1、原文WRITEOFFSASACCOUNTINGPROCEDURESTOMANAGEPERCEPTIONSINTRODUCTIONINRECENTYEARSMATERIAL,SEPARATELYDISCLOSEDLOSSPROVISIONSHAVEBECOMEINCREASINGLYCOMMONELEMENTSINEARNINGSSTATEMENTSSOMEACCOUNTANTSHAVEBEENCONCERNEDTHATTHESEWRITEOFFSOFTENOCCURSIGNIFICANTLYAFTERTHERELATEDASSETIMPAIRMENT,TENDTOBEDISCLOSEDLATE
2、INTHEFISCALYEAR,ANDWEREFREQUENTLYINEXCESSOFTHEREDUCTIONNEEDEDTOREFLECTTHENEW,LOWERMARKETVALUESTHUSTHEFASBANDTHESECARECONSIDERINGTHENEEDFORANEWSTANDARDWHICHSPECIFIESTHEACCOUNTINGTREATMENTTOBEACCORDEDTHEIMPAIRMENTOFVALUEOFLONGLIVEDASSETSONEOBJECTIVEOFTHISPAPERISTOCHARACTERIZERECENTDISCLOSURESINWAYSWHI
3、CHMAYCLARIFYTHEPOLICYISSUESARELATEDOBJECTIVEISTOIDENTIFYRELATIONSAMONGMATERIALLOSSPROVISIONS,UNDERLYINGECONOMICEVENTS,ANDGOALSOFMANAGEMENTREGARDINGFINANCIALDISCLOSURESINGENERAL,ECONOMICEVENTSPRECEDEACCOUNTINGRECOGNITIONANEVENTOCCURSANDTHENITISDISCLOSEDFORMATERIALWRITEOFFS,THISSEQUENCEIMPLIESTHATASSE
4、TSSUFFERANIMPAIRMENTOFVALUE,MANAGEMENTREALIZESTHATIMPAIRMENT,ANDTHENANACCOUNTINGENTRYISCREATEDTORECORDTHEIMPAIRMENTTHISCHARACTERIZATIONMAYMISREPRESENTTHEUNDERLYINGEVENTINSOMEWRITEOFFS,ESPECIALLYREORGANIZATIONSTYPICALLY,REORGANIZATIONSINVOLVEANACCOUNTINGENTRYBEFORECERTAINPLANNEDTRANSACTIONSARECOMPLET
5、EDTHEACCOUNTINGEVENTISTHEFORMALIZATIONOFAREORGANIZATIONPLANWHICHMAYANTICIPATERELOCATINGPRODUCTION,LAYOFFS,FIRINGS,EARLYRETIREMENTS,ORSALESOFASSETSSINCEMANAGEMENTADOPTSTHEPLANS,MANAGEMENTSPREFERENCESAFFECTTHEMAGNITUDEANDTIMINGOFWRITEOFFSRELATEDTOREORGANIZATIONSINAMORESIGNIFICANTANDDIRECTWAYTHANINMOST
6、ACCOUNTINGDISCLOSURESTHEMOTIVATIONSFORANDSTRUCTUREOFTHEACCOUNTINGENTRYFORSUCHWRITEOFFSISLINKEDTOTHEUNDERLYINGECONOMICEVENTSWHICHDIFFERACROSSREORGANIZATIONSMANAGEMENTMAYBERESPONDINGTOADECLINEINTHEVALUEOFEXISTINGASSETSORMAYBEMOVINGTOIMPROVEASSETUTILIZATIONWITHOUTADECLINEINTHEIRVALUEANEWMANAGEMENTMAYBE
7、RECOGNIZINGPROBLEMSOROPPORTUNITIESIGNOREDBYTHEIRPREDECESSORSANENTRENCHEDMANAGEMENTMAYBESEEKINGTODETERTAKEOVEREFFORTSBYRECASTINGPERCEPTIONSOFVALUEVIARESTATEDACCOUNTINGVALUESORBYACTUALLYDISPOSINGOFCORPORATERESOURCESWEDOCUMENTTHEEXTENTTOWHICHMATERIAL,SEPARATELYDISCLOSEDWRITEOFFSREFIECTTHEIMPAIRMENTOFAS
