Does the Prohibition of Long‐lived Asset Impairment Reversals Affect Corporate Innovation? Evidence from a Quasi‐experiment in China
利用中国2007年禁止长期资产减值转回的准自然实验，研究发现该禁令对企业技术创新产出有负面影响，且在应计盈余高、大股东持股比例高及市场竞争激烈的企业中更显著。
China modified the asset impairment standard in 2007, prohibiting long‐lived asset impairment reversal, which it had previously allowed. Using this setting as a quasi‐experiment, we investigate how the prohibition of long‐lived asset impairment reversal affects corporate technological innovation. Our empirical results demonstrate that the prohibition of impairment reversal has negative impacts on corporate innovation outputs. Further analyses reveal that the negative effect of this prohibition on corporate innovation is more prominent in companies with high discretionary accruals, high shareholding ratios for the largest shareholders, and companies in highly competitive markets.