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題名 The Impact of SFAS No.35 Application on th Listed Firms` Stock Performance in Taiwan
作者 戴思嫻
Tai,Shih-Hsien
貢獻者 徐燕山
Hsu,Yenshan
戴思嫻
Tai,Shih-Hsien
關鍵詞 三十五號公報
減損
分類
利率
SFAS No.35
Write-Downs
Partition
Interest Rate
日期 2005
上傳時間 17-Sep-2009 19:18:23 (UTC+8)
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。
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.
參考文獻 Alciatore, M., Dee, C. C., Easton, P., Spear, N., and King-Fahd University of Petroleum and Minerals. 1998. Asset Write-Downs: A Decade of Research. Journal of Accounting Literature 17: 1-39.
Alciatore, M., Easton, P., and Spear, N. 2000. Accounting for the Impairment of Long-Lived Assets: Evidence from the Petroleum Industry. Journal of Accounting and Economics 29: 151-72.
Bartov, E., Lindahl, F. W., and Ricks, W. 1998. Stock Price Behavior Around Announcements of Write-Offs. Review of Accounting Studies 3: 327-46.
Bartram, S. 2002. The Interest Rate exposure of Nonfinancial Corporations. European Finance Review 6: 101-25.
Bunsis, H. 1997. A Description and Market Analysis of Write-Off Announcements. Journal of Business Finance and Accounting 24 (October/December): 1385-1400.
Chai, J. 2003. Effects of the Catastrophe on Stock Market: The Case of the 921 Chi-Chi Earthquake in Taiwan’s Electronics, Banking, and Construction Industries. Department of Financial Operations, MA: National Kaohsiung First University of Science and Technology.
Elliott J. A. and Hanna, J. D. 1996. Repeated Accounting Write-Offs and the Information Content of Earnings. Journal of Accounting Research 34: 135-55.
Ervin L. B., Thomas, A. C., and Richardson, V. J. 2000. The Value Relevance of Multiple Occurrences of Nonrecurring Items. Review of Quantitative Finance and Accounting 15 (December): 391-411.
Fargher, N. L. and Weigand, R. A. 1998. Changes in the Stock Price Reaction of Small Firms to Common Information. The Journal of Financial Research 21 (Spring): 105-21.
Flannery, M. and James, C. M. 1984. The Effect of Interest Rate Changes on the Common Stock Returns of Financial Institution. The Journal of Finance (September): 1141-53.
Fred, D., Schiff, M., and Sondhi, A. C. 1989. Impairment and Writeoffs of Long-Lived Assets. Management Accounting 71 (August): 48-50.
Hirschey, M. and Richardson V. J. 2003. Investor Underreaction to Goodwill Write-offs. Financial Analysis Journal 59 (November and December): 75-84.
Joseph N. L. and Vezos, P. 2006. The Sensitivity of US Bank’s Stock Returns to Interest Rate and Exchange Rate Changes. Managerial Finance 32: 182-99.
Kadiyala, P. and Rau, P. R. 2004. Investor Reaction to Corporate Event Announcements: Underreaction or Overreaction? The Journal of Business 77 (April): 375-86.
Lin, Y. C. and Peasnell, K. V. 2000. Fixed Asset Revaluation and Equity Depletion in the UK. Journal of Finance and Accounting 27 (April/May): 359-92.
Lloyd, W. P. and Shick, R. A. 1977. A Test of Stone’s Two-Index Model of Returns. The Journal of Financial and Quantitative Analysis 12 (September): 363-76.
Meeting, D. T. and Luecke, R. W. 2002. Asset Impairment and Disposal. Journal of Accountancy 193 (March): 49-60.
Rees, L., Gill, S., and Gore, R. 1996. An Investigation of Asset Write-Downs and Concurrent Abcdrmal Accruals. Journal of Accounting Research 34: 157-69.
Rezaee, Z. and Spiceland J. D. 2003. The Impact of Accounting Standards on Business Combinations and Intangible Assets. Corporate Finance Review 8 (September/October): 20-27.
Riedl, E. J. 2004. An Examination of Long-Lived Asset Impairments. The Accounting Review 79 (July): 823-52.
Shen, C., and Lee, J. 2000. Event Study: Prerequisite for Empirical Research in Financial and Accounting Studies. 1st edition. Hwa-Tai Publishing Co. Ltd.
Stone, B. K. 1974. Systematic Interest-Rate Risk in a Two-Index Model of Returns. The Journal of Financial and Quantitative Analysis 9: 709-721.
Yan, X. and Ding, W. 2006. The Impact of SFAS 35 on Firms’ Yearly Financial Statements for the Year Ended December 31st 2004 (I). Accounting Research Monthly 242: 98-104.
Yan, X. and Ding, W. 2006. The Impact of SFAS 35 on Firms’ Yearly Financial Statements for the Year Ended December 31st 2004 (II). Accounting Research Monthly 243: 86-91.
Zucca, L. J. and Campbell, D. R. 1992. A Closer Look at Discretionary Write-downs of Impaired Assets. Accounting Horizons 6 (September): 30-41.
描述 碩士
國立政治大學
財務管理研究所
93357031
94
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0093357031
資料類型 thesis
dc.contributor.advisor 徐燕山zh_TW
dc.contributor.advisor Hsu,Yenshanen_US
dc.contributor.author (Authors) 戴思嫻zh_TW
dc.contributor.author (Authors) Tai,Shih-Hsienen_US
dc.creator (作者) 戴思嫻zh_TW
dc.creator (作者) Tai,Shih-Hsienen_US
dc.date (日期) 2005en_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) G0093357031en_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) 93357031zh_TW
dc.description (描述) 94zh_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．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． i
ABSTRACT．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． ii
LIST OF TABLES．．．．．．．．．．．．．．．．．．．．．．．．．．． ．．． v
LIST OF FIGURES．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． vi