8、SETVALUESANDTHEEXTENTTOWHICHTHEYREFIECTSTRATEGICMANAGEMENTCHOICESTHATMAYREFLECTASTRUGGLEFORCORPORATECONTROLORSTRATEGICREDEPLOYMENTOFASSETSTHEMATERIAL,SEPARATELYDISCLOSEDLOSSPROVISIONSEXAMINEDINTHISSTUDYDIFFERFROMMOSTFINANCIALSTATEMENTINFORMATIONBECAUSEOFGREATERDISCRETIONASTOTHEIRMAGNITUDEANDTIMINGTH
9、EFINANCIALCOMMUNITYHASCOINEDTHEPHRASE“BIGBATH“ASAGENERICLABELWHICHHIGHLIGHTSTHEMAGNITUDEOFSOMEOFTHESEWRITEOFFSANDAPURPORTEDCLEANSINGOFTHEFINANCIALSTATEMENTSWEOPERATIONALLYDEFINEABIGBATHTOBEAWRITEOFF,REPORTEDASASPECIALITEMINTHEFINANCIALSTATEMENTS,THATREPRESENTSMORETHAN1OFTHEBOOKVALUEOFASSETSWEANALYZE
10、THEEARNINGSPERFORMANCEANDTHERETURNBEHAVIOROFFIRMSTHATDISCLOSESUCHWRITEOFFSFROMBOTHALONGTERMANDASHORTTERMPERSPECTIVETHELONGTERMPERSPECTIVEDOCUMENTSTHEECONOMICCONDITIONSUNDERWHICHSUCHWRITEOFFSOCCURTHESHORTTERMPERSPECTIVEALLOWSUSTOASSESSTHEINFORMATIONCONTENTOFTHEDISCLOSURES“WEEXAMINERETURNBEHAVIORATTHE
11、DATEOFTHEANNOUNCEMENTOFTHEWRITEOFFTODISTINGUISHBETWEENALTERNATEVIEWSOFTHISEVENTUNDERTHEBADNEWSHYPOTHESISTHESEDISCLOSURESREVEALASITUATIONWHICHISWORSETHANEXPECTEDBYINVESTORSANDWOULDBEASSOCIATEDWITHDECLININGSHAREPRICESINCONTRAST,THEFAVORABLERESOLUTIONHYPOTHESISPREDICTSPOSITIVERETURNSBECAUSETHEWRITEOFFS
12、INDICATECONSTRUCTIVERESPONSESTOEXISTINGPROBLEMSTHEFINANCIALPRESSFREQUENTLYTREATSTHESEWRITEOFFSASTHOUGHTHEYAREVIEWEDFAVORABLYBYTHESECURITIESMARKETTHEEVIDENCEPRESENTEDHEREDOESNOTSUPPORTTHISFAVORABLERESOLUTIONPERSPECTIVEINBRIEF,OURFINDINGSINDICATETHATFIRMSDISCLOSINGLARGEDISCRETIONARYWRITEOFFSARELARGERT
13、HANOTHERFIRMSINTHEIRINDUSTRIESREVENUESANDASSETSANDAREMOREHIGHLYLEVERAGEDFIRMSWITHLARGEWRITEOFFSSUBSTANTIALLYUNDERPERFORMTHEIRINDUSTRIESINTHEYEARSPRECEDINGANDINCLUDINGTHEWRITEOFFYEARINTERMSOFRETURNONASSETSANDRETURNONEQUITYTHESEDECLININGPERFORMANCESINACCOUNTINGTERMSAREASSOCIATEDWITHSIGNIFICANTLYLOWERS
14、ECURITYRETURNSINPERIODSTHREEYEARSBEFORE,COINCIDENTWITH,ANDEIGHTEENMONTHSFOLLOWINGTHEANNOUNCEMENTOFTHEWRITEOFFDATAONDISCRETIONARYWRITEOFFSWEEXAMINEDTHEANNUALREPORTDESCRIPTIONOFEACHSPECIALITEMANDDELETEDTHOSEWHICHDIDNOTHAVEDISCRETIONARY,JUDGMENTALQUALITIESSPECIFICALLY,WERETAINEDFIRMSONLYINTHEFIRSTTHREE
