中国上市公司资产减值会计研究
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摘要
长期以来,资产减值会计问题一直是会计学界讨论的热点。我国的资产减值会计在近20年的历程中,经历了从无到有,从“二项计提”到“四项计提”再到“八项计提”,以及2006年2月15日颁布的新会计准则体系第8号准则《资产减值》准则。新实施的资产减值准则明确了减值迹象的认定,规范了资产减值金额确定的标准,禁止了已计提的长期资产减值准备在后续期间价值恢复时的转回等等,而资产减值的这些规定和变更的目的在于压缩上市公司利用资产减值会计进行盈余管理的活动(刘玉廷,2006)。那么资产减值准则的变更是否能如期压缩上市公司盈余管理的空间呢?实际上,资产减值准则的变化对象主要是长期资产,对短期资产减值的计提和转回并无太多实质性的变化。因此资产减值变更能否实现其预期目标的关键在于上市公司利用资产减值进行盈余管理的对象是短期资产还是长期资产。
同时,新企业会计准则的颁布实施总体目标在于提高会计信息的相关性和可靠性,那么资产减值信息作为整体会计信息的一部分,资产减值信息的相关性和可靠性在新旧会计准则阶段是否也有显著的变化呢?不同期限和不同类型的资产减值信息的相关性和可靠性是否也存在着显著的差异性呢?导致这些差异的原因又是什么呢?
对此,本文首先研究分析资产减值的计提行为及计提动机,探讨不同期限的资产减值(短期资产减值、长期资产减值)计提行为及计提动机的差异性,并进一步分析上市公司利用资产减值进行盈余管理的对象,从而分析资产减值准则的变更是否能有效遏制上市公司利用资产减值进行盈余管理行为；其次,本文对资产减值信息的价值相关性进行了实证研究,分析资产减值的增量价值相关性,以及结合资产减值的盈余管理计提动机不同类型的资产减值价值相关性的差异,随后分析了新会计准则的实施对资产减值价值相关性的影响；最后,本文对资产减值应计的可靠性进行了实证研究,分析了新会计准则的实施对不同期限资产减值应计可靠性的影响,并结合资产减值的盈余管理计提动机比较分析了不同类型的资产减值应计可靠性的差异及其原因。
本文的研究期间为2001年至2008年,研究对象为A股上市公司的资产减值会计,研究结论主要有以下几点：
(1)上市公司的资产减值计提行为会受到行业经济形式和公司自身业绩等经济因素的影响,外部经济环境好转、公司自身业绩较好时,上市公司计提的资产减值比例较低,反之亦然；同时资产减值准备计提行为还会受到盈余管理因素的影响,具有扭亏动机的上市公司会少计提资产减值准备从而达到扭亏的目的；而具有大清洗动机的上市公司亦会多计提资产减值准备进行大清洗活动,从而为来年扭亏做准备；资产减值计提行为也会受到会计稳健性因素的影响,公司的会计政策、会计估计越稳健,其计提的资产减值准备比例会越高；最后,资产减值计提行为还会受到契约成本因素的影响,上市公司的的资产负债率越高,计提的资产减值比例越低；
(2)由于上市公司利用资产减值进行扭亏活动的对象主要是短期资产减值,因此新会计准则禁止长期资产减值准备的转回并不能有效遏制上市公司利用资产减值进行扭亏活动；但新会计准则禁止长期资产减值转回能够部分遏制上市公司利用资产减值进行大清洗行为,其原因在于上市公司利用资产减值进行大清洗活动的对象包括短期资产减值和长期资产减值；
(3)资产减值信息作为盈余的组成部分,具有减值前盈余之外的增量价值相关性；对于不同类型的资产减值信息的价值相关性而言,具有扭亏动机和大清洗动机的上市公司的资产减值信息价值相关性弱于减值前盈利的上市公司；同时新会计准则阶段的资产减值信息价值相关性要高于旧会计准则阶段的资产减值信息价值相关性,而这种价值相关性的提高一方面源于短期资产减值信息价值相关性的提高,另一方面得益于长期资产减值信息价值相关性的提高；
(4)新会计准则的实施,提高了短期资产减值应计和长期资产减值应计的可靠性,致使新会计准则阶段资产减值应计的可靠性高于非资产减值应计的可靠性；对于不同期限的资产减值,长期资产减值应计的可靠性高于短期资产减值应计的可靠性；不同类型的资产减值应计的可靠性存在一定的差异性,扭亏和大清洗盈余管理行为会降低资产减值应计的可靠性。
综上所述,新资产减值会计准则的实施,对遏制上市公司利用资产减值进行盈余管理活动的效果有限,但与新会计准则实施的总体目标保持了一致性,提高了资产减值信息的价值相关性和可靠性,促进了资产减值信息决策的有用性。
本文对上市公司资产减值会计的研究结论,从一个新的角度丰富了我国上市公司资产减值会计的经验证据,尤其是新旧会计准则资产减值会计的比较分析,希望本文的研究有利于开展中国资本市场资产减值会计的研究工作。
Assets Impairment accouting has been a hot topic in the field of financial accounting for a long time. China's Assets Impairment accouting has grown out of nothing, from two items to four items, finally to eight items and on February 15.2006, China issued accouting Standard for Business Enterprise No.8:Asset Impairment Accounting, Which has been put into practice since 2007. The New CAS No.8 putting forward the requirrment of Impairment sign, specificating the procedure of assets Impairment measurement, cancelling the reverse of the impairment of long-term assets, aiming to compressing the scope of earning management (Liu Yuting,2006) Then whether or not the change of assets Impairment standards will be achieve the goal of compressing the scope of earning management. Acctually, the object of changes in asset impairment starndards mainly is long-term assets, the short-term assets impairment hasn't changed, so firstly, we should analyze the objects are short-term assets or long-term assets of listed companies using for earning management? This will be determained that the changing of assets impairment standard whether or not chieve its policy effect. Accordingly, this paper will analyse the motivation of assets impairment of listed companies, and analyzing the different between short-term assets and long-term assets impairment on earnings management, and analyzing whether or not the changing of accouting standards can restrain the earning management through using the short-term assets impairment and long-term assets impairment.
