企業的產能利用情況反映其資源利用的效率以及市場供需的情況，其與企業經營績效和評價息息相關，然而過去並沒有探討產能利用率之價值攸關性之相關文獻。另外，公司治理環境對企業之經營績效、盈餘品質以及資本市場參與者對其之評價皆有重大的影響。本篇研究探討產能利用率之價值攸關性，並結合公司治理，將閒置產能費用、未來市場需求、董事會特性與股價間的關係進行整合性的探討。
本研究以2009年至2012年台灣除金融業以外之上市櫃公司作為樣本，檢驗閒置產能費用與股價之關係，並檢驗董事會之獨立性、持股比例以及規模是否會加強閒置產能之價值攸關性。實證結果發現，當未來市場需求呈現成長趨勢，閒置產能與股價具有顯著正向之關係。在董事會特性的調節效果方面，本研究發現當董事會有越多外部獨立董事、持股比率越高時，會加強閒置產能之價值攸關性。

The capacity utility reflects a firm’s efficiency of using resources and the situation of market supply-and-demand. It is closely related to firms’ operating performance and evaluation. However, there are few literatures discuss the value relevance of capacity utilization or idle capacity. In addition, the corporate governance environment has great effect on firms’ operating performance, earnings quality and investors’ evaluation on firms. This study examines the value relevance of idle capacity, and explores the role of board characteristics.
By using a sample of Taiwan listed companies except for financial industry over the period of 2009-2012, this study examines the relationship between idle capacity costs and share price. Furthermore, this study examine whether the quality of board of directors will enhance the value relevance of idle capacity. The empirical results show that when the future market demand is increasing, idle capacity and stock price have a significant positive relationship. With regard to the moderating effect of board characteristics, the results indicate that a more independent board of directors or a higher shareholding ratio will enhance the value relevance of idle capacity.

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