15、CATEGORIESOFTHEPRECEDINGLISTANDTHENONLYIFTHEWRITEOFFMETOTHERCRITERIAFOREXAMPLE,WEELIMINATEDWRITEOFFSRELATEDTOREVALUATIONSOFMARKETABLESECURITIESBECAUSETHEYREPRESENTADIRECTAPPLICATIONOFALOWEROFCOSTORMARKETRULEUNDERGAAPSIMILARLY,WEELIMINATEDSETTLEMENTSOFLITIGATIONWHERETHELOSSWASREASONABLYMEASURABLEANDR
16、ELATEDTOCOMPLETEDEVENTSLOSSESONCOMPLETEDTRANSACTIONSSUCHASSALESOFASSETSORINVESTMENTSWEREDELETEDWERETAINEDNONRECURRINGCHARGESWHEREMANAGEMENTHADMOREDISCRETIONOVERTHEMAGNITUDEANDTIMINGOFTHELOSS,PRIMARILYASSETWRITEDOWNSORCORPORATERESTRUCTURINGSALTHOUGHACCOUNTEDFORSIMILARLY,THESEAREVERYDIFFERENTECONOMICE
17、VENTSTHEWRITEDOWNSLACKEDFUTUREECONOMICCONSEQUENCESTHEYMANAGEMENTSBELIEFSABOUTCHANGINGMARKETCONDITIONSTHEWRITEDOWNORWRITEOFFOFTHECARRYINGVALUEOFANASSETISTYPIFIEDBYTHEMANYOILANDGASFIRMSTHATWROTEDOWNTHECARRYINGVALUEOFRESERVESINRESPONSETOTHEDECLINEINTHEMARKETVALUEOFHYDROCARBONSNOTALLOILANDGASFIRMSREPORT
18、EDWRITEDOWNSANDTHOSETHATDIDWEREDISTRIBUTEDACROSSSEVERALOFTHEYEARSINOURSAMPLEUNDERGAAPTHESIZEANDTIMINGOFTHESEWRITEDOWNSWOULDBEEXPECTEDTOVARYACROSSFIRMSASAFUNCTIONOFTHEACQUISITIONVALUEOFTHEPROPERTY,THEPROBABLECOSTSOFEXTRACTION,THEDISTANCETOMARKETS,BELIEFSABOUTTHEPERMANENCEOFTHEPRICEDECLINE,ETCTHUSMANA
19、GERSHADSOMEDISCRETIONOVERTHESELOSSESASTOBOTHTIMINGANDAMOUNT,ALTHOUGHAUDITORSMAYLIMITTHISDISCRETIONTHEOTHERMAJORCATEGORYISRESTRUCTURINGS,RATIONALIZINGS,ANDDOWNSIZINGSTHESETERMSREFERTOTHESAMECONCEPT,AMAJORREARRANGINGOFTHEBUSINESSAFFAIRSOFTHECOMPANYRECORDEDINTHECURRENTYEARTOREFIECTESTIMATEDFUTURECOSTSW
20、HICHAREFIEXIBLEASTOAMOUNTANDTIMINGTHISFLEXIBILITYTAKESATLEASTTHEFOLLOWINGTHREEFORMS1DEFINITIONOFTHESCOPEOFTHEREORGANIZATIONANDTHEREFOREOFTHEELEMENTSOFFUTURECOSTSTOBEREFLECTEDCURRENTLY2SPECIFICATIONOFTHEDOLLARAMOUNTOFTHECOSTS,GIVENTHESCOPEOFTHEREORGANIZATION3TIMINGOFTHECOMMITMENTTOTHEREORGANIZATIONAS
21、ACONCRETEPLANFORTHEFUTUREBIGBATHSANDMANAGEMENTDECISIONMAKINGINADDITIONTOTHEIRMAGNITUDEANDPRESENTATION,MANAGEMENTMAYALSOVARYTHETIMINGOFDISCRETIONARYWRITEOFFSTABLE2DOCUMENTSSOMECHARACTERISTICSOFTHETIMINGOFTHESEDISCLOSURES43AREDISCLOSEDWITHEITHERQUARTERLYORANNUALEARNINGSAND63ARERECOGNIZEDDURINGTHEFOURT
