Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/36903
|
| Title: | 資產減損對股價反應、分析師預測及本益比影響之研究
An Empirical Study of the Impacts of Asset Impairments on Market Reaction, Analysts’ Forecast and Price Earnings Ratios |
| Authors: | 黃美珠
Huang, Mei-Chu |
| Contributors: | 陳明進
Chen, Ming-Chin
黃美珠
Huang, Mei-Chu |
| Keywords: | 資產減損
資訊透明度
股價反應幅度
分析師盈餘預測
本益比
Asset write-offs
Information transparency
Magnitudes of market reactions to write-off
Analysts’ earnings forecast
Price/earnings ratios |
| Date: | 2006 |
| Issue Date: | 2009-09-18 20:06:04 (UTC+8) |
| Abstract: | 本研究探討我國於2004年發佈之第35號財務會計準則公報，有關『資產減損之會計處理準則』。35號公報要求企業必須評估公司資產之價值，以避免資產價值之虛列，增加資產價值資訊之透明度。本研究就公開資訊之揭露與資訊透明度的觀點，探討與資產減損有關的三項議題：(1)資產減損之股價反應幅度與公司特質及減損資產類別的關聯性；(2)資產減損對分析師盈餘預測特性之影響；(3)資產減損對本益比之影響。本文之研究結果顯示：(1)對於提前於2004年年報適用的樣本與準時於2005年第一季季報適用的樣本，公司特質變數與股價反應幅度的關聯性有不同；而減損資產類別變數與股價反應幅度則未有顯著之關係；(2)相較於同產業且資產總額接近之未宣告認列資產減損的控制組公司，宣告認列資產減損之公司，其分析師盈餘預測之離散性與預測誤差降低；並且公司揭露認列的減損比率愈大，其分析師間盈餘預測的離散性及預測誤差愈小；(3)在與同產業且資產總額接近之未宣告認列資產減損之控制組公司相較下，宣告認列資產減損之公司，其減損認列後的本益比較減損認列前的期間為高，且認列減損之比率愈大者，其認列減損之後的本益比愈高。這些結果顯示35號公報之公布實施，強制規定公司全面檢視資產或重大投資之潛在未實現損失，將有助於增加資產及盈餘資訊之透明度與穩健性，並提高了分析師對公司盈餘預測能力及市場對公司盈餘資訊之評價。
This paper studies the effects of the implementation of Statement on Financial Accounting Standards (hereafter, SFAS No. 35) in 2004 on “Accounting for Asset Impairments”. SFAS No. 35 requires that the company has to assess its assets to reflect the potential unrealized losses of assets and improve the transparency of the value of assets in financial statements. From the viewpoints of the disclosure on public information and the transparency of financial statements, this study examines the following three issues related to the asset write-offs: (a) how is the association between the magnitude of market reaction to write-off announcements, firms’ characteristic, and the categories of the asset written-off? (b) what is the impact of asset write-offs on analysts’ forecast dispersion and errors? (c) what is the impact of asset write-offs on price/earnings ratios? The results show that the magnitudes of market reaction in the early adoption samples in 2004 financial statements are different from that in the timely adoption samples in first quarter of 2005’s financial statement. However, The magnitudes of market reactions to the write-off are not significantly associated with categories of asset written-off. Furthermore, compared to control sample of non-adopting firms in the same industry and with similar total assets, the adopting firms have less analysts’ earnings forecast dispersion and errors. And, the larger the asset write-offs, the smaller the analysts’ earnings forecast dispersion and errors. Finally, the adopting firms have larger price/earnings ratios after the asset write-offs than control sample. The larger proportions of asset write-offs to total assets, the larger the price/earnings ratios after the firm the asset write-offs. Accordingly, the above evidence indicates that the reports implementations of SFAS No. 35 improves the transparency and conservatism of assets and earnings information, and to increase the valuations of earnings in the stock market in that the adopting firms are required to evaluate the potential unrealized losses on their long-lived assets and investments. |
| Reference: | 一、中文文獻
朱應舞，2003，聽一聽財務報表的聲音--以長期投資資訊為企業把脈！會計研究月刊，第208期，頁51-57。
金成隆、林修葳與洪郁珊，2003，無形資產、新股折價與內部人持股關係之研究，會計評論，第36期，頁21-53。
吳如玉，2005，資產減損會計處理-健全財務制度 提昇決策品質，會計研究月刊，第232期，頁82-84。
吳清在與謝宛庭，2005，認列資產減損時點與金額之決定因素及其市場反應，2005會計理論與實務研討會，國立台灣大學會計系與中華會計教育學會。
林有志與廖宜鋒，2005，公司提前採用資產減損公報之盈餘管理動機，2005會計理論與實務研討會，國立台灣大學會計學系與中華會計教育學會。
曹美娟，2006，我國企業資產減損之資訊內涵與決定因素研究，國立台北大學會計學研究所未出版博士論文。
陳錦村、郭碧雲、許正昇與陸韻茹，2006，台灣上市櫃公司認列資產減損之決定因素－以所有權結構、成長機會、營運績效、債務規模與盈餘管理動機五大構面作探討，2006會計理論與實務研討會，東吳大學會計學系與中華會計教育學會。
陳慶隆，2007，選擇新會計準則實施時點對策略性會計報導與資訊攸關性的影響，台灣管理學刊，第七卷第一期，頁43-71。
郭紹彬，2005，資產減損之會計處理實務剖析(1)- 辨別價值產生歸屬 衡量資產實質成本，會計研究月刊，第232期，頁86-95。
郭紹彬，2005，資產減損之會計處理實務剖析(2)- 未來價值折現公報精髓所在，會計研究月刊，第233期，頁58-65。
郭紹彬，2005，資產減損之會計處理實務剖析(3)- 徹底熟悉公報真義以應公平價值會計，會計研究月刊，第234期，頁82-87。
財團法人中華民國會計研究發展基金會，2004，財務會計準則公報第35號公報: 《資產減損之會計處理準則》，台北：財務會計準則委員會。
張仲岳，2005，企業如何應用財會準則三十五號資產減損公報？--反映真實價值衝擊現有體系，會計研究月刊，第230期，頁119-123。
蔡靚萱，2005，瞧一瞧35號公報的定義，聯合報，1月18日，B6版。
顏信輝與丁緯，2006a，資產減損、財報品質與審計品質，2006會計與產業整合學術研討會，東海大學會計學系與中華會計教育學會。
顏信輝與丁緯，2006b，企業認列資產減損之考量：控制經濟因素的不對稱效果及查核事務所規模之影響，2006會計理論與實務研討會，東吳大學會計學系與中華會計教育學會。
顏信輝、曹嘉玲與楊忠凱，2007，資產減損與盈餘管理之關聯性：併論投資人精明程度對股價之影響，2007會計學術研討會，國立雲林科技大學會計系與國立政治大學會計系。
蕭慧玲、賴淑妙與賴淑伶，2006，資產減損認列之決定因素、融券放空行為與市場反應之探討，2006會計理論與實務研討會，東吳大學會計學系與中華會計教育學會。
二、英文文獻
Aboody, D., and B. Lev. 1998. The value relevance of intangibles: The case of software capitalization. Journal of Accounting Research 36(1): 161-191.
________________. 2000. Information asymmetry, R&D, and insider gains. Journal of Finance 55(6): 2747-2766.
Alciatore, M., C. Dee, P. Easton, and N. Spear. 1998. Asset write-downs: A decade of research. Journal of Accounting Literature 17: 1-39.
______, P. Easton, and N. Spear. 2000. Accounting for the impairment of long-lived assets: Evidence from the petroleum industry. Journal of Accounting Economics 29(2): 151-172.
Alford, A. W. and P. G.. Berger. 1999. A simultaneous equations analysis of forecast accuracy, analyst following, and trading volume. Journal of Accounting, Auditing and Finance 14(3): 219-240.
