以C-Score衡量會計穩健性在臺灣的適用性

Measure of Accounting Conservatism for Taiwan Firms: Applicability of C-Score

10.30142/RAAS.201212.0001

王貞靜(Chen-Chin Wang)；潘虹華(Hung-Hua Pan)；戚務君(Wu-Chun Chi)

盈餘穩健性 ； 資訊不對稱 ； 銀行新增貸款利率 ； Accounting conservatism ； lnformation asymmetry ； Bank loan pricing

會計審計論叢

2卷2期（2012 / 12 / 01）

1 - 31

繁體中文

為解決Basu （1997）模型無法衡量個別公司跨年度的條件穩健性程度，Khan and Watts（2009）建構了一套得以估計跨公司與跨期間的會計穩健性估計式（以下簡稱為C-Score）。為提供該估計式於臺灣適用性的證據，本文首先依循Khan and Watts（2009）的驗證程序，實證C-Score在臺灣與其他穩健指標具有共同性；接著利用C-Score再驗證LaFond and Watts（2008）之主張穩健會計具有減緩企業資訊不對稱的效果，在臺灣同樣亦具有該功能與角色。最後，我們發現C-Score與企業債務資金成本呈現負向的關聯性。整體而言，本文提供臺灣證據支持C-Score的跨國適用性，並提供如何應用該估計值的實證分析。

To overcome a limitation of Basu's model (1997), with which researchers cannot examine the cross-sectional variation of asymmetric timeliness of earnings among firms, Khan and Watts (2009) estimate C-Score, which is a firm-year measure of conservative accounting, for Iisted firms in the U.S. Because the applicability of C-Score to non-U .S. firms has not been established, the first aim of the present paper is therefore to validate the application of C-Score to Taiwan companies. Second, using the measure, we confirm the theory that accounting conservatism can alleviate the problems of information asymmetry, using a more parsimonious model than the complex Basu-based method used in LaFond and Watts (2008). In addition, we use C-Score to show that conservative accounting decreases the cost of private debt. In sum, using Taiwan data, this paper replicates Khan and Watts by proving the applicability of C-Score, reproduces the findings of LaFond and Watts with a much more parsimonious model, and generates a novel application of C-Score.

