1、本科毕业论文（设计）外文翻译外文题目CAUSESANDETTECTSOFDISCRETIONARYASSETWRITEOFFS外文出处JOURNALOFACCOUNTINGRESEARCHVOL34SUPPLEMENT1996外文作者JENNIFERFRANCIS,JDOUGLASHANNA,ANDLINDAVINCENT原文CAUSESANDEFFECTSOFDISCRETIONARYASSETWRITEOFFSINTRODUCTIONTHISPAPERPROVIDESEVIDENCEONTHECAUSESANDSHAREHOLDERWEALTHEFFECTSOFDISCRETIONARYA
2、SSETWRITEOFFSWEUSETHETERM“WRITEOFF“TOREFERTOBOTHCOMPLETEANDPARTIALDOWNWARDASSETREVALUATIONS,ANDWEDESCRIBEOURSAMPLEWRITEOFFSASDISCRETIONARYBECAUSEOVERTHE198992PERIODCOVEREDBYTHESTUDY,THEREWASLITTLEAUTHORITATIVEGUIDANCEONTHEACCOUNTINGFORMOSTTYPESOFASSETIMPAIRMENTS,OTHERTHANINVENTORYTHEABSENCEOFEXPLICI
3、TGUIDANCEFORMANYASSETSPERMITTEDSUBSTANTIALMANAGEMENTDISCRETIONABOUTAMOUNTSANDTIMINGOFWRITEOFFSTHEAMERICANINSTITUTEOFCERTIFIEDPUBLICACCOUNTANTSURGEDTHEFINANCIALACCOUNTINGSTANDARDSBOARDIN1980TOEXAMINETHEASSETIMPAIRMENTISSUEBECAUSETHEYBELIEVEDTHATTHEVARIETYOFPRACTICES,TERMINOLOGY,ANDVALUATIONMETHODSINU
4、SEREDUCEDTHECOMPARABILITYANDCONSISTENCYOFFINANCIALSTATEMENTSTHESECONCERNS,ECHOEDBYTHEEMERGINGISSUESTASKFORCE,THEFINANCIALACCOUNTINGSTANDARDSADVISORYCOMMITTEE,THEFINANCIALEXECUTIVESINSTITUTE,ANDTHENATIONALASSOCIATIONOFACCOUNTANTS,INTENSIFIEDASBOTHTHEFREQUENCYANDTHEMAGNITUDEOFWRITEOFFSINCREASEDDURINGT
5、HE1980STHEFASBSRESPONSEWASTOADOPTSFASNO121MARCH1995WHICHSPECIFIESCRITERIAFORDETERMININGWHETHERIMPAIRMENTOFLONGLIVEDASSETSHASOCCURREDANDHOWMUCHIMPAIRMENTSHOULDBERECOGNIZEDTHEEXPRESSEDDEMANDSFORAUTHORITATIVEGUIDANCEONTHEACCOUNTINGFORASSETIMPAIRMENTSAPPEARTOBEBASEDONANOTIONTHATMANAGEMENTSTAKEADVANTAGEO
6、FTHEDISCRETIONAFFORDEDBYTHEACCOUNTINGRULESTOMANIPULATEEARNINGSEITHERBYNOTRECOGNIZINGIMPAIRMENTWHENITHASOCCURREDORBYRECOGNIZINGITONLYWHENITISADVANTAGEOUSTOTHEMTODOSOTHISCHARACTERIZATIONOFWRITEOFFSASSUMESTHATMANAGERSHAVEINCENTIVESTOMANAGEEARNINGSINTHESEWAYS,ANDTHATINVESTORSARESOMEHOWUNABLETOUNDOTHESEM
7、ANIPULATIONSANALTERNATIVEVIEWISTHATMANAGERSTAKEWRITEOFFSNOTTOMANIPULATEEARNINGSBUTTOREFLECTDECLINESINTHEVALUESOFASSETSDUETOPOORFIRMPERFORMANCE,ACTIONSTAKENBYCOMPETITORS,CHANGESINTHEECONOMICCLIMATE,ORCHANGESINMANAGEMENTSTRATEGIESOURSTUDYPROVIDESEVIDENCEONWHICHOFTHESETWOFACTORSMANIPULATIONORIMPAIRMENT
