淡江大學機構典藏:Item 987654321/33737
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    题名: 影響資產減損損失認列之因素及其市場反應
    其它题名: Determinants of long-lived asset impairments and stock price behaviour around announcements of write-offs
    作者: 吳孟芬;Wu, Meng-fen
    贡献者: 淡江大學會計學系碩士班
    曹嘉玲;Chao, Chia-ling
    关键词: 資產減損;盈餘管理;事件研究法;asset impairment;earnings management;event study;Tobit regression
    日期: 2006
    上传时间: 2010-01-11 04:29:38 (UTC+8)
    摘要: 本研究探討採用三十五號公報之影響資產減損損失認列之因素以及資產減損宣告對台灣股市之影響,研究樣本為排除金融保險業以外的所有台灣上市及上櫃公司。實證結果發現,提早採用公司的資產減損金額認列的大小受到企業營運因素(市價淨值比及資產報酬率變動)與報導動機因素(盈餘平穏化變數)的影響;延後採用公司的資產減損認列金額大小則受到企業營運因素(市價淨值比、資產報酬率變動及產業市價淨值比)與報導動機因素(政治成本、盈餘平穏化及管理階層變動)的影響。此外,本研究將資產減損損失的認列區分為預期的部分與非預期的部分進行分析,探討資產減損宣告對台灣股市之反應,針對提早採用三十五號公報公司的研究結果發現,投資人對於資產減損的宣告均視為非預期,因此對股價有顯著的負面反應。而延後採用公司則顯示,預期的資產減損損失對於公司的股價不會有負向的影響,而非預期的資產減損損失對於公司的股價則有顯著的負面反應。
    Asset impairment is one of the important components in a firm''s financial statement. Because the amount of impairment is often huge, and it''s crucial to firms'' performance and earnings value measuring. This study discusses that the factors affect the recognition of impairment loss and the influence of impairment declaration on Taiwan''s stock market. A number of extant asset impairment studies always analyze their sample by dividing into two subsamples - experimental group and control group. However, this study examines all the firms listed at stock exchange market and over-the-counter market excluded financial and insurance industry. Furthermore, the prior papers always assume that the market unexpected the recognition of asset impairment. In this study, we conduct our analysis by dividing the recognition of asset impairment into expected and unexpected. Empirical results indicate that economic factors (book-to-market ratio and the change in ROA ) and reporting incentives ( income smoothing variables ) affect the amount of impairment for firms early-adopted Statement of Financial Accounting Standards No. 35 “Accounting for Asset Impairment.”. For the firms adopted the statement late, the impairment amount are affected by economic factors (book-to-market ratio, the change in ROA and industry book-to-market) and reporting incentives (political cost, income smoothing and the change in management ). The results find that cumulative abnormal returns are negatively associated with both the expected portion and unexpected portion of asset write-offs for early adoption firms, indicating that early adopters do not anticipate asset write-offs before the mandatory adoption date. For late adopters, this study finds that the stock market appears to respond to the impairment announcement negatively, if the write-off amounts are greater than expected.
    显示于类别:[會計學系暨研究所] 學位論文

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