1、1本科毕业论文（设计）外文翻译外文出处ACCOUNTINGHORIZONSSEP92，VOL6，ISSUE3，P3041外文作者LINDAJZUCCAANDDAVIDRCAMPBELL原文ACLOSERLOOKATDISCRETIONARYWRITEDOWNSOFIMPAIREDASSETTHECURRENTENVIROMENTANASSETISSAIDTOBE“IMPAIRED“WHENITSBOOKVALUEEXCEEDSSOMEMEASUREOFITS“FAIR“VALUEWHENAFIRMRECOGNIZESTHISIMPAIRMENTANDSUBSEQUENTLYRECORDSTHE
2、EFFECTBYDECREASINGTHEBOOKVALUEOFTHEASSETANDDEBITINGANINCOMESTATEMENTACCOUNT,THEFIRMHASRECORDEDA“WRITEDOWN“GAAPCLEARLYALLOWSTHESEWRITEDOWNSINSEVERALSITUATIONSFIRST,CERTAINCURRENTASSETS,SUCHASMARKETABLESECURITIESANDINVENTORIES,AREEXAMINEDPERIODICALLYANDADJUSTEDTOTHELOWEROFCOSTORMARKETSIMILARLY,LONGTER
3、MEQUITYINVESTMENTSAREADJUSTEDPERIODICALLYTOTHELOWEROFCOSTORMARKETALTHOUGHTHEINCOMESTATEMENTISNOTAFFECTEDBYTHEWRITEDOWNFINALLY,ANYLONGTERMASSETSFORWHICHDISPOSALISCONTEMPLATEDINCLUDINGASSETSBEINGSOLDASPARTOFADISCONTINUEDOPERATIONAREADJUSTEDTOTHEIRNETREALIZABLEVALUEEXITMARKETVALUELESSCOSTSOFSELLINGANDR
4、EADYINGFORSALETHESEFINALTYPIESOFWRITEDOWNSAREADEQUATELYADDRESSEDBYAPB30,ANDTHEREAPPEARSTOBENOCONFUSIONONTHEAPPLICATIONOFTHERULESTOTHESESITUATIONS,NORANYREASONTOREASSESSAPB30ATTHISTIMEMOSTOFTHEWRITEDOWNSWHICHAFIRMMIGHTNORMALLYRECORDWOULDFALLINTOONEOFTHESETHREECATEGORIESTHEWRITEDOWNSWHICHTHEFASBWOULDS
5、PECIFICALLYTARGETWITHTHEIRPOTENTIALREGULATIONWOULDBETHOSEWHICHDONOTTIMINGANDMOTIVATIONATTHECURRENTTIME,PARTIALWRITEDOWNSOFIMPAIREDLONGLIVEDASSETSARERECOGNIZEDATTHEDISCRETIONOFMANAGEMENTANDWITHTHESUBSEQUENTSUPPORTOFTHEIR2AUDITORSTHUS,ITISIMPORTANTTOINVESTIGATEWHENMANAGEMENTDECIDESTHATTHEIMPAIRMENTSHO
6、ULDHERECORDEDANDWHATMIGHTMOTIVATETHEMTOMAKESUCHADEDSIONITISVERYDIFFICULTTOASSESSTHEFACTORSWHICHMIGHTMOTIVATEAMANAGERTORECORDANYDISCRETIONARYEVENTBECAUSEOFTHEMANAGERSINAHILITYORRETICENCETODESCRIBETHEDEDSIONPROCESSOFTENTHERESEARCHERMUSTDRAWCONCLUSIONSFROMTHEAVAILABLEDATATOPROVIDEAPPARENTMOTIVATINGFACT
