中英文对照 资产减值 盈余管理.doc

Earnings Management concerning the Impairment Decision: A quantitative empirical analysis of German listed companies between 2004 and 2009 Abstract This study investigates the determinants of the impairment decision of German listed companies between 2004 and 2009. We analyze the influence of economic factors and reporting incentives on this decision using a probit regression, reporting results for total impairments as well as separated by tangible and intangible asset impairments. We find strong evidence for a negative relationship between EBITDA as well as market to book ratio change and impairments, while intangible asset impairments show a positive relationship to operating cash flow. Additionally we find that for both tangible and intangible asset impairment income smoothing is an important determinant. Furthermore, intangible asset impairments are more probable in years of management changes. Keywords: impairment loss, impairment probability, earnings management, reporting incentive, income smoothing, management change, probit regression. EARNINGS MANAGEMENT CONCERNING THE IMPAIRMENT DECISION: A quantitative empirical analysis of German listed companies between 2004 and 2009 1 Introduction In this paper we investigate the determinants of the impairment decision of German listed companies. Despite the relatively strict regulations for the Impairment of Assets (IAS 36), managers still have a non-negligible discretion over the impairment decision. This results from the definition of the recoverable amount, which we will discuss in more detail at a later stage. Prior studies which mainly focus on the U.S.-American market find strong evidence for the existence of earnings management (i.e. income smoothing, big bath accounting, etc.) regarding the impairment decision as well as the respective magnitude. In our study we focus on the factors that influence the impairment decision only. We therefore examine the impairment behavior of German listed companies between 200