Fixed Asset Revaluation and Equity Depletion in the UK
研究英国公司利用固定资产重估来弥补因商誉直接冲销储备导致的权益耗竭，发现负债、流动性、规模和固定资产密集度与重估决策相关。
UK GAAP has traditionally allowed the write‐off of purchased goodwill directly to reserves, resulting in the widespread depletion of book equity. Companies have also been permitted to revalue fixed assets at management's discretion. This study examines whether upward revaluations have been associated with the depletion of book equity and with other costly contracting explanations identified in prior research. Our results provide strong support for the equity depletion hypothesis, both with regard to the decision to revalue and the timing of the revaluations. Indebtedness, liquidity, size and fixed asset intensity are also consistently associated with upward revaluation.