1. 林美鳳,金成隆,林良楓(2009)。股權結構 、 會計保守性與信用評等關係之研究。臺大管理論叢，20(1)，289-330。
   連結：
2. 姜家訓,葉鴻銘(2007)。債權人監督 、 公司治理 、 會計師公費依賴度與盈餘穩健性之關係。中華會計學刊，6(2)，173-208。
   連結：
3. 戚務君,廖益均,林蟬娟(2008)。我國企業盈餘穩健特性之研究。會計學報，1(1)，1-28。
   連結：
4. 許文馨,詹凌菁(2008)。會計盈餘反應訊息時效性之不對稱與董監酬勞關係。中山管理評論，16(4)，851-884。
   連結：
5. Ahmed, A.,Billings, B.,Morton, R.,Harris, M.(2002).The role of accounting conservatism in mitigating bondholder-shareholder conflict over dividend policy and in reducing debt cost.Journal of Accounting Research,77(4),867-890.
6. Ahmed, A.,Duellman, S.(2007).Accounting conservatism and board of director characteristics: An empirical analysis.Journal of Accounting and Economics,43(2-3),411-437.
7. Aktas, N.,Bodt, E. D.,Declerck, F.,Oppens, H. V.(2007).The PIN anomaly around M&A announcements.Journal of Financial Markets,10(2),169-191.
8. Anderson, R. C.,Mansi, S. A.,Reeb, D. M.(2004).Board characteristics, accounting report integrity, and the cost of debt.Journal of Accounting and Economics,37(3),315-342.
9. Asquith, P.,Beatty, A.,Weber, J.(2005).Performance pricing in bank debt contracts.Journal of Accounting and Economics,40(1-3),101-128.
10. Ball, R., S. P. Kothari, and V. Nikolaev. 2010. Econometrics of the Basu asymmetric timeliness coefficient and accounting conservatism. Working paper, University of Chicago.
11. Ball, R.,Kothari, S. P.,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.,Sadka, G.(2008).Is financial reporting shaped by equity markets or by debt markets? An international study of timeliness and conservatism.Review of Accounting Studies,13(2-3),168-205.
13. 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,30(1-3),235-270.
14. Ball, R.,Sadka, G.,Sadka, R.(2009).Aggregate earnings and asset prices.Journal of Accounting Research,47(5),1097-1133.
15. Ball, R.,Shivakumar, L.(2005).Earnings quality in U.K. private firms.Journal of Accounting and Economics,39(1),83-128.
16. Basu, S.(1997).The conservatism principle and the asymmetric timeliness of earnings.Journal of Accounting and Economics,24(1),3-37.
17. Beatty, A.,Liao, S.(2011).Do delays in expected loss recognition affect banks' willingness to lend?.Journal of Accounting and Economics,52(1),1-20.
18. Beatty, A.,Weber, J.,Yu, J.(2008).Conservatism and debt.Journal of Accounting and Economics,45(2-3),154-174.
19. Beaver, W. H.,Ryan, S. G.(2000).Biases and lags in book value and their effects on the ability of the book-to-market ratio to predict book return on equity.Journal of Accounting Research,38(1),127-148.
20. Beaver, W. H.,Ryan, S. G.(2005).Conditional and unconditional conservatism: Concepts and modeling.Review of Accounting Studies,10(2-3),269-276.
21. Beaver, W.,Landsman, W.,Owen, E.(2012).Asymmetry in earnings timeliness and persistence: A simultaneous equations approach.Review of Accounting studies
22. Beekes, W.,Pope, P.,Young, S.(2004).The link between earnings timeliness, earnings conservatism and board composition: Evidence from the UK.Corporate Governance,12(1),47-59.
23. Brown, S.,Hillegeist, S.A.,Lo, K.(2004).Conference calls and information asymmetry.Journal of Accounting and Economics,37(3),343-366.
24. Bushman, R.,Piotroski, J.(2006).Financial reporting incentives for conservative accounting: The influence of legal and political institutions.Journal of Accounting and Economics,42(1-2),107-148.
25. Bushman, R., J. Piotroski, and A. Smith. 2005. Capital allocation and timely accounting recognition of economic losses: International evidence. Working paper, University of Chicago.
26. Callen, J. L., Y. Guan, and J. Qiu. 2011. The market for corporate control and accounting conservatism. Working paper, University of Toronto.
27. Callen, J. L.,Segal, D.,Hope, O.(2010).The pricing of conservatism accounting and the measurement of conservatism at the firm-year level.Review of Accounting Studies,15(1),145-178.
28. Chen, H.,Chen, J. Z.,Lobo, G. J.,Wang, Y.(2010).Association between borrower and lender state ownership and accounting conservatism.Journal of Accounting and Research,48(5),973-1013.
29. Chen, H., J. Z. Lobo, G. J. Wang, and L. Yu. 2011. Loan collateral and accounting conservatism. Working paper, University of Colorado at Boulder.
30. Chen, L.,Zhao, X.(2009).Return decomposition.Review of Financial Studies,22(12),5213-5249.
31. Chernozhukov, V.,Hansen, C.(2008).Instrumental variable quintile regression: A robust inference approach.Journal of Econometrics,142(1),379-398.
32. Chi, W.,Liu, C.,Wang, T.(2009).What affects accounting conservatism: A corporate governance perspective.Journal of Contemporary Accounting and Economics,5(1),47-59.
33. Chi, W.,Wang, C.(2010).Accounting conservatism in a setting of information asymmetry between majority and minority shareholders.International Journal of Accounting,45(4),465-489.
34. Dietrich, D.,Muller, K.,Riedl, E.(2007).Asymmetric timeliness tests of accounting conservatism.Review of Accounting Studies,6(1),267-274.
35. Easley, D.,Hvidkjaer, S.,O'Hara, M.(2002).Is information risk a determinant of Asset returns?.Journal of Finance,57(5),2185-2221.
