题名

盈餘管理對銀行債務資金成本之影響－信用評等觀點

并列篇名

The Effect of Earnings Management on the Bank Cost of Debt-The Credit Rating Approach

DOI

10.6504/JOM.2009.26.06.01

作者

黃玉麗(Yu-Li Huang)；沈中華(Chung-Hua Shen)

关键词

信用評等 ； 盈餘管理 ； 訊息不對稱 ； 政府治理 ； Credit Ratings ； Earnings Management ； Information Asymmetry ； Governance

期刊名称

管理學報

卷期/出版年月

26卷6期（2009 / 12 / 01）

页次

599 - 623

内容语文

繁體中文
中文摘要

本文以2002至2007年全球的商業銀行為對象，透過信評機構對盈餘管理的評價，探討盈餘管理是否影響銀行債務資金成本，使用跨國資料可進一步探討訊息不對稱的程度是否影響盈餘管理與評等的關係。實證結果指出，當信評機構發現銀行從事盈餘管理時，會給予較差之評等等級，使得債務資金成本增加。當以盈餘平滑為盈餘管理的代理變數時，發現在高所得國家或財務報表係由前五大會計師簽證之銀行，其盈餘平滑對信用評等沒有影響，而一國的債權人保護程度較佳，也可以有效地降低訊息不對稱的效果。然而，當一銀行是位於較低度發展地區，由於存在較嚴重的訊息不對稱的現象，使加重盈餘平滑對信用評等的不利效果。當以盈餘操縱當作盈餘管理的代理變數時，發現中所得國家顯著地減緩了可裁量的呆帳費用對信用評等的不利影響，可解釋為較低度發展國家藉以傳遞有利的內部訊息給外部投資人，而一國的債權人保護程度較高也可以減緩盈餘操縱的不利效果。
主题分类 社會科學 > 管理學
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