減損與價值攸關性、盈餘管理與未來營運績效之關聯性

Abstract

本研究著重於三大主題。首先，檢驗減損損失的價值攸關性以探討臺灣財務會計準則公報第三十五號「資產價值減損之會計處理準則」的實施是否提供投資人有用的資訊。同時，亦將各類受第三十五號公報規範之資產加以拆解以測試不同種類資產是否具價值攸關性。研究發現，總減損損失與股價呈現顯著負相關，而各類資產累計減損餘額與股價之關聯性不顯著。此結果代表投資人會對減損損失資訊進行評價，但可能無法分辨不同種類資產累計減損的評價金額資訊。 大部分研究皆探討盈餘管理動機對於認列減損之影響，亦或是測試盈餘管理與財務報表價值攸關性的關聯性。而本研究第二個研究主題的目的為測試公司是否存在盈餘管理行為，並測試裁決性應計數的迴轉情形，以觀察減損公司是否相較於非減損公司有進行更多盈餘管理的行為。實證結果並不支持減損公司相較於非減損公司，會利用較多除減損以外的裁決性應計數操縱盈餘。 最後，檢驗減損損失對於未來營運績效之影響，以觀察減損認列是否反映公司未來營運情況之變動。研究結果顯示減損資訊與未來盈餘之變動數呈正向反應，與未來營運活動現金流量之變動數則呈負向反應。此不一致之結果可能是因為未來盈餘會受到總體環境與公司個別因素之交互影響，且有許多會計估計之成份，故相對於未來營運活動現金流量，未來盈餘可能不是檢驗減損認列是否反映未來營運績效的良好變數。

This study focuses on three topics. First, I examine the value relevance of the impairment loss to address whether the adoption of Statement of Financial Accounting Standard No.35 “Accounting for asset impairment” in Taiwan provides useful information to investors. I also partition assets regulated by SFAS No.35 into different classes to test the value relevance of the regulated assets. I find that total impairment loss is significantly negatively related to stock price, but all kinds of accumulated impairment balance are insignificantly associated with stock price. The results indicate that investors take the impairment loss information into consideration, but they probably cannot differentiate the valuation amounts of accumulated impairment across types of assets. Most of researches focus on examiming the impact of the managerial motives on the impairment recognitions, or testing the relation between earnings management and the value relevance of financial statements. The purpose of my second research topic is to test the existence of earnings management and to test the reversals of discretionary accruals to see whether the write-down group has more earnings management behavior relative to non write-down group. The empirical result does not support that the write-down group will use more discretionary accruals other than impairment loss to manipulate earnings. Finally, I investigate the impact of the impairment loss on future operating performance to see whether the impairment loss recognition reflect the changes in the corporate future operating conditions. The results show that impairment information is positively related to the changes in future earnings, and is negatively related to the changes in future operating cash flows. These inconsistent results indicate that compared with operating cash flows, future earnings, which is affected by the macro environment conditions and firm-specific factors and consists of many accounting estimates, may not be a good proxy to examine whether the impairment loss reflects future operating performance.