中國大陸財政部於1999年及2001年進行兩次重大會計變革，分別發布了《股份有限公司會計制度有關會計處理問題補充規定》與《企業會計制度》。其中，1999年之《股份有限公司會計制度有關會計處理問題補充規定》讓資產減值會計處理從「自願性」轉為「強制性」計提減值。而2001年之《企業會計制度》則新規定了四項減值項目，本研究稱之為「新四項減值項目」，而2001年之前所規定的項目則稱之為「傳統四項減值項目」。本研究在此法規變化情境下，探討中國大陸資產減值會計政策的變更對減值計提決定因素及會計資訊價值攸關性之影響。
在資產減值會計政策變更對減值計提決定因素之影響方面，本研究之實證結果發現：（一）1999年《股份有限公司會計制度有關會計處理問題補充規定》規範「強制性」計減資產減值後，相較於過去「自願性」減值之計提，管理當局更會基於投機性之盈餘管理誘因而去計提減值；（二）2001年《企業會計制度》規範增額計提「新四項減值項目」後，相較於過去「傳統四項減值項目」之計提，管理當局較會依經濟實質計提減值，而較少受報導動機之影響。
其次，在資產減值會計政策變更對會計資訊價值攸關性之影響方面，本研究之實證結果發現：（一）1999年《股份有限公司會計制度有關會計處理問題補充規定》規範「強制性」計提資產減值後，相較於「自願性」計提減值，投資者反而會降低對盈餘之權重，而賦予帳面價值較高之權重；（二）2001年《企業會計制度》規範增額計提「新四項減值項目」後，相較於「傳統四項減值項目」之計提，盈餘及帳面價值之價值攸關性皆有所提升。本研究於敏感性分析中亦檢測盈餘與當期股票報酬之關連性是否受到資產減值會計政策變更的影響。檢測結果發現：1999年《股份有限公司會計制度有關會計處理問題補充規定》頒布後，盈餘對當期股票報酬之影響降低，亦即投資者對於盈餘資訊之評價為負向；而2001年《企業會計制度》頒布後，盈餘對當期股票報酬之影響則提升，代表投資者對於盈餘資訊給予了正面之評價。

The Ministry of Finance in China announced two major accounting acts in 1999 and 2000 respectively. In 1999, the “Additional Regulation on Accounting Systems for the Limited Companies” was issued, which marked a change in accounting rules for asset write-downs from the “voluntary” regime to the “mandatory” regime. Moreover, the “Enterprise Accounting Systems” was issued in 2001, which increased additional four asset items that an enterprise can choose to write down. In this study, these new items are referred as “New Four Items” and their old counterparts are referred as “Traditional Four Items”. In this setting of accounting changes, the purpose of this research is to examine the influences of the aforementioned accounting regulation changes in China on the determinants of asset write-downs and the resulted value relevance changes in accounting information.
The empirical results for the influences of the accounting change on the determinants of asset write-downs suggest that: (1) After the enactment of Additional Regulation on Accounting Systems for the Limited Companies in 1999, the magnitude of asset write-downs is mainly explained by managers’ opportunistic reporting incentives but not the firm’s economic conditions; (2) The “New Four Items” of asset write-downs regulated by Enterprise Accounting Systems in 2001, has encouraged management to recognize asset write-downs based on the firm’s economic substance.
As to the influences on the value relevance changes in accounting information, our results indicate: (1) After the enactment of Additional Regulation on Accounting Systems for the Limited Companies in 1999, investors placed more weights on accounting earnings but less weights on book values in their valuation decision; (2) The “New Four Items” of asset write-downs regulated by Enterprise Accounting Systems in 2001 has increased the value relevance of both accounting earnings and book value in the same time. In the sensitivity analysis, I applied the “return model” to examine the value relevance of accounting information and found that the earnings-return relationship is lower after the enactment of Additional Regulation on Accounting Systems for the Limited Companies in 1999, indicating that earnings’ informativeness has diminished after then. Moreover, the earnings-return relationship is higher after the enactment of Enterprise Accounting Systems in 2001, indicating that earnings’ informativeness has increased after then.

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