7、ORSINTHEDEDSIONTORECORDTRANSACTIONSINTHISPAPER,EARNINGSMANAGEMENTWILLBEEXAMINEDASAPOSSIBLEEXPLANATIONFORTHETIMINGOFANDMOTIVATIONFORDISCRETIONARYWRITEDOWNSBYOBSERVINGREPORTEDEARNINGSSURROUNDINGTHEPERIODINWHICHTHEWRITEDOWNWASANNOUNCED,TWOPOSSIHLEPATTERNSOFEARNINGSMANAGEMENTCANBEIDENTIFIEDINCOMESMOOTHI
8、NGANDLIGBATHS“INCOMESMOOTHINGDESCRIBESSMEARNINGSPATTERNINWHICHMANAGEMENTASPIRESTOMAINTAINASTEADYANDPREDICTABLERATEOFEARNINGSGROWTHMANAGEMENTMAYTRYTORECORDDISCRETIONARYGAINS,LOSSES,ORACCRUALSINTHEPERIODWHICHWILLBESTHELPTHEMTOATTAINTHEIRGOALOFSTEADYGROWTHTHISGOALMAYHEPERCEIVEDASDESIRABLEBECAUSEOFAMANA
9、GEMENTINCENTIVEPLANSTRUCTUREDTOREWARDSMOOTHEARNINGSPATTERNS,ORTHEHOPETHATTHEMARKETWILLEQUATESMOOTHEARNINGSWITHLOWERRISKANDSUBSEQUENTHIGHERSTOCKPRICESTHUS,INTHECASEOFWRITEDOWNS,AFIRMWITHANIMPAIREDASSETMAYATTEMPTTORECORDTHELOSSINAPERIODOFHIGHERTHANNORMALEARNINGS,ORITMAYTIMETHELOSSTOCOINCIDEWITHANONDIS
10、CRETIONARYGAINFOREXAMPLE,WINNINGASUBSTANTIALSETTLEMENTINALAWSUITASECONDFORMOFEARNINGSMANAGEMENTHASBEENREFERREDTOASTHE“BIGBATH“UNDERTHISSCENARIO,THEFIRMAPPEARSTO“SAVEUP“DISCRETIONARYLOSSESORACCRUALSANDTHENRECORDSEVERALINTHESAMEPERIODORINAPERIODINWHICHTHEFIRMHASALREADYEXPERIENCEDBELOWNORMALEARNINGSMAN
11、AGEMENTMIGHTUNDERTAKEA“BIGBATH“TOSIGNALINVESTORSTHAT“BADTIMES“AREBEHINDTHEMANDHETTERTIMESWILLFOLLOWINTHECASEOFDISCRETIONARYASSETWRITEDOWNS,THISREASONINGISPARTICULARLYAPPROPRIATESINCEAWRITEDOWNRESULTSINDECREASEDDEPREDATIONEXPENSEINTHEFUTURETHE“HIGBATH“HASBEENMENTIONEDOFTENASAPROBABLEMOTIVATIONFORRECO
12、RDINGASSETWRITEDOWNSTODETERMINEWHETHEREARNINGSMANAGEMENTWASAPOSSIBLEMOTIVATIONINTHETIMINGOFWRITEDOWNSINTHISSTUDY,AMEASUREOFEXPECTEDEAMINGSWASCOMPAREDTOREPORTED3EARNINGSFOREACHFIRMINTHEPERIODINWHICHTHEWRITEDOWNWASRECORDEDINCOMESMOOTHINGISCHARACTERIZEDBYPERIODSINWHICHPREWRITEDOWNEARNINGSWEREHIGHERTHAN
