Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/34225
|
| Title: | 資產減損會計揭露準則之實證研究
An Empirical Research on Accounting Disclosure Standards of Asset Impairment |
| Authors: | 余駿展
Yu,Jiun Jan |
| Contributors: | 蘇瓜藤
余駿展
Yu,Jiun Jan |
| Keywords: | 資產減損
揭露
資訊不對稱
Asset impairment
Disclosure
Information asymmetry |
| Date: | 2006 |
| Issue Date: | 2009-09-18 09:03:32 (UTC+8) |
| Abstract: | 為加速與國際會計準則接軌，我國財務會計準則委員會於民國93年7月1日發布財務會計準則公報第35號「資產減損之會計處理準則」，並規定得於93年度提前適用。本研究由揭露的角度切入，研究提前適用35號公報之公司，其揭露資產減損資訊數量與代表資訊不對稱變數 (分析師預測錯誤、個股交易量以及股票報酬標準差)間之關聯，以及資產減損揭露降低資訊不對稱之效果，是否會受到管理當局盈餘管理以及經營風險所影響。為衡量揭露資訊之充分性，本研究參考Botosan (1997)與Guo et al. (2004)，自行建構揭露評分項目與評分表，並以迴歸分析來檢定資產減損揭露數量與代表資訊不對稱之替代變數間的關連性。
研究結果顯示，在控制了減損金額後，公司所揭露的資產減損資訊確實具備增額資訊內涵，能降低分析師對未來一年每股盈餘的預測錯誤；然而，有進行「洗大澡」盈餘管理行為之公司，其資產減損揭露資訊降低資訊不對稱效果並未受影響。
另外，電子業以及研發支出佔營業收入淨額比例較高公司，其資產減損揭露資訊則較非電子業及研發支出佔營業收入淨額比例較低公司更能顯著提升個股交易週轉率；然而，公司所揭露之資產減損資訊，卻無法顯著降低股票報酬標準差。本研究另發現相較於研發支出佔營業收入淨額比率，產業別是衡量公司風險較佳之替代變數。
就資產減損揭露資訊的評分結果而言，本研究發現三個現象。第一為有分析師盈餘預測的公司，其資產減損資訊揭露分數與無分析師預測之公司並無顯著差異，此現象可能代表了分析師在決定是否針對特定公司宣告盈餘預測資訊時，資產減損揭露資訊並非決定性因素。第二為提前適用35號公報之公司，其揭露分數就整體而言是偏低的。第三為整體揭露較透明之公司，其資產減損揭露資訊並未顯著優於整體揭露較不透明的公司。
To harmonize faster with international accounting standards, the Financial Accounting Standards Board of Taiwan issued Financial Accounting Standards No. 35, “Accounting for Asset Impairment” on July 1, 2004, and allowed early adoption. This paper examines the relations between the disclosure quantity-level of asset impairment and proxy variables (financial analysts’ earnings forecast error, trading volume and standard deviation of stock return) of information asymmetry, for the companies which adopted Financial Accounting Standards No. 35 early. In addition, this paper examines whether earnings management or operating risks of company has impact on the effect of reducing information asymmetry. In order to effectively measure the disclosure quantity-level of asset impairment, this paper follows the methods of Botosan (1997) and Guo et al. (2004) to construct a tailor-made disclosure index, and then uses multiple regression models to test the hypotheses.
After controlling the dollar amount of asset impairment, this paper finds significant positive relation between the disclosure quantity-level of asset impairment and earnings forecast error. This finding indicates that disclosure of asset impairment has incremental information content to reduce information asymmetry. However, that effect of reducing information asymmetry is not significant for probable candidate companies of earnings management.
Within the same disclosure quantity-level, companies in the electronics industry and companies with a higher R&D expenditure to net operating revenue ratio have more stock trading volume than those in non-electronics and those with a lower R&D expenditure ratio, respectively. This paper cannot verify the expected sign between disclosure quantity-level of asset impairment and standard deviation of stock return. This paper also finds that industry, as a proxy variable, is more suitable to represent risk of company than R&D ratio.
