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標題: | 資產減損認列之及時性及多角化折價之關聯性研究 The Relationship between Timeliness of Asset Impairment Recognition and Diversification Discounts |
作者: | I-En Wu 吳以恩 |
指導教授: | 李艷榕(Yen-Jung Lee) |
關鍵字: | 多角化折價,及時認列資產減損,部門數,公司治理, Diversification discount,Timely recognition of asset impairments,Segments,Corporate Governance, |
出版年 : | 2015 |
學位: | 碩士 |
摘要: | 本研究探討資產減損認列之及時性與多角化折價之關係,Berger and Ofek (1995) 主張多角化公司較單一部門公司而言較無效率。Stein (2003) 歸納大部分解釋「多角化折價」的研究,認為「多角化折價」是由於公司內部資本在各部門間的無效率配置所產生。本文主張及時認列資產減損增加盈餘穩健性,減少管理者與投資人間的資訊不對稱,使經理人較不會做出對公司投資人不利的投資或營運決策,因此有助降低多角化折價。我們檢視2003年至2012年間美國證券市場上所有公開發行公司之年報資料,辨認公司是否及時認列資產減損並計算其多角化折價,結果發現資產減損認列之及時性與多角化折價呈顯著之負向關係,意即投資人對及時認列資產減損的多角化公司較不會給予不利的評價。
此外,本文探討及時認列資產減損降低多角化折價的效果是否在資訊不對稱越嚴重的多角化企業越為明顯,結果發現部門數越多的企業,及時認列資產減損降低多角化折價的效果越為顯著。然而,本文並未發現公司治理影響及時認列資產減損與多角化折價間的關係。 This paper examines the relationship between timeliness of asset impairment recognition and diversification discounts. Berger and Ofek (1995) document that diversified firms are less efficient than comparable single-segment firms. As noted by Stein (2003), one of most popular explanations for the “diversification discount” is the inefficient internal capital allocation across different divisions within the multi-segment firm. Timely recognition of asset impairments increases accounting conservatism and reduces information asymmetries between managers and investors, hence discouraging managers from making investing and operating decisions that hurt shareholder value. Thus, I expect that timely recognition of asset impairments helps to reduce diversification discounts. I use data of all publicly traded U.S. firms for the period 2003-2012. To identify if these companies recognize asset impairments timely and calculate their diversification discount, I find a significant negative association between timeliness of asset impairment recognition and diversification discount, suggesting that investors are less likely to discount the value of a multi-segment firm when it recognizes asset impairments on a more timely basis. I then examine whether the effect of timely impairment recognition on diversification discounts is more pronounced in multi-segment firms with more severe information asymmetry problem. I find that the larger the number of segments, the greater the effect of timely impairment recognition on the reduction of diversification discounts. However, I do not find that governance strength affects the association between timely impairment recognition and the reduction of diversification discounts. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/55137 |
全文授權: | 有償授權 |
顯示於系所單位: | 會計學系 |
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