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標題: 有形資產價值減損與財務性資訊及後續股票績效之研究
The Impact of Tangible Assets Impairments on Financial Information and Subsequent Stock Performance
作者: 李建漢
Li, Chien-Han
關鍵字: Tangible Assets Impairments;有形資產價值減損;Financial Information;Long-Term Stock Performance;Three-Factor Model;財務性資訊;長期股票報酬;三因子模型
出版社: 會計學研究所
引用: 中文部份 吳清在與謝宛庭,(民94),認列資產減損時點與金額之決定因素及其市場反應,2005會計理論與實務研討會。 財團法人中華民國會計研究發展基金會,財務會計準則公報第35號公報-資產減損之會計處理準則,財務會計準則委員會。 陳錦村、郭碧雲、許正昇與陸韻茹,(民95),台灣上市櫃公司認列資產減損之決 定因素—以所有權結構、成長機會、營運績效、債務規模與盈餘管理動機五 大構面作探討,2006會計理論與實務研討會。 蕭慧玲、賴淑妙與賴淑伶,(民95),資產減損認列之決定因素、融券放空行為 與市場反應之探討,2006會計理論與實務研討會。 顏信輝與丁緯,(民95),企業認列資產減損之考量-控制經濟因素的不對稱效 果及查核事務所規模之影響,2006會計理論與實務研討會。 西文部份 Alciatore, M., P. Easton, and N.Spear, 2000, “Accounting for the impairment of long-lived assets: evidence from the petroleum industry,” Journal of Accounting Economics 29, 151-172. Barth, M., and G. Clinch, 1998, “Revalued financial, tangible, and intangible assets: associations with shares and non-market-based value estimates,” Journal of Accounting Research 36, 199-233. Bartov, E., F. Lindah, and W. Ricks, 1998, “Stock price behavior around announcements of write-offs,” Review of Accounting Studies 3, 327-346. Bunsis, H., 1997, “A description and market analysis of write-off announcements,” Journal of Business Finance and Accounting 24, 1385-1400. Easton, P., P. Eddey, and T. Harris, 1993, “An investigation of revaluations of tangilble long-lived assets,” Journal of Accounting Research 31, 1-38. Elliott, J., and D. Hanna, 1996, “Repeated accounting write-offs and the information content of earnings,” Journal of Accounting Research 34 (Supplement), 135-55. Elliott, J., and W. Shaw, 1988, “Write-offs as accounting procedures to manage perceptions,” Journal of Accounting Research 26, 91-119. Fama, E. F., and K. R. French, 1993, “Common risk factors in the returns on stocks and bonds,” Journal of Financial Economics 33, pp.3-56. Fields, T. D., T. Z. Lys, and L. Vincent, 2001, “Empirical research on accounting choice,” Journal of Accounting and Economics 31, 255-307. Francis, J., J. Hanna, and L. Vincent, 1996, “Causes and effects of discretionary asset write-offs,” Journal of Accounting Research 34, 117-134. Frantz, P., 1999, “Discretionary write-offs, write-offs, andother restructuring provisions: a signaling approach,” Accounting and Business Research 29, 109-121. Hayn, C., and P. J. Hughes, 2006, “Leading indicators of goodwill impairment,” Journal of Accounting, Auditing and Finance 21, 223-265. Hirschey, M., and V. J. Richardson, 2002, “Information content of accounting goodwill numbers,” Journal of Accounting and Public Policy 21, 173-191. Lapointe P., 2005, "Transitional impairment losses: economic determinants, reporting incentives and constraints," Working Paper, Concordia University. Loh, A., and T. TAN, 2002, “Asset write-offs: managerial incentives and macroeconomic factors,” ABACUS 38, 134-151. Rees, L., S. Gill, and R. Gore, 1996, “An investigation of asset write-downs and concurrent abnormal accruals,” Journal of Accounting Research 34, 157-169. Riedl, E. J., 2004, “An examination of long-lived asset impairments,” The Accounting Review 79, 823-825. Strong, J., and J. Meyer, 1987, “Asset write-downs: managerial incentives and security returns,” Journal of Finance 42, 643-661. Watts, R., and J. Zimmerman, 1990, “Positive accounting theory: a ten-year perspective,” The Accounting Review 65, 131-156. Zucca, L., and D. Campbell, 1992, “A closer look at discretionary write downs of impaired assets,” Accounting Horizons 6, 30-41.


最後,為瞭解市場對於公司宣告有形資產價值減損之反應,本文使用Fama and French(1993)三因子模型,研究公司後續股票績效。研究結果顯示,在93及94年之資料中,公司宣告有形資產價值減損後,僅有中淨值市値比且規模大之公司有顯著正向之異常報酬產生,代表減損宣告對此類公司股票報酬有正面影響。其餘標竿組合之公司股票報酬,本文並未發現有顯著異常報酬存在。

On June 1, 2004, ARDF released Financial Accounting Statement NO.35, and it is applicable for all financial statements issued after Dec. 31, 2005. By examining annual financial statements, long-term investments, fixed assets and other assets have higher amounts of impairments. Thus, this study aims to investigate the impact of tangible assets impairments on financial information and subsequent stock performance.

In the first part of this study, empirical results reveal that return on assets have significantly negative association with tangible assets impairments, it indicates that firms with higher return on assets tend to recognize less impairments. Besides, the results also show a significantly association between tangible assets impairments and tangible assets, big bath and corporate credit risk index. However, inconsistent with expected, fixed assets turnover has significantly negative association with tangible assets impairments. In order to examine firms' long-term stock performance after announced tangible assets impairments, this study uses Fama and French's three-factor model. The empirical results show that only firms that have middle book-to-market and big size has significantly positive abnormal returns.
其他識別: U0005-2106200717345100
Appears in Collections:會計學系所

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