As to the asset impairment disclosure index, this paper finds three phenomena. First, companies with at least one financial analyst following do not have higher disclosure scores than those with no financial analyst following. Secondly, asset impairment disclosure scores are low in average. Thirdly, there is no positive relation between the total disclosure level and asset impairment disclosure scores. |
| Reference: | 王瑄與杜榮瑞，2005a，企業資訊揭露之決定因素與效應(上)，會計研究月刊，第237期(8月)：64-67。
，2005b，企業資訊揭露之決定因素與效應(下)，會計研究月刊，第238期(9月)：95-99。
吳清在與謝宛庭，2005，認列資產減損時點與金額之決定因素及其市場反應，2005會計理論與實務研討會，台灣大學會計系。
吳啟銘，2001，企業評價 : 個案實證分析，台北：智勝文化。
金成隆、林修葳與林美鳳，2002，新上市公司股價異常漲跌與財務預測關係之研究，會計評論，第40期：31-56。
林有志與廖宜鋒，2005，公司提前採用資產減損公報之盈餘管理動機，2005會計理論與實務研討會，台灣大學會計系。
林崇善，2004，投資人對分析師預測修正之市場反應：以委託單流量資料分析
資訊揭露程度與資金成本關係之實證研究，中正大學會計學系碩士論文。
范宏書與陳慶隆，2006，第35號財務會計準則公報的自願性提前適用對帳面價值與盈餘價值攸關性之影響，2006台灣財務金融學會年會暨財務金融保險不動產學術研討會。
財團法人中華民國會計研究發展基金會，2004，財務會計準則公報第35號「資產減損之會計處理準則」，台北：財務會計準則委員會。
莊尚志，2003，資訊揭露程度與資金成本關係之實證研究，東吳大學會計學系碩士論文。
莊蕎安，2005，專訪財務會計準則委員會主任委員杜榮瑞談三大新修訂公報－其精神與影響，會計研究月刊，第232期(3月): 42-43。
陳北緯，1995，台灣地區上市公司財務預測宣告前後股票價差行為之研究，中正大學會計學系碩士論文。
張窈菱與林美花，2005，我國企業年報揭露程度與分析師盈餘預測關係之研究，2005會計理論與實務研討會，台灣大學會計系。
黃雅瑋，2004，盈餘宣告對價量、買賣價差之影響，東海大學會計系碩士論文。
經濟日報，2006.4.5.，我資訊揭露程度待加強，A-13版。
鄭丁旺，2004，中級會計學(上)：自刊本。
潘家娟，2005，資產，「檢」損？資產減損會計處理實務與評價之介紹，台北：
勤業國際財務顧問公司。
顏信輝與丁緯，2006a，三十五號公報對企業年度報表之分析─由九十三年年報分析(上)，會計研究月刊，第242期(1月)：98-104。
，2006b，三十五號公報對企業年度報表之分析─由九十三年年報
分析(下)，會計研究月刊，第243期(2月)：86-91。
謝劍平，2004，財務管理，台北：智勝文化事業有限公司。
Aboody, D., and B. Lev. 1998. The value relevance of intangibles: The case of
software capitalization. Journal of Accounting Research 36 (Supplement): 161-191.
Akerlof, G. 1970. The market for `lemons`: Quality uncertainty and the market mechanism. Quarterly Journal of Economics 90: 629-650.
Amihud, Y., and H. Mendelson. 1980. Dealership market: Market making with inventory. Journal of Financial Economics 8: 31-53.
Amihud, Y., and H. Mendelson. 1986. Asset pricing and the bid ask spread. Journal of Financial Economics 17: 223-249.
Ball, R., A. Robin, and J. Wu. 2003. Incentives versus standards: Properties of accounting income in four east Asian countries. Journal of Accounting and Economics 36：235-270.
Ball, R. 2001. Infrastructure requirements for an economically efficient system of public financial reporting and disclosure. Brookings-Wharton Papers on
Financial Services: 127-169.
Barry, C. B., and S. J. Brown. 1984. Differential information and the small firm effect. Journal of Financial Economics 13: 283-295.
Barry, C. B., and S. J. Brown. 1985. Differential information and security market equilibrium. Journal of Financial and Quantitative Analysis 20: 407-422.
Barry, C. B., and S. J. Brown. 1986. Limited information as a source of risk. The Journal of Portfolio Management: 66-72.
Botosan, C. 1997. Disclosure level and the cost of equity capital. The Accounting Review (July): 323-349.
