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abstract

With the continuous advancement of China's reform and opening up process and the continuous development of China's national economy, the reform process of the national political and economic system has also deepened. Among them, in the process of economic system reform, the reform of accounting system has become a more important part. In recent years, the internationalization level of China's economic development is also constantly improving. In order to connect with the international economic development level smoothly, China's accounting system or accounting standards are constantly revised and improved, and gradually converge with the relevant international systems. However, considering the special situation of China's economic development, the accounting system or accounting standards should maintain some characteristics that China should have.

In recent years, China's accounting system has undergone several major changes, the core goal of which is to gradually improve the reliability and relevance of enterprise accounting information. Among them, the policy of asset impairment reserve has become an important embodiment of the continuous improvement of China's accounting system and accounting standards. In February 2006, the Ministry of Finance promulgated a new accounting standard for business enterprises, which was formally implemented from June to 10 in 2007. Among them, Accounting Standards for Business Enterprises No.8-Impairment of Assets

It once became a hot spot in academic research.

Because Chinese enterprises usually use historical cost method to measure assets, this objectively leads to the difference between the book value and the true value of enterprise assets. The implementation of "Accounting Standards for Enterprises No.8-Impairment of Assets" has changed the emphasis on reliability in the past and made the financial statements of enterprises more reflective of the real assets and operating results of enterprises.

On the premise of studying the related theories of asset impairment, based on Ohlson's theoretical analysis of the correlation of accounting information, this paper focuses on the correlation between asset impairment information and enterprise value through empirical methods. The results of empirical analysis in this paper show that there is a significant positive correlation between corporate profitability and asset book value and stock price; There is also a significant positive correlation between the amount of asset impairment accrued by an enterprise and the stock price, that is, the higher the amount of asset impairment accrued, the higher the value relevance of its financial statements.

Keywords: asset impairment; Enterprise value; correlation

Introduction to Chapter 1

1. 1 Research background of this paper

In the more than 30 years since the country implemented the reform and opening-up policy from 65438 to 0978, with the continuous development of China's national economy, the reform process of the national political and economic system has also been deepened. In the process of economic system reform, the reform of accounting system has become an important part. In recent years, China's accounting system has undergone several major changes, the core goal of which is to gradually improve the reliability and relevance of enterprise accounting information. Among them, the policy of asset impairment reserve is worthy of attention, and its continuous improvement has become an important embodiment of the continuous improvement of China's accounting system and accounting standards.

Asset impairment means that the estimated recoverable amount of assets in the future is lower than the book value of assets. The asset impairment policy requires that when the assets of an enterprise are impaired, in order to ensure the robustness and authenticity of accounting information and prevent inflated assets and profits, the enterprise should confirm the asset impairment loss and write down the book value of the assets to the recoverable amount.

However, in recent years, scholars have studied the financial data disclosed by listed companies and found that the asset impairment reserve policy has a certain dual role: on the one hand, it continuously and significantly improves the quality of accounting information of enterprises; On the other hand, it has also become a tool for enterprises to manipulate profit margins to some extent. The reason why the asset impairment reserve policy will become a tool for enterprises to manipulate profit margins to a certain extent is mainly because the current accounting standards or accounting systems are only determined by themselves on the basis of 1. In the case that listed companies have partial autonomy, some listed companies are likely to achieve earnings management by controlling impairment reserves, thus beautifying accounting statements. This kind of behavior misleads the investment behavior of securities investors and has a negative impact on the sustained and healthy development of China's capital market.

How to standardize the management of enterprises, make them use the asset impairment policy scientifically, provide more reliable information for information users, and make the financial data of enterprises truly reflect the asset status, operating information and cash flow status of enterprises, rather than simply being used as a tool for enterprise earnings management, has become a problem that needs to be studied in depth by the standard-making department.

To this end, in recent years, China's regulatory authorities have constantly revised and changed relevant accounting standards and improved relevant accounting laws and regulations.

Before 200 1, China's inflation level was high and prices rose rapidly. Therefore, on 200 1, the main purposes of implementing the eight asset impairment systems in China are: first, to minimize the business risks of enterprises; second, to continuously improve the quality of assets of enterprises; and third, to reflect the true intrinsic value of assets. However, after the implementation of the standards for a period of time, scholars found through research that the actual situation of implementation of accounting standards in enterprises is quite different from the original intention of the regulatory authorities to formulate standards. Asset impairment reserve not only fails to fully reflect the true value of assets, but has become a tool for earnings management of listed companies to some extent. Therefore, in 2006, the regulatory authorities began to revise the original accounting standards for enterprises, and in 2007, the new accounting standards No.8-Asset impairment was implemented, which corrected some shortcomings of the old accounting standards implemented in 200 1.

It can be seen from several changes in accounting policies for asset impairment that the new accounting standards for asset impairment will indeed play a positive role in reflecting the true value of assets to a certain extent. In particular, the provision in the new accounting standards that once long-term asset impairment losses are accrued, they cannot be reversed in the future accounting period has played a great role in restraining enterprises from using asset impairment accounting policies for earnings management. However, the impairment of long-term assets is irreversible, but it cannot truly reflect the value of long-term assets. To some extent, it sacrifices the value relevance of accounting information, and may even lead to a decline in the quality of information disclosure.

Theoretically speaking, the implementation of the new accounting standards for asset impairment will definitely improve the reliability and relevance of accounting information. So what is the relationship between the publication of asset impairment accounting information and enterprise value, and what is the correlation between them? Based on the above problems, this paper makes a theoretical and empirical study on the value relevance of asset impairment accounting information. In the aspect of selecting the object of empirical analysis, this paper selects the financial data of listed companies on the Growth Enterprise Market as samples to study, hoping that the conclusion of this paper can provide more empirical experience for the study of the correlation of asset impairment, and also strive to create some data for the revision and improvement of China's accounting system and accounting standards.

