题名

財務報表可比性、無形資產與權益資金成本

并列篇名

Financial Statement Comparability, Intangible Assets and the Cost of Equity Capital

DOI

10.29416/JMS.201701_24(1).0005

作者

李貴富(Kuei-Fu Li)；陳韻珊(Yuan-Shan Chen)；韓沂璉(Yi-Lien Han)；杜昀容(Yun-Jung Tu)

关键词

可比性 ； 盈餘品質 ； 無形資產 ； 權益資金成本 ； Comparability ； Earnings Quality ； Intangible Assets ； Cost of Equity Capital

期刊名称

管理與系統

卷期/出版年月

24卷1期（2017 / 01 / 01）

页次

103 - 134

内容语文

繁體中文
中文摘要

本研究旨在探討財務報表可比性是否對事前權益資金成本產生影響，以及投資人處理較複雜的資訊時 (即無形資產)，可比性與權益資金成本間原有的關聯性是否有不同的影響。以台灣2003 年到2011 年上市與上櫃公司為研究對象，並參照DeFranco et al. (2011) 衡量可比性，研究結果發現在控制公司規模、成長性、負債比率與系統性風險後，可比性較高的公司，其事前權益資金成本也較低。此外，當無形資產密集度或研發密集度較高，則可比性對資金成本的效益也較高。
英文摘要

The aim of this study is to investigate the relationship between the comparability of financial statements and the ex-ante cost of capital and the effect of information complexity (i.e. intangible assets) on the comparability- cost of equity capital relationship. Using data from Taiwan listed firms between 2003 and 2011 and the measure of comparability developed by DeFranco et al. (2011), this paper documents a significantly negative relationship between the comparability of company financial statements and the ex-ante cost of equity capital even after controlling for previously documented determinants of the cost of capital. Otherwise, this paper also documents that this negative association is greater for firms with more recognized intangible assets or higher research and development intensity.
主题分类 基礎與應用科學 > 統計
社會科學 > 財金及會計學
社會科學 > 管理學
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被引用次数
  1. 曾雲蘭,徐冠允,王曉雯(2023)。關鍵查核事項與權益資金成本－以台灣上市櫃公司為例。證券市場發展季刊，35(2)，93-138。
  2. 楊雅筑,郭振雄,何怡澄,江佳欣(2023)。財務報表可比性與租稅規避。經濟研究，59(1)，1-68。
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