導入國際會計準則對負債資金成本之影響－以歐盟及中國為例

The Effects of IFRS Adoption on the Cost of Debt Capital -Evidence from European Union and China

劉政淮(Cheng-Hwai Liou)；劉若蘭(Jo-Lan Liu)；蔡京姐(Ching-Chieh Tsai)

負債資金成本 ； 國際會計準則 ； 制度環境 ； cost of debt capital ； IFRS ； institutional environment

會計與公司治理

11卷1期（2016 / 06 / 01）

27 - 50

繁體中文

本研究旨在探討導入IFRS 對負債資金成本之影響，並以世界第一大經濟實體-歐盟以及第二大經濟實體-中國為研究對象。實證結果發現，歐盟與中國的樣本公司，相較於IFRS 導入前，導入後的負債資金成本顯著降低，亦即實證結果支持導入IFRS後，公司因財務資訊的透明度提升，具有促使負債資金成本下降的功效。再者，在自由經濟制度（歐盟）的公司，相較於社會主義市場經濟（中國）的公司，雖然有較低的負債資金成本，但導入IFRS 對促使負債資金成本下降的效果較小。此研究結果意味著不同制度環境的國家導入IFRS 後對負債資金成本的影響有差異。本文結果可作為各國導入IFRS 效益之參考，以及法治經濟環境對導入IFRS 效益差異之說明。

By using the top two economic entities in the world as samples, European Union (EU) and China, the objective of this study is to examine the effects of the IFRS adoption on the cost of debt capital for the firms listed in the two economies. The empirical results indicate that the IFRS adoption lowers the cost of debt capital for both firms listed in EU and China. The increase in firm's financial transparency facilitates the decrease in cost of debt capital. Compared to the firms listed in Chinese socialist economic system, IFRS adopting firms that listed in the EU laissez faire economic system have a lower cost of debt capital and experience a lower reduction effects on their debt capital costs. The empirical research indicates that different institutional environments lead to different cost of debt capital effects on IFRS adopters. This study provides important empirical evidence that help to understand the effects between two legal institutional environments and serve as a reference for potential IFRS adoption counties.