22、HQUARTERMENDENHALLANDNICHOLS1988HAVEDOCUMENTEDLARGERSECURITYMARKETREACTIONSTOBADNEWSRELEASEDINTHEFIRSTTHREEQUARTERSOFAFIRMSYEAR,SUGGESTINGINVESTORSCONDITIONONTIMINGOFDISCLOSURESMANAGEMENTMAYHAVESTRATEGICREASONSFORFOURTHQUARTERDISCLOSURECONSISTENTWITHTHISINVESTORBEHAVIORTHISPREPONDERANCEOFFOURTHQUART
23、ERWRITEOFFSALSOMAYREFLECTCHARACTERISTICSOFUSMANAGEMENTPRACTICES,SUCHASTHEAUDITINGOFANNUALRESULTSBUTNOTQUARTERLYRESULTSORANINSTITUTIONALIZEDPLANNINGPROCESSWHICHFORMALIZESPLANSSUCHASRESTRUCTURINGSONANANNUALCYCLEWITHRESTRUCTURINGPROGRAMS,THEISSUEISNOTSIMPLYONEOFIDENTIFYINGANDESTIMATINGTHECOSTSTOBEINCUR
24、REDANDTHENISSUINGAPRESSRELEASEPLANSWHICHINVOLVEASSETSALES,RELOCATIONS,ORPERSONNELREDUCTIONSHAVEPOTENTIALLYMASSIVECONSEQUENCESFORTHEORGANIZATIONTHUS,ANNOUNCEMENTSMAYBEMANAGEDTOATTAINDIVERSECORPORATEOBJECTIVESRELATIVETOAFFECTEDEMPLOYEES,CORPORATESUBUNITS,ORTHECOMMUNITIESINWHICHTHESEFIRMSOPERATETHELITE
25、RATURESINSOCIALPSYCHOLOGYANDORGANIZATIONALBEHAVIORSUGGESTTHECOMPLEXDIMENSIONSOFCORPORATEREORGANIZATIONSANDTHECAREWITHWHICHTHEIRPLANNINGANDANNOUNCEMENTMUSTBESTRUCTUREDINSUCHDISCLOSUREENVIRONMENTS,ANNOUNCEMENTSOFLARGEWRITEOFFSANDESPECIALLYOFRESTRUCTURINGSMAYHAVEVARIEDCONSEQUENCESTHEREFORE,WEEVALUATEMA
26、RKETREACTIONSATTHEANNOUNCEMENTDATEASAFUNCTIONOFVARIOUSCHARACTERISTICSOFTHEANNOUNCEMENTMANAGEMENTTYPICALLYDISCUSSESRESTRUCTURINGPOSITIVELYINTHEANNUALREPORTSEVENTYONEPERCENTOFTHESEMANAGEMENTDISCUSSIONSINOURSAMPLEFORECASTEDIMPROVEDPERFORMANCEINTHECOMINGYEARANDATTRIBUTEDTHESEIMPROVEDPROSPECTSTOTBERESULT
27、SOFMANAGEMENTACTIONSTHEGOALOFMANAGEMENTDISCUSSIONSMAYBECONSENSUSBUILDINGAMONGMANAGEMENTANDEMPLOYEES,RATHERTHANANEFFORTTOAFFECTDIRECTLYTHEVALUATIONOFTHEFIRMBYSECURITYANALYSTSANDINVESTORSTHISMAYALSOBETRUEOFTHEANNOUNCEMENTSOFRESTRUCTURINGSWHICHOCCURDURINGTHEYEARDISCRETIONARYWRITEOFFSAREOFTENASSOCIATEDW
28、ITHMANAGEMENTCHANGESMOORE1973ANDSTRONGANDMEYER1987CONSISTENTWITHPRIOREVIDENCE,39OFOURSAMPLEEXPERIENCECHANGESINTHECHIEFEXECUTIVEOFFICER,PRESIDENT,AND/ORCHIEFFINANCIALOFFICERDURINGTHEYEAROFTHEWRITEOFFACOMMONVIEWISTHATNEWMANAGEMENTSEEKSTOBLAMEPRIORMANAGEMENTFORPROBLEMSBYCONSCIOUSLYOVERSTATINGLOSSESATTR
