公允價值衡量資訊揭露的有用性：來自商譽減損的證據

On the Usefulness of Supplemental Disclosure about Fair Value Measurement: Evidence for Goodwill Impairment

本研究以實證方式探討商譽公允價值衡量揭露的資訊有用性。研究結果顯示，公司揭露商譽公允價值衡量的多寡與公司未來一年認列商譽減損損失的可能性呈負相關。其次，研究發現投資人對於商譽減損損失有負面的市場反應，商譽減損金額越高，市場負面反應也越高，但若公司提供較多的公允價值衡量揭露，則市場的負面反應程度會降低。研究進一步發現，當公司的研發經費較多或報導部門數目較多時，公允價值衡量揭露對商譽減損損失及市場反應兩者間的影響會更加的顯著。綜合來說，公允價值衡量揭露加強商譽衡量的可靠性及可驗證性，降低投資人對管理當局利用公允價值衡量操弄商譽減損決定的疑慮。

This study examines the usefulness of firms' supplemental disclosure about fair value measurement used in determining goodwill impairment. We find that the level of supplemental disclosure about the specifics of goodwill impairment test in the current year is negatively associated with the recurrence of goodwill write-off in the subsequent year. We also find that investors' valuation of goodwill impairment loss is less negative for firms making more extensive disclosure about goodwill impairment test. This effect is found to be stronger for firms with more complex and subjective decision of goodwill impairment. Taken together, our results suggest that supplemental disclosure about fair value measurement enhances the verifiability of fair value-based accounting information and mitigates investors' concern about the subjectivity and opacity of firms' fair value accounting decision.