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財務會計準則第三十五號公報對企業之影響鄧小雅 Unknown Date (has links)
中華民國會計研究發展基金會財務會計準則委員會於2004年7月1日公布第三十五號公報『資產減損之會計處理準則』,對會計年度結束日在2005年12月31日(含)以後之財務報表適用之,但得提前適用。由於三十五公報規定企業需於財務報表日評估資產是否有減損跡象,一旦發現資產價值小於未來可回收金額時,必須認列資產減損,因此,三十五號公報之適用勢必對於企業之會計盈餘、資產帳面價值與股價造成衝擊,是以本研究探討三十五號公報實施後對於股票市場之影響,並進一步瞭解市場對於不同特性企業之反應,以及上市櫃公司適用三十五號公報後之實際資產減損情況與公司特性間之關係。
本研究首先針對三十五號公報推動之背景、制訂過程、主要內容重點及各界對此公報之看法作彙整分析,得到結論為:三十五號公報之目的在於資產真實價值的報導,以提升財務報表資訊品質,因此相關資產鑑價機制應予落實。此外該公報之適用對於公司股價影響應屬短空長多,未來投資人應加強注意容易發生資產減損之公司特性,例如股價淨值比小於1、固定資產比重高或設有境外子公司多者,避免資產減損對於公司獲利之衝擊。
其次,針對三十五號公報對市場之影響,採用事件研究法來探討相關事件訊息對股市漲跌之衝擊,並透過迴歸模型之建構,瞭解不同公司特性對累積異常報酬率之影響,實證結果發現:新聞媒體首次報導三十五號公報之訊息時,對市場會產生負面效應;而公司特性中之『前三年虧損次數』與公司之累積異常報酬率成顯著負相關。
此外,針對公司宣告資產減損對投資人傳達之資訊內涵,實證發現:公司宣告資產減損訊息對公司會產生負面影響,且於2004年年報第四季提前適用三十五號公報之公司宣告認列經會計師簽證之資產減損時,市場會有顯著之負面反應,但於2005年第一季季報準時適用三十五號公報之公司宣告認列未經會計師簽證之資產減損時,市場無顯著之負面反應。
最後,針對上市櫃公司適用三十五號公報後之實際資產減損情況與公司特性間之關係,實證結果發現:
一、前三年虧損次數較多的公司,會選擇提前適用三十五號公報;而折舊性固定資產成長率較高之公司,則傾向準時適用。
二、PBR較低、前三年虧損次數較多,且權益法認列之長投損失較高的公司,認列資產減損之機率較高。
三、固定資產較高、前三年虧損次數較多,且權益法認列之長投損失較高的公司,認列之資產減損金額相對較高。
四、針對有宣告資產減損之樣本公司共計271家分析發現,資產減損金額較高之公司傾向提前適用三十五號公報,而提前適用公報之公司,前三年虧損次數和資產減損金額成顯著正相關;準時實施之公司,前三年虧損次數多者,及固定資產比重偏高者,資產減損金額較高。
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The Impact of SFAS No.35 Application on th Listed Firms' Stock Performance in Taiwan戴思嫻, Tai,Shih-Hsien Unknown Date (has links)
本研究的目的在於探討兩個問題:一、上市公司因應財務會計準則公報第三十五號公報的採用而宣告資產減損,市場的反應是正面的(positive)還是負面的(negative)?亦即,資產減損宣告對公司價值的影響為何?二、投資人對於資產減損宣告會過度反應(over-reaction)還是反應不足(under-reaction)?由於財務會計準則公報第三十五號公報的實施截至目前為止尚不足兩年,本研究對於本課題的研究著重在資產減損宣告和股價的關係突顯了這個課題的獨特性和重要性。本研究係採事件研究法以檢驗台灣上市公司採用財務會計準則公報第三十五號公報對於其股價的表現是否會造成影響。除了全數樣本的分析之外,亦將全數樣本依照減損公司的特性和減損資產的特性分成子樣本;或在事件研究法中傳統的市場模型當中加入利率因素或產業因素兩個控制變數並區分成對金融業和非金融業加以分析——目的在於探討這些分類或因素是不是造成資產減損宣告對股價反應的原因。實證結果發現:一、不論是採用哪一種子樣本的分類方式,市場對資產減損宣告的反應都是負向的;二、和利率因素相比,產業因素比較能解釋資產減損宣告前後的股價反應,且對於金融業或非金融業結論皆然;三、30天期的股價反應顯示,投資人對於資產減損宣告有過度反應的現象,因為在產業分類之下股價在12天至18天左右有迴轉(reversal)的現象。 / The purpose of this paper is to answer two questions: 1. Does the market react positively or negatively to asset write-down announcements? Or, what is the impact of asset impairment on the firm value? 2. Do investors over-react or under-react to asset write-down announcements? Given the recent enforcement of SFAS No.35 about asset write-down, this study supplements the importance of that pronouncement by demonstrating the relation between write-downs and security prices. This study employs the event study methodology to examine the impact of SFAS No.35 on the stock performance of those listed firms (i.e., whose stocks are listed on the Taiwan Stock Exchange) that apply the regulation. Partitions methods based on write-down asset and write-down firm characteristics are adopted. Moreover, two other control variables—industry factor or interest rate factor—are added to the traditional market model for the financial industry and non-financial industries to see if these factors can also explain the market reaction around write-down announcements. The result shows that the market reacts negatively to asset written-down announcement whatever the partition method is adopted. And the industry return is proved to be the better factor that can explain the market reaction than the interest rate factor. The near-term stock performance in the (-30, 30) period shows that investors tend to over-react to write-down announcements, for the stock price signals a reversal after the announcement date.
