Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/18883
標題: 資產減損與盈餘持續性之實證研究
On the Relation between Assets Impairments and Earnings Persistence
作者: 葉信謙
Yeh, Hsin-Chien
關鍵字: Assets Impairments;資產減損損失;Financial Information;Earnings Persistence;Earnings management;財務性資訊;盈餘持續性;盈餘管理
出版社: 會計學研究所
引用: 中文部分 王瑄,2008,資產減損提列與未來股價報酬之關聯性研究,中興大學2008年會計與理論實務研討會。 金成隆與鄭丁旺,1999,持續與非持續盈餘反應係數之研究,會計評論,第31 期:19-42。 吳清在與謝宛庭,2005,認列資產減損時點與金額之決定因素與其市場反應,台灣大學2005年會計與理論實務研討會。 財團法人中華民國會計研究發展基金會,2004,財務會計準則公報第35號公報:資產減損之會計處理準則,2006年11月30日修訂。 張仲岳,1995,盈餘宣告對股價多重影響之研究,會計評論,第29期:135-174。 ______,1998,盈餘持續性與股價之關連性研究,一九九八年會計新環境國際研 討會論文集,東吳大學會計系。 ______,2001,損益表之分類與獲利能力之預測,當代會計,第二卷,第一期: 1-16。 楊朝旭與吳幸蓁,2009,資產減損之決定因素與盈餘資訊性後果:論公司治理之角色,會計評論,第48期:67-114。 鄭桂蕙與林宛瑩,2007,公司治理結構對資產減損決策行為之影響,台北大學與中華會計教育學會,2007年會計理論與實務研討會。 簡雪芳,1997,月營收公告資訊內涵之相關研究,國立台灣大學商學研究所未出版碩士論文。 西文部分 Alciatore, M., C. Dee, P. Easton, and N. Spear, 1998, “ Asset write-downs: a decade ofresearch,“ Journal of Accounting Literature 17: 1-39. Baber, W. R., Sok-Hyon Kang, and K. R. Kumar, 1998, “ Accounting earnings and executive compensation: the role of earnings persistence, ” Journal of Accounting & Economics 25:169-194 Ball, R., and P. Brown, 1968, “ An empirical evaluation of accounting income numbers, ” Journal of Accounting Research, Autumn, p.159-178. Bartov, E., F. Lindah, and W. Ricks, 1998, “ Stock price behavior around announcements of write-offs, ” Review of Accounting Studies 3(4): 327-346. Beaver, W., R. Clark, and W. Wright, 1979, “ The Association between unsystematic security percentage change in prices and the magnitude of earnings forecast errors, ” Journal of Accounting Research 17, pp.316-340. Bunsis, H., 1997, “ A description and market analysis of write-off announcements, ” Journal of Business Finance & Accounting 42 (9) & (10): 1385-1400. Comprix, J., 2000, “ Write-offs and restructuring charges: Evidence from SFAS No.121 and EITF 94-3 mandatory disclosures, ” University of Illinois at Urbana-Champaign. 100 pages; AAT 9989968. Cheng, C. J., J. K. Cheung, and V. Gopalakrishnan, 1993, “ On the usefulness of operation income, net income and comprehensive income in explaining security returns, ” Accountin and Business Research 23(Summer): 195-203. Elliott, J., and W. Shaw, 1988,“ Write-offs as accounting procedures to manage perceptions, ” Journal of Accounting Research 26, 91-119. _________and D. Hanna, 1996, “ Repeated accounting write-offs and the information content of earnings, ” Journal of Accounting Research 34 (Supplement), 135-55. Francis, J., J. Hanna, and L. Vincent, 1996, “ Causes and effects of discretionary asset write-offs, ” Journal of Accounting Research 34, 117-134. Hanlon, M., 2005, “ The persistence and pricing of earnings, accruals, and cash flows when firms have large book-tax differences, ” The Accounting Review 80 (1): 137-166. Lipe, R., 1986, “ The information contained in the components of earnings, “ Journal of Accounting Research, 24(Supplement): 37-64. Rees, L., S. Gill, R. Gore, 1996, “ An Investigation of Asset Write-Downs and Concurrebt Abnormal Accruals, ” Journal of Accounting Research, 34 (Supplement):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. Strong, N., and M. Walker, 1993, “ The explanatory power of earnings and stock returns, ” The Accounting Review 68 (April):385-399. Wilson, P., 1986, “ The relative information content of accruals and cash flows: combined evidence at the earnings announcement and annual report release date, “ Journal of Accounting Research 24 (Supplement): 165–200. Zucca, L., and D. Campbell, 1992, “ A closer look at discretionary write downs of impaired assets, ” Accounting Horizons 6, 30-41.