13、EXPECTEDBYRECORDINGTHEWRITEDOWN,REPORTEDEARNINGSWERECLOSERTOBUTNOTLESSTHANTHELEVELEXPECTEDA“BIGBATH“ISCHARACTERIZEDBYPERIODSINWHICHPREWRITEDOWNEARNINGSWEREALREADYBELOWEXPECTEDEARNINGSTHUS,THEFIRMRECORDEDTHEWRITEDOWNINAPERIODINWHICHOTHERLOSSESORACCRUALSWEREALREADYRECORDEDORINAPERIODOFBELOWNORMALOPERA
14、TIONSFINANCIALCONSEQUENCESOFDISCRETIONARYWRITEDOWNSTHEFINANCIALCONSEQUENCESOFRECORDINGDISCRETIONARYWRITEDOWNSOFIMPAIREDASSETSCANBEASSESSEDBYOBSERVINGCERTAINFINANDALINDICATORSATTHETIMEOFANDAFTERTHEWRITEDOWNTHREESPECIFICINDICATORSHAVEBEENCHOSENINTHISSTUDY1THEREACTIONOFTHESTOCKMARKET,2THEFREQUENCYOFSUB
15、SEQUENTMERGERORACQUISITIONACTIVITY,AND3THESUBSEQUENTFINANCIALHEALTHOFTHEFIRMSASMEASUREDBYCERTAINKEYRATIOSEACHOFTHESETHREEINDICATORSWILLBEDISCUSSEDSEPARATELYSTOCKMARKETREACTIONTHEAVERAGESTOCKRETURNSOFTHEWRITEDOWNFIRMSADJUSTEDFORCASHANDSTOCKDIVIDENDSASWELLASFIRMSPEDFICRISKWERECOMPAREDWITHTHEMARKETRETU
16、RNFORAPERIODOFSIXTYDAYSBEFORETOSIXTYDAYSAFTERTHEANNOUNCEMENTOFTHEWRITEDOWNONTHEAVERAGE,THEREWERENOSIGNIFICANTUNUSUALOREXCESSRETURNSEARNEDBYTHEWRITEDOWNFIRMSOVERTHISPERIODOFTIMEINADDITION,THEYPERFORMEDSIMILARLYTOACONTROLGROUPOFFIRMSMATCHEDONTHEBASISOFINDUSTRYANDASSETSIZEOVERTHESAMEPERIODOFTIMETHESERE
17、SULTSDONOTREFUTETHEANECDOTALEVIDENCETHATFIRMSANNOUNCINGDISCRETIONARYPRICEINCREASESRATHER,THEYINDICATETHATFOREVERYFIRMTHATACHIEVESTHESEPOSITIVERESULTS,THEREISAFIRMFORWHICHTHEMARKETACTSNEGATIVELYTHUS,AFIRMWHICHRECORDSAWRITEDOWNISJUSTASLIKELYTOEXPERIENCEANEGATIVEMARKETREACTIONASITISAPOSITIVEMARKETREACT
18、IONSUBSEQUENTMERGERORACQUISITIONACTIVITYSOMEPEOPLEINTHEBUSINESSANDACADEMICCOMMUNITIESBELIEVETHATAWRITEDOWNMAYBEANINDICATOROFSOMESORTOFMAJORCAPITALSTRUCTURECHANGESUCHASANACQUISITIONOF,ACQUISITIONBY,ORAMERGERWITHANOTHERSIMILARLYSIZEDORGANIZATIONTOINVESTIGATETHISCONTENTION,EACH4WRITEDOWNFIRMWASOBSERVED
19、ROMTHEWRITEDOWNDATETHROUGHTHEENDOF1987FOREVIDENCEOFMERGERORACQUISITIONACTIVITY,ANDTHERESULTSWERECOMPAREDWITHTHOSEOFFIRMSINSIMILARINDUSTRIESANDOFSIMILARASSETSIZETHERESULTSAREPRESENTEDINTABLE2THERESULTSINDICATETHATAGREATERNUMBEROFTHEWRITEDOWNFIRMSENGAGEINSUBSEQUENTMERGERSORACQUISITIONSTHANDOFIRMSINSIM
