计提资产减值损失的影响因素与对财务报表价值相关性影响之研究
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摘要
为了与国际接轨,体现与国际会计准则的趋同,并且考虑中国的经济发展的实际情况,新《企业会计准则》于2006年2月发布,并于2007年1月1日起正式实施。由于我国企业以传统历史成本衡量资产价值的方式,往往造成企业的账面价值与其市值之间有相当的落差,《企业会计准则第8号—资产减值》(以下简称“新资产减值准则”)的实施,让财务报表从过去强调可靠性转变为注重相关性,使企业更能真实反映营运实况,回归其经济实质。新资产减值准则的实施,所影响的层面及范围相当广大,本文研究着重在探讨影响计提资产减值的经济实质因素与盈余管理因素,并检验计提资产减值对财务报表价值相关性的影响,以探讨新资产减值准则的实施,会计报表是否具有信息内涵,是否提供投资人有用的信息。
在探讨企业计提资产减值的影响因素,分为经济因素与盈余管理因素两方面：经济因素主要与公司的产业经济情况以及盈余成长率有关,但是与销货状况无关,显示在营运绩效越好、公司的产业经济情况较佳时,则公司越有可能计提资产减值。而在盈余管理因素方面,负债比率、管理层变动、洗大澡与公司规模大小具有显著相关性,而与盈余平滑化无正向相关性。
在探讨财务报表价值相关性方面,本研究以Ohlson(1995)提出的会计信息基础评价模型为基础,探讨计提资产减值对财务报表价值相关性的影响。实证结果显示损益表及资产负债表仍是资本市场评价的重要信息,亦即盈余及权益账面值皆具有价值相关性。验证计提资产减值金额是否具有价值相关性,实证结果显示计提资产减值金额与每股股价呈正向相关,资产减值金额计提越高,对财务报表价值相关性越高。
进一步探讨公司在盈余管理的动机下,进行“洗大澡”或“盈余平滑化”的行为,计提资产减值对财务报表价值相关性的影响,以期了解投资人是否能洞悉管理层盈余管理的行为,对计提资产减值进行评价。实证结果说明管理层利用投机性盈余的“洗大澡”情况下,计提资产减值将使得盈余的价值相关性下降,而权益账面价值的价值相关性上升。利用信息性盈余管理的“盈余平滑化”情况下,计提资产减值将使得盈余的价值相关性上升,而权益账面价值的价值相关性下降。
In order to connect PRC's Accounting Standards (CAS) with International Accounting Standards and to accord with the international accounting convergence and the economic environments developing in China, the new CAS was issued and effective in February 15,2006 and January 1,2007, separately. Historical cost-based accounting information is unable to ojebtively express the operation performance of the business and to exactly refect the value of the firms.CAS for Business Enterprise No.8—Accounting Standards for Asset Impairemnt, provide a way for a firm to adjust the asset book value to approach its real value.This study addresses how this new CAS affects the value relevance of a firm's financial statements.
Firstly, the study discussed the factors that affect the listed companies on SSE A shares from 2007 to 2008,to decide to recognize asset impairment. On the economic substantial factors, ROA of the industry and the ratio of earnings increased present this positive correlation; moreover, the ratio of sales increased shown unsignificant relation with the asset impairment recognition. Under the earnings management factors, the empirical results evidence shown that the debt ration, management changes, take big bath, and firm size all affect asset impairment reporting.
The study also reviews all disclosures of asset impairments in financial statements of all the listed companies on SSE A shares. The empirical analysis focuses on how this new Accounting Standards for Asset Impairemns affect the value relevance of financial statements.Adopting Ohlson's accounting-based valuation model(1995)to study whether asset impairement affects the earnings and book value of equity are value-relevant. In addition, this study further investigates the earnings management behaviors, take big bath and income smoothing, how to affect asset impairments on the value relevance of a firm's financial statements. The results shown that take big bath behavior, which is a kind of speculative earnings management, will reduce the valuerelevance of earnings information and enhance the value relevance of equity book value information. Furthermore, income smoothing, a informative earnings management behavior, will increase the value relevance of earnings information and decrease the value relevance of equity book value information.
在探讨企业计提资产减值的影响因素,分为经济因素与盈余管理因素两方面：经济因素主要与公司的产业经济情况以及盈余成长率有关,但是与销货状况无关,显示在营运绩效越好、公司的产业经济情况较佳时,则公司越有可能计提资产减值。而在盈余管理因素方面,负债比率、管理层变动、洗大澡与公司规模大小具有显著相关性,而与盈余平滑化无正向相关性。
在探讨财务报表价值相关性方面,本研究以Ohlson(1995)提出的会计信息基础评价模型为基础,探讨计提资产减值对财务报表价值相关性的影响。实证结果显示损益表及资产负债表仍是资本市场评价的重要信息,亦即盈余及权益账面值皆具有价值相关性。验证计提资产减值金额是否具有价值相关性,实证结果显示计提资产减值金额与每股股价呈正向相关,资产减值金额计提越高,对财务报表价值相关性越高。
进一步探讨公司在盈余管理的动机下,进行“洗大澡”或“盈余平滑化”的行为,计提资产减值对财务报表价值相关性的影响,以期了解投资人是否能洞悉管理层盈余管理的行为,对计提资产减值进行评价。实证结果说明管理层利用投机性盈余的“洗大澡”情况下,计提资产减值将使得盈余的价值相关性下降,而权益账面价值的价值相关性上升。利用信息性盈余管理的“盈余平滑化”情况下,计提资产减值将使得盈余的价值相关性上升,而权益账面价值的价值相关性下降。
In order to connect PRC's Accounting Standards (CAS) with International Accounting Standards and to accord with the international accounting convergence and the economic environments developing in China, the new CAS was issued and effective in February 15,2006 and January 1,2007, separately. Historical cost-based accounting information is unable to ojebtively express the operation performance of the business and to exactly refect the value of the firms.CAS for Business Enterprise No.8—Accounting Standards for Asset Impairemnt, provide a way for a firm to adjust the asset book value to approach its real value.This study addresses how this new CAS affects the value relevance of a firm's financial statements.
Firstly, the study discussed the factors that affect the listed companies on SSE A shares from 2007 to 2008,to decide to recognize asset impairment. On the economic substantial factors, ROA of the industry and the ratio of earnings increased present this positive correlation; moreover, the ratio of sales increased shown unsignificant relation with the asset impairment recognition. Under the earnings management factors, the empirical results evidence shown that the debt ration, management changes, take big bath, and firm size all affect asset impairment reporting.
The study also reviews all disclosures of asset impairments in financial statements of all the listed companies on SSE A shares. The empirical analysis focuses on how this new Accounting Standards for Asset Impairemns affect the value relevance of financial statements.Adopting Ohlson's accounting-based valuation model(1995)to study whether asset impairement affects the earnings and book value of equity are value-relevant. In addition, this study further investigates the earnings management behaviors, take big bath and income smoothing, how to affect asset impairments on the value relevance of a firm's financial statements. The results shown that take big bath behavior, which is a kind of speculative earnings management, will reduce the valuerelevance of earnings information and enhance the value relevance of equity book value information. Furthermore, income smoothing, a informative earnings management behavior, will increase the value relevance of earnings information and decrease the value relevance of equity book value information.
引文
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