在2004 年7 月1 日中華民國會計研究發展基金會財務會計準則委員會發布第35 號公報-資產減損之會計處理準則,並對會計年度結束日在2005 年12 月31 日(含)以後之財務報表適用之,但亦得提前適用。公司在採行35 號公報提列資產價值減損前市場的反應是本研究探討的目的之一。另一方面,公司提列資產價值減損後的資產帳面價值對公司資產是否更具價值攸關性。 首先先探討市場預期的問題,在本研究中以純減損樣本及純減損且為首次適用的樣本做為研究此一議題之樣本。純減損樣本的實證結果顯示市場能預期到公司提列資產價值減損的訊息且反應於當季之股價中。純減損且為首次適用的樣本的實證結果與純減損樣本相似。 其次,本研究探討無資產價值減損跡象的公司有提列資產減損是否會比有資產價值減損跡象的公司有提列資產減損的資產帳面價值更具價值攸關性。實證結果顯示,無資產價值減損跡象的公司有提列資產減損比有資產價值減損跡象的公司有提列資產減損的資產帳面價值更具價值攸關性。另一方面,無資產價值減損跡象的公司有提列資產減損是否會比有資產價值減損跡象的公司無提列資產減 損的資產帳面價值更具價值攸關性。實證結果顯示,無資產價值減損跡象的公司有提列資產減損比有資產價值減損跡象的公司無提列資產減損的資產帳面價值更具價值攸關性。 最後本研究將資產種類分為可回轉性資產、營運性資產、實體性資產及資產類別分別探討資產帳面價值在提列減損之後對提昇資產價值攸關性的程度為何。實證結果顯示各類資產在提列減損後的帳面價值並無明顯的提昇資產的價值攸關性。
Taiwan’s Statement of Financial Accounting Standards (SFAS) No. 35, Accounting for Asset Impairment, became effective from the 2005 fiscal year with early adoption encouragement. This research relates market performance quarters ahead with impairment loss. In addition, this study test the improvement of value relevance of the post impairment book value. First, we explore the market anticipation question using impairment loss only sample. The empirical results show market expect firms’s recognition of impairment loss and in one or two quarters ahead for impairment only sample. The empirical results from first time impairment loss subsample give similar results. Second, we subdivided firms with impairment loss into firms without asset impairment indication and firms with assets impairment indication to see the difference between value relevance implications. Empirical results show that for subsample that without assets impairment indication, book value of the assets are more value relevant. On the other hand, comparison between recognizing firms without assets impairment indication with non-recognizing firms with assets impairment indication shows that post-impairment asset book value is also more value relevant. Finally, this research tests differences of value relevance among assets type: assets subject to loss recovery or not, used in operation or not, tangible or not, and balance sheet classification. The empirical results show the value relevance of post impairment book value is not significantly improved for various asset types.