Amir, E. and B. Lev. 1996. Value-relevance of nonfinancial information: The wireless communications industry. Journal of Accounting and Economics 22(1-3): 3–30.
Ashbaugh, H. and M. Pincus. 2001. Domestic accounting standards, international accounting standards, and the predictability of earnings. Journal of Accounting Research 39(3): 417-434.
Atiase, R. 1985. Predisclosure information, firm capitalization and security price behavior around earnings announcements. Journal of Accounting Research 23(1): 21-36.
Ayers, B. 1998. Deferred tax accounting under SFAS No.109: An empirical investigation of its incremental value-relevance relative to APB No.11.The Accounting Review 73(2): 195–212.
Bagnoli, M. and S. G. Watts. 2005. Conservative accounting choices. Management Science 51(5): 786-801.
Ball, R. and P. Brown. 1968. An empirical evaluation of accounting income numbers. Journal of Accounting Research 6: 159-177.
______. and L. Shivakumar. 2005. Earnings quality in UK private firms : Comparative loss recognition timeliness. Journal of Accounting and Economics 39(1): 83-128.
Bandyopadhyay, S. 1994. Market reaction to earnings announcements of SE and FC firms in the oil and gas industry. The Accounting Review 69(5): 657-674.
Barron, O., O. Kim, S. Lim, and D. Stevens. 1998. Using analysts` forecasts to measure properties of analysts` information environment. The Accounting Review 73(4): 421-433.
_____, and P. Stuerke. 1998. Dispersion in analysts` earnings forecasts as a measure of uncertainty. Journal of Accounting. Auditing, and Finance 13(3): 245-270.
_____, D. Byard, and O. Kim. 2002. Changes in analysts’ information around earnings announcements. The Accounting Review 77(4): 821-846.
Barry, C. B. and R. H. Jennings. 1992. Information and diversity of analyst opinion. Journal of Financial and Quantitative Analysis 27(2): 169-183.
Barth, M. and G. Clinch. 1998. Revalued financial, tangible, and intangible assets: Associations with shares and non-market-based value estimates. Journal of Accounting Research 36(Supplement): 199-233.
Bartov, E., F. Lindah, and W. Ricks. 1998. Stock price behavior around announcements of write-offs. Review of Accounting Studies 3(4): 327-346.
Basu, S. 1977. Investment performance of common stocks in relation to their price-earnings ratios: A test of the efficient market hypothesis. The Journal of Finance 32( 3): 663-682.
_______. 1983. The relationship between earnings` yield, market value and return for NYSE common Stocks: Further evidence. Journal of Financial Economics 12(1): 129-156.
______. 1997. The conservatism principle and the asymmetric timeliness of earnings. Journal of Accounting and Economics 24(1): 3-37.
______. L. Hwang, and C. L. Jan. 1998. International variation in accounting measurement rules and analysts’ earnings forecast errors. Journal of Business Finance and Accounting 25(9/10): 1207-1247.
Beaver, W. 1968. The information content of annual earnings announcements. Journal of Accounting Research 6 (Supplement ) : 67–92.
______, W., R. Clarke, and F. Wright. 1979. The association between unsystematic security returns and the magnitude of earnings forecast errors. Journal of Accounting Research 17(2): 316-340.
_________, R. Lambert, and D. Morse. 1980. The information content of security prices. Journal of Accounting and Economics 2(1): 3-28.
Bernard V. and R. G. Ruland. 1987. The incremental information content of historical cost and current cost income numbers: Time-series analysis for 1962-1980. The Accounting Review 62(4): 707-722.
Biddle, G., and G. Seow. 1991. The estimation and determinants of association between returns and earnings: Evidence from cross-industry comparisons. Journal of Accounting, Auditing, and Finance 6(2): 183–232.
Bleiberg, Steven. 1989. How little we know about P/Es, but also perhaps more than we think. Journal of Portfolio Management 15(4): 26-31.