20、ILARINDUSTRIESANDOFSIMILARSIZEWHICHDONOTRECORDWRITEDOWNSHOWEVER,ACHISQUAREDTESTFOUNDTHATTHEFREQUENCYOFSUBSEQUENTMERGERORACQUISITIONACTIVITYISNOTSIGNIFICANTLYHIGHERATA005LEVELOFSIGNIFICANCEFORTHEWRITEDOWNFIRMSTHISMEANSTHATTHEAPPARENTDIFFERENCESCOULDBEDUETOCHANCETHEREISNOSTATISTICALEVIDENCETOSUPPORTTH
21、ECONTENTIONTHATFIRMSRECORDINGDISCRETIONARYWRITEDOWNSOFIMPAIREDASSETSAREMORELIKELYTOENGAGEINSUBSEQUENTMERGERORACQUISITIONACTIVITYSUBSEQUENTFINANCIALHEALTHTOEVALUATETHECOMPARATIVEFINANCIALHEALTHOFTHEWRITEDOWNANDCONTROLFIRMSINTHEPERIODSSURROUNDINGTHEWRITEDOWN,FOURFINANCIALVARIABLES,1CASHDIVIDENDGROWTH,
22、2EARNINGS/PRICERATIO,3DEBTTOEQUITYRATIO,AND4QUARTERLYRETURNONASSETS,WEREMEASUREDATSIXPOINTSINTIMEOVERTHEPERIODOFTHREEYEARSBEFORETOTHREEYEARSA|TERTHEWRITEDOWNTHEPERIODINWHICHTHEWRITEDOWNWASRECORDEDISNOTINCLUDEDBECAUSEOFITSOBVIOUSIMPACTONTHEFINANCIALVARIABLESANDTOPROVIDEACLEARERVIEWOFTHELONGTERMTRENDO
23、FEACHVARIABLEINADDITION,BECAUSEOFTHEDIVERSERANGEOFRELATIVESIZEOFTHEWRITEDOWNS,THEWRITEDOWNFIRMSWERESPLITINTOTWOGROUPSBASEDONTHESIZEOFTHEWRITEDOWNASAPERCENTAGEOFTOTALASSETSOFTHEFIRMSPLITTINGTHEWRITEDOWNGROUPINTHISMANNERWILLALLOWFORTHEOBSERVATIONOFTHEIMPACTOFTHEWRITEDOWNSIZEONTHEFIRMSSUBSEQUENTFINANCI
24、ALHEALTHTHESETWOGROUPSWILLBEREFERREDTOASLARGEANDSMALLWRITEDOWNSTHERESULTSOFTHESECALCULATIONSANDVARIABLESAREPRESENTEDINFIGURE4THESIGNIFICANCEOFTHEDIFFERENCEINTHEMEANSOFTHETHREEGROUPSLARGEWRITEDOWNS,SMALLWRITEDOWNS,ANDCONTROLATEACHPOINTINTIMEANDFOREACHVARIABLEISEVALUATEDUSINGAONEWAYANALYSISOFVARIANCED
25、ESIGNSUMMARYANDCONCLUSIONS5THEREARESEVERALCONCLUSIONSTHATCANBEDRAWNFIROMTHERESULTSOFTHESEEMPIRICALTESTSOFDISCRETIONARYWRITEDOWNSOFIMPAIREDASSETSFIRST,THENUMBEROFEVENTSLOCATEDDXIRINGTHETESTPERIODOF1981TO1983ISLOWTHISOBSERVATIONMAYINDICATETWODIFFERENTSITUATIONSFIRST,ASSETIMPAIRMENTSNOTALREADYCOVEREDBY
