本研究探討企業認列資產減損之決定因素，並將盈餘管理動機區分為洗大澡與損益平穩化動機，分析在管理誘因下，企業提列資產減損是否與裁決性應計項目之使用具有關聯性；此外亦瞭解宣告資產減損後之股價反應是否與投資人精明程度具有關聯性。研究結果顯示，企業提列資產減損之行為，的確與盈餘管理動機有關係，公司會依據洗大澡或損益平穩化誘因來提列減損，當管理當局洗大澡或損益平穩化動機愈強，所提列減損之金額亦愈大；再者，當公司具洗大澡管理動機時，會同時運用資產減損與裁決性應計項目來降低當期淨利，而在損益平穩化誘因下，資產減損與裁決性應計項目兩者並無直接關係。此外，股價反應與投資人精明程度具有顯著關聯性；當公司提早採用財會準則第三十五號公報，精明程度較高之投資人會有正向市場反應，其可看透公司認列資產減損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，一般投資人在未預期公司會提早認列減損下，可能認為公司價值實質上已發生減損，因而產生負向之市場反應。而準時採用第三十五號公報之公司，投資人已預期在公報正式實施之後，企業有可能會依規定評估與認列減損，因而未影響股價。 This paper investigates the determinants of asset write-offs regulated under the Statement of Financial Accounting Standards (SFAS) No. 35, “Accounting Treatment of Asset Impairment.” In addition, the study examines whether earnings management motives (i.e., “big bath”, income smoothing) affect the relationship between the amount of impairment loss and discretionary accruals. The paper also aims to explore whether stock price reaction to the announcement of asset write-offs is affected by the level of investors’ sophistication. The empirical results document that the level of asset write-offs are subject to earnings management motives. Specifically, for “big bath” firms, managers tend to engage in earnings management by the magnitude of asset impairment losses and discretionary accruals. Finally, we find a more significant positive relationship between stock price and asset write-offs, as the level of investors’ sophistication increases.
