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研究生:李佳育
研究生(外文):Lee Jia Yu
論文名稱:資產減損對資本市場之影響
論文名稱(外文):The Effects of Asset Impairments on Capital Market
指導教授:呂瑞芳呂瑞芳引用關係
指導教授(外文):Lew Jei Fang
學位類別:碩士
校院名稱:國立高雄應用科技大學
系所名稱:商務經營研究所
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
論文出版年:2006
畢業學年度:94
語文別:中文
論文頁數:70
中文關鍵詞:事件研究法資產減損
外文關鍵詞:Event StudyImpairment of Assets
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本文探討台灣股票市場對於財務會計準則第三十五號公報-資產減損實施後,在2005年第一季季報首度適用而宣佈有資產減損公司之市場效應。本研究採用事件研究法,利用市場模型預估股票報酬率,並將樣本分組進行分組檢定以分析減損損失佔總資產比重大小是否對於股價產生不同之影響。
結果顯示投資人對於公司發佈資產減損資訊在資本市場有負面影響,此外,減損損失佔總資產比重越大,其影響越鉅。本研究與之前國內強制性會計方法變動與股價關聯之多數相關研究結果一致,支持強制性會計方法變動情報具有資訊內涵。
This study investigates the impact of asset impairments on the capital market of asset-impaired firms in Taiwan. The sample of the study consisted of those firms which made their asset impairment announcements after the approval of SFAS No.35, Accounting for Impairment of Assets, for the period of the first quarter of year 2005. By applying event study methodology, this research uses the market model in measuring the abnormal returns of individual stocks. Further, to facilitate interpretation of results, the sample was partitioned into two groups based on the ratio of impairments loss recognition to total assets.
The results indicate that investors’ views of asset impairment announcements were significantly negative. In addition, the higher the ratio of impairment loss to total assets, the more the impact on the capital market. The findings are consistent with early research that mandatory accounting changes have the information contents.
第一章 緒論…………………………………………………………… 1
第一節 研究動機與目的………………………………………… 1
第二節 研究範圍與貢獻………………………………………… 4
第三節 論文內容與架構………………………………………… 6
第二章 文獻探討……………………………………………………… 9
第一節 資本市場會計研究……………………………………… 9
第二節 會計資訊對股價之影響…………………………………19
第三章 研究方法………………………………………………………33
第一節 研究問題分析與研究假說………………………………33
第二節 實證設計…………………………………………………35
第三節 研究期間與選樣標準……………………………………42
第四章 實證結果與分析………………………………………………46
第一節 資訊內涵之檢定…………………………………………46
第二節 分組檢定結果……………………………………………49
第五章 結論與建議……………………………………………………56
第一節 結論………………………………………………………56
第二節 研究限制…………………………………………………57
第三節 研究建議…………………………………………………58
參考文獻…………………………………………………………………60
一、英文部分
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4.Beaver, W. H., 1968, “The Information Content of Annual Earnings Announcements”, Journal of Accounting Research, p.67-92.
5.Beaver, W. H., Griffin, P. A. and Landsman, W. R., 1982, “The Incremental Information Content of Replacement Cost Earnings”, Journal of Accounting and Economic, Vol.4, Iss.1.
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7.Brown, S. and Warner, J., 1985, “Using Daily Stock Returns: The Case of Event Studies”, Journal of Financial Economic.
8.Collins, D. W. and Dent, W. T., 1979, “The Proposed Elimination of Full Cost Accounting in the Extractive Petroleum Industry: An Empirical Assessment of the Market Consequences”, Journal of Accounting and Economic, P.3-44, March.
9.Collins, D.W., Rozeff, M. S. and Salatka, W. K., 1982, “The SEC’s Rejection of SFAS No.19: Tests of Market Price Reversal”, The Accounting Review, P.1-77, January.
10.Dent, W., 1979, “The Proposed Elimination of Full Cost Accounting in the Extractive Petroleum Industry ”, Journal of Accounting and Economic, p.3-44.
