公司治理、信用評等與資產減損關係之研究

我國為提升企業長期資產的經濟價值及財務報表資訊的透明度，因而制定第35號財務會計準則公報『資產減損之會計處理』。然而此公報涉及許多假設與判斷，因而賦予管理當局自由裁量空間，使得資產減損遭質疑將成為管理當局操弄盈餘的新工具。故本研究探討資產減損與報導動機因素、經濟決定因素、公司治理機制及信用評等之關係。研究結果顯示：盈餘管理之洗大澡及盈餘平穩化、高階管理者變動之報導動機因素對資產減損認列行為存在顯著影響；而在經濟決定因素方面，發現會計績效、盈餘不好的企業，會提列較多的資產減損。研究發現公司治理機制在資產的認列上確實扮演了一個相當重要的角色；在良好的公司治理機制下，管理當局主要係基於經濟實質進行資產減損金額之認列，且資產減損的認列能提高盈餘資訊性。而本研究所建構之綜合公司治理指標更能實質反映資產減損的情況，管理當局可藉由公司治理機制的強化，限制管理當局投機性認列資產減損之行為，使減損數字更能反映經濟實質。此外，當企業信用評等越差的企業，越傾向認列資產減損。

關鍵字

資產減損；盈餘管理；公司治理；信用評等

並列摘要

In order to enhance the economic value of long-term assets in corporate and information transparency in financial statements, the Taiwan Accounting Research and Development Foundation issued Statements of Financial Accounting Standards No. 35 (SFAS No. 35) "Accounting for Impairment of Assets". However, this bulletin involves many assumptions and judgments, which give management’s discretionary space. To recognize asset impairment may be questioned as a new tool for management to manipulate earnings. Therefore, this study investigated the effects of news-reported stimulation factors, economic determinant factors, corporate governance mechanism and credit rating on asset impairment. The results showed：Big Bath and income smoothing in earnings management, and the change of upper management in the news-reported stimulation factors showed significant effects on the behavior of asset impairment; regarding to economic determinant factors, indicated that corporate with poor accounting and earning performance will recognize more asset impairments. Moreover, the results in this study indicated that corporate governance mechanism indeed plays a very important role in recognizing assets: under good corporate governance mechanism, the management certainly recognized the amounts of asset impairment which is based on the economic conditions; furthermore to enhance the earnings information by recognizing asset impairment. The index of cooperate governance built in this study can reflect the condition of asset impairment more essentially. The management can restrict the behavior of recognizing asset impairment speculatively by strengthening the mechanism of cooperate governance to reflect substantial economic conditions from the value of asset impairment. In addition, the study showed also the worse credit rating of enterprise which the more recognizing asset impairments.