯。
本研究以2008年至2015年台灣製造業之上市櫃公司為樣本，以投資人的觀點探討閒置產能成本之資訊性。使用Heckman (1979) 提出的二階段程序處理樣本選擇偏誤問題後，實證結果發現：投資人對於企業的閒置產能有負面評價；若企業的客戶集中度越高，投資人對於企業的閒置產能亦有負面評價；但若企業未來市場需求呈現成長趨勢，投資人對於企業的閒置產能則有正面評價。

The capacity utilization reflects a firm’s internal management, capital expenditure decision, order quantity, unit cost and future product demand, thus affecting the performance of a firm. On the other hand, many firm's investor relation web pages, road shows, and prospectus in cash or surplus capital increase refer to information on capacity and capacity utilization, showing that market investors may regard capacity utility as an important indicator. Therefore, this study examines the value relevance of idle capacity, and combines it with future market demand, customer-base concentration, and corporate governance. By using a sample of listed manufacturing companies in Taiwan over the period of 2008-2015, this study examines the relationship between idle capacity cost and share price. In addition, this study uses the two-stage procedure proposed by Heckman (1979) that calculates the Inverse Mills Ratio on the first step as another independent variable on the second step in order to control the sample selection bias. The empirical results show that investors give negative valuation on corporate idle capacity. And the higher a firm’s customer-base concentration, the more negative valuation investors give on a firm’s idle capacity. Besides, when the future market demand is increasing, investors give positive valuation on corporate idle capacity.

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