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    题名: 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
    作者: 余駿展
    Yu,Jiun Jan
    贡献者: 蘇瓜藤
    余駿展
    Yu,Jiun Jan
    关键词: 資產減損
    揭露
    資訊不對稱
    Asset impairment
    Disclosure
    Information asymmetry
    日期: 2006
    上传时间: 2009-09-18 09:03:32 (UTC+8)
    摘要: 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.
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