Botosan, C. A. and M. Stanford. 2005. Managers’ motives to withhold segment disclosures and the effect of SFAS No. 131 on analysts’ information environment. The Accounting Review 80(3): 751-771.
Bowen, R. M., A. K. Davis. and D. A. Matsumoto. 2002. Do conference calls affect analysts` forecasts? The Accounting Review 77(2): 285-316.
Brown, L. D., and M. S. Rozeff. 1979. Adaptive expectations, time-series models, and analyst forecast revision. Journal of Accounting Research 17(2): 341-351.
Bunsis, H. 1997. A description and market analysis of write-off announcements. Journal of Business Finance and Accounting 24(9/10): 1385-1400.
Bushman, R. M. and A. J. Smith. 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics 32(1-3): 237-333.
Byard, D. and K. W. Shaw. 2003. Corporate disclosure quality and properties of analyst’s information environment. Journal of Accounting, Auditing and Finance 18(3): 355-378.
Campbell, J. Y. and R. J. Shiller. 1998. Valuation ratios and the long-run stock market outlook. Journal of Portfolio Management 24(2): 11-26.
Chang, J. J., T. Khanna, and K. G. Palepu. 2000. Analyst activity around the world. Working Paper, Harvard University.
Chao, C. L. 2007. An Examination of SFAS No. 35: Adoption Timing Motives, Write-off Characteristics, and Market Reaction. International Journal of Accounting Studies-2006 Special Issue (May):77-120.
Cho, J. Y. and C. Harter. 1995. The relation between predisclosure information and the dispersion of financial analysts’ forecasts of earnings. Journal of Business Finance and Accounting 22(6): 855-865.
Chow, C. W. and A. Wong-Boren. 1987. Voluntary financial disclosure by Mexican corporations. The Accounting Review 62(3): 533-542.
Cohen, D. A. 2003 Quality of financial reporting choice: Determinants and economic consequences. Working Paper. University of Northwestern.
Collins, D. W., S. P. Kothari, and J. D. Rayburn. 1987. Firm size and the information content of prices with respect to earnings. Journal of Accounting and Economics 9(2): 111-138.
Collins, D. and S. Kothari. 1989. An analysis of inter-temporal and cross-sectional determinants of earnings response coefficients. Journal of Accounting and Economics 11(2,3): 143-181.
Craig, D., G. Johnson, and M. Joy. 1987. Accounting methods and P/E ratios. Financial Analysts Journal 43(2): 41-45.
DeFond, M. and J. Jiambalvo. 1994. Debt covenant violation and manipulation of accruals: Accounting choice in troubled companies. Journal of Accounting and Economics 17(3): 145–176.
Easton, P. and M. Zmijewski. 1989. Cross-sectional variation in the stock market response to accounting earnings announcements. Journal of Accounting and Economics(2,3): 117-141.
________, P. Eddey, and T. Harris. 1993. An investigation of revaluations of tangible long-lived assets. Journal of Accounting Research 31(Supplement): 1-45.
Elton, E. J., M. J. Gruber, and M. Gultekin. 1981. Expectations and share. Management Science 27(9): 975-987.
Elliott, J. and J. Hanna. 1996. Repeated accounting write-offs and the information content of earnings. Journal of Accounting Research 34 (Supplement): 135-155.
_______. and W. Shaw. 1988. Write-offs as accounting procedures to manage perceptions. Journal of Accounting Research 26: 91-119.
Fang, L. and A. Yasuda. 2005. Are stars` opinions worth more? The relation between analyst reputation and recommendation values. Working Paper. University of Pennsylvania.
FASB. 2001. Statement of Financial Accounting Standards No. 142: Accounting for the goodwill and other intangible assets. Norwalk, CT: Financial Accounting Standards Board.
Foster,G.1977. Quarterly accounting data: Time-series properties and predictive-ability results. The Accounting Review 52(1): 1-21.
Francis, J. R., J. Hanna, and L. Vincent. 1996. Causes and effects of discretionary asset write-offs. Journal of Accounting Research 34(3): 117-134.
