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  • 學位論文

裁決性應計項目與資產減損損失之認列及迴轉之關聯性:論公司治理與精明投資人之角色

Association Between Discretionary Accruals and Asset Impair Recognition�Restoration:The Role of Corporate Governance and Sophisticated Investor.

指導教授 : 顏信輝 曹嘉玲

摘要


依我國財務會計準則之規定,凡上市(櫃)公司於2006年始適用三十四號「金融商品之會計處理準則」與2005年應準時適用第三十五號「資產減損之會計處理準則」公報,得提早適用。本研究首先探討裁決性應計項目與資產減損淨額之關聯性,研究結果發現公司會同時採用裁決性應計項目與資產減損淨額兩種盈餘管理工具使盈餘達到下修之目的。此外,進一步探討公司治理機制對裁決性應計項目及資產減損淨額之關聯性影響,實證結果顯示,公司治理機制在公報實施後的第三年,公司對資產減損已較熟悉瞭解,故當公司治理機制較強時,會抑制公司使用資產減損淨額盈餘管理工具;另檢測宣告資產減損淨額後之股價反應,研究結果發現,公報實施的第一年,當公司宣告資產減損淨額金額越大,其累計異常報酬越低;進一步瞭解資產減損淨額的市場反應與投資人精明程度之關聯性,其實證結果顯示,公報開始實施的第一年,一般投資人與精明投資人對資產減損淨額之市場反應的確有顯著差異,可能係因精明投資人看透公司認列資產減損淨額並不使現金流量有實質減少,基於淨利不滅法則,會傳達出公司將來績效會改善之訊息,反之,一般投資人可能認為公司價值實質上已發生減損,或者是不好的盈餘管理行為。

並列摘要


Taiwan’s Financial Accounting Standards Borad required all public firms to adopt Statement of Financial Accounting Standards No.34 “Accounting Treatment of Financial Instruments” in 2006, with early adoption prohibited, and No. 35, “Accounting Treatment of Asset Impairment in 2005, with early adoption allowed.” This study examines several issues related to these two pronouncements. The empirical investigation starts by examining the relationship between discretionary accruals and net asset impairments. Results indicate firms tend to manage the earning downward by the magnitude of net impairment and discretionary accruals. Additionally, this paper examines whether corporate governance affects the association between discretionary accruals and net asset write-offs. The result shows that corporate governance mechanisms do not affect the relation between the two earnings management tools until two years after adoption. This implies that governance systems may not have effectively constrained the earnings management activities at the first year of adoption, given that firms did not fully understand the context of the write-off provisions. This study futher investigates the association between cumulative abnormal returns and asset write-offs. The results reveal that the market reacts negatively to write-off announcements in the first year of adopting SFAS No. 34. Finally, this paper examines whether stock price reaction to write-off announcements is affected by the level of investors’ sophistication. Consistent with the prediction, the empirical results indicate that sophisticated and small investors react differently to asset impairment recognitions. Specifically, sophisticated invetors respond positively to write-off announcements in the first year of adopting SFAS No. 35, whereas small investors react negatively in the first year of adopting SFAS No. 34. The results imply that asset impairments are perceived by sophisticated investors as conveying information about improvement of future performance but are regarded by small investors as either revealing information about deterioration of economic values of assets or undesirable earnings management activities.

參考文獻


Hsieh, W. T., and T. Z. Wu. 2005. Determinants and market reaction of assets impairment in Taiwan. Taiwan Accounting Review 6(1): 59-95.
顏信輝、曹嘉玲及楊忠凱,2007,資產減損與盈餘管理之關聯性:併論投資人精明程度對股價之影響,2007會計學術研討會。
會計研究發展基金會-財務會計準則委員會。民國93年。第三十五號公報「資產減損之會計處理準則」。
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葉銀華、李存修、柯承恩,2002,公司治理與評等系統,商智文化事業股份有限公司。

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