臺大管理論叢 NTU Management Review VOL.29 NO.1

201 DOI:10.6226/NTUMR.201904_29(1).0006 長期資產減損認列與迴轉對盈餘資訊性之影響 Earnings Informativeness of Long-Lived Assets Impairment Recognized and Reversals Abstract This study examines how recognition of long-lived asset impairment influences the amount of current and future earnings that are embedded in current stock returns. Note that Taiwan accounting standards permit an impairment on a long-lived asset to be reversed if the asset’s economic value recovers. We further examine whether firms with reversed asset impairment show significantly distinctive informativeness patterns of future earnings when compared with non-reversed firms. Based on unbalanced-panel data, empirical results conform with expectations, i.e., the informativeness of current (future) earnings decreases (increases) in firms with a large magnitude of recognized long-lived asset impairment. We also find that this increased informativeness of future earnings for firms with impairment is mitigated in the reversals subsample, which supports the managerial incentives hypothesis of impairment decisions. This study implements some diagnostic checks and demonstrates that our results are robust to various specifications. 【 Keywords 】 earnings informativeness, assets impairment, reversals, future earnings 摘 要 本研究檢測股票報酬率如何反應公司認列長期資產減損之當期及未來盈餘資訊（即 長期資產減損認列之盈餘資訊性）；其次，因我國會計準則允許在減損資產價值回 復後，認列減損迴轉利益，本文進而檢測認列減損迴轉利益公司相對於未認列減損 迴轉利益者，其盈餘資訊性是否有顯著差異。以非平衡式追蹤資料進行實證，結果 顯示：公司認列長期資產減損顯著降低（提高）當期（未來）盈餘資訊性。進一步 檢測發現認列長期資產減損且在後續年度認列迴轉利益之公司，資產減損的認列對 未來盈餘資訊性之影響並不明顯，此實證發現支持部分公司管理當局運用資產減損 認列決策以影響未來報導盈餘之觀點。本研究進行若干敏感性測試，實證結果具相 當穩固性。 【關鍵字】 盈餘資訊性、資產減損、迴轉、未來盈餘 Ching-Lung Chen , Department of Accounting, National Yunlin University of Science and Technology 陳慶隆 / 國立雲林科技大學會計系 Ming-Yang Chen , Fund Section in Department of Budget, Accounting and Statistics at Changhua County 陳名揚 / 彰化縣政府主計處基金科 Received 2015/10, Final revision received 2017/2 NTU Management Review Vol. 29 No. 1 Apr. 2019, 201-254