資產減損公報對股東財富影響之研究

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姓名

李易政(I-Cheng Li) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

資產減損公報對股東財富影響之研究
(The Impact of Financial Accounting Standards for Asset Impairment on the Wealth of Shareholders)

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摘要(中)

本文主要探討第三十五號財務會計準則公報(資產減損之會計處理)對台灣證券交易所上市公司之股價效應，研究期間為民國92年到94年，共有677家樣本公司。先以事件研究法檢定公報發布三個重要事件日之股價效應；同時為增加結果的可信度，將所有樣本公司組成投資組合後，利用一般最小平方法(OLS)及似乎不相關迴歸模式進一步估計其平均異常報酬發現，不論對公司或一般投資大眾而言，公報發佈都具有先負後正的股價效應。再依固定資產高低將樣本公司分組，利用似乎不相關迴歸模式估計其異常報酬，最後以同式及跨式檢定Z值檢定發現，固定資產較多的公司受到公報宣告影響較大，且與股價效應方向一致。

摘要(英)

This paper examines the stock price impact of SFAS No.35 – Accounting for Asset Impairment – on the listed companies of TSEC. The sample contains 677 observations for the 2003 to 2005 period. First, we use the Event Study to examine the stock effects on the three important event dates for the announcements of the financial accounting standards. In order to increase the robustness, we combine all the sample companies to a portfolio then use the OLS and the SUR to estimate the average abnormal returns. We found negative stock effects for both companies and investors. Second, we separate the sample into two groups according to the level of fixed assets and use SUR to estimate the abnormal returns. Then, we use cross and non-cross statistics to test the result. We found the companies that own more fixed assets were influenced more seriously and the results are consistent with those stock effects.

關鍵字(中)

★ 事件研究法
★ 股價效應
★ 資產減損
★ 財務會計準則
★ 似乎不相關迴歸模式

關鍵字(英)

★ Seemingly Unrelated Regression Model
★ Event Study
★ Stock Effect
★ Asset Impairment
★ Financial Accounting Standards

論文目次

第壹章緒言.................................................................1
第一節研究動機...........................................................1
第二節研究目的...........................................................2
第三節研究程序及架構.....................................................3
第貳章文獻探討與假說建立...................................................4
第一節資產減損公報介紹...................................................4
第二節資產減損公報歷程與重大事件.........................................4
第三節資產減損公報宣告之股價反應.........................................5
第參章研究設計.............................................................9
第一節基本統計分析.......................................................9
第二節事件研究法.........................................................9
第三節似乎不相關迴歸模式................................................13
第四節事件日及樣本選取..................................................15
第肆章實證結果與分析......................................................17
第一節市場效應之檢定....................................................17
第二節固定資產高低對公報宣告效果之影響..................................23
第伍章結論與建議..........................................................25
參考文獻.....................................................................27

參考文獻

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指導教授

洪榮華、劉永欽
(Jung-Hua Hung、Yong-Chin Liu)

審核日期

2006-7-12

推文