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系統識別號 U0002-1607200622431000
中文論文名稱 影響資產減損損失認列之因素及其市場反應
英文論文名稱 Determinants of long-lived asset impairments and stock price behaviour around announcements of write-offs.
校院名稱 淡江大學
系所名稱(中) 會計學系碩士班
系所名稱(英) Department of Accounting
學年度 94
學期 2
出版年 95
研究生中文姓名 吳孟芬
研究生英文姓名 Meng-Fen Wu
學號 693470030
學位類別 碩士
語文別 中文
口試日期 2006-06-17
論文頁數 57頁
口試委員 指導教授-曹嘉玲
委員-曹嘉玲
委員-林維珩
委員-洪叔民
中文關鍵字 資產減損  盈餘管理  事件研究法 
英文關鍵字 asset impairment  earnings management  event study  Tobit regression 
學科別分類 學科別社會科學商學
中文摘要 本研究探討採用三十五號公報之影響資產減損損失認列之因素以及資產減損宣告對台灣股市之影響,研究樣本為排除金融保險業以外的所有台灣上市及上櫃公司。實證結果發現,提早採用公司的資產減損金額認列的大小受到企業營運因素(市價淨值比及資產報酬率變動)與報導動機因素(盈餘平穏化變數)的影響;延後採用公司的資產減損認列金額大小則受到企業營運因素(市價淨值比、資產報酬率變動及產業市價淨值比)與報導動機因素(政治成本、盈餘平穏化及管理階層變動)的影響。此外,本研究將資產減損損失的認列區分為預期的部分與非預期的部分進行分析,探討資產減損宣告對台灣股市之反應,針對提早採用三十五號公報公司的研究結果發現,投資人對於資產減損的宣告均視為非預期,因此對股價有顯著的負面反應。而延後採用公司則顯示,預期的資產減損損失對於公司的股價不會有負向的影響,而非預期的資產減損損失對於公司的股價則有顯著的負面反應。
英文摘要 Asset impairment is one of the important components in a firm's financial statement. Because the amount of impairment is often huge, and it's crucial to firms' performance and earnings value measuring. This study discusses that the factors affect the recognition of impairment loss and the influence of impairment declaration on Taiwan's stock market. A number of extant asset impairment studies always analyze their sample by dividing into two subsamples - experimental group and control group. However, this study examines all the firms listed at stock exchange market and over-the-counter market excluded financial and insurance industry. Furthermore, the prior papers always assume that the market unexpected the recognition of asset impairment. In this study, we conduct our analysis by dividing the recognition of asset impairment into expected and unexpected. Empirical results indicate that economic factors (book-to-market ratio and the change in ROA ) and reporting incentives ( income smoothing variables ) affect the amount of impairment for firms early-adopted Statement of Financial Accounting Standards No. 35 “Accounting for Asset Impairment.”. For the firms adopted the statement late, the impairment amount are affected by economic factors (book-to-market ratio, the change in ROA and industry book-to-market) and reporting incentives (political cost, income smoothing and the change in management ). The results find that cumulative abnormal returns are negatively associated with both the expected portion and unexpected portion of asset write-offs for early adoption firms, indicating that early adopters do not anticipate asset write-offs before the mandatory adoption date. For late adopters, this study finds that the stock market appears to respond to the impairment announcement negatively, if the write-off amounts are greater than expected.
論文目次 目錄
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 3
第三節 研究目的 4
第四節 研究貢獻 5
第五節 研究流程 5
第二章 文獻探討 7
第一節 代理理論 7
第二節 實證會計理論 9
第三節 資產減損 12
第三章 研究方法 14
第一節 研究假說 14
第二節 研究模型及變數的定義 16
第三節 統計分析方法 21
第四節 研究期間、樣本選取與資料來源 26
第四章 研究結果 29
第一節 敘述性統計分析 29
第二節 單變量檢定的實證結果與分析 31
第三節 多變量實證結果與分析 34
第五章 研究結論、限制與建議 45
附錄 47
參考文獻 54

表目錄
表一 樣本選取 27
表二 樣本的產業分佈 28
表三 所有樣本公司之敘述性統計-以認列的資產減損金額做為區分 29
表四 所有樣本公司之敘述性統計-以認列資產減損時間做為區分 30
表五 認列資產減損損失公司之敘述性統計 30
表六 單變量檢定-提早採用公司 32
表七 單變量檢定-延後採用公司 33
表八 影響資產減損損失認列金額大小之因素-Tobit regression 34
表九 影響資產減損損失認列金額大小之因素-OLS 36
表十 影響資產減損損失認列金額大小之因素彙總分析-提早採用公司 37
表十一 影響資產減損損失認列金額大小之因素彙總分析-延後採用公司 38
表十二 宣告資產減損前後之平均異常報酬 39
表十三 事件期窗口之累積異常報酬率檢定 40
表十四 資產減損宣告對股票市場的影響之迴歸分析結果-提早採用公司 40
表十五 資產減損宣告對股票市場的影響之迴歸分析結果-延後採用公司 41
表十六 債務契約假說文獻整理 47
表十七 政治成本假說文獻整理 48
表十八 洗大澡假說文獻整理 49
表十九 盈餘平穏化假說文獻整理 50
表二十 資產減損文獻整理 51

圖目錄
圖一 研究流程圖 6
圖二 觀察期、估計期與事件期 24

參考文獻 一、中文部份
沈維民,1997,企業之盈餘管理:以「會計方法選用」和「應計項目認列」為例,管理評論 第16卷第1期,頁11-38。
陳依蘋,2004,從財會公報趨勢看企業經營,會計研究月刊 第232期,頁30-43。
鍾慧貞,2004,我國財務會計處理及資訊揭露邁向國際接軌,當代會計 第5卷第1期,頁121-137。
蘇佩芬,2003,國際會計準則與我國財務會計準則之比較-兼論國際會計準則調和化,中原大學會計研究所碩士論文
黃振豊、陳敏齡,2005,企業提前適用第35號公報「資產減損」動因之探討,兩岸會計與管理學術研討會論文集 2005年9月。
林杰兒,2005,35號公報 變成財報障眼法?,經濟日報,20050516。
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