Botosan, C. A., and M. A. Plumlee. 2000. A re-examination of disclosure level and expected cost of capital. Journal of Accounting Research 40: 21-40.
Bushee, B., and C. Noe. 2000. Disclosure quality, institutional investors, and stock return volitility. Journal of Accounting Research Supplement : 171-202.
Callahan, C. M., C. M. C. Lee, and T. L. Yohn. 1997. Accounting information and bid-ask spreads. Accounting Horizons 11: 50-60.
Copeland, T., and D. Galai. 1983. Information effects on the bid-ask spread. The Journal of Finance (December): 1457-1469.
Diamond, D. W., and R. E. Verrecchia. 1991. Disclosure, liquidity, and the cost of capital. The Journal of Finance 46 (4): 1325-1359.
Financial Accounting Standards Board. 1980. Qualitative Characteristics of Accounting Information (Statement of Financial Accounting Concepts No.2). Norwalk, CT: FASB.
French, K., and R. Roll. 1986. Stock return variance: The arrival of information and the reaction of traders. Journal of Financial Economics 17: 5-26.
Glosten, L., and P. Milgrom. 1985. Bid, ask, and transaction price in a specialist market with heterogeneously informed traders. Journal of Financial Economics 14: 71-100.
Greenstein, M., and H. Sami. 1994. The impact of SEC’s segment disclosure requirement on bid-ask spreads. The Accounting Review 69: 179-199.
Guo, R., B. Lev, and N. Zhou. 2004. Competitive cost of disclosure by biotech IPOs. Journal of Accounting Research 42: 161-191.
Healy, P. M., and K. G. Palepu. 1993. The effect of firms` financial disclosure strategies on stock prices. Accounting Horizons 7: 1-11.
Healy, P. M., and K. G. Palepu. 1995. The challenges of investor communications: The case of CUC International, Inc.. Journal of Financial Economics 38: 111-141.
Healy, P. M., A. P. Hutton, and K. G. Palepu. 1999. Stock performance and intermediation changes surrounding sustained increased in disclosure. Contemporary Accounting Research 16: 485-520.
Healy, P. M., and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital market: A review of the empirical literature. Journal of Accounting and Economics 31: 405-440.
IAS. 2001. IAS NO.36: Impairment of Assets. International Accounting Standards Committee.
Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics 3: 305-360.
Kim, O. and R. Verrecchia. 1994. Market liquidity and volume around earnings announcements. Journal of Accounting & Economics 17: 41-68.
Kirschenheiter, M. and N. Melumad. 2002. Can “big bath” and earnings smoothing co-exist as equilibrium financial reporting strategies? Journal of Accounting Research 40: 761-796.
Lang, M., and R. Lundholm. 1993. Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research 31: 246-271.
Lang, M., and R. Lundholm. 1996. Corporate disclosure policy and analyst behavior. The Accounting Review 71: 467-493.
Leslie, D. 1985. Materiality: The concepts and its application to auditing. Toronto, Canada: Canadian Institute of Chartered Accountants.
Leuz, C., and R. Verrecchia. 2000. The economic consequence of increased disclosure. Journal of Accounting Research 38 (Supplement): 91-135.
Lev, B. 1988. Toward a theory of equitable and efficient accounting policy. The Accounting Review (January): 1-22.
Marcus, B., and S. Wallace. 1991. Competing in the new capital markets: Investor relations strategies for the 1990s. New York, NY: Harper Business.
Myers, S., and N. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13: 187-222.
Riedl, E. J. 2004. An examination of long-lived asset impairments. The AccountingReview 79 (July): 823-852.
Securities and Exchange Commission. 1999. Materiality (SEC Staff Accounting Bulletin NO.99). Washinton, DC: SEC.
SRI International. 1987. Investor information needs and the annual report. Morristown, NJ: Financial Executives Research Foundation.
Stoll, H. 1978. The pricing of security dealer services: An empirical study of NASDAQ stocks. Journal of Finance 33: 1153-1172.
Verrecchia, R. 2001. Essays on disclosure. Journal of Accounting and Economics 32: 179-194.
Welker, M. 1995. Disclosure policy, information asymmetry and liquidity in equity markets. Contemporary Accounting Research (Spring): 801-827.
White, H. 1980. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 48: 817-838. |
| Description: | 碩士
國立政治大學
會計研究所
93353024
95 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0093353024 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
