我國於民國93年7月發布了第三十五號公報「資產減損之會計處理準則」，其主要精神在於反應公司資產的真實面貌。本文探討公司基於何種因素的考量下，決定提早採用公報。依實證結果發現：(1)產業之股票報酬與產業之市價淨值比率愈高時，公司愈會有動機提早採用第三十五號公報，以傳達其訊息；(2)當公司規模愈大時，愈會提早採用公報；(3)公司的未預期盈餘愈低時，公司會愈有動機提早採用該公報。
本文一併探討公司在採用公報後，公報中所規範的各類型資產在公平價值會計評價下之期末餘額(權益法評價之長期投資、不動產投資、固定資產、商譽、商譽以外之無形資產、出租資產、閒置資產、長期應收款及遞延費用)及各類型資產在考量各個資產分類下所認列之減損是否具有資訊內涵。提早採用公司之實證結果發現：(1)不動產投資期末餘額與累積異常報酬呈正相關；(2)依權益法評價之長期投資、出租資產及遞延費用等科目，當減損損失愈大時，與累積異常報酬成負相關；但固定資產之減損損失愈大時，其與累積異常報酬呈正相關。延後採用公報之公司，經過迴歸分析發現：(1)固定資產與商譽以外之無形資產之減損損失愈大時，股票累積異常報酬分別呈現正向關係與負向關係。根據上述之討論，發現當公司認列資產減損，對股價有顯著之影響，代表這些資產具有資訊內涵。

In June 2004, Financial Accounting Standards Board (FASB) issued the Statement of Financial Accounting Standards (SFAS) No.35, "Accounting for Asset Impairment", that firms must follow to report the true values of their long-lived assets.  The statement is effective on July 1, 2004 with early adoption encouraged.  This study investigates the motives of firms to early-adopt the new standard.  The logistic regression results indicate that the industry median of market to book ratio and of stock return are both positively related to the decision to adopt SFAS No. 35 early.  In addition, the larger the size, the more likely the firm is to early-adopt the pronouncement.  The findings also suggest that when a company experiences below normal earnings, managers are more likely to choose to adopt SFAS No. 35 early, supporting the “big bath hypothesis.”
A further analysis is conducted to examine whether the assets governed by SFAS No. 35 (i.e., long-term investment under the equity method, real estate investment, fixed assets, goodwill, intangible assets other than goodwill, lease assets, idle assets, long-term receivables, and deferred expenses) have information content.  The results using early-adopting firms indicate that real estate investment is positively associated with cumulative abnormal returns (CAR).  Moreover, as asset write-offs increase, long-term investment under the equity method, lease assets, and deferred expenses are negatively related to CAR, but fixed assets are positively associated with CAR. The empirical results using the late-adopting firms indicate that, as the write-offs increase, fixed assets are positively associated with CAR, and intangible assets other than goodwill are negatively related to CAR.  These findings suggest that part of the assets governed by SFAS No. 35 provides some extent of value relevance to the investors.

第一章 緒論	1
第一節 研究背景	1
第二節 研究動機	4
第三節 研究目的	9
第四節 研究貢獻	10
第五節 研究流程	10
第二章 文獻探討	12
第一節 代理理論	12
第二節 實證會計理論	24
第三節 會計政策選擇之相關文獻	27
第四節 資產減損相關文獻	29
第五節 資產減損與市場反應之相關文獻	33
第三章 研究方法	36
第一節 研究假說	36
第二節 研究模型與變數定義	41
第三節 資料分析	46
第四節 研究期間及樣本、資料蒐集與資料來源	47
第四章 實證研究與結果	52
第一節 敘述性統計與相關係數	52
第二節 單變量檢定之實證結果與分析	53
第三節 LOGIT迴歸之實證結果與分析	56
第四節 複迴歸分析	59
第五節  敏感性分析	64
第五章 研究結論與限制	68
第一節 結論	68
第二節 研究限制	69
第三節 後續建議	69
參考文獻	71
圖目錄
【圖1-2-1】減損損失概念圖	8
【圖1-2-2】減損損失認列之程序	8
【圖1-5-1】研究步驟及流程圖	11
表目錄
【表1-1-1】 台灣與美國減損程序差異之比較	3
【表2-1-1】 代理理論的內涵	13
【表2-1-2】 實證代理理論之假說	14
【表2-1-3】 主理人-代理人研究的假說	14
【表2-1-4】 「逆向選擇」、「道德危險」之問題	17
【表2-1-5】 群體間利益衝突產生的代理問題及代理成本	23
【表3-4-1】 資產減損時間點檢測之樣本選取	48
【表3-4-2】 樣本公司產業結構分布之ㄧ	49
【表3-4-3】 樣本公司產業結構分布之二	50
【表3-4-4】 第三十五號公報所涵蓋的資產之資訊內涵檢測之樣本選取	51
【表4-1-1】 資產減損時間點之敘述性統計	52
【表4-2-1】 資產減損時間點之單變量分析	54
【表4-3-1】 資產減損時間點之Logit迴歸實證分析	57
【表4-4-1】 不同資產科目資訊內涵之迴歸分析－提早採用公報公司	59
【表4-4-2】 不同資產科目資訊內涵之迴歸分析－延後採用公報公司	62
【表4-5-1】 資產減損時間點之Logit迴歸敏感性分析	65
【表4-5-2】 資產減損時間點之Logit迴歸敏感性分析	66

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