8、DRIVESWRITEOFFDECISIONSANDWHETHERMARKETREACTIONSTOWRITEOFFSDEPENDONTHESEFACTORSWEINVESTIGATETHEEXTENTTOWHICHPROXIESFORMANAGERIALINCENTIVESTOMANIPULATEEARNINGSANDPROXIESFORASSETIMPAIRMENTEXPLAINWRITEOFFDECISIONSFORTHEFULLSAMPLEOFWRITEOFFS,WEFINDTHATBOTHFACTORSAREIMPORTANTDETERMINANTSHOWEVER,WHENWEANA
9、LYZEWRITEOFFSBYTYPEINVENTORYGOODWILLPROPERTY,PLANT,ANDEQUIPMENTANDRESTRUCTURINGCHARGES,WEFINDTHATINCENTIVESPLAYLITTLEORNOROLEINDETERMININGINVENTORYANDP7YIIWRITEOFFSBUTPLAYASUBSTANTIALROLEINEXPLAININGOTHER,MOREDISCRETIONARYITEMS,SUCHASGOODWILLWRITEOFFSANDRESTRUCTURINGCHARGESWEEXAMINESTOCKPRICERESPONS
10、ESTOWRITEOFFANNOUNCEMENTS,BOTHINAGGREGATEANDCONDITIONALONCHARACTERISTICSOFTHEWRITEOFFSWHILETHERESULTSSHOWTHAT,ONAVERAGE,INVESTORSVIEWWRITEOFFSASNEGATIVENEWS,THEREARESIGNIFICANTDIFFERENCESINMARKETRESPONSESACROSSTHETYPESOFWRITEOFFSFOREXAMPLE,THERESULTSSHOWSIGNIFICANTNEGATIVEREACTIONSTOINVENTORYWRITEOF
11、FSCONSISTENTWITHTHEPREDICTIONTHATTHESEANNOUNCEMENTSPRIMARILYCONVEYINFORMATIONABOUTDECLINESINECONOMICVALUESANDSIGNIFICANTPOSITIVEREACTIONSTORESTRUCTURINGCHARGESCONSISTENTWITHTHEVIEWTHATTHEGREATERFLEXIBILITYINMEASURINGANDRECOGNIZINGRESTRUCTURINGCHARGESALLOWSMANAGEMENTTOUSETHESEITEMSLOSIGNALINFORMATION
12、ABOUTEXPECTEDFUTUREPERFORMANCETHENEXTSECTIONDETAILSTHESELECTIONOFTHEWRITEOFFANDNONWRITEOFFSAMPLESANDPRCNIDESDESCRIPTIVESTATISTICSABOUTTHESAMPLEWRITEOFFANNOUNCEMENTSSECTION3DESCRIBESTHEDETERMINANTSOFTHEWRITEOFFDECISIONANDSECTION4DISCUSSESTHESLIAREHOLDERWEALTHEFFECTSOFTHEWRITEOFFANNOUNCEMENTSSECTION5S
13、UMMARIZESTHERESULTSANDCONCLUDESSAMPLEANDDESCRIPTIVEINFORMATIONWEIDENTIFYASAMPLEOF3,909POTENTIALWRITEOFFANNOUNCEMENTSPUBLISHEDBYPRNEUISWIREHETWEENJANUARY1,1989ANDDECEMBER31,1992WEELIMINATETHOSEWHICHDONOTRELATETOASSETWRITEDOWNSN3,078,WHICHAREPRECEDEDBYANEARLIERANNOUNCEMENTOFTHEWRITEOFFW85,ORWHICHAREMA
14、DEBYFINANCIALINSTITUTIONSN72FORTHEREMAINING674ANNOUNCEMENTS,WECODETHEDATEOFTHEANNOUNCEMENTDAY0,THEFISCALYEARANDQUARTERINWHICHDRIEWRITEOFFWILLBEINCLUDEDININCOME,THETYPESOFASSETSWRITTENDOWN,THEPRETAXAMOUNTOFTHEWRITEOFF,ANDANYCONCURRENTDISCLOSURESWEALSOCODEDATAONWHETHERTHEWRITEOFFISPRECIPITATEDBYACORPO
