| 摘要: | 我國於民國93年7月發布了第三十五號公報「資產減損之會計處理準則」，其主要精神在於反應公司資產的真實面貌。本文探討公司基於何種因素的考量下，決定提早採用公報。依實證結果發現：(1)產業之股票報酬與產業之市價淨值比率愈高時，公司愈會有動機提早採用第三十五號公報，以傳達其訊息；(2)當公司規模愈大時，愈會提早採用公報；(3)公司的未預期盈餘愈低時，公司會愈有動機提早採用該公報。
本文一併探討公司在採用公報後，公報中所規範的各類型資產在公平價值會計評價下之期末餘額(權益法評價之長期投資、不動產投資、固定資產、商譽、商譽以外之無形資產、出租資產、閒置資產、長期應收款及遞延費用)及各類型資產在考量各個資產分類下所認列之減損是否具有資訊內涵。提早採用公司之實證結果發現：(1)不動產投資期末餘額與累積異常報酬呈正相關；(2)依權益法評價之長期投資、出租資產及遞延費用等科目，當減損損失愈大時，與累積異常報酬成負相關；但固定資產之減損損失愈大時，其與累積異常報酬呈正相關。延後採用公報之公司，經過迴歸分析發現：(1)固定資產與商譽以外之無形資產之減損損失愈大時，股票累積異常報酬分別呈現正向關係與負向關係。根據上述之討論，發現當公司認列資產減損，對股價有顯著之影響，代表這些資產具有資訊內涵。
In June 2004, Financial Accounting Standards Board (FASB) issued the Statement of Financial Accounting Standards (SFAS) No.35, "Accounting for Asset Impairment", that firms must follow to report the true values of their long-lived assets. The statement is effective on July 1, 2004 with early adoption encouraged. This study investigates the motives of firms to early-adopt the new standard. The logistic regression results indicate that the industry median of market to book ratio and of stock return are both positively related to the decision to adopt SFAS No. 35 early. In addition, the larger the size, the more likely the firm is to early-adopt the pronouncement. The findings also suggest that when a company experiences below normal earnings, managers are more likely to choose to adopt SFAS No. 35 early, supporting the “big bath hypothesis.”
A further analysis is conducted to examine whether the assets governed by SFAS No. 35 (i.e., long-term investment under the equity method, real estate investment, fixed assets, goodwill, intangible assets other than goodwill, lease assets, idle assets, long-term receivables, and deferred expenses) have information content. The results using early-adopting firms indicate that real estate investment is positively associated with cumulative abnormal returns (CAR). Moreover, as asset write-offs increase, long-term investment under the equity method, lease assets, and deferred expenses are negatively related to CAR, but fixed assets are positively associated with CAR. The empirical results using the late-adopting firms indicate that, as the write-offs increase, fixed assets are positively associated with CAR, and intangible assets other than goodwill are negatively related to CAR. These findings suggest that part of the assets governed by SFAS No. 35 provides some extent of value relevance to the investors. |