Fried, D. and D. Givoly. 1982. Financial analysts` forecasts of earnings: A better surrogate for market expectations. Journal of Accounting and Economics 4(2): 85-107.
Ghosh, A. and D. Moon. 2005. Auditor tenure and perceptions of audit quality. The Accounting Review 80(2): 585-612.
Grossman, S. J. 1981. An introduction to the theory of rational expectations under asymmetric information. Review of Economic Studies 48(4): 541-559.
Han, B. H. and D. Manry. 2000. The implications of dispersion in analysts’earnings forecasts for future ROE and future returns. Journal of Business, Finance and Accounting 27(1/2): 99-125.
Healy, P. M., A. P. Hutton, and K. G. Palepu. 1999. Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research 16(3): 485-520.
Heflin, F. and T. Warfield. 1997. Managerial discretion in accounting for asset write-offs. Working paper, University of Wisconsin-Madison.
Hogan, C. and D. Jeter. 1998. The information content of restructuring charges: A contextual analysis. Working paper, Vanderbilt University.
Hope, O. 2003a. Disclosure practices, enforcement of accounting standards, and analysts’ forecast accuracy: An international study. Journal of Accounting Research 41(2): 235-272.
_______. 2003b. Accounting policy disclosures and analysts’ forecasts. Contemporary Accounting Research 20(2): 295-321.
IAS. 2001. “IAS No.36: Impairment of Assets”. International Accounting Standards Committee.
Irani, A. J. and I. Karamanou. 2003. Regulation fair disclosure, analyst following, and analyst forecast dispersion. Accounting Horizons 17(1): 15-29.
Jaffe, J., D. B. Keim, and R. Westerfield. 1989. Earnings yields, market values, and stock returns. The Journal of Finance 44(1): 135-148.
Kerstein, J. and S. Kim. 1995. The incremental information content of capital expenditures. The Accounting Review 70(3): 513-526.
Kormendi, R. and R. C. Lipe. 1987. Earnings innovations, earnings persistence and stock returns. Journal of Business 60(3): 323-345.
Kothari, S., 2001. Capital markets research in accounting. Journal of Accounting and
Economics 31(1-3): 105-231.
Krishnaswami, S. and V. Subramaniam. 1999. Information asymmetry, valuation ,and the corporate spin-off decision. Journal of Financial Economics 53(1): 73-112.
Landsman, W. R. and E. L. Maydew. 2002. Has the information content of quarterly earnings announcements declined in the past three decades? Journal of Accounting Research 40(3): 797-808.
Lang, M. H. and R. J. Lundholm. 1993. Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research 31(2):246-271.
____________________________. 1996. Corporate disclosure policy and analyst behavior. The Accounting Review 71(4): 467-492.
Lang, M. H., K. V. Lins, and D. P. Miller. 2003. ADRs, analysts, and accuracy: Does cross listing in the United States improve a firm’s information environment and information environment and increase market value? Journal of Accounting Research 41(2): 317-345.
Leuz, C. and R. Verrecchia. 2000. The Economic consequences of increased disclosure. Journal of Accounting Research 38 (Supplement): 91-124.
______________________. 2004. Firms’ capital allocation choices, information quality and the cost of capital. Working paper. University of Pennsylvania.
Lev, B. 1989. On the usefulness of earnings: lessons and directions from two decades of empirical research. Journal of Accounting Research 27 (Supplement) : 153-192.
_____. and S. R. Thiagarajan. 1993. Fundamental information analysis. Journal of Accounting Research 31(2):190-215.
Livnat, J. and P. Zarowin. 1990. The incremental information content of cash-flow components. Journal of Accounting and Economics 13(1): 25–46.
Lobo, G.. J. and S. S. Tung. 2000. Financial analysts` earnings forecast dispersion and intraday stock price variability around quarterly earnings announcements. Review of Quantitative Finance and Accounting 15(2): 137-151.
McWilliams, J. D. 1966. Prices, earnings and P. E. ratios. Financial Analysts Journal 22(3): 137-142.
