資產減損與營運績效及股利發放之關聯性

為了提升會計資訊品質，財務會計準則委員會於民國九十三年七月一日發布財務會計準則公報第三十五號「資產減損之會計處理」。該公報規定，過去以歷史成本入帳的資產，需於資產價值有減損跡象時，進行減損測試，評估資產的帳面金額是否超過其可回收金額，若超過則需認列減損損失，並將資產的帳面值降為可回收金額，以避免資產價值高估。由於目前國內的資產鑑價制度尚未完善，專業鑑價人員不足，資產價值的評定對於查核人員來說是個挑戰，因此即使公報發布後，公司管理者對於現金產生單位、資產可回收金額之決定仍然擁有高度的裁量權，故本研究之目的在於探討資產減損之認列是否為管理者盈餘管理的工具之一，以了解第三十五號公報之實施是否真能達到當初制定之目的，使公司財務報表透明度增加，更能反映實質的營運績效狀況。此外，本研究進一步探討公司管理者是否可能基於資產減損對盈餘之影響，為了彌補股東的損失，或藉由股利以傳達出對未來營業狀況回升之預期，而於資產減損次年度發放較多的現金股利。本研究發現，公司認列減損當年度的調整後資產報酬率及每股稅前淨利皆顯著較前一年度差，而且認列減損之公司近三年度之營運狀況皆較未認列減損之公司差，顯示公司的確是在營運績效較差時認列資產減損，故的確有操弄盈餘之嫌。然而，進一步將公司減損損失與減損之後的營業淨利及稅前淨利迴歸，結果顯示減損損失與次年度營業淨利及稅前淨利皆呈現顯著負相關，此代表並無證據顯示公司有達到洗大澡之目的，與Rees et al. (1996)之研究結果相同。因此公司操縱資產減損認列時點並非為了投機，而是管理者藉此傳達出對於公司未來績效狀況之預期，適時反映潛在的經濟狀況。最後，針對公司減損損失與現金股利之迴歸，結果顯示公司股利政策與資產減損之間並無顯著關聯性，此可能由於減損損失對於公司營運績效只有短期影響，因此公司的股利政策，並未將減損損失視為重要之考慮因素。

關鍵字

資產減損；洗大澡；營運績效；資產報酬率；每股盈餘；現金股利

並列摘要

To promote the quality of accounting information, The Financial Accounting Standard Board in Taiwan issued the Statement of Financial Accounting Standard No.35 “Accounting for Asset Impairment” in July 2004. It regulates the assets entered the account with historical cost before should be pursued the impairment test to re-evaluate the account if there is any sign of the reduced value of assets. Because the domestic appraisal system is not mature and the professional appraiser is insufficient, managers may use their discretion to make asset impairment decision even after the SFAS No.35 was issued. The purpose of this paper therefore is to examine whether managers may make use of the recognition of asset impairment to perform earning management and pay high cash dividends to stockholders to mitigate the impact of their declining financial health or convey the prediction of the future operation of the company. The findings indicate that the companies recognize assets impairment when their operating performance is much worse than before. Hence, the managers indeed have suspicion of exercising their discretion over impairment loss. However, the empirical evidence shows that there is a negative relation between the impairment loss and operating income or income before tax, so there is no evidence that operating performance reverse in post-impairment years to accomplish the purpose of big bath. It implies that the discretion is an appropriate response to changing economic circumstances as opposed to acting opportunistically. Besides, the regression results show that there in no remarkable relation between the impairment loss and cash dividends. Perhaps the impairment loss is not the determination factor of dividend policy as it only has a little effect on the operating performance.

並列關鍵字

asset impairment ； big bath ； operating performance ； cash dividend ； earning per share

參考文獻

吳清在與謝宛庭，2005，認列資產減損時點與金額之決定因素及其市場反應，中華會計學刊，第6-1期(10月)：59-95。

黃聖凱，2003，長期性資產價值減損與股票報酬率相關性之研究，國立台灣大學會計系碩士論文。

鄭英美，2005，資產減損與盈餘管理之關聯性研究，國立台灣大學會計系碩士論文。

張舒婷，2006，公司是否利用宣告現金股利以操縱股價，國立台灣大學財務金融系碩士論文。

Aboody, D., M. E. Barth, and R. Kasznik. 1999. Revaluations of Fixed Assets and Future Firm Performance：Evidence from the UK. Journal of Accounting and Economics 26：149-178

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資產減損與營運績效及股利發放之關聯性

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