資產減損之決定因素、放空行為與公司價值

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题名:	資產減損之決定因素、放空行為與公司價值
其它题名:	Determinants of Asset Impairment, Short Sell Behavior and Company Value
作者:	賴淑伶 Lai, Shu-Ling
贡献者:	蕭慧玲 Shiao, Huey-Ling 東海大學企業管理學系碩士班
关键词:	;資產減損;35號公報;洗大澡;盈餘平穩化;異常融券餘額 Asset impairment, Taiwan Accounting Standard Statement NO.35, Big bath, Earning smoothing、Abnormal short interest.
日期:	2006
上传时间:	2011-04-15T01:31:39Z (UTC)
摘要:	為了與國際會計準則接軌並提升我國財務報表品質，我國財務會計準則委員會參考國際會計準則36號公報，訂定財務會計準則公報第35號「資產減損之會計處理準則」。於民國九十三年七月一日公布，並對會計結束日於九十四年度十二月三十一日(含)以後之財務報表適用之。實施35號公報可能會影響公司之盈餘、資產價值以及股價。本文探討台灣上市櫃公司認列資產減損之決定因素、放空行為以及公司價值。本文首先探討影響認列資產減損之決定因素，實證結果發現，認列資產減損的公司其管理者異動愈頻繁，而進一步檢視影響公司認列資產減損時點之因素，結果發現，提前認列資產減損之公司其股票報酬較佳且公司規模較大，但並未顯著受管理動機之影響。此外，並探討公司認列資產減損損失金額之決定因素，結果發現，當受到市場肯定時，公司可能較有信心，因此所認列之減損金額愈大，且減損金額亦受管理者異動、洗大澡之管理動機所影響。其次，本文檢視減損消息宣告之放空行為，實證結果發現，在公司宣告提前或準時適用35號公報前，累積異常融券餘額為正，但未達統計上的顯著水準。本文推論放空行為不顯著的原因可能是由於當提前認列減損損失的幾家公司被列入內線交易之嫌時，對其它公司而言，同時也有警剔作用，因此減少認列減損損失的公司藉由信用交易來賺取個人本身的超額報酬。最後，本文分別以短窗期之事件研究法以及長窗期之關連性研究，探討資產減損對公司價值的影響，實證結果發現對於有認列資產減損損失之公司而言，股票累積異常報酬與平減後之減損金額顯著負相關，對於2004年年報提前適用35號公報的公司而言，股票累積異常報酬與經平減後之減損損失呈負相關但未達顯著水準，文本推論不顯著之原因為投資人認為該公司認列減損損失是提前實質反應公司資產價值受損情況，並且揭露與傳遞某些有用的資訊給投資人；對於在2005年年報準時適用35號公報的公司，股票之累積異常報酬與除以總資產之減損損失呈顯著負向關係，表示投資者對於可選擇提前認列而未提前的公司，會給予負評價，此外，進一步以長窗期來檢視時，資產減損不論在市場模式或報酬模式中均未有顯著之負向解釋力，意即資產減損與股票報酬並不具長期關連性。 In order to improve the quality and connect with the international accounting principles, Taiwan Financial Accounting Standards Committee issued Statement NO.35, Accounting for the impairment of assets, based on IAS Statement NO.36. It was announced on June 1, 2004 and it is applicable for all the financial statements that generated after Dec. 31, 2005. The implement of Statement No. 35 might have effect on company earning, asset value and stock price. This thesis gives a solid discussion about Taiwan listed firms’ short-sell behavior, companies’ value and the critical factors that influence Asset Impairment recognition.First of all, this thesis discusses determinants of asset impairment recognition. According to the empirical researches, there is a frequent career move of senior managers in companies that recognize asset impairment. The further research indicates that companies recognizing asset impairment losses earlier enjoy higher rate of return and have larger scale. However, they do not remarkably affected by the managerial motivation. In addition, this thesis also discusses determinants of asset impairment amount. The result points out that, while the market is approvable, companies are much more confident to recognize higher amount of asset impairment. Moreover, the managerial motivation of changes in management and the big bath both have substantial impact on the recognized amount of asset impairment.Besides, this thesis also reviews the short-sell behavior while companies release information about asset impairment. The outcome shows that before or on the announcement day, the remaining amount of accumulative abnormal short interest is positive, but the amount has not reached the statistic significant level. This thesis infers that the reason of insignificant outcome is that when some companies are inspected because of improper advanced asset impairment recognition and suspected of insider trading, other companies would become more cautious about this issue. Therefore, companies recognizing asset impairment would not be active to take advantage of credit trading.The last part of this thesis discusses that how asset impairment’s affects company value based on event study and association study. The evidence indicates that, to companies recognizing asset impairment losses, there is a negative relationship between the accumulative abnormal returns and the amount of assets impairment losses deflated by total assets. Before 2004, data from companies applicable to Statement NO.35 showed a negative relationship between the accumulative abnormal returns and the amount of assets impairment losses deflated by total assets, however, which has not reached significant level. This thesis also states that the reason of insignificant outcome is that the advanced asset impairment adoption implies companies’ substantial losses in assets and discloses or passes some useful information to investors. To companies applicable to Statement NO.35 in 2005, the relationship between the accumulative abnormal returns and the amount of assets impairment losses deflated by total assets is negative, which means that investors would give a negative attitude over those companies who could chose to recognize asset impairment in advanced. Additionally, when reviewing it by long window, we could find out that asset impairment does not have significant negative interpretation ability in both market model or return model. Which indicates that asset impairment and stock return do not have long-term correlation.
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