長期性資產價值減損與股票報酬率相關性之研究

A Study of the Relation between Impairment of Long-Lived Assets and Stock Returns.

黃聖凱(Sheng-Kai Huang)

指導教授 ： 葉疏

國立臺灣大學/管理學院/會計學研究所/碩士(2004年)

https://doi.org/10.6342/NTU.2004.02055

摘要

本研究以適用FASB SAFS No.121及No.144公報的公司為範圍，觀察其長期性資產價值減損的特性。並且用迴歸分析的方式探討長期性資產價值減損與股票報酬率的相關性。
實證結果發現：
(1)長期性資產價值減損數確實與股票報酬相關並且提供投資人攸關資訊。然而，
(2)長期性資產價值減損並未完全反映在當期的股價報酬上；並且它與股價實際在市場上反映的結果有「至少一季」的時間落差。

關鍵字

長期性資產價值減損

並列摘要

This Study focuses on write-downs of long-lived assets of firms applying FASB SFAS No.121 and No.144. We implement regression analyses to find out relation between the impairment of long-lived assets and stock returns.

The empirical results find that :
(1)Including write-down amount in earnings results in a number that provides a better summary of the information that investors have used in setting stock prices(and therefore returns). However,

(2) There is not perfect alignment between the write-down amount and the change in stock price due to the decline in asset values; and the write-down amount is timely inasmuch as the decline in the asset value is recorded with a lag of “at least” one quarter.

並列關鍵字

impairment ； write-down ； long-lived assets

參考文獻

2. Alciatore, M., Easton, P., Spear, N., 2000. Accounting for the impairment of long-lived assets: evidence from the petroleum industry. Journal of Accounting and Economics 29, 151-172.

3. Basu, S., 1997. The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics 24, 3-30.

5. Easton, P., Harris, T., 1991. Earnings as an explanatory variable for returns. Journal of Accounting Research 29, 19-36.

6. Easton, P., Harris, T., Ohlson, J., 1992. Accounting earnings can explain most of security returns. Journal of Accounting and Economics 15, 119-142.

7. Financial Accounting Standards Board, 1995. Statement of Financial Accounting Standards No.121: Accounting for the Impairment of Long-lived Assets and for Long-lived Assets to be Disposed of.