1. 杜榮瑞、顏信輝、陳琬瑜(2004)。影響我國現階段全面採用國際會計準則之因素探討。會計與公司治理，1(2)，15-37。
   連結：
2. 紀信義、翁慈青、楊昌田、呂碧玉(2015)。股權分置改革能否改善中國上市公司的盈餘資訊內涵？。會計評論，60，111-149。
   連結：
3. 倪衍森、陳冠宇(2005)。負債成本與財務變數之關連性研究─以台灣上市傳統產業為例。企業管理學報，64，53-78。
   連結：
4. 顏建發、黃婉珺(2013)。從國際政經觀點看中國經濟發展的成就與難題。台灣國際研究季刊，9(3)，71-92。
   連結：
5. Eccher, E. and P. Healy. 2003. The role of International Accounting Standards in transitional economies: A study of the People's Republic of China. Working paper, Massachusetts Institute of Technology.
6. Ahmed, A. S.,Billings, B. K.,Morton, R. M.,Stanford-Harris, M.(2002).The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs.The Accounting Review,77(4),867-890.
7. Anderson, R. C.,Mansi, S. A.,Reeb, D. M.(2003).Founding family ownership and the agency cost of debt.Journal of Financial Economics,68(2),263-285.
8. Armstrong, C.,Barth, M.,Jagolinzer, A.,Riedl, E.(2010).Market reaction to the adoption of IFRS in Europe.The Accounting Review,85(1),31-61.
9. Ashbaugh-Skaife, H.,Collins, D. W.,LaFond, R.(2006).The effect of corporate governance on firms credit ratings.Journal of Accounting and Economics,42(1),203-243.
10. Ball, R.(2006).International financial reporting standards (IFRS): Pros and cons for investors.Accounting & Business Research,36(Special Issue),5-27.
11. Ball, R.,Kothari, S.,Robin, A.(2000).The effect of international institutional factors on properties of accounting earnings.Journal of Accounting and Economics,29(1),1-51.
12. Ball, R.,Robin, A.,Wu, J. S.(2003).Incentives versus standards: Properties of accounting income in four East Asian countries.Journal of Accounting and Economics,36(2),235-270.
13. Binsbergen, J. H.,Graham, J. R.,John, R.,Yang, J.(2010).The cost of debt.Journal of Finance,65(6),2089-2136.
14. Booth, L.,Aivazian, V.,Demirguc-Kunt, A.,Maksimovic, V.(2001).Capital structure in developing countries.Journal of Finance,56(1),87-130.
15. Botosan, C. A.(1997).Disclosure level and the cost of equity capital.The Accounting Review,72(3),323-349.
16. Chan, K.,Chen, N.(1991).Structural and return characteristics of small and large firms.Journal of Finance,46(4),1467-1484.
17. Coutinho, J. R. R.,Sheng, H. H.,Lora, M. I.(2012).The use of Fx derivatives and the cost of capital: Evidence of Brazilian companies.Emerging Markets Review,13(4),411-423.
18. Daske, H.(2006).Economic benefits of adopting IFRS or US-GAAP- Have the expected cost of equity capital really decreased?.Journal of Business Finance & Accounting,33(3),329-373.
19. Demirguc-Kunt, A.,Maksimovic, V.(1999).Institutions, financial Markets and firm debt maturity.Journal of Financial Economics,54(3),295-336.
20. Easley, D.,O'Hara, M.(2004).Information and the cost of capital.The Journal of Finance,59(4),1553-1583.
21. El-Gazzar, S. M.,Finn, P. M.,Jacob, R.(1999).An empirical investigation of multinational firms' compliance with international accounting standards.The International Journal of Accounting,34(2),239-248.
22. Francis, J.,Khurana, I.,Pereira, R.(2005).Disclosure incentives and effects on cost of capital around the world.The Accounting Review,80(4),1125-1162.
23. Giannetti, M.(2003).Do better institutions mitigate agency problems? Evidence from corporate finance choices.Journal of Financial and Quantitative Analysis,38(1),185-212.
24. Gode, D.,Mohanram, P.(2003).Inferring the cost of capital using the Ohlson-Juettner model.Review of Accounting Studies,8(4),399-431.
25. Hermanson, R. H.,Edwards, J. D.(1992).Financial Accounting.Homewood, Ill.:Irwin.
26. Jiang, J.(2008).Beating earnings benchmarks and the cost of debt.The Accounting Review,83(2),377-416.
27. Kim, J. B.,Simunic, D. A.,Stein, M. T.,Yi, C. H.(2011).Voluntary audits and the cost of debt capital for privately held firms: Korean evidence.Contemporary Accounting Research,28(2),585-615.
28. La Porta, R.,Lopez-de-Silanes, F.,Shleifer, A.,Vishny, R.(1997).Legal determinants of external finance.Journal of Finance,52(3),1131-1150.
29. La Porta, R.,Lopez-de-Silanes, F.,Shleifer, A.,Vishny, R.(1998).Law and finance.Journal of Political Economy,106(6),1113-1155.
30. Lambert, R.,Leuz, C.,Verrecchia, R.(2007).Accounting information, disclosure, and the cost of capital.Journal of Accounting Research,45(2),385-420.
31. Li, S.(2010).Does mandatory adoption of international financial reporting standards in the European Union reduce the cost of equity capital?.The Accounting Review,85(4),607-636.
32. Liu, C.,Yao, L. J.,Hu, N.,Liu, L.(2011).The impact of IFRS on accounting quality in a regulated market: An empirical study of China.Journal of Accounting, Auditing & Finance,26(4),659-676.
33. Mansi, S. A.,Maxwell, W. F.,Miller, D. P.(2011).Analyst forecast characteristics and the cost of debt.Springer Science + Business Media,16,116-142.
34. Myers, S.(1984).The capital structure puzzle.Journal of Finance,39(3),575-592.
35. Pinches, G. E.,Mingo, K. A.(1973).A multivariate analysis of industrial bond ratings.The Journal of Finance,28(1),1-18.
36. Qian, J.,Strahan, P. E.(2007).How laws and institutions shape financial contracts: The case of bank loans.Journal of Finance,62(6),2803-2833.
37. Sengupta, P.(1998).Corporate disclosure quality and the cost of debt.The Accounting Review,73(4),459-474.
38. Soderstrom, N. S.,Sun, K. J.(2007).IFRS adoption and accounting quality: A review.European Accounting Review,16(4),675-702.
39. Tweedie, D.,Seidenstein, T.(2005).Setting a global standard: The case for accounting convergence.Northwestern Journal of International Law and Business,25(3),589-608.
40. Verriest, A.,Gaeremynck, A.,Thornton, D. B.(2013).The impact of corporate governance on IFRS adoption choices.The European Accounting Review,22(1),39-77.
41. Wang, Q.,Wong, T. J.,Xia, L.(2008).State ownership, the institutional environment, and auditor choice: Evidence from China.Journal of Accounting and Economics,46(1),112-134.
42. West, R.(1970).An alternative approach to predicting corporate bond ratings.Journal of Accounting Research,8(1),118-127.
43. Zhang, J.(2008).The contracting benefits of accounting conservatism to lenders and borrowers.Journal of Accounting and Economics,45(1),27-54.
44. 樊綱、王小魯、朱恒鵬(2011)。中國市場化指數：各地區市場化相對過程2011年報告。北京市，中國:經濟科學出版社。