Meanwhile, The objective of implementating new accounting standards is to improve the accouting information's relevance and reliability, then as a part of accounting information, the assets Impairment information's relevance and reliability will have a significant changance between the old accounting standards and new accounting standards. And the different types of assets impairment's value relevant and reliability will be changed significant as well? Then what are the reasons for these significant differences. So this paper studies the value relevant and reliability of assets impairment information, including the difference between the old and new accounting standards stage, and the difference between the short-term and long-term assets impairment information.
The study period is from 2001 to 2008, and its subject is assets Impairment accouting of public companies in the A-share capital market. The conclusions of this paper are including following main points:
(1)The behavior of assets impairment of listed companies will be affected by the industry's economic boom and the performance of each company, when the external economic environment and the performance of company improved, the provision for assets impairment of listed companies is relatively low, or vice versa; while assets impairment will also be subject to earnings management behavior, if the loss companies can reverse its profit, it will reverse its profit by assets impairment, and it will take a bath by assets impairment when it can't reverse its profit; the assets impairment wll also be subject to the conservatism accounting principles, when the policies and estimates of accounting are conservatism, the proportion of asset impairment is more higher; the behavior of assets impairment will also be affected by contractual factors, when the assets-liabilities ratio is more higher, the proportion of asset impairment is more lower.
(2) Because of the type of assets impairment for public companies'reversing loss profit is short-term assets, the new accounting standards prohibit reversal of Impairment of long-term assets can't play an expected role to restrain the behavior of reversing the loss profit by assets impairment; but it can play an expected role to restain the behavior of taking a big bath through assets impairment, because the public companies will taking a bath by using both the short-term and long-term assets impairment.
(3) As a part of earning, the information of assets impairment has added valuerelevance; as different types of assets impairment information's value relevance, the public companies with reversing loss pofit and taking a big bath are significanty weaker than companies with the profit before assets impairment,; The value-relevance of assets Impairment is higer in the new accounting standards stage than the old accounting standards stage, while the increasing of value-relevance is due to the value-relevance increasing of short-term asssets and long-liveed assets.
(4) The implementation of new accounting standards improves the accruals reliability of short-term assets and long-lived assets, and making the accruals of assets Impairment more reliability than the accruals of non-assets Impairment. As the different period assets impairment, the reliability of long-lived assets Impairment accruals is higher than the short-term assets Impairment accruals; As the different type assets impairment, earnings management like "adverse-loss" and "big bath" will reduce the reliability of impairment assets accruals.