摘要: 
我國第35號資產減損處理準則公報發佈前之過去國外文獻指出,發生資產減損之公司過去之各項財務數據均較未認列減損之公司低,且愈接近減損提列之事件年度時,此情形愈為明顯。另外,我國35號公報發佈之後,觀察幾家公司對未來獲利之預期,均因提列減損損失而使未來經營情況持續看好,因而引發本文之研究動機。本文共分兩大研究主題:(1)資產減損損失之認列與企業過去經營體質之關聯性 (2)認列減損損失後,公司後續經營績效之表現。
在資產減損認列金額與企業過去的經營特質方面,本文之研究結果顯示,資產報酬率、盈餘持續性與資產減損金額的負向關聯性達到統計上顯著水準,此與Strong and Meyer (1987)的研究結論類似,代表公司獲利能力愈差時,將潛藏導致減損損失發生之因子,因此可能提高未來認列減損損失之金額。此外,本文亦發現當公司所面臨之信用風險愈高、其所擁有之固定資產規模愈大及管理階層異動愈頻繁,將認列愈多之減損金額,惟於管理階層異動部份並不顯著。有關股價淨値比愈高時,認列減損之金額亦愈高,與本文預期之方向不符,推測其原因可能是股價淨值比愈高之公司,其股價明顯高於資產淨值,較能承受高額減損金額之認列。
在資產減損認列金額與未來公司經營特質方面,結果顯示在資產減損認列後之次一年度,公司之盈餘持續性並未因認列減損而馬上利空出盡,使盈餘大增,故公司之盈餘持續性與次年度之經營績效呈現顯著負向相關性。然而在事件後第二年度,企業之經營體質才有正向的改善,但不顯著。在資產報酬率、股價淨値比及稅前息前盈餘部分,皆與盈餘持續性為正向之關聯,惟資產報酬率於減損認列後之第二年度並未達統計上之顯著程度,可能是事件後第二年度,資產報酬率之改善已趨於平緩之故。最後在管理階層異動與固定資產規模方面,均與盈餘持續性呈負向相關,其可能原因為頻繁之管理階層異動使管理者對公司業務並不熟悉及政治成本之影響,遂而使企業未來之盈餘持續性不佳。

Prior literature indicates that, before ARDF (Accounting research and development foundation) released Financial Accounting Statement NO.35 “Assets Impairment Standards”, companies tend to recognize assets impairments than that of the non-recognition ones when the operating performance is deteriorating. Besides, observations indicate that companies' future expected profits tend to be optimistic after recognizing impairment losses. Hence, this study aims at investigating the impact of assets impairments on financial performance and subsequent performance.
In the first part of this study, empirical results reveal that return on assets and earnings persistence have significantly negative association with assets impairments. This finding is similar to that of Strong and Meyer's (1987) study. It suggests that companies with poor profitability are liable to potential impairments. Moreover, the results also show a significant positive association between assets impairments and fix assets as well as corporate credit risk index, implying companies with higher amount of fix assets and credit risk tend to have higher assets impairments. Inconsistent with expectation, market-to-book ratio is significantly and positively associated with assets impairments. It suggests that companies with higher market-to-book ratio may be able to tolerate higher assets impairments.
In the last part of this study, the results show that the companies''s performance does not have an immediate improvement. However, in the second year following the event, companies do have earnings increase but not significant. Besides, the results in the one year after the event also show a positive association between earnings persistence and return on assets, market-to-book ratio as well as earnings before interest and taxes. Nonetheless, return on assets is not significant in the following of second year, this might due to companies have reached stability. Firm size has impact on earnings persistence in the following second year, but not the following year. Finally, the change of management seems not having impact on earnings persistence in both years.
URI: http://hdl.handle.net/11455/18883
其他識別: U0005-1706200920354000
Appears in Collections:會計學系所

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