我國新存貨十號公報規定，當企業的實際產量低於正常產能水準時，需將未分攤的固定製造費用認列為當期的閒置產能成本，不能再認列為存貨成本，因此當經理人從事過度投資行為時，相關損失將因新存貨十號公報之及時認列效果，更快在財務報表中呈現出來；本研究目的在探討新存貨十號公報實施後，對經理人過度投資行為是否有抑制效果進行實證研究，選取2006~2011年度台灣上市櫃公司樣本進行分析；實證結果顯示，現金水位與自由現金流量越高的公司，實際發生的資本支出也越高，而新存貨十號公報實施後，就趨勢上而言，對過度投資產生部分抑制效果，惟結果並不特別顯著；本研究亦針對資本密集度較高產業，選取塑橡膠業、化工業進行測試，實證結果顯示，就化工等高資本密集度產業而言，新存貨十號公報之抑制效果較為明顯。

The new revised R.O.C SFAS (statement of financial accounting standards) No.10 stipulate that the cost of idle facilities should be recognized as current-period costs rather than capitalized as inventory costs when a firm’s actual production is lower than its normal level. When the managers are engaged in over-investment, the loss will soon be presented in financial statements because of the timely loss recognition effect of new revised SFAS 10. The purpose of this study is to investigate whether the adoption of new revised SFAS 10 will reduce manager’s over-investment behavior. Using a sample from Taiwan listed companies during the period of 2006~2011 with multiple linear regression analysis, I find that after the adoption of new revised SFAS No. 10, over-investment in capital expenditures is lower, but the effect tends to be small and statistically insignificant. However, if I only focus on firms that are higher capital intensive such as firms in plastics, rubber and chemical industries, over-investment in capital expenditure is significantly lower following the adoption of new revised SFAS No, 10. The results imply that the constraint effect of the new revised SFAS No. 10 on over-investment can only be applied to firms in capital intensive industries.

一、網站
台灣證券交易所網站 國際會計準則 IFRS 專區：http://www.twse.com.tw
中華民國會計研究發展基金會：http://ww.ardf.org.tw
FASB.org : http://www.fasb.org/st/status/statpg151.shtm
IASB.org : http://www.iasb.org

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陳建瑋，2010。IFRS與會計品質之關係：以中國上市公司為研究對象。台灣大學會計學研究所碩士論文。
陳乃嘉，2011。新十號公報與存貨管理之關聯性。台北大學會計學系碩士論文。
高銘淞、邱嘉洲、王昌勝，2011。公佈實施財務會計公報第十號之資訊效果－對台灣電子業股價之衝擊效果。台灣金融財務季刊12 卷 2 期。
許峻寧，2011。新10號公報對公司績效之影響—以台灣電子業公司為例。成功大學會計學系碩士論文。
彭智偉，2011。是否財務會計準則公報第151 號反而誘導管理者從事過度生產行為?成功大學會計學研究所博士論文。
黃菽芳，2010。國際財務報導準則對企業股價影響之研究–以我國十號存貨公報為例。 台北大學企業管理學系碩士論文。

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