26、GAAPCOULDBEINFREQUENTSECOND,ANDPROBABLYMOREREALISTIC,THENUMBEROFPARTIALIMPAIRMENTSMAYBESIGNIFICANT,BUT,GIVENTHEPAUCITYOFSPECIFICREGULATORYGUIDANCEORREQUIREMENT,THEWRITEDOWNSARENOTBEINGRECORDEDTHISSECONDSITUATIONHASPARTICULARIMPLICATIONSFORTHESTANDARDSETTINGCOMMUNITYSINCEITMAKESITDIFFICULTTOESTIMATET
27、HEIMPACTOFPOTENTIALREGULATIONTHEFIRMSRECORDINGWRITEDOWNSTENDTOBEINCAPITALINTENSIVEINDUSTRIESANDTENDTOBETRADEDONTHENEWYORKSTOCKEXCHANGETHEWRITEDOWNSALSOVARYINABSOLUTEANDRELATIVESIZE,AGAINPERHAPSREFLECTINGTHEDEFIDENDESINGUIDANCEONWHATCOMPRISESIMPAIRMENTSECOND,THEWRITEDOWNSOCCURPRIMARILYINTHEFOURTHQUAR
28、TEROFTHEFISCALYEAR,PROBABLYBECAUSEOFTHEMOREEXTENSIVEREVIEWDUETOTHEBUDGETINGANDAUDITPROCESSESOCCURRINGINTHATPERIODMANAGEMENTTENDSTOVIEWTHEWRITEDOWNSASUNUSUALEVENTSANDHIGHLIGHTSTHEMASSEPARATELINEITEMSAFTERINCOMEFROMOPERATIONSHOWEVER,EVENINAPERIODPRECEDINGTHESECSPROHIBITIONOFEXTRAORDINARYINCOMESTATEMEN
29、TTREATMENT,NONEOFTHEFIRMSDISCLOSEDTHEWRITEDOWNAFTERCONTINUINGOPERATIONSTHIRD,THEMAJORITYOFTHEFIRMSWROTEDOWNTHEIRASSETSINAPERIODOFALREADYBELOWNORMALEARINGSA“BIGBATH“,BUT25PERCENTOFFSETTHEWRITEDOWNWITHOTHERGAINSORUNUSUALLYHIGHEARNINGSINCOMESMOOTHINGTHESERESULTSPROVIDESUPPORTFORTHECONTENTIONTHATWRITEDO
30、WNSAREBEINGUSEDTOMANAGEEARNINGSFINALLY,THEWRITEDOWNSARENOTAPRECURSOROFIMPROVEDFINANCIALHEALTHFORTHEFIRMNOSIGNIFICANTEVIDENCEOFPOSITIVESTOCKMARKETREACTIONTOTHEWRITEDOWNANNOUNCEMENTCOULDBEFOIINDTHEREISNOSIGNIFICANTINCREASEINMERGERORACQUISITIONACTIVITYFORWRITEDOWNFIRMSASCOMPAREDTOACONTROLGROUPOFFIRMSIN
31、GENERAL,CONTROLFIRMSOUTPERFORMEDWRITEDOWNFIRMSONTHEBASISOFKEYFINANCIALCHARACTERISTICSINADDITION,THELARGERTHEWRITEDOWNASAPERCENTAGEOFASSETS,THELARGERTHEDECLINEINFINANCIALHEALTH6FORTHOSEFIRMSWHICHDIDDECIDETORECORDPARTIALWRITEDOWNSDESPITETHELACKOFSPECIFICREGULATORYREQUIREMENTS,THISSTUDYINDICATESALESSTH