Summarily, although the implementation of new accounting standards has limited restained the earning management behavior by using assets impairment, but it has enhanced the value relevance and reliability of assets impairment information and prompted the usefulness of asset imparment information in decision-making.
This paper provide a fresh insight into the assets Impairment accounting by our findings, especially the comparative analysis of assets impairment between the old accounting standards and the new accounting standards, we wish our research is beneficial to the study of assets Impairment in the China's capital market.
同时,新企业会计准则的颁布实施总体目标在于提高会计信息的相关性和可靠性,那么资产减值信息作为整体会计信息的一部分,资产减值信息的相关性和可靠性在新旧会计准则阶段是否也有显著的变化呢?不同期限和不同类型的资产减值信息的相关性和可靠性是否也存在着显著的差异性呢?导致这些差异的原因又是什么呢?
对此,本文首先研究分析资产减值的计提行为及计提动机,探讨不同期限的资产减值(短期资产减值、长期资产减值)计提行为及计提动机的差异性,并进一步分析上市公司利用资产减值进行盈余管理的对象,从而分析资产减值准则的变更是否能有效遏制上市公司利用资产减值进行盈余管理行为；其次,本文对资产减值信息的价值相关性进行了实证研究,分析资产减值的增量价值相关性,以及结合资产减值的盈余管理计提动机不同类型的资产减值价值相关性的差异,随后分析了新会计准则的实施对资产减值价值相关性的影响；最后,本文对资产减值应计的可靠性进行了实证研究,分析了新会计准则的实施对不同期限资产减值应计可靠性的影响,并结合资产减值的盈余管理计提动机比较分析了不同类型的资产减值应计可靠性的差异及其原因。
本文的研究期间为2001年至2008年,研究对象为A股上市公司的资产减值会计,研究结论主要有以下几点：
(1)上市公司的资产减值计提行为会受到行业经济形式和公司自身业绩等经济因素的影响,外部经济环境好转、公司自身业绩较好时,上市公司计提的资产减值比例较低,反之亦然；同时资产减值准备计提行为还会受到盈余管理因素的影响,具有扭亏动机的上市公司会少计提资产减值准备从而达到扭亏的目的；而具有大清洗动机的上市公司亦会多计提资产减值准备进行大清洗活动,从而为来年扭亏做准备；资产减值计提行为也会受到会计稳健性因素的影响,公司的会计政策、会计估计越稳健,其计提的资产减值准备比例会越高；最后,资产减值计提行为还会受到契约成本因素的影响,上市公司的的资产负债率越高,计提的资产减值比例越低；
(2)由于上市公司利用资产减值进行扭亏活动的对象主要是短期资产减值,因此新会计准则禁止长期资产减值准备的转回并不能有效遏制上市公司利用资产减值进行扭亏活动；但新会计准则禁止长期资产减值转回能够部分遏制上市公司利用资产减值进行大清洗行为,其原因在于上市公司利用资产减值进行大清洗活动的对象包括短期资产减值和长期资产减值；
(3)资产减值信息作为盈余的组成部分,具有减值前盈余之外的增量价值相关性；对于不同类型的资产减值信息的价值相关性而言,具有扭亏动机和大清洗动机的上市公司的资产减值信息价值相关性弱于减值前盈利的上市公司；同时新会计准则阶段的资产减值信息价值相关性要高于旧会计准则阶段的资产减值信息价值相关性,而这种价值相关性的提高一方面源于短期资产减值信息价值相关性的提高,另一方面得益于长期资产减值信息价值相关性的提高；
(4)新会计准则的实施,提高了短期资产减值应计和长期资产减值应计的可靠性,致使新会计准则阶段资产减值应计的可靠性高于非资产减值应计的可靠性；对于不同期限的资产减值,长期资产减值应计的可靠性高于短期资产减值应计的可靠性；不同类型的资产减值应计的可靠性存在一定的差异性,扭亏和大清洗盈余管理行为会降低资产减值应计的可靠性。
综上所述,新资产减值会计准则的实施,对遏制上市公司利用资产减值进行盈余管理活动的效果有限,但与新会计准则实施的总体目标保持了一致性,提高了资产减值信息的价值相关性和可靠性,促进了资产减值信息决策的有用性。
本文对上市公司资产减值会计的研究结论,从一个新的角度丰富了我国上市公司资产减值会计的经验证据,尤其是新旧会计准则资产减值会计的比较分析,希望本文的研究有利于开展中国资本市场资产减值会计的研究工作。
Assets Impairment accouting has been a hot topic in the field of financial accounting for a long time. China's Assets Impairment accouting has grown out of nothing, from two items to four items, finally to eight items and on February 15.2006, China issued accouting Standard for Business Enterprise No.8:Asset Impairment Accounting, Which has been put into practice since 2007. The New CAS No.8 putting forward the requirrment of Impairment sign, specificating the procedure of assets Impairment measurement, cancelling the reverse of the impairment of long-term assets, aiming to compressing the scope of earning management (Liu Yuting,2006) Then whether or not the change of assets Impairment standards will be achieve the goal of compressing the scope of earning management. Acctually, the object of changes in asset impairment starndards mainly is long-term assets, the short-term assets impairment hasn't changed, so firstly, we should analyze the objects are short-term assets or long-term assets of listed companies using for earning management? This will be determained that the changing of assets impairment standard whether or not chieve its policy effect. Accordingly, this paper will analyse the motivation of assets impairment of listed companies, and analyzing the different between short-term assets and long-term assets impairment on earnings management, and analyzing whether or not the changing of accouting standards can restrain the earning management through using the short-term assets impairment and long-term assets impairment.
