题目: Evidence of Asset Impairment Reversals from China: Economic Reality or Earnings Management?
演讲者：Dr. Shimin Chen， Associate Professor of Accounting， The Hong Kong Polytechnic University
时间: 2007年6月22日（星期五）3：00—4：30 PM
地点: 嘉庚二513
参加者: 对会计研究有兴趣的广大师生
主持人： 邬瑜骏老师
论文摘要：
Accounting practice for asset write-down reversals varies significantly among different countries. China is unique not only because such reversals are allowed without much restriction, but also because the disclosure of detailed reversal information is mandated. Based on a sample of reversal firms in China, we provide the following findings: First, although economic factors and reporting incentives both explain reversals, reporting incentives dominate managerial reversal decisions. Second, while total reversals provide investors with value-relevant information, the price-earnings multiples of this information are significantly weaker as compared to other income statement components. More importantly, we find that the valuation consequence of reversals, if unrealized, disappears completely. Third, impairment reversals negatively affect the association of accounting earnings with contemporaneous stock returns. Taken together, our results show that managerial opportunism may have reduced the reliability of otherwise value-relevant reversal information. While the intention of granting discretion in impairment reversal is for management to communicate private value recovery information, which reflects the essence of accrual accounting, our findings suggest that a high-quality accounting standard may not necessarily lead to high-quality accounting information.
论文作者简介：
Dr. Shimin Chen is an Associate Professor of Accounting at the Hong Kong Polytechnic University. He currently serves as an executive editor of China Accounting and Finance Review. Dr. Chen has taught a wide range of undergraduate and graduate courses in both financial and managerial accounting. He is an active researcher and a receipt of several research awards. His research interests include accounting information and equity valuation, capital budgeting and management control systems, as well as accounting and financial reporting in China. Dr. Chen’s publications appear in many reputable scholarly journals internationally.
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