| Summary: | 碩士 === 國立高雄應用科技大學 === 商務經營研究所 === 98 === Taiwan’s Financial Accounting Standard Committee of Accounting Research and Development Foundation issued SFAS No.35.”Accounting for Asset Impairments.” in July 2004, and implemented formally in 2005. In order to studying corporation’s evaluation and stock price, we used financial information and financial statement. Under the efficient market, stock price and the value of corporation must be consistency.
This study focuses on the affect of the deviation of equity valuation with the new SFAS by Ohlson Model (1995) in Non-High-Tech and High-Tech industry. Empirical results reveal that deviation reduces significantly after asset impairments in Non-High-Tech industry, and expand significantly after asset impairments in High-Tech industry.
Many references reveal corporate governance has positive relationship for equity valuation. This study modifies persistence parameter of abnormal earnings, and adds corporate governance parameter by Dechow et al. (1999).Our empirical analysis reveal that increased prediction power and reduced the deviation of equity valuation.
Key words: Asset Impairments; Equity Valuation; Deviation of Equity Valuation; Corporate Governance.
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