依我國財務會計準則之規定，凡上市（櫃）公司於2006年始適用三十四號「金融商品之會計處理準則」與2005年應準時適用第三十五號「資產減損之會計處理準則」公報，得提早適用。本研究首先探討裁決性應計項目與資產減損淨額之關聯性，研究結果發現公司會同時採用裁決性應計項目與資產減損淨額兩種盈餘管理工具使盈餘達到下修之目的。此外，進一步探討公司治理機制對裁決性應計項目及資產減損淨額之關聯性影響，實證結果顯示，公司治理機制在公報實施後的第三年，公司對資產減損已較熟悉瞭解，故當公司治理機制較強時，會抑制公司使用資產減損淨額盈餘管理工具；另檢測宣告資產減損淨額後之股價反應，研究結果發現，公報實施的第一年，當公司宣告資產減損淨額金額越大，其累計異常報酬越低；進一步瞭解資產減損淨額的市場反應與投資人精明程度之關聯性，其實證結果顯示，公報開始實施的第一年，一般投資人與精明投資人對資產減損淨額之市場反應的確有顯著差異，可能係因精明投資人看透公司認列資產減損淨額並不使現金流量有實質減少，基於淨利不滅法則，會傳達出公司將來績效會改善之訊息，反之，一般投資人可能認為公司價值實質上已發生減損，或者是不好的盈餘管理行為。

Taiwan’s Financial Accounting Standards Borad required all public firms to adopt Statement of Financial Accounting Standards No.34 “Accounting Treatment of Financial Instruments” in 2006, with early adoption prohibited, and No. 35, “Accounting Treatment of Asset Impairment in 2005, with early adoption allowed.” This study examines several issues related to these two pronouncements. The empirical investigation starts by examining the relationship between discretionary accruals and net asset impairments. Results indicate firms tend to manage the earning downward by the magnitude of net impairment and discretionary accruals. Additionally, this paper examines whether corporate governance affects the association between discretionary accruals and net asset write-offs. The result shows that corporate governance mechanisms do not affect the relation between the two earnings management tools until two years after adoption. This implies that governance systems may not have effectively constrained the earnings management activities at the first year of adoption, given that firms did not fully understand the context of the write-off provisions. This study futher investigates the association between cumulative abnormal returns and asset write-offs. The results reveal that the market reacts negatively to write-off announcements in the first year of adopting SFAS No. 34.  Finally, this paper examines whether stock price reaction to write-off announcements is affected by the level of investors’ sophistication. Consistent with the prediction, the empirical results indicate that sophisticated and small investors react differently to asset impairment recognitions. Specifically, sophisticated invetors respond positively to write-off announcements in the first year of adopting SFAS No. 35, whereas small investors react negatively in the first year of adopting SFAS No. 34. The results imply that asset impairments are perceived by sophisticated investors as conveying information about improvement of future performance but are regarded by small investors as either revealing information about deterioration of economic values of assets or undesirable earnings management activities.

目錄
第壹章　緒論	1
第一節　研究背景	1
第二節　研究動機	2
第三節　研究目的	4
第四節　研究架構	5
第五節　研究流程	6
第貳章　文獻探討	7
第一節　我國對三十四號公報之相關規定	7
第二節　我國對三十五號公報之相關規定	9
第三節　資產減損與盈餘管理之相關文獻	12
第四節　資產減損與公司治理之相關文獻	14
第五節　資產減損與市場反應之相關文獻	15
第參章　研究方法	17
第一節　研究假說發展	17
第二節　研究模型與變數定義	19
第三節　研究期間、樣本選取與資料來源	26
第肆章　實證結果與分析	28
第一節　裁決性流動應計項目與資產減損淨額之關聯性	28
第二節　資產減損的市場反應與投資人精明程度之關聯性	42
第三節　敏感性分析	57
第伍章　研究結論、限制與建議	66
第一節　研究結論	66
第二節　研究限制與建議	67
參考文獻	68
中文文獻	68
英文文獻	69

 
圖目錄
圖1　研究流程圖	6
圖2　可回收金額	9
表目錄
表1　樣本篩選過程彙總表	27
表2　裁決性流動應計項目與資產減損淨額之關聯性—敘述性統計	29
表3　公司治理機制下裁決性流動應計項目與資產減損淨額之關聯性－單變量分析	31
表4　裁決性流動應計項目與資產減損淨額之關聯性—PEARSON CORRELATION	33
表5　裁決性流動應計項目與資產減損淨額之關聯性	34
表6　公司治理機制下裁決性流動應計項目與資產減損淨額之關聯性（三年合併）	38
表7　公司治理機制下裁決性流動應計項目與資產減損淨額之關聯性（第一年）	39
表8　公司治理機制下裁決性流動應計項目與資產減損淨額之關聯性（第二年）	40
表9　公司治理機制下裁決性流動應計項目與資產減損淨額之關聯性（第三年）	41
表10　資產減損淨額之市場反應與投資人精明程度之關聯性—敘述性統計	42
表11　資產減損淨額之市場反應與投資人精明程度之關聯性－單變量分析	44
表12　資產減損淨額之市場反應與投資人精明程度之關聯性—PEARSON CORRELATION	47
表13　資產減損與股價報酬間之關聯性	51
表14　資產減損之市場反應與投資人精明程度之關聯性（三年合併）	53
表15　資產減損之市場反應與投資人精明程度之關聯性（第一年）	54
表16　資產減損之市場反應與投資人精明程度之關聯性（第二年）	55
表17　資產減損之市場反應與投資人精明程度之關聯性（第三年）	56
表18　負裁決性流動應計項目與資產減損淨額之關聯性	58
表19　公司治理機制下負裁決性應計項目與資產減損淨額之關聯性（三年合併）	60
表20　公司治理機制下負裁決性應計項目與資產減損淨額之關聯性（第一年）	61
表21　公司治理機制下負裁決性應計項目與資產減損淨額之關聯性（第二年）	62
表22　公司治理機制下負裁決性應計項目與資產減損淨額之關聯性（第三年）	63

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