臺灣博碩士論文加值系統

本研究以GARCH模型，探討94年營收超過十億元以上，且資產減損金額占營業收入淨額5%以上的17家上市公司，在同年適用第三十五號「資產減損」財務公報之後，對公司股價波動率之影響。實證結果分為兩大部份：一、12家公司在提列資產減損後，造成股價報酬率降低。二、將細分資產減損型態為固定資產損失、營業外資產減損、閒置與其它資產減損、商譽損失、無形損失、遞延資產損失之後，則(1)提列固定資產損失計13家，造成8家公司股價報酬率降低。(2)提列營業外資產減損計9家，造成4家公司股價報酬率降低。(3)提列閒置與其他資產減損計10家，造成5家公司股價報酬率降低。(4)提列商譽減損1家，造成1家公司股價報酬率上漲。(5)提列無形損失1家，造成1家公司股價報酬率降低。(6)提列遞延資產損1家，造成1家公司股價報酬率降低。故公司採用35號財務公報之後，提列資產減損將造成大部份公司的股價報酬下降。
近十幾年來，財務報表使用者對財務報表之攸關性有較高的要求，因此國際會計準則公報(International Accounting Standards)第三十五號「資產減損」(Impairment of Assets) 即為使財務報表更能充份反應及時資訊所訂，此公報主要係規範企業長期性資產的衡量，其精神並已脫離傳統會計中，對長期性之資產皆以歷史成本為入帳基礎，而以類似成本與市價熟低之方式來衡量長期性之資產，使財務報表的內容更能真實呈現企業之營運狀況。

This study applied GARCH model to investigate the impact of applying the Financial Accounting Standard No. 35 – asset impairment – on the stock price volatilities of 17 listed companies with more than NT$1 billion revenue in 2005 and an amount of asset impairment higher than 5% of the net sales income. The empirical findings were twofold: 1. after listing asset impairment, 12 companies had decreased stock returns; 2. when asset impairment types were subdivided into fixed asset loss, other assets impairment, idle and other assets impairment, goodwill loss, intangible loss, and deferred assets loss, (1) a total of 13 companies listed fixed assets loss, and 8 had decreased stock returns; (2) 9 companies listed other assets loss, and 4 had decreased stock returns; (3) 10 companies listed idle and other assets loss, and 5 had decreased stock returns; (4) 1 company listed goodwill impairment, and 1 had an increased stock return; (5) 1 company listed intangible loss, and 1 had a decreased stock return; and (6) 1 company listed deferred assets loss, and 1 had a decreased stock return. Thus, after Financial Accounting Standard No.35 was adopted, the losses of listed assets would lead to the decline of stock returns of most companies.

Over the past 10 years, users of financial statements had a higher demand for the relevance of financial statements. Thus, International Financial Accounting Standard No.35 – Impairment of Assets – was set up to make financial statements sufficiently reflect instant information. This standard was primarily intended to specify the measurement of enterprise’s long-term assets. Its spirit has gone beyond traditional accounting. For long-term assets, historic costs are used as the basis of accounting. Long-term assets are valued by cost-based and lower than the market cost criteria, so that the contents of financial statements can more accurately reflect the operations of enterprises.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究流程與論文架構 5
第二章 相關理論之探討與文獻探討 7
第一節 我國三十五號公報-資產減損的介紹 7
第二節 國內外相關文獻探討 12
第三章 研究方法 19
第一節 研究假說 19
第二節 研究期間與樣本選取 19
第三節 研究樣本與資料來源 21
第四節 AR-GARCH模型檢定 24
第四章 實證結果與分析 26
第一節 敘述性統計分析 26
第二節 單根檢定 27
第三節 ARCH效果檢定 31
第四節 Garch效果檢定 40
第五章 結論與建議 50
第一節 結論 50
第二節 未來研究及建議 54

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8. 郭紹彬(2005)，35號公報之探討，財務人月刊，專家專欄，公報教室。
9. 曹美娟(2006)，我國企業資產減損之資訊內涵與決定因素研究，國立台北大學會計學系碩士論文。
10. 楊奕農(2005)，時間序列分析—經濟與財務上之應用，雙葉書廊有限公司。
11. 楊美雪(2006)，台灣上市櫃公司資產減損之探討，國立政治大學經營管理碩士學程碩士論文。
12. 劉秀葉(2006)，第三十五號財務會計準則公報之股價效應研究，嶺東科技大學財務金融研究所碩士論文。
13. 鄭文吉(2006)，提前適用財務會計準則公報第35號「資產減損之會計處理準則」公司特徵之研究，國立台北大學會計學系碩士論文。
14. 鄭英美(2006)，產減損與盈餘管理之關聯性研究，臺灣大學會計學研究所碩士論文。
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