Meanwhile, The objective of implementating new accounting standards is to improve the accouting information's relevance and reliability, then as a part of accounting information, the assets Impairment information's relevance and reliability will have a significant changance between the old accounting standards and new accounting standards. And the different types of assets impairment's value relevant and reliability will be changed significant as well? Then what are the reasons for these significant differences. So this paper studies the value relevant and reliability of assets impairment information, including the difference between the old and new accounting standards stage, and the difference between the short-term and long-term assets impairment information.
The study period is from 2001 to 2008, and its subject is assets Impairment accouting of public companies in the A-share capital market. The conclusions of this paper are including following main points:
(1)The behavior of assets impairment of listed companies will be affected by the industry's economic boom and the performance of each company, when the external economic environment and the performance of company improved, the provision for assets impairment of listed companies is relatively low, or vice versa; while assets impairment will also be subject to earnings management behavior, if the loss companies can reverse its profit, it will reverse its profit by assets impairment, and it will take a bath by assets impairment when it can't reverse its profit; the assets impairment wll also be subject to the conservatism accounting principles, when the policies and estimates of accounting are conservatism, the proportion of asset impairment is more higher; the behavior of assets impairment will also be affected by contractual factors, when the assets-liabilities ratio is more higher, the proportion of asset impairment is more lower.
(2) Because of the type of assets impairment for public companies'reversing loss profit is short-term assets, the new accounting standards prohibit reversal of Impairment of long-term assets can't play an expected role to restrain the behavior of reversing the loss profit by assets impairment; but it can play an expected role to restain the behavior of taking a big bath through assets impairment, because the public companies will taking a bath by using both the short-term and long-term assets impairment.
(3) As a part of earning, the information of assets impairment has added valuerelevance; as different types of assets impairment information's value relevance, the public companies with reversing loss pofit and taking a big bath are significanty weaker than companies with the profit before assets impairment,; The value-relevance of assets Impairment is higer in the new accounting standards stage than the old accounting standards stage, while the increasing of value-relevance is due to the value-relevance increasing of short-term asssets and long-liveed assets.
(4) The implementation of new accounting standards improves the accruals reliability of short-term assets and long-lived assets, and making the accruals of assets Impairment more reliability than the accruals of non-assets Impairment. As the different period assets impairment, the reliability of long-lived assets Impairment accruals is higher than the short-term assets Impairment accruals; As the different type assets impairment, earnings management like "adverse-loss" and "big bath" will reduce the reliability of impairment assets accruals.
Summarily, although the implementation of new accounting standards has limited restained the earning management behavior by using assets impairment, but it has enhanced the value relevance and reliability of assets impairment information and prompted the usefulness of asset imparment information in decision-making.
This paper provide a fresh insight into the assets Impairment accounting by our findings, especially the comparative analysis of assets impairment between the old accounting standards and the new accounting standards, we wish our research is beneficial to the study of assets Impairment in the China's capital market.
引文
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