資產減損與債務協商機制對台灣上市櫃公司之衝擊

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姓名

陸韻茹(Yun-ju Lu) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

資產減損與債務協商機制對台灣上市櫃公司之衝擊
(Two Examinations of the Impacts of Asset Impairments and Consumer Debt Negotiation Mechanism on Taiwan’s Corporations)

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摘要(中)

本研究分為兩篇文章，第一篇為「台灣上市櫃公司之本業經營、轉投資策略與資產減損的研究」，第二篇為「消費金融債務的協商機制會否衝擊金融機構之經營績效」。
第一篇與資產減損相關的研究，旨在探討台灣上市櫃公司的本業經營與轉投資策略，如何影響「資產減損」的認列程度。實證發現本業經營五大構面「所有權結構、成長機會、營運績效、債務規模、盈餘管理動機」皆顯著地影響資產減損的認列程度。但轉投資策略中只有「產業多角化」呈現顯著的影響，其餘如「無多角化、全球多角化和全方位多角化」，均對資產減損的認列程度無明顯衝擊。最後，則以是否隸屬電子產業及利用傳統途徑管理盈餘作敏感度分析，結果顯示，產業效果在同時考慮本業經營五類變數後即不存在；資產減損沒有明顯刺激上市櫃公司透過傳統途徑管理其盈餘。
第二篇與債務協商機制有關的研究，則是利用事件研究法驗證消費金融案件的「債務協商機制」對金融機構經營績效之衝擊。按照三種不同的分類方法區分金融機構的種類，並個別實證及比較後。發現在三種分類方法下，「消費金融案件債務協商機制」的所有事件皆對樣本金融機構產生顯著的衝擊。至於個別事件的影響，則在考慮群組內各樣本的交互影響後，發現正負影響者均有，但負面衝擊仍然較多。值得一提的是，事件(4)「95年1月10日新聞報導第三代協商機制暫不修改宣布破局」時，市場對金融機構累積異常報酬的反映反而是正面的；另外，金控公司受到的衝擊最大、保險公司最小（有正的累積異常報酬）；金控公司的保護或承擔能力較單純的銀行（即不隸屬任何金控者）來得強；信用卡發卡量越高的銀行，受到的衝擊越大；現金卡放款餘額則囿於部分類別之樣本數不足，而無顯著的衝擊；最後，則在不同的分類配對比較下，發現業務性質不同的金融機構，受到的衝擊即存在顯著差異。

摘要(英)

This thesis includes two studies. The first one is “The Study of the Relationships between Corporate Operating Policies, Diversification Strategies, and Asset Impairments in Taiwan.” The other is “The examination of the impact of Consumer Debt Negotiation Mechanism on the Financial Institutions in Taiwan.”
According to the Statement No. 35 issued by Taiwan’s Financial Accounting Standards Committee of the Accounting Research and Development Foundation in July 2004, firms in Taiwan must adopt Statement No. 35 and recognize assets impairment losses to conservatively reflect the true value of long-term assets. The regulations have great influences on the firms’ earning performances, so the extent of recognizing is closely related to corporate operating and diversification strategies. The results show that operating policies, including ownership structure, growth opportunities, operation performances, size of debt, and earning management incentives all have significant relationships with assets impairments. Besides, the industrial diversification significantly influences the extent of asset impairments. At last, sensitivity analyses show that the industrial effect disappears when taking the operating policies into consideration, and asset impairments do not cause earning managements through traditional ways.
Then, we use event studies and MVRM (Multivariate Regression Model) to examine the impact of Consumer Debt Negotiation Mechanism. We find that the events as a whole give a big shock to the financial institutions under different classification. The individual event makes both positive and negative impacts on the firms, but most of them are negative. The interesting results show that when the mechanism breaks down, it contrarily causes positive reactions in the stock market. Besides, financial holding companies suffer the biggest shock but have the strongest protecting power, and higher volume of credit card issued brings bigger shocks. At last, financial institutions with different characteristics suffer significantly different shocks.

關鍵字(中)

★ 債務協商
★ 洗大澡
★ 事件研究法
★ 資產減損
★ 多角化

關鍵字(英)

★ asset impairments
★ big bath
★ diversification
★ consumer debt
★ event study

論文目次

Ⅰ、台灣上市櫃公司之本業經營、轉投資策略與資產減損的研究
壹、研究動機與目的 1
貳、文獻探討與假說推演 2
參、研究方法 5
伍、敏感度分析 16
陸、結論 17
參考文獻 20
Ⅱ、「消費金融債務的協商機制」會否衝擊金融機構之經營績效
壹、研究動機與目的 23
貳、消費金融案件的「債務協商機制」與歷程 26
參、研究方法 28
肆、實證結果 31
伍、結論 36
參考文獻 37

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指導教授

陳錦村(Jing-twem Chen)

審核日期

2007-6-28

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