32、ANPOSITIVEPICTURERECORDINGTHEWRITEDOWNASAFOURTHQUARTERADJUSTMENTWITHOUT“WARNING“EVIDENCEOFEARNINGSMANAGEMENT,ANDFINALLYDECLININGFINANCIALHEALTHWHICHINTENSIFIESASTHERELATIVESIZEOFTHEWRITEDOWNINCREASESAREALLCONTRADICTORYTOTHEIMPRESSIONOFTENGIVENBYTHEFINANCIALPRESS,ANDPERHAPSMANAGEMENTITSELF,THATTHEWRI
33、TEDOWNISAPOSITIVEEVENTWHICHWILLRESULTININCREASEDSTOCKPRICESANDAHEALTHIERFIRMFORTHESTANDARDSETTERS,ITPROVIDESADILEMMASINCEITISIMPOSSIBLETODETERMINEHOWMANYFIRMSACTUALLYHAVEIMPAIREDASSETSBUTHAVESOFARELECTEDNOTTORECORDTHEWRITEDOWNTHEFASBMUSTDECIDE,FIRSTOFALL,THEMAGNITUDEOFTHEPOTENTIALPROBLEMANDTHENWHENT
34、OREQUIREPARTIALWRITEDOWNSOFIMPAIREDLONGLIVEDASSETSONCETHESEDECISIONSHAVEBEENMADE,THENTHESUBSTANTIVEISSUESOFMEASUREMENTANDDISCLOSURECANBEADDRESSEDSOURCEZUCCA,LINDAJ,DAVIDRCAMPBELLACLOSERLOOKATDISCRETIONARYWRITEDOWNSOFIMPAIREDASSETSJACCOUNTINGHORIZONS,199233041译文7对可操控资产计提减值的审视当前环境当一项资产的账面价值超过其公允价值的时候。
35、这项资产被认为是“减值的”。一个公司确认资产价值的减损，随后记录由减少资产的账面价值和借记损益表账户而带来的影响时，这个公司就记录了“资产减值”。一般的公认会计准则清楚地认同这几种情况下的减记。首先，一定的流动资产，如有价证券、存货，都被定期进行检查，调整为较低的成本或者市价。同样，长期股权投资的价值也定期地调整，以成本与市价孰低计量，尽管利润表没有受到影响。最后，任何拟出售的长期资产包括资产作为停止经营而被出售的一个组成部分也被调整为可变现净值。一个公司进行的资产减记大部分都属于以上这三种类别。时机和动机目前，部分受损的寿命较长的资产价值的减记被认为是在管理层决策（和他们的审计人员的支持）的
36、结果。因此，研究管理层作出决策记录资产减值的时间和动机是十分重要的。由于管理层的无能和对于决策过程的沉默，我们很难评估是什么促使管理层记录资产减值。通常研究者可以从得到的数据中得出结论来提供明显的驱动因素。在本文中，盈余管理将被认为企业决策资产减值的一种可能的解释。通过观察，存在两种盈余管理的可能模式1收益平滑。2大清洗。收益平滑是这样一种盈利模式管理层渴望保持一种稳定的可预测的盈利增长速率。管理层可能尝试记录一些可以支配的收益和亏损，在此期间，尽量帮助他们实现增长稳定的目标。这个目标被视为是可取的，因为管理模式的激励结构，以平滑盈余奖励计划，或者这样一种希望市场把收益平滑视为一种降低风险和随
37、之带来的较高收益的股票的一种手段。因此，在资产价值减记的情况下，一个有减值资产公司可能会试图记录在一个时期高于正常收入的损失，也可能控制损失的时间，以配合可支配收益（例如，赢得了大量的诉讼及和解）。盈余管理的第二种形式被称为“大清洗。”在这种情况下，公司出现大量计提资产减值的，公司在改期的收益低于正常收益，管理层更有可能进行“大清洗”，目的在于提示投资者说“困难时期”的背后他们美好的时间将随之而来。在可以控制的资产计提减值准备的情况下，这个理由是合适的，因为资产价值的减计在以后期间可8以降低折旧费用。“大清洗”被认为是一种进行资产价值减计的可能动机。确定盈余管理是否在本研究中是适时减计资产价值