15、RATEACTIONEG,PLANTCLOSINGDISCONTINUANCEOFAPRODUCTLINEPLANNEDSALEOFPARTOFABUSINESSUNITANDWHETHERTHEANNOUNCEMENTPROVIDESAPOSITIVE,NEGATIVE,ORNEUTRALSIGNALABOUTTHEEFFECTOFTHEWRITEOFFONFUTUREPERFORMANCEEG,STATEMENTSTHATTHEWRITEOFFWILLLEADTOIMPROVEDPERFORMANCEARECODEDASPOSITIVESTATEMENTSTHATTHEPOORPERFOR
16、MANCEWHICHLEDTOTHEWRITEOFFWILLPERSISTARECODEDASNEGATIVEANDALLOTHERSARECODEDASNEUTRALTABLE1SUMMARIZESINFORMATIONABOUTTHESAMPLEDISCLOSURESPANELADESCRIBESTHEDISTRIBUTIONOFTHEWRITEOFFANNOUNCEMENTSACROSSFISCALYEARSANDQUARTERSTHEMAJORITYOFWRITEOFFSAREINCLUDEDINFOURTHQUARTERINCOMEOFTHE433ANNOUNCEMENTSWITHF
17、ISCALQUARTERDATAMADEOVER198991,56ARETAKENINTHEFOURTHQUARTERPANELAALSOREPORTSEVIDENCEOFSAMPLEBIASINTRODUCEDBYOURFOCUSONWRITEOFFANNOUNCEMENTSSPECIFICALLY,OURANALYSESOFTHECAUSESANDSHAREHOLDERWEALTHEFFECTSOFWRITEOFFSAREJOINTTESTSOFMANAGEMENTSDECISIONSTOWRITEOFFASSETSANDTODISCLOSEINPRESSRELEASESTHATTHEYH
18、AVEDONESOMARKETREACTIONSTOWRITEOFFANNOUNCEMENTSWRITEOFFDISCLOSURESPOTENTIALLYCONVEYTHREEKINDSOFINFORMATIONTHEFIRSTISINFORMATIONABOUTDECREASESINECONOMICVALUESOFASSETSUNDERTHISVIEW,WEEXPECTTHATUNEXPECTEDLYLARGESMALLWRITEOFFSRESULTINDECREASESINCREASESINMARKETADJUSTEDRETURNSTHESECONDTYPEOFINFORMATIONREL
19、ATESTOCHANGESINMANAGEMENTSTRATEGIESWRITEOFFSAFFECTSECURITYRETURNSBECAUSETHEYAREASIGNALOFEXPECTEDIMPROVEMENTSINFUTUREPERFORMANCE,WITHLARGERWRITEOFFSHAVINGMOREPOSITIVEPRICEEFFECTSFINALLY,WRITEOFFSMAYCONVEYINFORMATIONABOUTTHEFIRMSWILLINGNESSANDABILITYTOEXERCISEEARNINGSMANAGEMENTDISCRETIONHOLDINGOTHERFA
20、CTORSCONSTANT,ITISNOTCLEARWHETHERINVESTORSREACTPOSITIVELYORNEGATIVELYTOTHISINFORMATIONIFINVESTORSBELIEVETHISBEHAVIOROBSCURESTHEFIRMSTRUEPERFORMANCE,THEREACTIONSHOULDBENEGATIVEIF,HOWEVER,INVESTORSBELIEVETHATEARNINGSMANAGEMENTIMPROVESTHEQUALITYOFEARNINGSEG,SCHIPPER1989OREXPECTTHEMANIPULATIONBENEFITSTH
21、EMATTHEEXPENSEOFANOTHERGROUP,THEYMIGHTRESPONDPOSITIVELYTOMANAGEMENTEXERCISEOFTHISDISCRETIONWEFIRSTINVESTIGATEWHETHER,ONAVERAGE,STOCKPRICESDECLINECONSISTENTWITHWRITEOFFSREVEALINGINFORMATIONABOUTIMPAIRMENTSORINCREASECONSISTENTWITHWRITEOFFSSIGNALINGIMPROVEMENTSINPERFORMANCEINRESPONSETOTHENEWSINWRITEOFF