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商譽減損對我國企業併購會計處理及財務報表價值攸關性之影響 / The Effect of Goodwill Impairment on Accounting for Business Consolidation and Value Relevance of Financial Statements in Taiwan劉兆容 Unknown Date (has links)
我國財務會計準則公報第三十五號「資產減損之會計處理」規定,若有證據顯示相關資產可能發生減損,公司應進行減損測試,並據以認列資產減損損失。若已認列之資產減損已不存在或可能減少時,則可將該損失迴轉,但商譽之減損一經認列,即不得迴轉。本研究之目的在於探討商譽減損會計處理之改變,對於企業併購會計方法之選擇及財務報表會計資訊價值攸關性所造成的影響。
本研究之主要發現如下:(1)第三十五號公報發佈後,被併購公司的潛在商譽愈大,主併公司愈傾向採用權益結合法,以避免認列商譽;(2)企業依照該公報編製財務報表時,資產減損可能淪為其盈餘管理之工具,而導致盈餘對股價之解釋能力降低;以及(3)由於商譽減損損失不能迴轉,投資者認為企業較不會透過該類損失之認列,以進行盈餘管理。 / SFAS No. 35: Accounting for Impairment of Assets, requires that an enterprise should evaluate whether or not there are indications that an asset may be impaired on the balance sheet date. If such an indication exists, an impairment test should be performed to determine and recognize the loss. When there is evidence that an impairment loss recognized in prior years may no longer exist or has been reduced, it may be reversed; however, reversal of impairment loss on goodwill is prohibited. The purpose of this study is to investigate how the change on accounting for goodwill impairment affects the accounting for business consolidations and the value relevance of financial statements.
Our major empirical results are as follows. (1) For the business consolidation occurred after the issuance of SFAS No. 35, the larger the potential goodwill of the acquired firm, the more likely the acquiring firm would adopt the Pooling method to avoid recognizing goodwill. (2) With the adoption of SFAS No. 35, since firms may utilize the Statement as an earnings management device, the value relevance of a firm’s earnings is decreased. (3) From the investors’ viewpoint, an impairment loss on goodwill is less likely to have earnings management effect because such a loss cannot be reversed.
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資產減損報導決定因素及對股價影響之研究吳維珍 Unknown Date (has links)
為了使公司帳面價值符合穩健原則,我國財務會計準則委員會於民國九十三年七月一日公布財務會計準則公報第三十五號 -- 「資產減損之會計處理」。此公報規定當資產之帳面價值高於可回收金額,對於超過的部分即須認列減損損失。本文之目的即在於藉由探討資產減損認列之決定因素,係經濟因素或報導誘因,以瞭解第三十五號公報之實施是否真能達到當初制定之目的,而使公司財報更為透明,更能反映公司的經營績效與價值,而非淪為管理階層盈餘管理之工具。此外,本文亦探討公司資產減損之認列與其股價之關係,以瞭解投資人對資產減損資訊之反應,以及第三十五號公報對市場之影響。
本研究之主要發現如下:(1)國內上市公司認列資產減損之決定因素主要係經濟因素,但亦有藉以平穩其盈餘之現象;以及(2)整體而言,資產減損對股價不具有顯著之影響力,顯示市場對於資產減損並無顯著之反應。但市場對於未提前適用之公司所認列之資產減損,則有顯著之負向反應。 / In July 2004, Financial Accounting Standards Board in Taiwan issued SFAS No. 35: Accounting for Impairment of Assets, to enhance the conservatism in corporate financial statements. SFAS No. 35 requires that when an asset’s book value is lower than its recoverable amount, a company should recognize the difference as an impairment loss. The purpose of this study is to investigate the determinants (economic factors and reporting incentives) of reported impairment losses to evaluate whether SFAS No. 35 achieves its purpose. In addition, this study examines the relationship between reported impairment losses and stock prices to determine the impact of SFAS No. 35 on the capital market investors.
Our empirical results show that economic factors are the main determinants of reported impairment losses of the listed firms in Taiwan. There is also a high association between reported impairment losses and corporate “income smoothing” behavior. Overall, reported impairment losses do not have significant impact on stock prices. However, after excluding the early adopting firms, the capital market reacts negatively to reported impairment losses.
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