臺灣博碩士論文加值系統

本研究之目的為探討我國於民國94年首次採行資產減損公報之資訊內涵與其決定因素，並進一步考慮國內相關之規定是否會影響資產減損之決定因素。本研究逐一檢視所有上市與上櫃公司之93年年報與94年第一季季報，其於財務報表所揭露有關資產減損之資訊均納入研究樣本，預期較之前國內文獻所蒐集之樣本更為完整與正確。首先，為檢視資產減損宣告之市場反應，以事件研究法及迴歸分析測試公司宣告資產減損之資訊內涵。結果顯示我國公司發生資產減損時，投資人視為公司資產價值降低而非未來績效將改進，而給予負面的反應。在資產減損之決定因素方面，其發生原因及認列金額之大小，主要是受公司經濟因素影響。故表示我國首次實施之資產減損公報，確實能反映公司之經濟狀況。而盈餘管理動機方面，目前我國僅發現洗大澡的現象，但由於公報允許公司提前採用資產減損之規定，卻發現額外提供管理當局採取盈餘平穩化的管理機會，並加強新任管理當局提前採用減損公報並認列較高額資產減損金額之動機。
最後本文發現公司是否提前採用減損公報，可能會考慮93年度帳列未分配盈餘之金額，若該金額越高其受課徵10%之營所稅之稅負越重，越有動機不提前採用資產減損公報，以享受此部分稅法修正後稅負降低之利益。此外，探討國內公司認列資產減損金額之決定因素，除考慮經濟因素及決策動機外，尚須納入帳上無形資產、權益法股權投資之長期投資與固定資產之變數，才得以捕捉完整探討認列資產減損金額之決定因素模型。

The major purpose of this study was to investigate the information content and determinants for the first adoption of Statement of Financial Accounting Standard No. 35 and was to further consider whether domestic regulation influenced the firm’s decision on applying the standard. In order to include more accurate and complete samples, this study reviewed all disclosures of assets impairments in financial statements of all the Taiwan stock exchange and over-the-counter stock market from the fourth quarter 2004 to the first quarter of 2005.
This study examined stock price reaction around assets write-off announcement by using the event study and regression analysis. The results showed negative abnormal returns response around the announcement, indicating investors evaluated the assets write-off as decreasing value of assets, not the improvement of future performance. Besides, the results showed determinants and amount of asset write-off were mainly driven by economic factors of the company during the initial adoption of the standard. This might imply that the standard could truly reflect the economic condition of the company. Additionally, this study found that firms practiced a big bath earnings management in the first year of adoption. The results also showed that early adoption of standard provided manager stronger incentive to smooth the earnings and recorgnized the more amount of assets write-off when firm changed senior management.
Finally, the study showed undistributed earnings of year 2004 might be the factor that firms decide to early adopt the Statement of Financial Accounting Standard No. 35. The heavier the burden of 10-percent tax on distributed earnings of companies, the less the incentive firm to early adopt the standard. Besides, the study also found that, when investigating the determinant of amounts of asset write-off, the model should include not only the economic factors and decision motivation, but also book values of intangible assets, equity investment and fixed assets to complete the model specification.

第一章 緒論 1
1.1 研究背景 1
1.2 研究動機與目的 3
1.3 研究架構 6
第二章 文獻探討 8
2.1 資產減損之基本觀念 8
2.2 國外資產減損文獻 16
2.3 國內相關議題之研究 27
第三章 研究設計 32
3.1 研究假說 32
3.2 研究模型 38
3.3 研究期間與樣本說明 55
第四章 實證結果與分析 58
4.1敘述統計量 58
4.2資產減損之資訊內涵檢定 66
4.3 資產減損發生之決定因素檢定 71
4.4認列資產減損金額之決定因素檢定 80
第五章 敏感性分析 87
第六章 結論及建議 93
6.1 研究結論 93
6.2 研究限制與建議 95
參考文獻 97

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