22、ANNOTMCEMENTSWETHENCOMPARESECURITYPRICEREACTIONSTODIFFERENTTYPESOFWRITEOFFSOUROBJECTIVEHEREISTOPROVIDEEVIDENCEONSTOCKPRICEREACTIONSTOWRITEOFFSWHICHWECHARACTERIZEASHAVINGMORELESSOFTHEIMPAIRMENT,SIGNALING,ANDEARNINGSMANAGEMENTCOMPONENTSOURANALYSISUSESTHE507WRITEOFFANNOUNCEMENTSFORTHESEANNOUNCEMENTS,WE
23、MEASURETHESURPRISEINTHEWRITEOFFANNOUNCEMENTASTHEAMOUNTOFTHEANNOUNCEDWRITEOFFBECAUSEWRITEOFFSARERARELYDISCLOSEDINISOLATIONOFOTHERNEWSEVENTS,WEALSOINCLUDEINFORMATIONABOUTCONTEMPORANEOTISDISCLOSURESCONTEMPORANEOUSEARNINGSREPORTSARETHEMOSTCOMMON,FOUNDIN82OFTHEANNOUNCEMENTSOURPROXYFORTHEINFORMATIONCONVEY
24、EDBYCONTEMPORANEOUSEARNINGSANNOUNCEMENTSISTHEEARNINGSSURPRISE,DEFINEDASPRETAX,PREWRITEDOWNREPORTEDEARNINGSMINUSFOURQUARTERAGOORLASTYEARSIFTHEFIRMANNOUNCEDANNUALEARNINGSPRETAXREPORTEDEARNINGSIFTHEWRITEOFFWASNOTMADECONTEMPORANEOUSLYWITHANEARNINGSANNOUNCEMENTINMUCHSMALLERFREQUENCIES,WEOBSERVECHANGESIND
25、IVIDENDSSEVENOBSERVATIONS,UNUSUALNONWRITEOFFRELATEDLOSSES,ANDUNUSUALGAINSWEPROXYFORTHESURPRISEINDIVIDENDASREPORTEDDIVIDENDSMINUSLASTQUARTERSDIVIDENDSBECAUSEWEHAVENOEXPECTATIONOFANUNUSUALGAINORLOSS,WEUSETHEREPORTEDAMOUNTOFTHEGAINORLOSSASTHEMEASUREOFTHESURPRISEINTHESEITEMSSUMMARYANDCONCLUSIONTHISSTUDY
26、EXAMINESTHEDETERMINANTSOFMANAGEMENTSWRITEOFFDECISIONSANDINVESTIGATESTHESECURITYPRICEREACTIONSTOFIRMSWRITEOFFANNOUNCEMENTSWEPOSITTHATTHEDECISIONSOFWHETHERTOTAKEAWRITEOFFANDHOWMUCHTOTAKEARERELATEDBOTHTOTHEEXTENTOFIMPAIREDASSETSONTHEFIRMSBOOKSANDTOINCENTIVESTHEFIRMHASTOWRITEDOWNSUCHASSETSINAPARTICULARR
27、EPORTINGPERIODWEFINDTHATIMPAIRMENTVARIABLESPROXIEDBYTHEFIRMSANDITSINDUSTRYSHISTORICALSECURITYRETURNS,BOOKTOMARKETRATIOS,ANDRETURNONASSETRATIOSARESIGNIFICANTMEXPLAININGTHEMAGNITUDEANDTIMINGOFWRITEOFFSCONTROLLINGFORTHESEFACTORS,WEFINDWRITEOFFSAREMOREFREQUENTANDLARGERINMAGNITUDEIFTHEREHASBEENARECENTCHA
28、NGEINMANAGEMENTANDIFTHEFIRMAND/ORITSINDUSTRYHASTAKENWRITEOFFSINTHEPASTWEALSOFINDTHATEXPECTEDWRITEOFFSAREDECRMSINGINTHEPOORPERFORMANCEOFTHEFIRMANDINTHEUNUSUALLYGOODPERFORMANCEOFTHEFIRMTHESERESULTSAREOPPOSITETHERELATIONSPREDICTEDBYTHEBIGBATHANDSMOOTHINGARGUMENTSWEALSOINVESTIGATETHEIMPORTANCEOFTHEINCEN
