Financial Crisis and Impairment Recognition in Non-Financial Assets

Abstract Purpose: To analyse the impact of the financial crisis on the recognition of non-financial asset impairments in European listed companies. Theoretical framework: The study explores the impact of the theory of measuring the economic value of non-financial assets on managers’ decisions to recognize impairments, especially in the context of an economic crisis. Design/methodology/approach: Logit and ordinary least squares models were estimated to analyse the probability of recognition and the amount of impairment recognized, respectively, over a 10-year period. Findings: The results show that European companies recognized less impairments during the crisis, including companies in countries that have used external financial aid, suggesting that managers may use impairment recognition as a way of practicing earnings management. Research Practical & Social implications: The results are of interest to several stakeholders, namely: creditors, investors, financial market regulators, entities that prepare and oversee the application of accounting and auditing standards, and ultimately European leaders in terms of structural reforms and investor protection laws. Originality/value: The study contributes to the literature that analyses the impact of the financial crisis on the recognition of impairments in non-financial assets and, in particular, in the context of greater financial fragility. It also contributes to the literature on the use of discretion in the recognition of impairments and earnings management practices. Moreover, it adds to the theoretical debate regarding the principles of measurement in the context of impairment, and how this may affect assessments of the economic values of non-financial assets.

摘要：
研究目的：分析金融危机对欧洲上市公司非金融资产减值确认的影响。
理论框架：本研究探讨非金融资产经济价值计量理论对管理层确认减值决策的影响，尤其聚焦于经济危机背景下的该类决策。
研究设计与方法：本研究基于10年的观测周期，分别构建Logit模型与普通最小二乘（ordinary least squares）模型，用以分析减值确认的概率与已确认减值金额。
研究发现：结果显示，危机期间欧洲上市公司确认的减值金额有所减少，其中亦包括接受外部财政援助国家的企业，这表明管理层或可将减值确认作为盈余管理的手段。
研究实践与社会意义：本研究结果对多方利益相关者具有参考价值，具体涵盖债权人、投资者、金融市场监管机构、制定与监督会计准则及审计准则执行的主体，以及在结构性改革与投资者保护法律层面的欧洲各国领导人。
原创性与价值：本研究丰富了分析金融危机对非金融资产减值确认影响的相关文献，尤其是在金融脆弱性加剧的背景下；同时补充了关于减值确认自由裁量权运用与盈余管理实践的研究成果；此外，本研究还拓展了减值计量原则的理论争论，以及该原则如何影响非金融资产经济价值评估的相关探讨。