36. Easley, D.,Kiefer, N.,O'Hara, M.,Paperman, J.(1996).Liquidity, information, and less-frequently traded stocks.Journal of Finance,51(4),1405-1436.
37. Easley. D.,Engle, R. F.,O'Hara, M.,Wu, L.(2008).Time-varying arrival rates of informed and uninformed trades.Journal of Financial Econometrics,6(2),171-208.
38. Fama, E.,MacBeth, J. D.(1973).Risk, return and equilibrium: Empirical tests.Journal of Political Economy,81(3),607-636.
39. Francis, J. R.,Wang, D.(2008).The joint effect of investor protection and big 4 audits on earnings quality around the world.Contemporary Accounting Research,25(1),157-191.
40. Francis, J.,LaFond, R.,Olsson, P. M.,Schipper, K.(2004).Cost of equity and earnings attributes.The Accounting Review,79(4),967-1010.
41. Garcia Lara, J.,Osama, B. Garcia,Penalva, F.(2009).Accounting conservatism and corporate governance.Review of Accounting Studies,14(1),161-201.
42. Gassen, J. 2008. Are stewardship and valuation usefulness compatible or alternative objectives of financial accounting? Working paper, Humboldt University of Berlin.
43. Givoly, D.,Hayn, C. K.(2000).The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative?.Journal of Accounting and Economics,29(3),287-320.
44. Givoly, D.,Hayn, C. K.,Natarajan, A.(2007).Measuring reporting conservatism.The Accounting Review,82(1),65-106.
45. Gow, I.,Ormazabal, G.,Taylor, D. J.(2010).Correcting for cross-sectional and time-series dependence in accounting research.The Accounting Review,85(2),483-512.
46. Hayn, C.(1995).The information content of losses.Journal of Accounting and Economics,20(2),125-153.
47. Jayaraman, S.(2012).The effect of enforcement on timely loss recognition: Evidence from insider trading laws.Journal of Accounting and Economics,53(1-2),77-97.
48. Jayaraman, S.,Shivakumar, L.(2012).Agency-based demand for conservatism: Evidence from state adoption of antitakeover laws.Review of Accounting studies
49. Khan, M.,Watts, R. L.(2009).Estimation and empirical properties of a firm-year measure of conservatism.Journal of Accounting and Economics,48(2-3),132-150.
50. Koenker, R. W.,Bassett, G. W.(1978).Regression quartiles.Econometrica,46(1),33-50.
51. Kothari, S. P.,Ramanna, K.,Skinner, D. J.(2010).Implications for GAAP from an analysis of positive research in accounting.Journal of Accounting and Economics,50(2-3),246-286.
52. LaFond, R.,Roychowdhury, S.(2008).Managerial ownership and accounting conservatism.Journal of Accounting Research,46(1),101-135.
53. LaFond, W.,Watts, R. L.(2008).The information role of conservatism.The Accounting Review,83(2),447-478.
54. Lai, C.,Taylor, S. L.(2008).Estimating and validating a firm-year-specific measure of conservatism: Australian evidence.Accounting and Finance,48(4),673-695.
55. Garcia Lara, J. B. Garcia Osama, and F. Penalva. 2010. Conditional conservatism and firm investment efficiency. Working paper, Universidad Carlos III de Madrid.
56. Lin, C. Y., and C. C. Liu. 2011. Effects of nonlinearity and multi-period lags on Basu (1997) measure. Working Paper, National Taiwan University.
57. Moerman, R.(2008).The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market.Journal of Accounting and Economics,46(2-3),246-260.
58. Myers, S.(1977).Determinants of corporate borrowing.Journal of Financial Economics,5(2),147-175.
59. Patatoukas, P.,Thomas, J.(2011).More evidence of bias in the differential timeliness measure of conditional conservatism.The Accounting Review,86(5),1765-1793.
60. Qiang, X.(2007).The effects of contracting, litigation, regulation, and tax costs on conditional and unconditional conservatism: Cross-sectional evidence at the firm level.The Accounting Review,82(3),759-796.
61. Roychowdhury, S.,Watts, R. L.(2007).Asymmetric timeliness of earnings, market-to-book and conservatism in financial reporting.Journal of Accounting and Economics,44(1-2),2-31.
62. Ryan, S. G.(2006).Identifying conditional conservatism.European Accounting Review,15(4),511-525.
63. Smith, C.,Watts, R. L.(1992).The investment opportunity set and corporate financing, dividend and compensation policies.Journal of Financial economics,32(3),263-292.
64. Vuolteenaho, T.(2002).What drives firm-level stock returns.Journal of Finance,57(1),233-264.
65. Wang, R.Z.,hÓgartaigh, C. Ó.,van Zijl, T.(2009).Measures of accounting conservatism: A construct validity perspective.Journal of Accounting Literature,28,165-203.
66. Watts, R. L.(2003).Conservatism in accounting part II: Evidence and research opportunities.Accounting Horizons,17(4),287-301.
67. Watts, R. L.(2003).Conservatism in accounting part I: Explanations and implications.Accounting Horizons,17(3),207-221.
68. Watts, R. L.,Zimmerman, J. L.(1986).Positive Accounting Theory.London:Prentice-Hall Company.
69. Wittenberg-Moerman, R.(2008).The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market.Journal of Accounting and Economics,46(2-3),240-260.
70. Zhang, J.(2008).The contracting benefits of accounting conservatism to lenders and borrowers.Journal of Accounting and Economics,45(1),27-54.
71. 林宛瑩,許崇源,戚務君,陳宜伶(2009)。公司治理與信用風險。臺大管理論叢，19(2)，71-98。