38、的可能动机收益平滑被认为是在计提资产减值之前的收入要高于计提之后的收入。通过计提资产减值，报告收益比较接近（但不低于）预期的水平。而“大清洗”的特点是计提资产减值之前的收入低于预期的业绩，因此，公司记录了一些其他损失，在该会计期间内，收益远远低于预期。计提资产减值的经济后果通过观察计提资产减值中或之后的经济指标来评估价值毁损资产的计提资产减值记录的结果。此次研究有三个指标股票市场对此的反映，并购的频率，以及通过主要比率来衡量公司财政的健康度。其中每一个指标都得分开讨论。股票市场对此的反映。在披露计提资产减值之后的减记公司平均股价的回升（调整后的现金股利、股票股利和公司特定的风险）带来的市场回报
39、与减计之前60天的平均股价相比较。平均而言，在这段时间内，减记公司并没有其他主要的或是多余的报酬。他们就像公司的控制组一样在同一时间控制着工业和资产的规模。这些结果并不违背公司的价格自由上涨的实例的证据。相反，这表明市场一定会对一些公司产生消极影响。因此，公司的减记记录就像是经历一个与消极的市场一样的积极市场反应。随后的并购活动。一些经商的和学术领域的人士认为减记意味着主要资金结构的变化，例如收购，或是与同等规模的公司兼并。为了调查这一论点，每个减记公司都要从减记日起，以1987年末开始的并购为依据，与同规模的公司相比较，结果如表2，表明大量的减记公司从事并购。然而，测试检测并购的频率并非大大
40、高于减记公司（只多出005个等级）。这意味着一个偶然可能导致明显的不同。并没有数据支持被损害资产的自由减记如同公司的并购。随之而来的财务状况。要想评估减记的相对财务状况，并且在减记阶段管理公司，我们选取四了个金融变量进行测定，以六个百分点为取点，以减记的三年前和三年后为时间段，而这四个金融变量分别是（1）现金分红增长率（2）收入/性价比（3）债务产权率（4）资产收益率。由于对金融变量的显著影响以及对9每个变量阐明了长远上更加明晰的发展趋势，这段记录在案的减记时期并未算作在内。另外，由于减记项目的种类变化较多，减记公司会基于减记总额占公司资产总额的百分比来分成两组。以这种方式进行的分组，将有利于
41、观察在随后一阶段，减记规模对公司财务状况的影响。而这两组也将会被称为大减记和小减记。这些运算及变量的结果将会在数据4中呈现出来。在此期间，这三组数据（大减记，小减记，控制）不同之处的重要性，将在每个百分点的特定时间，通过方差分析的方法评估出来。概括与总结对于有损资产的自由减记的统计检验，得出以下结论第一，1981至1983年的事件发生的率很低。此种结果表明两种情形其一，有损资产在一般会计准则中不常出现；其二，更现实的说，局部受损的数目占主要，但是少数特别的规则要求，减记不被记录。此种情形为社区的标准设定做了暗示，因为它对潜在规则的评估带来了困难。公司的记录减记趋向于资本密集型，并将在纽约证券交
42、易所进行交易。减记也有绝对和相对之分，可能反映所包含的受损资产。第二，这些记录主要是记录本年第四季度的财政状况的，也许是因为预算和审计等过程都在那个时间段，所以进行吸引了更加广泛的注意。管理层倾向于将这些记录视作对不寻常事物的记录，强调将它们当作独立的，反映公司收入的曲线指标。但是，甚至在证券委员会颁布对特别的所得计算书待遇的禁令之前，没有任何一家公司在继续业务运行之后，公布了这些记录。第三，大多数公司记录下它们的财产总值时，其利润已经低于正常时的收益了（一个大水缸）。但是，通过其他收入或者是不同寻常的高利润（收入波动）补偿了记录所表明的25的财产。这些理由为记录被用于管理利润这一议题提供了有
43、利的支持。最后，这些记录不是公司改良财政状况的前兆。尚未发现确切的证据表明股票市场和记录之间有确定的联系。通过同一些集团化的公司做对比，通过合并或提升公司能够使得这些记录的数据获得显著增加。总而言之，支配性的公司在一些基关键性的关于财政基础方面的特征要优于10记录公司。而且，关于财产部分所做的记录越多，公司其财政健康度也更加倾向于不良。对于那些即使缺乏特殊的规章条件但依然确实决定记录部分资产减值的公司，这项研究表明其结果并非是有利的。缺乏盈余管理的警告的证据而将这些计提的减值作为第四季度的调整记录下来，最终导致的与计提资产减值相关的财政健康程度的下降都与记录可以产生良好效果的映像是相矛盾的，作为政策制定者而言，它提供了一个进退两难的困境，那就是到底有多少公司实际上有不良资产，但是迄今为止，并未记录在案。最重要的是，财务会计标准委员会必须确定潜在的问题，然后确定何时要求记录下长期不良资产。除非这些决定被确定下来，衡量和揭露真正的债券价值才有可能。来源ZUCCA,LINDAJ,DAVIDRCAMPBELL对可操控资产计提减值的审视J会计视野，1992（3）3041
