资产价值减损之信息内涵与价值攸关之探讨

A Study on the Information Content and Value Relevance of Asset Impairment

本研究主要目的在检视台湾地区第三十五号公报之公布实施与提列资产价值减损（2004年度及2005第一季）之增额信息内涵与对财务报表保守性与攸关性之影响。目前全球之会计准则皆朝向符合保守质量特性并提高财报之价值攸关而努力，由于台湾地区第三十五号公报2006年才强制实施、目前相关研究尚付之阙如，因此本研究以1991年-2005年台湾上市公司为样本，检测三十五号公报之信息内涵与价值攸关，以提供相关政策之制定参考。首先，信息内涵之检测结果显示，资产价值减损信息加入Ohlson Model前后之解释能力提升，代表资产价值减损确实具有增额信息内涵，而以事件研究法讨论对投资者之影响、累积异常报酬为负，显示投资者对资产价值减损为负面之反应，惟并不显着，且并不存在产业间差异。其次，本研究检测三十五号公报之制定与财务报告保守性之关联，实证结果表示台湾地区之会计原则确实逐年趋于保守，尤其自2001年起即呈现负向的盈余市价比率关系，其中2004年更因资产提列价值减损之效应而使盈余市价比更为下滑。因此本研究认为实行三十五号资产价值减损公报后，将使盈余／账面价值更加保守，具有正面之政策意涵。最后，本研究检视三十五号公报之实行是否能提高台湾地区财报之价值攸关性，结果发现，随时间经过台湾地区上市公司之财报攸关性逐年下降，但下降的幅度逐年递减，此表示台湾地区致力于财报规范的努力仍有一定之成果，而Ohlson Model加入减损因子前后之解释能力亦提高1.6％，因此本研究认为三十五号公报之实施确实提供相当程度之攸关性，具正面之意义。

This research examines the incremental information content, conservatism, and value relevance of recognizing assets impairment （The first quarter of year 2005 and 2004） with Taiwan＇s SFAS .No.35. At the moment, the global accounting principles are towards conservative quality and also to enhance value relevance of financial statements with effort. Due to the late enforcement of applying from SFAS No.35 in 2006, the related researches are still lack of information. Therefore the samples of this research are based on the listed companies from 1991-2005 in Taiwan, to examine the information content and value relevance of No.35 to provide reference of related policies. First, the results show the explanatory power increases after adding the information of the assets impairment in Ohlson Model. It represents the event of assets impairment has incremental information content. The CAR in the event study is negative, which shows the investors consider the assets impairment as bad news, but are not significant and do not exist industrial effects. Second, we examine the relations between conservatism of financial statements and adopting SFAS No.35. The evidences show that the accounting principles in Taiwan are tending towards conservative each year, especially earning/priee ratio appeared negative since year 2001, and in year 2004 the effect of the assets impairment made EP ratio lower than ever. Therefore, we think that to adopt SFAS NO.35 will let earnings/book value more conservative, and more positive economic consequences. Finally, we examine the value relevance of carrying out SPAS NO.35, and find out the value relevance of financial statements are declining each year, but the declining magnitude is decreasing gradually every year. It means that the efforts of the devotion in financial statements have been paid off. Therefore we think that SFAS No.35 truly provide value relevance in certain degrees.