機構投資者持股類型、公司治理與策略性資產減損認列之關係

Type of Institutional Investors, Corporate Governance and Strategic Asset Impairment Recognized

林巧惠(Chiao-hui Lin)

指導教授 ： 陳慶隆 ； 武季蔚

朝陽科技大學/管理學院/會計所/碩士(2009年)

摘要

自從我國實施資產減損至今，多數文獻僅探討資產減損的市場反應、公司的特徵、動機及時點，較少文獻討論到資產減損迴轉議題，因此，本文致力於資產減損及資產減損迴轉之全面性探討，且因我國第35號公報在認列資產減損及迴轉上，涉及多項主觀判斷，給予企業認定上的裁量空間，而有策略性管理盈餘行為之虞。其次，Koh (2003, 2007)發現機構投資者的特性和盈餘管理間存在不同的關係，本文延申Koh (2007)之觀點，將機構投資者分為長期持股及短期持股兩種類型，探討不同持股類型的機構投資者在公司資產減損認列與其後續是否產生迴轉利益決策所扮演的角色。最後，文獻顯示公司治理機制的強弱與策略性會計報導亦有密切關係，倘若資產減損的認列係公司從事策略性會計報導的一環，則公司治理變數與資產減損及其後續是否產生迴轉利益之間的關係為何？值得進一步加以探討。總之，本研究將以機構投資者類型與公司治理機制兩個角度，探討其對公司資產減損認列及其後續是否發生迴轉利益的影響。
實證結果發現，洗大澡及損益平穩化與資產減損有明確的相關性，但在資產減損迴轉方面，沒有顯著反應；在長、短期機構投資者加入探討其是否能夠抑制或促進企業策略性盈餘管理方面，雖然結果不顯著，但不論長、短期機構投資者皆與資產減損呈現正向關係，故本文推論可能是由於機構投資者皆有期望獲利極大化的心態，對企業策略性的盈餘管理行為，抱持不反對之態度；而在資產減損迴轉方面，雖然未得到顯著結果，但不論是在何種動機下的長期機構投資者，得到之係數符號方向，皆與研究預期相符。
最後，在公司治理方面，發現較優良的公司治理確實可以抑制資產減損之盈餘管理行為，而在資產減損迴轉的模式下，雖然只有在損益平穩化的情況下得到部份支持，但在洗大澡的情況中，有著與損益平穩化相同的正向反應，因此，我們可以推論此情況可能是在優良的公司治理下，企業真實反映資產減損迴轉情形之結果。

關鍵字

公司治理 ； 資產減損 ； 資產減損迴轉 ； 機構投資者

並列摘要

Since asset impairment has been brought into practice in Taiwan from 2004, most past researches had only focused on market reaction of asset impairment, company features, motivation, and adoption timing. However, few of studies discussed issues of asset impairment reversing. As a result, this study integrating asset impairment recognized and its reversing comprehensively then examines the effect of strategic earning management induced from subjective judgment and discretionary space allowed in Statement of Financial Accounting Standards No. 35 (SFAS 35).
Firstly, Koh (2003, 2007) examines the association between institutional investors’ characteristics and earnings management. This study expands the concept of Kho (2007) and further divides institutional investors into two types, i.e., long term stakeholding and short term stakeholding, and investigates the roles that different types of holding stake of institutional investors play on companies’ asset impairment and following reversing unrealized gain occurred. Secondly, prior studies reveal the direct relationship between corporate governance system and strategic accounting report. It is worthy to discuss the relationship among variables of corporate governance, asset impairment and reversing earnings occurred afterward when the recognition of asset impairment is part of company’s strategic accounting report. In summary, this study examines the association between institutional investors and corporate governance and discusses the effects of recognition of asset impairment and reversing unrealized gain occurred.
The empirical results show that taking big bath and income smoothing are significantly associated with asset impairment, yet there is no significant influences on the reversing unrealized gain. Further, incorporating institutional investors into discussion of firm’s strategic earnings management shows no significant relationship between type of institutional investors and strategic earnings management. However, long term or short term institutional investors is positive relationship with asset impairment recognized. Therefore, this study infers that institutional investors who expect to maximize earnings will support firm’s strategic earnings management. Although it is not significant in subsequent reversing unrealized gain, the sign of the long term institutional investors conforms to the hypothesis conjecture. Finally, in view of corporate governance, this study finds that superior corporate governance indeed restrains earnings management of asset impairment. Under the model of reversing asset impairment, there is partially support with income smoothing. However, in the circumstance of taking a big bath, the same positive reaction presented with income smoothing. These results demonstrate the companies’ actual reaction to asset impairment reversing under the superior corporate governance.

並列關鍵字

Institutional investors ； Corporate governance ； Assets impairment reversing ； Assets impairment

參考文獻

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