1. 許永聲,朱瓊芳(2018)。企業海外投資策略與會計穩健性政策－公司治理與資訊揭露規範有效性之探討。證券市場發展季刊，30(4)，51-90。
2. 李佳蓓,王茂昌(2019)。台灣企業之公司治理與盈餘穩健性的關聯性。企業管理學報，44(2)，67-86。
3. 廖麗凱,許嘉雯,林宜勉(2020)。客戶議價能力與供應商現金持有之關係：會計穩健性與公司治理的調節效果。會計審計論叢，10(1)，121-156。
4. 廖秀梅,李建然(2022)。審計委員會設置及其品質與盈餘穩健性。會計評論，74，151-192。
5. 廖秀梅、湯麗芬、李建然(2016)。董監事暨重要職員責任保險與盈餘穩健性。會計評論，63，109-150。
6. 劉洪鈞、李政倫、丁緯(2014)。違約風險與盈餘穩健性之關聯性：中國國營V.S.民營企業。會計與財金研究，7(2)，71-84。
7. 劉嘉雯、陳漢鐘、許文馨、林修葳、王泰昌(2017)。會計穩健性：基於亞洲國家資料研究之回顧。臺大管理論叢，27(4)，207-254。
8. 劉正義、李建然(2014)。穩健會計對於企業股權融資的影響：臺灣實證研究。當代會計，15(2)，159-192。
9. 潘虹華、許崇源、戚務君、林宛瑩(2012)。穩健會計對員工分紅之影響。會計評論，55，37-75。
10. 彭詠旋、許永聲(2016)。企業海外籌資策略與會計穩健政策。管理評論，35(1)，73-95。
11. 蘇寶玉,李合龍(2018)。兩岸三地初次上市櫃公司會計盈餘穩健性之影響因素。會計與公司治理，13(1)，49-87。
12. 詹凌菁、彭火樹、郭翠菱、吳安妮(2016)。臺灣會計領域研究之回顧與展望。管理學報，33(1)，139-187。
13. (2024)。會計穩健性與股價崩盤風險。管理與系統，31(2)，237-274。