29、IBUTABLETOTHEIRPREDECESSORS,MANAGEMENTIMPROVESEXPECTATIONSABOUTTHEFUTUREANDLOWERSTHEBENCHMARKAGAINSTWHICHITSPERFORMANCEWILLBEMEASUREDTHEASSOCIATIONOFMANAGEMENTCHANGEWITHSUCHWRITEOFFSISCONSISTENTWITHTHEDECISIONMAKINGLITERATUREWHICHSUGGESTSITISEASIERPSYCHOLOGICALLYFORNEWMANAGEMENTTOTERMINATEOLDPROJECT
30、S,TOREASSESSTHEVALUEOFEXISTINGASSETS,ANDTOINITIATENEWPROGRAMSSEESTAW1976,CALDWELLANDOREILLY1982,STATMANANDCALDWELL1987,ANDSTATMANANDSEPE1986INDEED,THEPOSITIVEEFFECTSOFARESTRUCTURINGBYNEWMANAGEMENTMAYHAVEBEENCAPTUREDINSECURITYPRICESCOINCIDENTWITHTHEANNOUNCEMENTOFTHEMANAGEMENTCHANGEORTHEYMAYBECAPTURED
31、WHENTHERESTRUCTURINGSAREANNOUNCEDWEFOCUSONLYONTHESECONDTIMEPERIODINTHISRESEARCHSUMMARYANDCONCLUSIONSWEEXAMINEDTHEBEHAVIOROF240FIRMSTHATREPORTEDDISCRETIONARYWRITEOFFSEQUALTOATLEAST1OFASSETSDURINGTHEYEARS198285THESEFIRMSHAVEDECLININGEARNINGSTOASSETSANDEARNINGSTOMARKETVALUESINTHETHREEYEARSBEFORETHEWRIT
32、EOFFSTHEGROWTHRATESOFASSETSALSODECLINEDURINGTHISTIMEANDARENEGATIVEINTHEYEAROFTHEWRITEOFFTHEIRAVERAGEMARKETRETURNSARESIGNIFICANTLYBELOWTHEINDUSTRYMEDIANSDURINGTHISPERIODTHEWRITEOFFSARELARGE,HAVINGAMEDIANMEANOF5082OFASSETS,ANDSIGNIFICANTLYEXCEEDFINALNETEARNINGSONAVERAGETHROUGHOUTTHETHREEYEARPERIODBEFO
33、RETHEANNOUNCEMENTOFTHESEWRITEOFFS,SHARERETURNSARESIGNIFICANTLYBELOWINDUSTRYMEDIANSWEDOCUMENTASIGNIFICANTONEANDTWODAYINDUSTRYADJUSTEDNEGATIVESHARERETURNONAVERAGEWHENTHEWRITEOFFSAREDISCLOSEDTHECROSSSECTIONALVARIATIONINTHESERETURNSISASSOCIATEDWITHTHERELATIVESIZEOFTHEWRITEOFFAFTERCONTROLLINGFOROTHERUNEX
34、PECTEDCOMPONENTSOFEARNINGSWHENTHEANNOUNCEMENTCORRESPONDSTODISCLOSURESOFANNUALEARNINGSTHEMAGNITUDEOFTHESEINDUSTRYADJUSTEDTWODAYRETURNSAREALSOSYSTEMATICALLYRELATEDTOOTHERDISCLOSURES,INCLUDINGEARNINGS,WHICHSOMETIMESAPPEARWITHTHEANNOUNCEMENTOFTHEWRITEOFFINTHEMONTHSFOLLOWINGTHEWRITEOFF,INDUSTRYADJUSTEDRE
35、TURNSREMAINNEGATIVEINADDITIONTOEXAMININGRETURNS,WEEXAMINEDCHANGESINANALYSTSFORECASTSDIRECTLYINORDERTOASSESSTHEASSOCIATIONBETWEENTHESEACCOUNTINGWRITEOFFSANDEARNINGSEXPECTATIONSINCONTRASTTOTHEEXPECTATIONSFREQUENTLYEXPRESSEDINTHEFINANCIALPRESS,ANALYSTSREDUCEDTHEIRFORECASTSOFYEARAHEADEARNINGSFINALLY,WEE