29、TIVEVARIABLESINEXPLAININGDIFFERENTTYPESOFWRITEOFFSWEPREDICTTHATTHEIMPORTANCEOFINCENTIVESDEPENDSONTHEEXISTENCEOFBOTHINDEPENDENTSOURCESOFINFORMATIONFORMEASURINGIMPAIRMENTANDAUTHORITATIVEGUIDANCEONWHENSUCHIMPAIRMENTMUSTBERECOGNIZEDFOREXAMPLE,WEEXPECTTHATINVENTORYWRITEOFFSARELESSLIKELYTOBEMOTIVATEDBYINC
30、ENTIVEFACTORSTHANAREWRITEOFFSWHERETHEREISMOREFLEXIBILITYINTIMINGANDAMOUNTTHERESULTSARECONSISTENTWITHTHEPREDICTIONSTHATINCENTIVESHAVENOINFLUENCEONINVENTORYWRITEOFFS,HAVEMARGINALSIGNIFICANCEINEXPLAININGWRITEOFFSWHEREWEEXPECTTHEAVAILABILITYOFMARKET/APPRAISEDVALUESTOASSISTINDETERMININGIMPAIRMENTAMOUNTSB
31、UTTHELACKOFGAAPTOALLOWDISCRETIONWITHRESPECTTORECOGNITION,ANDPLAYASUBSTANTIALROLEINEXPLAININGGOODWILLWRITEOFFSANDRESTRUCTURINGCHARGESWHICHHAVENEITHERGAAPNORINDEPENDENTMEASURESOFECONOMICVALUETESTSOFTHESHAREHOLDERWEALTHEFFECTSOFWRITEOFFANNOUNCEMENTSSHOWSIGNIFICANTNEGATIVEREACTIONSTOTHEVWITEOFFANNOUNCEM
32、ENTSWEINTERPRETTHISRESULTASINDICATINGTHAT,ONAVERAGE,INVESTORSRESPONSEISDRIVENMOREBYWRITEOFFSREVEALINGINFORMATIONABOUTASSETIMPAIRMENTSTHANBYWRITEOFFSCONVEYINGPOSITIVESIGNALSABOUTFUTUREPERFORMANCEINSUBSEQUENTTESTS,WHEREWEPARTITIONWRITEOFFSINTOTHOSEWHICHWEEXPECTTOBEMOREINFLUENCEDBYIMPAIRMENTEFFECTSTHAN
33、SIGNALINGEFFECTS,WEPROVIDEFURTHEREVIDENCEONTHESTRENGTHOFTHESETWOFORCESBYDOCUMENTINGTHATINVESTORSRESPONDNEGATIVELYTOINVENTORYWRITEOFFSWHICHWEVIEWASLARGELYIMPAIRMENTMOTIVATEDANDPOSITIVELYTORESTRUCTURINGCHARGESWHICHWEVIEWASIMPLICITSIGNALSOFIMPROVEDFUTUREPERFORMANCESOURCEFRANCISJ,HANNAJD,VINCENTLCAUSESA
34、NDEFFECTSOFDISCRETIONARYASSETWRITEOFFSJJOURNALOFACCOUNTINGRESEARCH,1996译文可操控资产计提减值的原因及结果介绍本文主要是分析可操控资产计提减值对股东财富的影响及其原因。我们使用“冲销”同时指代完整和部分资产重新估价，我们描述样本注销为可操控，因为在过去的198992的可研究涵盖期间内，没有什么权威性的指导的会计处理方法对于很多类型的资产减损，除了存货。缺乏明确指导使大量的资产冲销在数量和时间上的具有任意性。美国注册会计师协会敦促美国财务会计准则委员会在1980年检查资产减值问题，因为他们相信各种各样的实践、术语和使用中的计价
35、方法降低了财务报表的可比性和一致性。这些被问题工作组、美国财务会计准则谘询委员会、财务主管研究所，全国会计师协会所关注的问题，在20世纪80年代资产注销增加的频率和重要性上被激化。美国财务会计标准委员会对此的提议是采取SFAS第121条1995年3月，这一条为长期资产的价值是否发生和减值如何被认定确认了标准。权威性的指导要求的会计资产减损似乎是基于这样一个概念管理层利用会计准则赋予的可支配的规则来操纵盈余，通过不确认资产价值的减损当实际发生时，或者通过确认资产减损当这一做法对于管理层来说是有利的时候。这种计提资产减值准备假设是管理层有利用这几种方式进行盈余管理的动机和投资者在一定程度上无法撤消
