我國實施三十五號財務會計準則公報是一值得肯定的進程，雖然從歷史成本原則走向公平價值能提高財務報表的攸關性，但卻失去保守穩健的可靠性。許多研究已指出企業財務報導的盈餘空間更易受到影響，因此，資產減損的評估，在其辨識項目的適切性、減損金額認列的適足性、減損模型及相關參數的合理性等，均是影響資產減損的重要因素，惟受到資料取得不易的限制，欲深入研究探討並不容易。 本研究針對資產減損之折現率進行個案探討，發現折現率的組成受到公司財務槓桿及舉債成本的影響外，權益的資金成本內容具有主觀的判斷，而個別公司自身的股價資料並不見得是合理的參數來源，評估過程適時代換以產業資料可能是更適切的選擇，更符合機會成本的概念。在相關風險的評估上，因涉及評估不易，除了要具備專業及經驗的判斷外，在應用上必須兼顧合理性與客觀性，兼輔以合理的證據，否則，資產減損可能成為管理階層操縱財務報導的工具。

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。

我國財務會計準則公報第三十五號「資產減損之會計處理準則」於民國93年7月1日發布，目的使財務報表更能真實地表達企業的真實價值，提升財務報表的品質。然而，在企業判斷是否發生減損情形時，對於可回收金額的決定，其使用價值的評估，為管理當局主觀的判斷與估計，且對於資產之公平價值目前沒有一套完整之鑑價機制，使35號公報的發布造成管理當局對於可回收金額之決定擁有許多自由裁量權，管理當局提列資產減損之金額可能存在著盈餘管理的動機。 本研究之實證結果發現：一、實施35號公報之公司，資產減損金額之認列可能存在著盈餘管理之動機。二、企業之監察人成員中，外部監察人席次之比例越高者；以及會計師獨立性越高者，越可減緩管理當局藉資產減損進行盈餘管理之動機。 因此，企業應提升監察人成員中，外部監察人席次之比例以及會計師應提升其獨立性，並維持其客觀性，監督管理當局真實報導資產減損之金額，達成35號公報原始之目的，使財務報表能真實地表達企業的真實價值。

我國財務會計準則委員會於2004年7月1日發佈財務會計準則第35號公報《資產減損之會計處理準則》，此號公報允許公司可選擇於2004年提前認列資產減損，且公司擁有認列資產減損金額之裁量權。當公司擁有認列資產減損時點與金額的裁量權時，資產減損之認列可能成為一項新的盈餘管理工具。由於我國公司的代理問題是起因於控制股東剝削外部股東之財富，故本研究擬探討控制股東之股權結構與公司提前認列資產減損之關聯性。 / 本研究以2004年年報與2005年第一季季報宣告資產減損的上市櫃公司為研究對象。研究目的有三，首先探討控制股東之控制權偏離現金流量權引發的代理問題，是否會影響公司提前認列資產減損的可能性與金額。其次探討公司的控制股東持股質押的現象，是否會加深公司的代理問題，因而影響公司提前認列資產減損的可能性與認列減損的金額。最後本研究將探討市場對於宣告資產減損資訊的反應，是否會受到公司治理結構不同所影響。 / 研究結果發現，控制股東之控制權偏離現金流量權幅度愈大的公司，提前認列資產減損的可能性愈大，但是與提前認列資產減損的金額無顯著的關聯性。其次，控制股東有持股質押的公司，提前認列資產減損的可能性與金額皆愈大。最後，本研究並未發現股票市場對於不同公司治理結構的公司宣告資產減損的訊息有不同的反應。 / Statement of Financial Accounting Standards (SFAS) No.35 “Accounting for Assets Impairments” was released on July first of 2004. The provision of this Statement should be effective for quarterly financial statements ending on or after first quarter of 2005, but earlier application on the forth quarter of 2004 is encouraged. In Taiwan, the agency problem arises from the divergence between controlling owner’ voting right and cash flow right. Thus the regulation on the early adoption provides controlling owner with stronger incentive to manage reported earnings by manipulating the recognition timing and amount of write-off of impaired assets. / The primary objective of this paper is examine the association ownership structures, measured as the control divergence and the percentage of collateralized stock by controlling owners, and the likelihood of the early adoption of SFAS No. 35 and amount of assets impairments. Second, we further examine whether market valuation on assets impairment systematically varies depending on the agency problem level. / The results show that, as predicted, firms with greater control divergence and greater percentage of collateralized stock by controlling owners are more likely to early recognize impartment of assts. In addition, we find that the amount of asset impairment is associated with the percentage of collateralized stock by controlling owners, as predicted, but is not related to the control divergence. Finally, contrary to our prediction, we find no evidence that the market reaction to the announcement of asset impairments is significantly associated with the corporate governance structures.

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.

