資產減損公報對股東財富影響之研究

The Impact of Financial Accounting Standards for Asset Impairment on the Wealth of Shareholders

李易政(I-Cheng Li)

指導教授 ： 洪榮華 ； 劉永欽

國立中央大學/管理學院/企業管理學系/碩士(2006年)

摘要

本文主要探討第三十五號財務會計準則公報(資產減損之會計處理)對台灣證券交易所上市公司之股價效應，研究期間為民國92年到94年，共有677家樣本公司。先以事件研究法檢定公報發布三個重要事件日之股價效應；同時為增加結果的可信度，將所有樣本公司組成投資組合後，利用一般最小平方法(OLS)及似乎不相關迴歸模式進一步估計其平均異常報酬發現，不論對公司或一般投資大眾而言，公報發佈都具有先負後正的股價效應。再依固定資產高低將樣本公司分組，利用似乎不相關迴歸模式估計其異常報酬，最後以同式及跨式檢定Z值檢定發現，固定資產較多的公司受到公報宣告影響較大，且與股價效應方向一致。

關鍵字

事件研究法 ； 股價效應 ； 資產減損 ； 財務會計準則 ； 似乎不相關迴歸模式

並列摘要

This paper examines the stock price impact of SFAS No.35 – Accounting for Asset Impairment – on the listed companies of TSEC. The sample contains 677 observations for the 2003 to 2005 period. First, we use the Event Study to examine the stock effects on the three important event dates for the announcements of the financial accounting standards. In order to increase the robustness, we combine all the sample companies to a portfolio then use the OLS and the SUR to estimate the average abnormal returns. We found negative stock effects for both companies and investors. Second, we separate the sample into two groups according to the level of fixed assets and use SUR to estimate the abnormal returns. Then, we use cross and non-cross statistics to test the result. We found the companies that own more fixed assets were influenced more seriously and the results are consistent with those stock effects.

並列關鍵字

Seemingly Unrelated Regression Model ； Event Study ； Stock Effect ； Asset Impairment ； Financial Accounting Standards

參考文獻

顏信輝和丁緯，“三十五號公報對企業年度報表之影響-由九十三年年報分析(上)”，會計研究月刊，no.242，2006/1/1，頁98-104。

顏信輝和丁緯，「三十五號公報對企業年度報表之影響-由九十三年年報分析(下)」，會計研究月刊，no.243，2006/1/25，頁86-91。

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