The Economic Determinants of Asset Revaluations

資產重估價經濟決定性因素之研究

林有志(Yu-Chih Lin)

《績效與策略研究》 2卷1期 (2005/06) Pp. 1-18

https://doi.org/10.6736/JPSR.200506_2(1).0001

摘要

資產重估價是個老問題，但並未過時。我國之法令及一般公認會計準則(GAAP)允許企業在某些條件下重估其資產，資產重估價之實務已行之有年，但這一直是個爭議性的題目，因為要不要重估？重估那些資產？都操之在公司管理當局手中。重估因受限於公告現值及躉售物價之漲輻，不太可能每年為之，實務上我們看到有些公司選擇每幾年就重估一次，有些公司則重來就不曾重估。這暗示我們，研究資產重估之動機比研究資產重估之時機有意義。
本研究以1991年至1994年之上市公司為樣本，探討資產重估之動機是否可以財務報表數字所代表之經濟意義加以解釋。研究結果發現，資產重估價之決策與公司成長性（以股東權益市價對帳面價值之比為代理變數）及公司年齡呈正相關；同時，這些自變數間之交互影響對資產重估價之決策亦具有重大之影響力。根據本研究之發現，我們可獲初步結論如下：資產重估價之決策可用負債比率、成長性、公司年齡及此三因素交互影響來加以解釋。

關鍵字

資產重估價 ； 會計政策選擇

並列摘要

Asset revaluation is an old, but not out of date issue. Taiwan companies are permitted to revalue fixed assets upwards at management's distraction, controversies surroundings this features of this corporate financial reporting are of two kinds. The first that revaluation constitutes a major departure from historical cost and as such is bound up with long-standing disputes concerning the foundations of accounting measurement. The second is that the revaluations are at the discretion of management to some extent: Taiwan companies are free to decide whether to revalue and which fixed assets to revalue. In practice some companies revalue their assets from time to time while others never choose to do so. This suggests that it is worthwhile to explore the incentives of asset revaluation from a long-term perspective rather than its timing.
The present paper looks at whether decisions to revalue assets are motivated by economic considerations concerning the roles that published accounting reports play in contracting and the ”political” arena, using sample data drawn from 1991 to 1994. I find that the decisions to revalue tangible fixed assets upwards are positively associated with growth potential (proxied by the market-to-book ratio), and companies' age. The interaction between indebtedness, growth opportunities and age are also important variables in explaining the choice of revaluation policy.

並列關鍵字

Asset Revaluation ； Accounting Policy Choices

參考文獻

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