资产减值准备计提与会计盈余价值相关性——基于亏损上市公司的经验数据

采用多元回归分析法对新8项资产减值会计准则实施后,亏损上市公司计提减值准备的会计盈余价值相关性进行了研究;在考虑公司个体特点的基础上,运用堆栈回归法,采用随机效应影响的面板模型对不同年度的会计盈余价值相关性进行了分析。结果表明,从整体上看,亏损上市公司计提减值准备后增强了会计盈余价值相关性,计提的减值准备数据本身也具有增量价值相关性,同时,研究还发现盈利年度的会计信息对投资者的决策更有用,以及投资者不能有效识别微利公司的会计盈余质量,而对于巨亏公司与通过转回减值准备方式盈利的公司来说,其会计盈余数据的决策相关性显著低于对比公司,投资者能有效识别其会计盈余质量,这为2007年1月1日起实施的《企业会计准则第8号——资产减值》中规定的关于已计提的减值准备不可转回的会计准则变革提供了实证支持。

Allocation of Impairment of Assets Reserves and the Value Relevance of Accounting Earnings: Analysis of the Empirical Data from Loss Listed Companies

The value relevance of the accounting earnings before and after the allocation of impairment of asset reserves of loss companies after the implement of the new asset impairment accounting criterion was studied and compared by linear regression analysis.The value relevance of the accounting earnings in different years was analyzed by random-effect panel data model and stacked regressions.The results show that in total,the value relevance of the accounting earnings of the loss listed companies is enhanced after the allocation of impairment of asset reserves.The impairment reserves data itself has value relevance.Meanwhile,the result that the accounting information in earning years are useful to the decision of the investors and the investor can not identify the quality of the accounting earnings data of companies with small profits,while for the great loss companies and the companies that get the profits by the way of switching back the impairment reserves,the decision correlation of their accounting earnings data is conspicuously lower than the contrastive companies,investors can effectively recognize their accounting earnings quality,which will give the empirical support to the innovation of no switching back impairment reserves carried out since January 1,2007.