The Impact of Reporting Goodwill and Impairments on the Market's Anticipation of Future Earnings_

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題名：	The Impact of Reporting Goodwill and Impairments on the Market's Anticipation of Future Earnings
書刊名：	臺大管理論叢
作者：	林修葳／王全三
作者(外文)：	Lin, Hsiou-wei／Wang, Chuan-san
出版日期：	2015
卷期：	25:2
頁次：	頁23-52
主題關鍵詞：	商譽；公允價值會計；盈餘反應係數；FERC；Goodwill；Fair value accounting；Future or Forward Earnings Response Coefficients
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(2) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:2 共同引用:0 點閱:12

本研究探討企業報導商譽及減損對資本市場預測併購者未來損益之影響。本研究使用未來盈餘反應係數（FERC）衡量資本市場預測未來損益之能力。依據Collins, Kothari, Shanken, and Sloan（1994），盈餘反應係數是當期股票報酬率與次期盈餘之間的迴歸係數。以公允價值報導商譽，將使併購者以公允價值分攤併購價格至取得之可辨認資產，並將併購效益之經濟租揭露為商譽。定期減損測試則代表併購者持續更新取得併購資產之公允價值，使可辨認資產折舊費用與公允價值相連結，可讓市場參與者自財務報表中獲得較攸關之損益資訊。我們的研究結果提出與上述論述一致的可靠證據，支持使用公允價值衡量商譽及減損之會計處理，能提供有用的財務資訊。

以文找文

We investigate the effect of reporting goodwill and impairments on the stock market's ability to predict acquirers' future earnings, as captured by the Future Earnings Response Coefficient (FERC). Based on Collins, Kothari, Shanken, and Sloan (1994), the FERC is the association between current-year stock returns and next-year corporate earnings. Reporting goodwill reveals economic rents expected by the acquirers when they allocate purchase prices among purchased assets. This allocation assigns fair value to the book of identifiable assets acquired in business combinations. Periodical impairment tests update the fair value information. The information enables market participants to match post-merge revenue with depreciation expenses of the identifiable assets. Our results show robust evidence consistent with this argument, supporting the usefulness of fair value accounting for goodwill and impairments.

以文找文

期刊論文
1.	Jennings, R.、Robinson, J.、Thompson, R. B.、Duvall, L.(1996)。The relation between accounting goodwill numbers and equity values。Journal of Business Finance and Accounting，23(4)，513-533。
2.	Ettredge, M. L.、Kwon, S. Y.、Smith, D. B.、Zarowin, P. A.(2005)。The impact of SFAS No. 131 business segment data on the market's ability to anticipate future earnings。The Accounting Review，80(3)，773-804。
3.	Leftwich, Richard(1983)。Accounting Information in Private Markets: Evidence from Private Lending Agreements。The Accounting Review，58(1)，23-42。
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5.	Skinner, Douglas J.、Soltes, Eugene F.(2009)。What do dividends tell us about earnings quality?。Review of Accounting Studies，16(1)，1-28。
6.	Frankel, R.、Seethamraju, C.、Zach, T.(2008)。GAAP goodwill and debt contracting efficiency: Evidence from net-worth covenants。Review of Accounting Studies，13(1)，87-118。
7.	Godfrey, J. M.、Koh, P. S.(2009)。Goodwill impairment as a reflection of investment opportunities。Accounting and Finance，49(1)，117-140。
8.	Gu, F.、Lev, B.(2011)。Overpriced shares, ill-advised acquisitions, and goodwill impairment。Accounting Review，86(6)，1995-2022。
9.	Jarva, H.(2009)。Do firms manage fair value estimates? An examination of SFAS 142 goodwill impairments。Journal of Business Finance and Accounting，36(9/10)，1059-1086。
10.	Jennings, R.、LeClere, M.、Thompson, R. B. II(2001)。Goodwill amortization and the usefulness of earnings。Financial Analysts Journal，57(5)，20-28。
11.	Shalev, R.(2009)。The information content of business combination disclosure level。The Accounting Review，84(1)，239-270。
12.	Vincent, L.(1997)。Equity valuation implications of purchase versus pooling accounting。Journal of Financial Statement Analysis，2，5-19。
13.	Kasznik, Ron、Lev, Baruch(1995)。To warn or not to warn: Management disclosures in the face of an earnings surprise。The Accounting Review，70(1)，113-134。
14.	Lys, Thomas、Vincent, Linda(1995)。An analysis of value destruction in AT&T's acquisition of NCR。Journal of Financial Economics，39(2/3)，353-378。
15.	Rau, P. R.、Vermaelen, T.(1998)。Glamour, value and the post-acquisition performance of acquiring firms。Journal of Financial Economics，49(1)，223-253。
16.	Lundholm, R. J.、Myers, L. A.(2002)。Bringing the future forward: The effect of disclosure on the returns-earnings relation。Journal of Accounting Research，40(3)，809-839。
17.	Hayn, C.(1995)。The information content of losses。Journal of Accounting and Economics，20(2)，125-153。
18.	Collins, D. W.、Kothari, S. P.、Shanken, J.、Sloan, R. G.(1994)。Lack of Timeliness and Noise as Explanations for the Low Contemporaneous Return-Earnings Association。Journal of Accounting and Economics，18(3)，289-324。
19.	Smith, Clifford W. Jr.、Watts, Ross L.(1992)。The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies。Journal of Financial Economics，32(3)，263-292。
20.	Watts, Ross L.(2003)。Conservatism in accounting, Part I: Explanations and implications。Accounting Horizons，17(3)，207-221。
21.	Roychowdhury, Sugata(2006)。Earnings Management through Real Activities Manipulation。Journal of Accounting and Economics，42(3)，335-370。
22.	Tucker, Jennifer W.、Zarowin, Paul A.(2006)。Does Income Smoothing Improve Earnings Informativeness?。The Accounting Review，81(1)，251-270。
23.	Ramanna, K.(2008)。The implications of unverifiable fair-value accounting: Evidence from the political economy of goodwill accounting。Journal of Accounting and Economics，45(2/3)，253-281。
24.	Ramanna, K.、Watts, R. L.(2012)。Evidence on the use of unverifiable estimates in required goodwill impairment。Review of Accounting Studies，17(4)，749-780。
25.	Barth, Mary E.、Beaver, William H.、Landsman, Wayne R.(2001)。The relevance of the value relevance literature for financial accounting standard setting: another view。Journal of Accounting and Economics，31(1-3)，77-104。
26.	Fama, Eugene F.、MacBeth, James D.(1973)。Risk, Return, and Equilibrium: Empirical Tests。Journal of Political Economy，81(3)，607-636。
27.	Johnson, Marilyn F.、Kasznik, Ron、Nelson, Karen K.(2002)。The Impact of Securities Litigation Reform on the Disclosure of Forward-Looking Information by High Technology Firms。Journal of Accounting Research，39(2)，297-327。

圖書
1.	Wooldridge, Jeffrey M.(2001)。Econometric Analysis of Cross Section and Panel Data。Cambridge, MA：Massachusetts Institute of Technology Press。

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