1. INTRODUCTION．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．1
2. SFAS NO.35: ACCOUNTING FOR IMPAIRMENT OF ASSETS．．．．．．．．．．．．．．． 5
2.1 Introduction of SFAS No.35 6
2.1.1 Scope and Purpose 6
2.1.2 Definition 7
2.1.3 Indication of Impairment 8
2.1.4 Identifying an Asset That May Be Impaired 9
2.1.5 Impairment of Goodwill 10
2.1.6 Recognition of an Impairment Loss 10
2.1.7 Reversal of an Impairment Loss 11
2.1.8 Disclosure 13
2.2 Comparison between SFAS No.35 (Taiwan) and SFAS No.144 (US) and IAS 36 14
2.3 Effects of SFAS No.35 15
2.3.1 For Companies 15
2.3.2 For Investors 16
2.3.3 For the Authority 17
3. LITERATURE REVIEW．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．18
3.1 Positive or Negative Market Reaction 18
3.2 Interest Rate Factor 19
3.3 Industry Factor 20
3.4 Partition 21
4. METHODOLOGY AND HYPOTHESES．．．．．．．．．．．．．．．．．．．．．．．．． 24
4.1 Event Study Models 25
4.1.1 Market Model 25
4.1.2 Statistic Test of (S)AR and (S)CAR 27
4.2 Hypotheses 29
5. DATA AND SAMPLE．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．33
5.1 Data 33
5.2 Descriptive Statistics 35
6. EMPIRICAL RESULTS．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．39
6.1 Short-Term Market Reaction in Consideration of Partition 39
6.1.1 Partition: By Industry 41
6.1.2 Partition: By the `Numbe` of Types of Written-Down Assets Recorded
by Each Firm 43
6.1.3 Partition: By the Frequency of Written-Down Announcements 44
6.1.4 Partition: By the Write-Down Amount 45
6.1.5 Partition: By the Type of Written-Down Asset 46
6.1.6 Partition: By the Timing of Write-Down Announcement 47
6.1.7 Summary of Partition Results 48
6.2 Short-Term Market Reaction in Consideration of Interest Rate and Industry
Factors 49
6.2.1 Industry Factor (Full Sample) 50
6.2.2 Interest Rate Factor (Full Sample) 51
6.2.3 Interest Rate Factor (Banking and Insurance Industry) 53
6.2.4 Model Comparison: Other Industries 55
6.2.5 Industry and Interest Factors Considered at the Same Time (Full Sample) 57
6.3 Near-Term Market Reaction 59
7. DISCUSSION．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． 63
7.1 Short-Term Market Reaction: Positive or Negative? 63
7.2 Do the Industry and the Interest Rate Factors Enhance the Explanation
Capability of the Market Model? 66
7.3 Near-Term Market Reaction: Investor Over- or Under-Reaction? 68
8. CONCLUSION．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． 70


APPENDIX A: Sample Companies (258 companies from 20 Industries)．．．．．．．． 72
APPENDIX B: Formulas of the t-Statistics for the Parametric Test and the
Non-Parametric Test．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． 76

REFERENCE．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．． 78

[Table of Tables]
1 The Distribution of 258 Samples among Industries 34
2 Sample Selection Criteria and Descriptive Statistics of
Write-Downs 37
3 Parametric Test for Short-Term Market Reaction (Full Sample) 39
4 Non-parametric Test (Sign Test) for Short-Term Market Reaction
(Full Sample) 40
5 AR and CAR based on the Market Model with an Industry Factor
(Full Sample) 50
6 AR and CAR based on the Market Model with an Interest Rate
Factor (Full Sample) 52
7 Model Comparison (CAR) for the Banking and Insurance Industry 54
8 Model Comparison (Adjusted R2) for the Banking and Insurance
Industry 55
9 Model Comparison (CAR) for Other Industries: with Industry or
Interest Rate Factor 57
10 Model Comparison (CAR) When the Industry and Interest Factors
Are Considered at the Same Time 58
11 Correlation between Security Return and Other Factors 67