我國財務會計準則公報第三十五號「資產減損之會計處理準則」於2004年7月1日發布，其目的在於使財務報表更能真實地反映企業的真實價值，提升財務報表的品質。然而，35號公報之相關規定賦予管理當局許多自由裁量權，導致管理當局認列資產減損或迴轉利益時可能存在著盈餘管理的動機。 本研究以2006到2008年台灣上市櫃公司為樣本，探討企業提列資產減損損失、迴轉利益與盈餘管理之關聯性。本研究實證結果發現，管理當局提列資產減損金額會受到洗大澡及盈餘平穩化之盈餘管理動機之影響；而管理當局會藉由認列資產減損迴轉利益，以膨脹本身盈餘達到盈餘管理的目的。本研究亦發現，當外國機構投資人持股比例與董事及監察人持股比例越高時，公司認列資產減損或迴轉金額越小。當控制股東之控制權與現金流量權偏離幅度越大時，公司認列資產減損或迴轉金額越大。 / In order to reflect the real value of the company and increase financial statements quality, Accounting Research and Development Foundation in Taiwan issued Statement No.35, “Accounting for the impairment of assets” in July 2004. But parts of SFAS No.35 provide some discretion. As a result, management might have the earnings management incentive through recognizing impairment loss or gain on reversal of impairment loss. The research focuses on the association among impairment loss, gain on reversal of impairment loss and earnings management. The sample period is from year 2006 to year 2008. The empirical result shows that the recognition of impairment loss will be affected by the earnings management incentive. Besides, management will use the reversal of assets impairment to enhance company's profitability. The research also finds that the more foreign investor's holding rate and directors' holding rate, the less asset impairment loss or gain on reversal of impairment loss recognized. Finally, the more deviation between final controlling holder's controlling right and cash flow right, the more asset impairment loss or gain on reversal of impairment loss recognized.

由於資產的減損會大幅影響會計盈餘與資產價值，且一般公認會計原則給予公司管理階層在資產減損的處理上有很大的彈性，因此長久以來，長期性資產減損的議題都吸引著經理人、會計資訊使用者、媒體、政府規範單位以及學術界的注意。美國財務會計準則委員會在2001年10月發佈了財務會計準則第142號與第144號公報來修正原本規範長期性資產減損的第121號公報，其中第144號公報主要規範的資產類別為非商譽類的長期性資產減損會計處理。雖然144號公報施行至今已有數年的時間，但與144號公報相關的實證研究極少，因此本文將時序拉回公司採用144號公報的首年度，分析公司認列長期性資產減損的決定性因素以及股票市場對公司資產減損宣告的反應。 在公司認列長期性資產減損的決定性因素方面，實證分析結果顯示公司長期性資產減損之金額會受到公司之經濟因素（股票報酬、資產報酬率成長率）以及報導動機（總資產、盈餘平穩化、經理人變動）影響，由此可知公司認列資產減損的行為與動機除了包含144號公報內所規範的經濟因素外，尚包括傳統盈餘管理理論中所提出的報導動機。 而在分析股票市場對公司資產減損宣告反應的研究中，先前的研究均是假設市場上對於資產減損的認列為非預期的，然而市場上對於資產減損損失的認列並非全然皆為非預期的，投資人亦有可能透過公開資訊的蒐集以及理性分析後會將預期資產減損損失考慮在投資策略中；因此本文利用迴歸模型預測，將長期性資產減損分為投資人預期與非預期兩種類型進行分析，以分別探討投資人對預期與非預期的資產減損宣告有何不同的反應。實證結果顯示，不論資產減損是否被投資人預期，股票市場對於資產減損的消息並沒有顯著反應。

強制報導資產減損的目的為希冀企業能夠真實反映出資產的公平價值，使會計資訊能夠有更完整的報導。 本研究探討的主題一為上市公司選擇適用三十五號財務會計準則公報之時點是否會受到管理階層之盈餘管理動機與公司特性所影響。實證結果顯示，當上市公司有未預期的負營運績效時，管理階層會自願提前認列資產減損來達到洗大澡的目的，而一旦提前適用三十五號財務會計準則公報時，管理階層也會同時選擇認列鉅額的資產減損比例來達成盈餘管理的目的，與釋放潛在獲利改善的訊息給投資大眾。 本研究探討的主題二為上市公司認列資產減損金額比率是否會受到管理階層之盈餘管理動機與公司特性之影響。實證結果顯示，上市公司認列減損金額時，除受到管理階層洗大澡動機的影響外，也會將公司本身之固定資產比率、負債比率與公司規模等公司特性列入考量，而非只是單純的應公報要求認列資產減損而認列損失。 與三十五號財務會計準則公報的本意相反，實證結果顯示資產減損的報導在強制認列之後，似乎未使財務報表的品質提升，反映出企業的真實價值，而是給予經理人更多空間與誘因操縱盈餘。 / Accounting Research and Development Foundation in Taiwan (the Accounting Standards Setting Body in Taiwan) issued Statement Financial Accounting Standards No.35, “Accounting for the Impairment of Assets”on July 2004. Prior to SFAS No.35, accounting for assets impairment often remains room for substantial judgments and estimates without any specific regulation. The new statement was issued primarily to establish guidelines to recognize impairment of assets that reflects more true value of the enterprises. The statement was effective for fiscal year 2005. The board encouraged early application of the standard. The purposes of this research are to find out (i) if companies manage earnings by adopting SFAS No.35 earlier and what characteristics of firms will tend to adopt it earlier, and (ii) when a company recognizes impairment of assets, does the amount of the impairment affected by the motivation for earnings management of other characteristics of the company. The empirical analysis reveals “taking a big bath” of earnings management behavior and the growth of fix assets are the factors influencing the decision of early adoption of the accounting standard. Another empirical result suggests that when companies have higher unexpected losses, they tend to recognize large amount of impairment loss to improve the quality of the earnings in the future. Companies that chose to adopt SFAS No.35 earlier appeal to have a great amount of impairment loss too. Finally, the characteristics of companies such as high fixed assets ratio, high debt ratio, and small size are also the factors leading to the recognition of a larger amount of impairment loss.