36、XAMINEDTHEFREQUENCYOFCHANGESINDIVIDENDLEVELS,BONDRATINGS,ANDTAKEOVERORANTITAKEOVERMEASURESFORAFIVEYEARPERIODCENTEREDONTHEWRITEOFFYEARFORTHESAMPLEFIRMSWEFOUNDTHEFIRMSANNOUNCEDANABOVEAVERAGENUMBEROFDIVIDENDDECREASESANDSUSTAINEDMOREFREQUENTBONDRATINGDECREASESTHROUGHOUTTHEPERIODCOMPAREDTOOTHERINDUSTRIAL
37、FIRMSTHISRESULTISCONSISTENTWITHTHEFIRMSNEGATIVESTOCKPERFORMANCEDURINGTHEPERIODANDINDICATESTHATTHEWRITEOFFSOCCURDURINGAPERIODOFSUSTAINEDECONOMICDIFFICULTYTHEOBSERVEDPATTERNOFTAKEOVERACTIVITYDURINGTHEPERIODSURROUNDINGTHESEWRITEOFFSDOESNOTSUGGESTTHATTHEWRITEOFFSAREDIRECTRESPONSESTOCORPORATECONTROLTHREA
38、TSPOLICYMAKERSARELEGITIMATELYCONCERNEDABOUTTHETIMELINESSANDTHEACCURACYOFDISCLOSURESOURWORKDOESNOTPERMITUSTODETERMINEWHETHERTHESEWRITEOFFSAREREPORTEDASEARLYASTHEYCOULDSHOULDBENORWHETHERTHENUMBERSAREUNBIASEDTHEPATTERNOFLOWSECURITYRETURNSRELATIVETOTHEIRINDUSTRYINMONTHSANDYEARSPRIORTOTHEWRITEOFFINDICATE
39、STHATOTHERSOURCESPROVIDETIMELYINFORMATIONONECONOMICISSUESRELATEDTOTHEWRITEOFFSTHENEGATIVE1RETURNSATTHEANNOUNCEMENTDAYARESIGNIFICANTHUTAREMODESTGIVENTHESIZEOFTHEWRITEOFFSTABLE6,DAYS1AND0THECOST/BENEFITTRADEOFFOFADDITIONALFASBACTIONISUNCLEARSOURCEJOHNAELLIOTTWAYNEHSHAWWRITEOFFSASACCOUNTINGPROCEDURESTO
40、MANAGEPERCEPTIONSJOURNALOFACCOUNTINGRESEARCHJ1988，26P92119译文盈余管理手段“注销”1、介绍近年来的资料显示，在要素收益表中另行披露资产减值准备金越来越普遍。一些会计师担心，这些减值准备金注销后在会计年度披露时资产的账面价值会出现显著的上升，或在需要重新估价的年度过多的计提减值准备金。因此，财务会计准则委员会和美国证券交易委员会正在考虑给长期资产减值指定一个新的会计处理方法标准。本文的目的旨在描述最近可能明确按照会计政策披露资产减值的方式。一个相关的目标是确定资产减值的条款，相关经济活动以及有关的管理目标和财务报表的披露方式。一般情况下，
41、在经济事件发生前先进行会计识别，事件发生后再对其进行披露。从存货的角度看，存货计提了减值准备后其账面价值减少，而当把存货减值准备注销后，其账面减值又会增加，这为盈余管理提供了巨大的操纵空间。因此注销的会计处理存在许多不合理的地方，特别是在重组的基本事件中。通常情况下，重组涉及的会计分录是在某些计划交易完成之前就已经确定了。而在重组计划中应将其可能发生的搬迁生产，裁员，解雇，提前退休，或出售资产考虑在内。由于采用了计划管理，管理人员的偏好影响相关重组的幅度和时间，同时也更直接地影响会计信息披露的质量，者值得引起重视。重组不同的经济事件是将动机和注销的会计分录联系在一起的基础。管理层可能会对一个在
42、现有资产价值下降或可能提高其价值但不存在资产利用率下降的问题做出回应。一个新的管理问题，或可确认为被忽视的问题。传统的管理可能会寻求遏止通过重申账面价值的价值观念或实际收购企业资源的并购行为。我们记录的过程材料，分别揭示了注销了减值的资产的账面价值和管理层管理战略的选择。该材料分析指出在这项研究中单独披露减值准备金不同于大多数财务报表披露的信息，因为资产减值的规模和时间选择有较大的自主性。金融界已经创造了一个短语，其强调消除一些不合理的注销和提高财务报告的质量。我们业务上定义的注销，在财务报表中被披露为一个特殊项目，它表示为超过的资产账面价值1的数额。我们分析了盈利公司的业绩和回报的行为，无论