36、这些操作。另一种观点是管理层计提减值准备不是为了进行盈余管理而是由于公司业绩不佳、经济环境的变化或管理战略上的变化以反映资产价值的变化。我们的研究为驱使做出计提资产减值准备的决定和市场对于计提资产减值的反映是否取决于这两个因素（操纵好毁损）提供了证据，我们调查了管理激励盈余管理的代理和资产减损解释资产注销决定的代理。对于全部样本，我们发现这两个因素都是很重要的决定因素。然而，当我们通过模型分析资产注销存货，商誉，财产，工厂，设备，重组支出，我们发现激励作用发挥很少或根本没有发挥作用在决定存货的价值方面，但是却在解释其他的，更加可以任意支配的项目上起了重要的作用，例如商誉的减值和重组支出。我们检
37、查了股票价格对于披露计提减值准备在总量和有条件下的反映。尽管这一结果表明，平均来说，投资者对于资产减值持有负面消极的态度，然而在市场对于计提资产减值的反映却又很大的不同。例如，结果显示出对于存货价值的冲销显著的消极的反映符合披露传递资产市场价值下降的信息的预测）和显著的对于重组费用积极的反映（符合在确认和测量重组费用中更大的灵活性使得管理层能够利用利用这些项目来表示对于预期未来业绩的期待）。样本和描述性信息我们分析了一组包含3909个样本的在1989年1月1日起至1992年12月31日之间发生的计提资产减值的公告。我们排除了与资产减值不相关的数据，对余下的674组数据进行了以下分析计提资产减值
38、的类型、时间、税前金额、和同时任何可以披露的内容。我们同样对是否计提资产减值加速了企业的行动进行了分析例如工厂关闭，停止产品销售计划的一部分业务单位和是否披露提供了明确了积极的，消极的，或中性的影响。表1摘录了样品的信息披露。小组A描述了计提资产减值在会计年度各个季度的时间分布。资料表明，56的计提资产减值发生在第四个会计季度。小组A同样也报告了样本数据偏差的证据。具体地说，我们分析表明计提资产减值的原因和对股东财富的影响是与管理层的决定是相关联的。市场对计提资产减值准备的反映披露计提资产减值潜在地传达了三种信息第一个信息是资产经济价值的确已经下降，这种观点，我们预计出人意料的大小的资产减值导
39、致减少增加在市场调整后的回报这种结果。第二种类型的信息与管理策略的改变相关，计提资产减值影响正常的盈利，因为这是一种对未来企业运作的提升的期望的表现。最后，计提资产减值准备传递企业盈余管理的希望和能力。保持其他因素不变目前仍然不是很清楚投资者对待这样信息是消极或者积极的态度，如果投资者相信这种行为曲解了公司的真正的运作能力，那么这样的反应应该是消极的、负面的。如果，相反，投资人认为这样的盈余管理能够提升企业的盈利能力或者这样的操纵能够给他们带来益处，他们就会对这样的盈余管理持有积极的态度。我们首先研究，平均来说，股票价格下降符合资产减值毁损或是提升符合计提资产减值有关的资产运作的改进是否是对于
40、披露资产减值的反映。然后我们比较了证券价格对不同类型的计提资产减值的反映。我们的目的是为资产价值减少、盈余管理提供证据。我们的分析采用507个披露资产减值的数据。这些信息的披露中，我们发现资产减值的披露与这些资产减值同样令人感到惊讶，因为披露资产减值几乎都和其他的新闻事件相关其他新闻事件相关。我们同样也分析了同期披露的其他信息同期收入的报告是最为常见的，82）总结本文主要研究了管理层计提资产减值的决定因素和调查了披露资产减值对证券市场价格的影响。我们认为是否需要计提减值准备以及计提多少与企业资产的受损程度以及企业在这段特别时期的动机相关。我们发现减值变量该行业历史证券投资回报，账面值对市值比率
41、，资产价值收回比率在解释企业盈余管理的时机方面是非常重要的。对这些因素进行了控制，我们发现预期的计提减值将会减少在公司业绩不佳或者运作非常好的时候，这些结果和之前预测的“大清洗”以及“利润平滑”的观点是相反的。我们也探讨了在解释不同类型计提资产减值的动机变量。我们预测，动机的重要性依赖于存在独立的测量资产减值的信息以及在什么时候必须确认减值的权威指导。例如，我们希望存货价值的减值和其他资产的减值相比较而言在实际和数量方面较少地收到管理层动机的影响决策。这个结果和管理层动机对于计提存货的减值没有影响是相一致的。计提资产减值对企业股东财富的影响和对计提资产减值的披露产生了十分消极的影响。我们把这个结果解释为一般而言，投资者对于披露更多资产减值的反映要比资产减值本身所带来的对于未来企业运作积极的信号要强得多。在随后的实验中，我们利用投资者对于计提存货减值准备的消极的反映（我们看作是主要的计提减值准备的动机）以及对重组费用的积极放映更进一步地提供了两种驱动的因素。来源FRANCISJ,HANNAJD,VINCENTL可操控资产计提减值的原因及结果J会计研究杂志，1996