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18.Gopalakrishnan, V., Sugrue, T. F., 1992, “Economic Consequences of Pension Policy Deliberations (SFAS No. 87): An Empirical Assessment of Debt-Covenant Hypothesis”, Journal of Business Finance & Accounting, Vol.19, Iss.5, p. 751, Sepetmber.
19.Grant, E., 1980, “Market Implications of Differential Amounts of Interim Information”, Journal of Accounting Research, p.225-268, Spring.
20.Grein, B. M., 2002, The effect of SFAS 121 on discretion in asset impairments , The University of North Carolina at Chapel Hill.
21.Jain, R., 1980, An Empirical Investigation of Some Economic Consequences of FASB Statement No.8: Foreign Currency Translation, University of Florida.
22.Khurana, I. K., Loudder, M. L., 1994, “The economic consequences of SFAS 106 in rate-regulated enterprises”, The Accounting Review. Vol. 69, Iss.2, p. 364.
23.Larcker, D., and Revsine, P., 1983, “The oil and Gas Accounting Controversy: an Analysis of Economic Consequences”, The Accounting Review, p.706-732.
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30.Ziebart, D. A., and Kim, D. H., 1987, “An Examination of the Market Reactions Associated with SFAS No. 8 and SFAS No. 52”, The Accounting Review, Sarasota: Vol. 62, Iss. 2.
二、中文部分
1.王紹濱,1993,強制性會計方法變動與資本市場反應之研究-財務預測資訊之實證研究,國立台灣大學會計學研究所碩士論文,6月。
2.呂幸霞,1991,合併財務報表會計報告個體變動對股價影響之實證研究,國立中山大學企業管理研究所碩士論文,6月。
3.呂貴蘭,1994,強制性部門別財務資訊揭露與股價關係之實證研究,私立中國文化大學商學院國際企業管理研究所,6月。
4.沈中華,李建然,2000,事件研究法-財務與會計實證研究必備,華泰文化事業出版社。
5.周賓凰,蔡坤芳,1997,台灣股市日資料特性與事件研究法”,證券市場發展季刊,第九卷,第二期,頁1-26。
6.徐旻傾,1997,退休金費用與盈餘及股價關聯性之研究,國立台灣大學會計學研究所碩士論文,6月。
7.徐景亮,1996,“第十八號公報對於上市公司股價之影響”,會計研究月刊,130期,財團法人中華民國會計研究發展基金會。
8.翁銘輝,1994,部門別資訊揭露增額資訊內涵之研究-部門別資訊影響股價變動之實證研究,國立台灣大學會計學研究所碩士論文,6月。
9.財務會計準則公報第三十五號「資產減損之會計處理準則」,2004,財團法人中華民國會計研究發展基金會。
10.張文貞,1995,退休金公報之市場效應研究,國立台灣大學會計學研究所碩士論文,6月。
11.陳志健,1992,強制性增加揭露對股票市場的影響-以第十六號公報「財務預測編製要點」為例之實證研究,國立中山大學企業管理研究所未出版碩士論文,6月。
12.陳雲儀,1987,會計變動對市場股價之影響-長期投資會計變動之實證研究,國立政治大學會計研究所碩士論文,6月。
13.陳嫚真,1992,強制性會計揭露對股價及交易量影響之實證研究-以公報No.17「現金流量表」為例,國立中山大學企業管理研究所碩士論文,6月。
14.蔡坤芳,1996,事件研究法論-以台灣股票市場日資料為例,中央大學財務管理研究所碩士論文,6月。
15.謝劍平,2003,現代投資學分析與管理,智勝文化事業有限公司,3版。
16.顏信輝、丁緯,2006,“三十五號公報對企業年度報表之影響”,會計研究月刊,242期,財團法人中華民國會計研究發展基金會。
17.蘇淑美,1997,所得稅公報對市場效應之研究,國立台灣大學會計學研究所碩士論文,6月。
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