43、从长期还是短期的角度看，该项研究都揭露了这种销行为。从长远的角度纪录了注销行为会在何种经济状况下发生；从短期的角度看，有利于我们对披露的信息进行评估。我们研究了在公告之日起进行注销回报行为，并通过它来区分对此事件提出的其它意见。在坏消息假说下，当披露的结果差于投资者预期时，这可能会导致股价的下跌。与此相反，有利决议假说预测由于注销的积极作用，能够表明目前存在的问题。尽管注销回报行为被证券市场看好，但还是会招致财经媒体经常性的关注和质疑。总之，我们的研究结果表明，公司根据需要对注销进行披露，当注销的额度高于相关行业的其他公司时，就能发挥更大的杠杆作用。因此相关行业的各个公司为了充分发挥注销的巨大
44、的杠杆作用，在未来几年里将大幅度的注销减值准备金，相应的，注销的杠杆作用在注销当年的资产报酬率和净资产收益率得到体现。2、数据分析我们保留对存货计提减值准备的数据，这些数据表明管理层在在对存货计提减值准备时在数值和时间上会更加谨慎。尽管账目一样，但发生的经济事件却是不同的。计提减值表明了管理层改变市场条件的信心但也表明管理层忽略了未来的经济后果。以石油和天然气公司为代表由于计提资产减值使得账面价值下降从而导致碳氢化合物的市场价格下降。但不是所有的石油和天然气公司都在本次研究的样本内。不同的管理者在资产减记的规模和时间的安排上是不同的，同样的即使是相同的资产减记也因公司的不同而发挥不一样的作用。
45、管理者根据其职业判断计提减值准备，相对应的审计人员在审计时也会限制管理层的自由裁量权。其他主要的类型还有重组和裁员，但重组和裁员的本质都是一样的。同时公司一个重要的业务记录反映了未来成本的估值。这种灵活性至少要有以下三个条件1、限制重组的范围和估算现值2、规范美元的兑换汇率3、定好改组的计划3、冲销和管理者决策管理层也可能变化注销的时间，对相关资料进行研究得出43的管理者按季度或年度披露，而63是在第四季度确认。MENDENHALLANDNICHOLS1988记录了市场对坏消息的反应。管理者在第四季度披露信息的战略原因与投资者的行为相一致。而这种在第四季度披露注销信息的模式反映了美国管理方法的
46、特点。对年度业绩进行审计是管理方法的一种。但对年度业绩的审计没有形成一个规范的体系，而且也没有实现制度化。进行重组不是简单估计将要发生的成本然后通过媒体将这一重组意图传播出去。重组的计划包括资产出售、搬迁及裁员等因素，而这些因素会影响到重组的进程。社会心理学和组织行为的文献显示公司重组是复杂的，因此要密切关注重组的计划。在发生重组的当年，对注销的巨额减值准备金进行披露，将会导致怎样的经济后果。因此我们在公布注销的当日通过观察市场反应来评估公布注销信息的作用。MOORE1973ANDSTRONGANDMEYER1987认为自由裁量注销往往与管理人员变动有关。与以前的证据相符，样本中39注销都与管
47、理人员的变动有关。共同的观点是新任的管理者会将存在的管理问题归咎于前任管理者。新任的管理者通过有意识的夸大前任管理者的过失，给自己留出足够的提升空间，从而降低相关评价指标对其管理能力的影响。4、总结和结论我们审查了240个公司在198285年期间报告的酌情注销数额至少等于资产账面价值的1的行为。这些公司在注销的前三年资产的盈利能力和市场价值都是下降。而且在注销当年资产的增长率也下降，并呈负增长。在此期间，他们的平均市场回报率明显低于行业中位数。尽管注销的额度是巨大的，其中还有有一个为资产账面价值的50，但最后还是低于平均净盈利。而且在连续注销的三年期，公司的盈利水平没有上升，这说明滥用注销会给
48、公司带来不利的经济后果。当注销被披露时我们记录了重要的的单，双日平均行业调整的负面股票收益。在控制了营业外收入后，披露了相应年度的盈利状况，而披露的数据表明收益的横断变化与注销额的大小存在密切的联系。这个为期两天的行业回报系统调整，也将涉及到系统其他相关的信息披露，其中包括有时与公告注销一起出现的收入，在接下来几个月的注销中，行业调整后的回报仍为负。为了评估会计核销与预期盈利的关系，我们直接对分析师预测的变化进行了审查。相反，与过去在财经媒体中经常出现预期相比，今年分析师降低了本年提前盈利的预期。最后，我们研究了这些样本公司关于五年期内由于注销而导致的股息水平，债券评级和收购接管（或反收购）措施的变化频率。我们发现，该公司整个期间超过平均数的股息跌幅和持续下降的债券评级与其他工业企业相比，得出的结果与公司所发行的股票的低迷走势和在持续的经济困难时出现期注销行为相符。在此期间对注销行为进行观察，而该观察模式得出的结论并不意味着公司丧失了决策权。