1.2 Research significance of this paper

The value relevance of certain information means that the disclosure of this information can make the value of related assets more truly reflected. At present, Chinese scholars' research on value relevance is generally based on the effectiveness of the securities market. By analyzing how the stock price of listed companies changes after an enterprise discloses an accounting information, we can test and consider the value relevance of the accounting information. Moreover, at present, Chinese scholars' research on value relevance is mostly about the value relevance of accounting information, and little attention is paid to a specific accounting policy.

After 200 1 year, there have been some studies on the value of impairment reserve in China. Because the accounting policy of asset impairment reserve not only reflects the real asset value of enterprises, but also may become a tool for earnings management of listed companies, most scholars focus on the relationship between asset impairment and earnings management, but less on the value correlation of asset impairment accounting information.

Since 65438+1 October1Nisshin Accounting Standards were formally implemented in June 2007, many scholars began to study the comparison between the old and new accounting standards, with more emphasis on the effectiveness of the implementation of the new accounting standards. Later, scholars made an empirical study on asset impairment and earnings management, but there are still few research documents related to the correlation of asset impairment value. At present, the representative research achievement is Zhou Donghua (20 10) "Research on Assets Impairment Accounting of Listed Companies in China-Comparative Analysis Based on Old and New Accounting Standards". This paper makes an empirical study on three issues related to asset impairment, namely, the influencing factors of asset impairment, the value relevance of asset impairment accounting information and the reliability of asset impairment accounting information. However, due to the author's weak data base, only the data of two years after the implementation of the new accounting standards were selected, and the listed companies had not fully implemented and implemented the new accounting standards for business enterprises at that time, which led to the unconvincing research results. In this paper, the data of listed companies on Growth Enterprise Market (20 10-20 13) are selected as research samples, and the value relevance of asset impairment accounting information is empirically analyzed, so as to provide some references for theoretical and empirical research on value relevance.

1.3 structural arrangement of this paper

The main body of this paper is divided into six parts:

The first part is the introduction. This part mainly introduces the background and significance of the topic, the structural arrangement of the article, and the contribution and deficiency of the paper research.

The second part is literature review. This paper mainly summarizes and summarizes the previous studies of domestic and foreign scholars on the correlation between the value of financial statements and the value of asset impairment.

The third part is the theoretical basis of this paper. Firstly, the basic concept and theoretical basis of asset impairment are defined. Secondly, it expounds the development course of asset impairment accounting system in China. Thirdly, it summarizes the influencing factors of enterprise's provision for asset impairment. Finally, the theory of correlation between accounting information and asset impairment is analyzed. This part of the research provides a solid theoretical basis for the theoretical model construction and empirical research in the following chapters.

The fourth part mainly makes an empirical study on the correlation between asset impairment and enterprise value. According to the theoretical basis mentioned above and the empirical experience of other scholars, this paper makes an empirical analysis of the correlation between the asset impairment value of listed companies on the Growth Enterprise Market and the enterprise value by constructing a regression model, and finally draws an analysis conclusion.

The fifth part is the research conclusion and policy suggestions. On the basis of summarizing the empirical research conclusions in the fourth part, this paper puts forward some policy suggestions for the regulatory authorities to improve the supervision of enterprise asset impairment.

The sixth part is the conclusion, which briefly summarizes the research of this paper.

Contribution and deficiency of 1.4 research

1.4. 1 contribution of research

Based on the relevant theories of the correlation of asset impairment value and previous studies, this paper makes a systematic study of the correlation of asset impairment value by using the method of empirical analysis, and fully combines theory with empirical research. Therefore, the main contributions of this paper are as follows:

1. In this paper, the related theories of asset impairment are deeply analyzed. This paper summarizes the development of China's asset impairment system, analyzes the influencing factors of enterprise asset impairment, and analyzes the theoretical research on the correlation of asset impairment, which is comprehensive and detailed.

2. In the empirical analysis of the correlation between asset impairment and enterprise value, this paper focuses on the research of GEM listed companies, but there are few empirical studies on the correlation between asset impairment information and enterprise value in China at present.

3. On the basis of theoretical research, this paper makes full use of modern measurement tools, collects data, constructs an econometric model, and makes an empirical study on the correlation between asset impairment and enterprise value.

1.4.2 shortcomings of this article

Although the research of this paper has made some contributions, it must be admitted that due to the limitation of the research level of this paper, there are still the following shortcomings in this research:

1. In terms of data collection, firstly, the number of companies listed on the Growth Enterprise Market is small, and after excluding some data without regression conditions, the number of samples is small, which reduces the persuasiveness of the research to some extent; Secondly, because the panel data collected in this paper is only the data of listed companies on the Growth Enterprise Market, and the new accounting standards for business enterprises were applied after the start of the Growth Enterprise Market, this paper lacks a comparative analysis of the correlation of asset impairment information under the new and old accounting standards, so the research of this paper needs to be further improved.

2. In the aspect of econometric model construction, although this paper constructs a regression model to conduct a comprehensive empirical study, the author's ability to use econometric tools is limited, the econometric model is not perfect, and the number of independent variables selected in the model is small. Therefore, the certainty and persuasiveness of mathematical argument need to be improved.

3. In the connection of empirical research and theoretical research, this paper mainly studies the influence of asset impairment accounting information on enterprise value. However, there are many factors in the real business to calculate the impairment loss of assets, and this paper does not consider these factors completely and systematically, so the relationship between empirical research and theoretical research is somewhat loose.

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