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.

國內35號會計準則公報的實施是會計從歷史成本原則走向公平價值之重要里程碑，在新公報提高財務報表攸關性之同時，卻可能因放棄可靠性而增大企業報導盈餘的空間。是以實施35號公報對企業財務與營運面資訊揭露上之影響，除資產減損認列項目的正確性，認列金額的適足性，相關揭露報導的適當性外，影響資產減損的因素，以及是否具有公司或產業差異性等，均為值得深入探討的議題。 本論文以2004年報及2005年半年報為研究期間，針對資產減損之認列內容是否符合35號公報之規範內容，本研究發現國內上市櫃公司，將原來規範在1號或5號公報、後來納入35號公報受評之資產，在研究期間內認列並報導的資產減損損失合計約為新台幣203億元，分析結果隱喻國內上市櫃公司在適用35號公報時，確有存在不當認列之可能。本研究同時發現在財務報告資訊品質方面存在財務報告附註揭露「會計變動理由及其影響數」以及會計師查核意見書未對適用35號公報予以適當揭露者計有163家；以及母子公司適用35號公報之時點不同者。 至於認列資產減損金額之決定因素，本研究之實證結果發現，企業認列資產減損之大小受獲利能力、經營績效以及資產使用效能等企業營運因素之影響。在企業特性方面，本研究發現負債比例愈高及企業信用風險愈差之企業，其資產減損金額愈大。規模愈大之公司，認列之資產減損愈小；以及資訊電子業者認列顯著較高之資產減損金額。由於企業在適用35號公報上保有彈性判斷之空間，因此本研究發現企業認列資產減損之大小受到企業本身承受能力及洗大澡動機之影響，隱喻35號公報可能是管理當局可以操弄盈餘之工具之ㄧ。 / The implementation of new accounting standard (SFAS No.35) on assets impaired is a milestone of moving from historical cost principle towards fair value principle. As SFAS No. 35 may enhance the relevance of financial information at the cost of reliability, there exists the flexibility of reported earnings through the new communiqué. Based on the importance of the SFAS No.35 on a company’s financial and operational reporting, this thesis investigate the accuracy and adequateness of asset impairment, the appropriateness of reporting and disclosures of asset impairment, the determinants of asset impairment and the characteristics across industry are worth studying into thoroughly. With the topic of the contents of asset impairment in compliance with SFAS No.35, this study finds that the listed companies in Taiwan recognized and reported as asset impairment in the amount of NT $88,094 million for the study period from December, 2004 to June, 2005, of which approximately amounted to NT $20,300 million should be periodically evaluated in accordance with SFAS No.1 or SFAS No.5 before adoption of SFAS No.35. As a result, it metaphors listed company in Taiwan to use SFAS No.35 as an excuse for written off asset value. We explored the accuracy of asset impairment loss and the appropriateness of reporting for asset impairment for listed companies in Taiwan. When analyzing the reporting quality, we found that there were 163 financial reports of listed companies in Taiwan without footnote of “Accounting change and its effect” or explanationary paragraph for accounting change in auditors’ opinion for the study period from December, 2004 to June, 2005. In addition, we also found that four companies within two consolidated group started to adopt SFAS No.35 at the different timing against the rule of consistency on the adoption of accounting principle among consolidated entities. We explored the determinants of asset impairment for the listed companies in Taiwan for the period from December, 2004 to June, 2005. Our empirical results show the following: (1) The size of asset impairment is associated with operational factors such as profitability, operational performance and effectiveness of asset utilization;(2) In the perspective of company characteristic, the size of asset impairment is associated with the debt ratio and worse credit risk ;(3) The bigger company recognized the smaller impairment loss . Compared to other industries ( excluded financial institutions and securities),the huge impairment had been recognized in electronic industry .Since the evaluation of asset value involved a lot of professional judgments , we found that the size of impairment loss was associated with the management reporting motivation and capability to afford such losses . It metaphors that the SFAS No. is one of the vehicle of earning smoothing to be used.