[Table of Figures]
1 The First Fiscal Quarter in which Write-Down Is Recorded 36
2 Short-Term (S)AR and (S)CAR Trend for the Full Sample 41
3 AR and CAR Trend under the Industry Partition 42
4 AR and CAR Trend under the Partition: The `Number`of Types
of Written-Down Assets Recorded by Each Firm 44
5 AR and CAR Trend under the Partition: Repeated Announcement
(in Terms of Quarters) 45
6 AR and CAR Trend under the Partition: Write-Down Amount 46
7 AR and CAR Trend under the Partition: Type of Written-Down
Asset 47
8 AR and CAR Trend under the Partition: Timing of Write-Down
Announcement 48
9 AR and CAR Trend based on the Market Model with an Industry
Factor (Full Sample) 51
10 AR and CAR Trend based on the Market Model with an Interest
Rate Factor (Full Sample) 52
11 Trend of Commercial Paper Rate in the Sample Period 53
12 Model Comparison (AR and CAR Trend) for the Banking and
Insurance Industry 54
13 Model Comparison (AR and CAR Trend) When the Industry and
Interest Factors Are Considered at the Same Time 59
14 Near-Term CAR Trend under the Industry Partition for the
Full Sample (The Basic Model) 61
15 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/#G0093357031en_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.35en_US
dc.subject (關鍵詞) Write-Downsen_US
dc.subject (關鍵詞) Partitionen_US
dc.subject (關鍵詞) Interest Rateen_US
dc.title (題名) The Impact of SFAS No.35 Application on th Listed Firms` Stock Performance in Taiwanzh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Alciatore, M., Dee, C. C., Easton, P., Spear, N., and King-Fahd University of Petroleum and Minerals. 1998. Asset Write-Downs: A Decade of Research. Journal of Accounting Literature 17: 1-39.zh_TW
dc.relation.reference (參考文獻) Alciatore, M., Easton, P., and Spear, N. 2000. Accounting for the Impairment of Long-Lived Assets: Evidence from the Petroleum Industry. Journal of Accounting and Economics 29: 151-72.zh_TW
dc.relation.reference (參考文獻) Bartov, E., Lindahl, F. W., and Ricks, W. 1998. Stock Price Behavior Around Announcements of Write-Offs. Review of Accounting Studies 3: 327-46.zh_TW
dc.relation.reference (參考文獻) Bartram, S. 2002. The Interest Rate exposure of Nonfinancial Corporations. European Finance Review 6: 101-25.zh_TW
dc.relation.reference (參考文獻) Bunsis, H. 1997. A Description and Market Analysis of Write-Off Announcements. Journal of Business Finance and Accounting 24 (October/December): 1385-1400.zh_TW
dc.relation.reference (參考文獻) Chai, J. 2003. Effects of the Catastrophe on Stock Market: The Case of the 921 Chi-Chi Earthquake in Taiwan’s Electronics, Banking, and Construction Industries. Department of Financial Operations, MA: National Kaohsiung First University of Science and Technology.zh_TW
dc.relation.reference (參考文獻) Elliott J. A. and Hanna, J. D. 1996. Repeated Accounting Write-Offs and the Information Content of Earnings. Journal of Accounting Research 34: 135-55.zh_TW
dc.relation.reference (參考文獻) Ervin L. B., Thomas, A. C., and Richardson, V. J. 2000. The Value Relevance of Multiple Occurrences of Nonrecurring Items. Review of Quantitative Finance and Accounting 15 (December): 391-411.zh_TW
dc.relation.reference (參考文獻) Fargher, N. L. and Weigand, R. A. 1998. Changes in the Stock Price Reaction of Small Firms to Common Information. The Journal of Financial Research 21 (Spring): 105-21.zh_TW
dc.relation.reference (參考文獻) Flannery, M. and James, C. M. 1984. The Effect of Interest Rate Changes on the Common Stock Returns of Financial Institution. The Journal of Finance (September): 1141-53.zh_TW
dc.relation.reference (參考文獻) Fred, D., Schiff, M., and Sondhi, A. C. 1989. Impairment and Writeoffs of Long-Lived Assets. Management Accounting 71 (August): 48-50.zh_TW
dc.relation.reference (參考文獻) Hirschey, M. and Richardson V. J. 2003. Investor Underreaction to Goodwill Write-offs. Financial Analysis Journal 59 (November and December): 75-84.zh_TW
dc.relation.reference (參考文獻) Joseph N. L. and Vezos, P. 2006. The Sensitivity of US Bank’s Stock Returns to Interest Rate and Exchange Rate Changes. Managerial Finance 32: 182-99.zh_TW
dc.relation.reference (參考文獻) Kadiyala, P. and Rau, P. R. 2004. Investor Reaction to Corporate Event Announcements: Underreaction or Overreaction? The Journal of Business 77 (April): 375-86.zh_TW
dc.relation.reference (參考文獻) Lin, Y. C. and Peasnell, K. V. 2000. Fixed Asset Revaluation and Equity Depletion in the UK. Journal of Finance and Accounting 27 (April/May): 359-92.zh_TW
dc.relation.reference (參考文獻) Lloyd, W. P. and Shick, R. A. 1977. A Test of Stone’s Two-Index Model of Returns. The Journal of Financial and Quantitative Analysis 12 (September): 363-76.zh_TW
dc.relation.reference (參考文獻) Meeting, D. T. and Luecke, R. W. 2002. Asset Impairment and Disposal. Journal of Accountancy 193 (March): 49-60.zh_TW
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