| dc.contributor.advisor | 徐燕山 | zh_TW |
| dc.contributor.advisor | Hsu,Yenshan | en_US |
| dc.contributor.author (Authors) | 戴思嫻 | zh_TW |
| dc.contributor.author (Authors) | Tai,Shih-Hsien | en_US |
| dc.creator (作者) | 戴思嫻 | zh_TW |
| dc.creator (作者) | Tai,Shih-Hsien | en_US |
| dc.date (日期) | 2005 | en_US |
| dc.date.accessioned | 17-Sep-2009 19:18:23 (UTC+8) | - |
| dc.date.available | 17-Sep-2009 19:18:23 (UTC+8) | - |
| dc.date.issued (上傳時間) | 17-Sep-2009 19:18:23 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0093357031 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/34060 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 財務管理研究所 | zh_TW |
| dc.description (描述) | 93357031 | zh_TW |
| dc.description (描述) | 94 | zh_TW |
| dc.description.abstract (摘要) | 本研究的目的在於探討兩個問題：一、上市公司因應財務會計準則公報第三十五號公報的採用而宣告資產減損，市場的反應是正面的(positive)還是負面的(negative)？亦即，資產減損宣告對公司價值的影響為何？二、投資人對於資產減損宣告會過度反應(over-reaction)還是反應不足(under-reaction)？由於財務會計準則公報第三十五號公報的實施截至目前為止尚不足兩年，本研究對於本課題的研究著重在資產減損宣告和股價的關係突顯了這個課題的獨特性和重要性。本研究係採事件研究法以檢驗台灣上市公司採用財務會計準則公報第三十五號公報對於其股價的表現是否會造成影響。除了全數樣本的分析之外，亦將全數樣本依照減損公司的特性和減損資產的特性分成子樣本；或在事件研究法中傳統的市場模型當中加入利率因素或產業因素兩個控制變數並區分成對金融業和非金融業加以分析——目的在於探討這些分類或因素是不是造成資產減損宣告對股價反應的原因。實證結果發現：一、不論是採用哪一種子樣本的分類方式，市場對資產減損宣告的反應都是負向的；二、和利率因素相比，產業因素比較能解釋資產減損宣告前後的股價反應，且對於金融業或非金融業結論皆然；三、30天期的股價反應顯示，投資人對於資產減損宣告有過度反應的現象，因為在產業分類之下股價在12天至18天左右有迴轉(reversal)的現象。 | zh_TW |
| dc.description.abstract (摘要) | The purpose of this paper is to answer two questions: 1. Does the market react positively or negatively to asset write-down announcements? Or, what is the impact of asset impairment on the firm value? 2. Do investors over-react or under-react to asset write-down announcements? Given the recent enforcement of SFAS No.35 about asset write-down, this study supplements the importance of that pronouncement by demonstrating the relation between write-downs and security prices. This study employs the event study methodology to examine the impact of SFAS No.35 on the stock performance of those listed firms (i.e., whose stocks are listed on the Taiwan Stock Exchange) that apply the regulation. Partitions methods based on write-down asset and write-down firm characteristics are adopted. Moreover, two other control variables—industry factor or interest rate factor—are added to the traditional market model for the financial industry and non-financial industries to see if these factors can also explain the market reaction around write-down announcements. The result shows that the market reacts negatively to asset written-down announcement whatever the partition method is adopted. And the industry return is proved to be the better factor that can explain the market reaction than the interest rate factor. The near-term stock performance in the (-30, 30) period shows that investors tend to over-react to write-down announcements, for the stock price signals a reversal after the announcement date. | en_US |
| dc.description.tableofcontents | [Table of Contents]ACKNOWLEDGEMENT．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． iABSTRACT．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． iiLIST OF TABLES．．．．．．．．．．．．．．．．．．．．．．．．．．． ．．． vLIST OF FIGURES．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． vi1. INTRODUCTION．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．12. SFAS NO.35: ACCOUNTING FOR IMPAIRMENT OF ASSETS．．．．．．．．．．．．．．． 52.1 Introduction of SFAS No.35 62.1.1 Scope and Purpose 62.1.2 Definition 72.1.3 Indication of Impairment 82.1.4 Identifying an Asset That May Be Impaired 92.1.5 Impairment of Goodwill 102.1.6 Recognition of an Impairment Loss 102.1.7 Reversal of an Impairment Loss 112.1.8 Disclosure 132.2 Comparison between SFAS No.35 (Taiwan) and SFAS No.144 (US) and IAS 36 142.3 Effects of SFAS No.35 152.3.1 For Companies 152.3.2 For Investors 162.3.3 For the Authority 173. LITERATURE REVIEW．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．183.1 Positive or Negative Market Reaction 183.2 Interest Rate Factor 193.3 Industry Factor 203.4 Partition 214. METHODOLOGY AND HYPOTHESES．．．．．．．．．．．．．．．．．．．．．．．．． 244.1 Event Study Models 254.1.1 Market Model 254.1.2 Statistic Test of (S)AR and (S)CAR 274.2 Hypotheses 295. DATA AND SAMPLE．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．