Malkiel, B. and J. Cragg. 1970. Expectations and the structure of share prices. The American Economic Review 60(4): 601-617.
Malone, D., C. Fries, and T. Jones. 1993. An empirical investigation of the extent of corporate financial disclosure in the oil and gas industry. Journal of Accounting, Auditing and Finance 8(3): 249-275.
Morse, D. and W. Beaver. 1978. What determines price-earnings ratios? Financial Analysts Journal 34(4): 65-76.
Nicholson, S. F. 1968. Price ratios in relation to investment results. Financial Analysts Journal 24(1): 105-109.
O`Brien, P. C., R. Bhushan, and R. McNichols. 1990. Analyst following and institutional ownership. Journal of Accounting Research 28(Supplement): 55-82.
Ou, J. A. and S. H. Penman. 1989.Accounting measurement, price-earnings ratio, and the information content of security prices. Journal of Accounting Research 27(supplement): 111-144.
Parkash, M., D. S. Dhaliwal, and W. K. Salatka. 1995. How certain firm- specific characteristics affect the accuracy and dispersion of analysts’ forecasts: A latent variables approach. Journal of Business Research 34(3): 161-169.
Penman, S. H. 1996. The articulation of price-earnings ratios and market-to-book ratios and the evaluation of growth. Journal of Accounting Research 34(2): 235-259.
___________. 2003. The quality of financial statements perspectives from the recent stock market bubble. Accounting Horizons 17(Supplement): 77-96.
Pincus, M. 1993. Accounting methods and differential stock market response to the announcement of earnings. Journal of Accounting, Auditing and Finance 8(3): 221-248.
Raffournier, B. 1995. The determinants of voluntary financial disclosure by Swiss listed companies. European Accounting Review 4(2): 261-280.
Rees, L., S. Gill, and R. Gore. 1996. An investigation of asset write-downs and concurrent abnormal accruals. Journal of Accounting Research 34(Supplement): 157-169.
Riedl, J. 2004. An examination of long-lived asset impairment. Accounting Review 79(3):823-852.
Ruben, T. and R. Fiona. 2002. P/E ratios and stock market returns. Journal of Financial Planning 15(2): 76-82.
Shroff, P. K. 1995. Determinants of the returns-earnings correlation. Contemporary Accounting Research 12(1): 41-55.
Stickel, S. E. 1989. The timing of and incentives for annual earnings forecasts near interim earnings announcements. Journal of Accounting and Economics 11(2,3): 275-292.
Strong, J. and J. Meyer. 1987. Asset writedowns: Managerial incentives and security returns. Journal of Finance 42(3): 643-661.
Sweeney, A. P. 1994. Debt-covenant violations and managers` accounting responses
Journal of Accounting and Economics 17(3): 281-308.
The Wall Street Journal. 1996. IBM’s method of accounting for Cutbacks Bucks trend of taking repeat charges. March 6.
Verrecchia, R. E. 2001. Essays on disclosure. Journal of Accounting and Economics 32(1-3): 97-180.
Warfield. T. D., J. J. Wild, and K. L. Wild. 1995. Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics 20(1): 61-91.
Watts. R. and J. Zimmerman. 1978. Towards a positive theory of the determination of accounting standards. The Accounting Review 53(1): 112–134.
_______________________. 1990. Positive accounting theory: a ten-year perspective. The Accounting Review 65(1): 131–156.
Wilson. P. 1986. The relative information content of accruals and cash flows: combined evidence at the earnings announcement and annual report release date. Journal of Accounting Research 24 (Supplement): 165–200.
Zarowin, P. 1990. What determines earnings-price ratios: revisited. Journal of Accounting, Auditing and Finance 5(3): 439-457.
Zucca, L. and D. Campbell. 1992. A closer look at discretionary writedowns of impaired assets . Accounting Horizons 6(3): 30-41. |
| Description: | 博士
國立政治大學
會計研究所
90353504
95 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0903535041 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
