美國於2001年10月公布並實施SFAS No.144: Accounting for the Impairment or Disposal of Long-Lived Assets，此號公報正式取代SFAS No.121，其最重大的影響在於獨立進行固定資產減損的測試，而不再與商譽等無形資產共同評估使用價值，使本研究得以針對固定資產部分進行研究。本研究首先探討美國上市公司是否利用SFAS No.144當中的固定資產減損規範進行盈餘管理，並針對是否認列資產減損損失及其金額大小進行研究，本研究發現當公司的盈餘低於正常盈餘時，經理人會傾向認列資產減損且會認列較大之減損損失，出現洗大澡的行為；而當公司的盈餘高於正常盈餘時，經理人傾向認列資產減損損失，符合盈餘平穩化的現象；此外，公司若有高階經理人變動時，公司則會認列較大之減損金額。第二部分則探討資產減損損失宣告對市場反應之影響，研究結果顯示，當資產減損損失都被投資人視為非預期時，會與股價呈現顯著負相關；而將資產減損損失區分為預期及非預期兩部分後，發現不論是預期減損損失或非預期減損損失皆會與股價呈現顯著負向關係。總體而言，本文之研究結果發現在SFAS No.144的規範下，認列資產減損損失與其金額之大小，會受到盈餘管理動機的影響，而且資本市場會對資產減損損失的宣告產生負向反應。 The Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets” in October 2002.This statement supersedes SFAS No.121, and the most important amendment is to establish a single accounting model in long-lived assets evaluation, instead recognizing goodwill impairment in advance during the assets evaluating procedure. This research examines determinants and information content of U.S. long-lived assets impairments. Results indicate that the managers intend to recognize assets impairment and enounce more impairment when earnings are lower than normal earnings estimation, so called “Big Bath”. And, “Income Smoothing” behavior has a high association with impairment recognition. Further, the result shows that the companies will report more impairment if the firms experience a change in senior management. The research also examines market reaction to write-offs by dividing impairment loss into two categories: anticipated and unanticipated impairment loss. However, these two categories are both significant negative , not corresponding to the suggestion. Overall, empirical results reveal the behaviour of earnings management and negative reaction between capital market return and long-lived assets impairment under SFAS No.144.