335.1 Data 335.2 Descriptive Statistics 356. EMPIRICAL RESULTS．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．396.1 Short-Term Market Reaction in Consideration of Partition 396.1.1 Partition: By Industry 416.1.2 Partition: By the `Numbe` of Types of Written-Down Assets Recordedby Each Firm 436.1.3 Partition: By the Frequency of Written-Down Announcements 446.1.4 Partition: By the Write-Down Amount 456.1.5 Partition: By the Type of Written-Down Asset 466.1.6 Partition: By the Timing of Write-Down Announcement 476.1.7 Summary of Partition Results 486.2 Short-Term Market Reaction in Consideration of Interest Rate and IndustryFactors 496.2.1 Industry Factor (Full Sample) 506.2.2 Interest Rate Factor (Full Sample) 516.2.3 Interest Rate Factor (Banking and Insurance Industry) 536.2.4 Model Comparison: Other Industries 556.2.5 Industry and Interest Factors Considered at the Same Time (Full Sample) 576.3 Near-Term Market Reaction 597. DISCUSSION．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． 637.1 Short-Term Market Reaction: Positive or Negative? 637.2 Do the Industry and the Interest Rate Factors Enhance the ExplanationCapability of the Market Model? 667.3 Near-Term Market Reaction: Investor Over- or Under-Reaction? 688. CONCLUSION．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． 70APPENDIX A: Sample Companies (258 companies from 20 Industries)．．．．．．．． 72APPENDIX B: Formulas of the t-Statistics for the Parametric Test and theNon-Parametric Test．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． 76REFERENCE．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． 78[Table of Tables]1 The Distribution of 258 Samples among Industries 342 Sample Selection Criteria and Descriptive Statistics of Write-Downs 373 Parametric Test for Short-Term Market Reaction (Full Sample) 394 Non-parametric Test (Sign Test) for Short-Term Market Reaction (Full Sample) 405 AR and CAR based on the Market Model with an Industry Factor (Full Sample) 506 AR and CAR based on the Market Model with an Interest Rate Factor (Full Sample) 527 Model Comparison (CAR) for the Banking and Insurance Industry 548 Model Comparison (Adjusted R2) for the Banking and Insurance Industry 559 Model Comparison (CAR) for Other Industries: with Industry or Interest Rate Factor 5710 Model Comparison (CAR) When the Industry and Interest Factors Are Considered at the Same Time 5811 Correlation between Security Return and Other Factors 67[Table of Figures]1 The First Fiscal Quarter in which Write-Down Is Recorded 362 Short-Term (S)AR and (S)CAR Trend for the Full Sample 413 AR and CAR Trend under the Industry Partition 424 AR and CAR Trend under the Partition: The `Number`of Types of Written-Down Assets Recorded by Each Firm 445 AR and CAR Trend under the Partition: Repeated Announcement (in Terms of Quarters) 456 AR and CAR Trend under the Partition: Write-Down Amount 467 AR and CAR Trend under the Partition: Type of Written-Down Asset 478 AR and CAR Trend under the Partition: Timing of Write-Down Announcement 489 AR and CAR Trend based on the Market Model with an Industry Factor (Full Sample) 5110 AR and CAR Trend based on the Market Model with an Interest Rate Factor (Full Sample) 5211 Trend of Commercial Paper Rate in the Sample Period 5312 Model Comparison (AR and CAR Trend) for the Banking and Insurance Industry 5413 Model Comparison (AR and CAR Trend) When the Industry and Interest Factors Are Considered at the Same Time 5914 Near-Term CAR Trend under the Industry Partition for the Full Sample (The Basic Model) 6115 Near-Term CAR Trend under the Industry Partition for the Full Sample (Control Variable: Industry Factor) 62 | zh_TW |
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| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0093357031 | en_US |
| dc.subject (關鍵詞) | 三十五號公報 | zh_TW |
| dc.subject (關鍵詞) | 減損 | zh_TW |
| dc.subject (關鍵詞) | 分類 | zh_TW |
| dc.subject (關鍵詞) | 利率 | zh_TW |
| dc.subject (關鍵詞) | SFAS No.35 | en_US |
| dc.subject (關鍵詞) | Write-Downs | en_US |
| dc.subject (關鍵詞) | Partition | en_US |
| dc.subject (關鍵詞) | Interest Rate | en_US |
| dc.title (題名) | The Impact of SFAS No.35 Application on th Listed Firms` Stock Performance in Taiwan | zh_TW |
| dc.type (資料類型) | thesis | en |
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