本研究旨在探討投資者對資產減損公報宣告之股價反應，同時探討公司關聯性資產多寡、資金需求高低與公司治理好壞是否亦會影響公報宣告對股價的衝擊。除三因子模式外，本研究考量橫斷面相依問題，亦採用似乎不相關模式檢測公報宣告之股價反應；並藉由迴歸分析驗證上述研究問題。實證結果發現：（1）在事件日一（草案發布）投資者認為企業將來會產生資產減損損失，故市場反應為負向。而事件日二（正式公布）因公司加速處理不良資產，會傳遞未來折抵稅金利益與現金流量可能增加之正面訊息，使得股價出現正面的反應。（2）擁有關聯性資產較多與資金需求較高之公司，具有較負面的累積異常報酬。（3）公司治理好壞會進一步影響投資者對公報宣告之股價反應程度。
In this study we investigate the stock price responses on different event dates in relation to specific companies and their stock reactions to announcements of accounting for impairment of assets. After applying a 3-factor model, the seemingly unrelated regression model and regression analysis, we find the following: (1) the cumulative abnormal returns are significantly negative on the date of the draft SFAS No. 35 announcement- event date one, but they are significantly positive on the date of the SFAS No. 35 announcement- event date two; (2) companies with more specific assets (long-term equity investment and fixed assets) are more affected by the SFAS No. 35, especially those with good corporate governance mechanisms; (3) the cumulative abnormal returns are positively related to the amount of free cash flow, especially those with bad corporate governance mechanisms.
