本研究檢測股票報酬率如何反應公司認列長期資產減損之當期及未來盈餘資訊（即長期資產減損認列之盈餘資訊性）；其次，因我國會計準則允許在減損資產價值回復後，認列減損迴轉利益，本文進而檢測認列減損迴轉利益公司相對於未認列減損迴轉利益者，其盈餘資訊性是否有顯著差異。以非平衡式追蹤資料進行實證，結果顯示：公司認列長期資產減損顯著降低（提高）當期（未來）盈餘資訊性。進一步檢測發現認列長期資產減損且在後續年度認列迴轉利益之公司，資產減損的認列對未來盈餘資訊性之影響並不明顯，此實證發現支持部分公司管理當局運用資產減損認列決策以影響未來報導盈餘之觀點。本研究進行若干敏感性測試，實證結果具相當穩固性。

This study examines how recognition of long-lived asset impairment influences the amount of current and future earnings that are embedded in current stock returns. Note that Taiwan accounting standards permit an impairment on a long-lived asset to be reversed if the asset’s economic value recovers. We further examine whether firms with reversed asset impairment show significantly distinctive informativeness patterns of future earnings when compared with non-reversed firms. Based on unbalanced-panel data, empirical results conform with expectations, i.e., the informativeness of current (future) earnings decreases (increases) in firms with a large magnitude of recognized long-lived asset impairment. We also find that this increased informativeness of future earnings for firms with impairment is mitigated in the reversals subsample, which supports the managerial incentives hypothesis of impairment decisions. This study implements some diagnostic checks and demonstrates that our results are robust to various specifications.