臺灣博碩士論文加值系統

我國財務會計準則公報第35號「資產減損之會計處理」之發布，使我國財務會計準則進一步與國際接軌，使企業財務狀況反應經濟實質，並提升財務報表透明度。惟在35號公報實施之前，並無相關有關資產減損之規定可供依循，故此公報之採用，對公司之損益造成累積性之影響。此外，其可提前適用之規定，使公司管理當局可運用此等財務報導之彈性決定適用35號公報之時點，提前適用此公報與否已成為公司管理當局之裁量權與盈餘管理之手段。據此，本研究之主旨，即在探討提前適用35號公報之公司，具備了何種之特徵，以供財務報表之使用人，在面臨類似財務會計公報之實施時參考判斷之用。
本研究以我國93年底935家上市櫃公司為研究樣本，以Logistic迴歸分析為主，從Watts and Zimmerman(1986)於實證會計理論(Positive Accounting Theory)中所提出之負債契約條款假說、政治成本假說與紅利假說，研究公司提前適用35公報於經理人獎酬計畫與財務報導動機上之特徵，並探討公司治理之內外部治理機制之利害關係人與公司管理當局提前適用35號公報之關聯。Logistic迴歸分析之實證結果為：一、員工分紅比越高之公司，不傾向於提前適用35號公報。二、35號公報實施後之首次減損損失迴轉，與提前適用35號公報有顯著正相關。三、曾經發生過財務危機之公司管理當局，傾向於提前適用35號公報。四、基於資訊產生成本之誘因，規模越大之公司，越傾向於提前適用35號公報。五、負債/權益比越高之公司，越不傾向於提前適用35號公報。六、當公司淨資產帳面價值大於市值時，公司管理當局會傾向於提前適用35公報提列資產減損損失。
本研究亦依產業特性之不同對公司管理當局提前適用35號公報之影響區分為資訊電子業與非資訊電子業兩產業做進一步探討。實證結果為：員工分紅入股制度對於資訊電子業之影響大於非資訊電子業，且該制度亦影響資訊電子業公司管理當局不提前適用35號公報；經理人持股比率越高，非資訊電子業公司管理當局可能基於保護自身利益，會去透過提前適用35號公報從事降低公司價值之行為；曾經發生財務困難的資訊電子業公司，較可能透過提前適用35號公報之機會認列資產減損損失以增加未來年度獲利之機會與再生；資訊電子業公司管理當局在面臨94年度有籌資計畫時，傾向於不提適用35號公報；負債/權益比與提前適用35號公報呈顯著負相關主要來自於非資訊電子業樣本，而對資訊電子業之關聯並不顯著；負債限制條款與提前適用35號公報關聯之實證結果僅於資訊電子業子呈顯著負相關；在三大法人持股比率，僅資訊電子業之實證結果與提前適用35號公報呈顯著正相關；就非資訊電子業而言，會計師事務所有關公報適用輔導與諮詢對其提前適用35號公報有顯著正相關。
35號公報的實施，提高了企業財務報表之透明度，惟其對於資產有無減損之跡象端賴公司管理當局主觀之判斷，亦使35號公報之適用，擺脫不了成為公司管理當局之工具。本研究透過與代理問題有關之利害關係人與公司提前適用35號公報之關聯與特徵，供未來訂定會計原則之參考與財務報表使用人衡量之指標。

The announcement of SFAS No. 35 “The Accounting for Assets Impairments” makes Taiwan’s accounting standard more close to international accounting standards and more transparent and reflecting economic status of the financial status for firms. Since there is no related standard for the impairment of assets before SFAS No.35, the adoption of the new accounting standard will have an accumulative impact on firms’ profit and loss. Also, the alternative for early adoption of this accounting standard gives the Management the room for earnings management. Accordingly, the purpose of this investigation is to search for the characteristics of the early adopters of SFAS No.35 and hope the users of financial information to make use of this investigation to make decisions while facing the similar accounting standards.
The research investigated 935 companies listed in TSE and OTC at the end of 2004 by using Logistic regression analysis. According to Debt Covenant Hypothesis, Political Cost Hypothesis and Bonus Hypothesis introduced in “Positive Accounting Theory” by Watts and Zimmerman (1986), this research has investigated the characteristics of the early adopters of SFAS No. 35 in the aspect of Management’s bonus plan and financial reporting incentives. In corporate governance’s aspect, this research also investigated the relationship between corporate governance system and the Management who early adopted SFAS No. 35.
The empirical results of logistic regression analysis are: (a) the higher the employee’s bonus ratio, the more likely the firm are unwilling to early adopt SFAS No. 35; (b) the first reversal of impairment loss after the implementation of SFAS No. 35 has a significant positive relation with the firm’s early adoption of SFAS No.35; (c) firms that have even been in financial trouble are tend to early adopt SFAS No.35; (d) due to the information production cost, the larger the size, the more likely the firm are willing to early adopt SFAS No.35; (e) the higher the debt/equity ratio, the more likely the firm are unwilling to early adopt SFAS No.35; (f) while the firm’s net booking value is higher than its market value, the Management will tend to early adopt SFAS No.35.
For the nature of short product life-cycle and high risk environment for IT-related Industry, there will be some characteristics for the early adoption of SFAS No.35 that differs from Non-IT related industry. The research separated the samples into IT industry-related and Non-IT industry-related groups for finding the characteristics crossed industries those who early adopt SFAS No.35. The empirical results are: (a) for IT related industry, the higher the employee’s bonus ratio, the more likely the firm are unwilling to early adopt SFAS No. 35; (b) for Non-IT related industry, the higher the stock holding of the Management, the more likely the Management is willing to early adopt SFAS No.35; (c)for IT related industry, firms that have even been in financial trouble are tend to early adopt SFAS No.35; (d) IT industry-related firms are unwilling to early adopt SFAS No. 35 if they are planning to increase capital or issue bonds for cash in 2005; (e) for Non-IT related industry, the higher the debt/equity ratio, the more likely the firm are unwilling to early adopt SFAS No.35; (f) IT industry-related firms are unwilling to early adopt SFAS No. 35 if they are bearing with debt covenant; (g) the higher the institutional investors’ stock holdings, the more likely the IT industry-related firms are willing to early adopt SFAS No.35; (h) for Non-IT related industry, the larger of CPA’s size, the more likely the Management is willing to early adopt SFAS No.35.
The implementation of SFAS No. 35 has improved the transparency of financial reporting of firms. Since the indication of assets impairment depends on the Management’s arbitrary judgment, the implementation of SFAS No. 35 is unable to break away to be the Management’s tool of earnings management. Through the study of the characteristics of the early adoption of the firms, this investigation provide reference for future accounting standards setting and measurement indictors for the users of financial statements.

第壹章 緒論 1
第一節 研究動機與目的 1
第二節 研究問題 4
第三節 論文架構 5
第貳章 文獻探討 7
第一節 資產減損之會計處理準則簡介 7
第二節 相關文獻探討 10
第參章 研究方法 21
第一節 研究假說 21
第二節 研究設計與變數定義 31
第三節 研究期間、資料來源與樣本選取 40
第肆章 實證結果與分析 45
第一節 各變數之敘述統計量 45
第二節 單變量分析 49
第三節 提前適用35號公報公司特徵之實證結果與分析 51
第四節 敏感性分析 59
第伍章 結論與建議 60
第一節 研究結論 60
第二節 研究限制 64
第三節 後續研究建議 65
參考文獻 66

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