資產減損認列與迴轉對盈餘反應係數之影響

The Effects of Impairment Recognitions and Reversals on Earnings Response Coefficient

檢視台灣上市櫃公司財務報表，發現公司可能在當年度不同季別同時認列資產減損及資產減損迴轉利益，表示對資產價值同一年度內就產生不同看法，同一年度會反向認列先前幾季金額。本研究以自2005 年到2009 年725 筆電子業公司年資料作為分析，探討同一年度不同季別同時認列減損及迴轉（視為變動組），與同一年度中僅認列資產減損或減損迴轉（視為未變動組），兩組公司之盈餘反應係數是否有所不同，探討其變動目的是為了允當表達公司真實價值，亦或經理人利用資產減損及迴轉機制來操弄盈餘。實證結果發現變動組公司盈餘反應係數較佳，即認列減損且後續認列迴轉與認列迴轉且後續認列減損之公司，相較於僅認列減損或迴轉之公司，盈餘資訊性較高，支持改變認列方向之公司是為了真實表達資產價值的論點。另一方面，區分正、負盈餘之分析結果發現，變動組公司之盈餘資訊性顯著較佳的現象在正盈餘公司樣本較明顯。最後，公司改變認列方向之次數越高，盈餘反應係數愈高，更加佐證本文測試結果。綜合而言，公司頻繁變動先前所認列方向是為反映資產真實價值，以提升報表資訊性，故盈餘反應係數較佳。

This paper aims to investigate how the reversals of impairments affect the earnings response coefficient (ERC). Those firms which recognize asset impairments in a quarter then reverse the impairments in the subsequent and reverse the impairments in a quarter then recognize asset impairments in the subsequent will be examined. This paper will explore whether those firms have lower or higher ERC. The empirical results indicate that firms will improve the informativeness of earnings in order to reflect the true values of assets when they change impairment recognitions and reversal in a year, which supports our hypothesis. Our results also show that firms which recognize asset impairments in a quarter then reverse the impairments in the subsequent have higher ERC than firms which only recognize asset impairments in a year. However, we don’t find the same result in firms which reverse the impairments.