Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/18920
標題: 海外籌資與會計穩健性
Overseas Listing and Accounting Conservatism
作者: 彭詠旋
Peng, Yung-Hsuan
關鍵字: 海外籌資
Overseas Listing
會計穩健性
資訊不對稱
海外可轉換公司債
海外存託憑證
Accounting Conservatism
Information Asymmetry
Euro Convertible Bond
Depositary Receipts
出版社: 會計學研究所
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摘要: 本研究從資訊不對稱的角度,探討企業海外籌資是否會影響其會計穩健性,並同時考量海外籌資工具、發行地區、企業的公司治理是否會改變企業海外籌資對會計穩健性的影響。本研究以公司赴海外籌資時間點為基準,選取1992年至2011年間企業赴海外籌資之上市上櫃公司做為樣本,以每家赴海外籌資公司配對至多2間未赴海外籌資公司做為對照組,進行分析。 實證結果發現,公司在進行海外籌資後,由於海外市場的證券交易所對發行公司所加諸的管制與要求,會提高海外籌資公司的資訊揭露水準,因此公司投資人要求採行穩健會計的程度也較低。考量穩健程度對資訊不對稱的影響,以及資訊不對稱與海外籌資的關係後,發現企業會計穩健程度會影響海外籌資的意願。另外,海外籌資方式主要有發行海外可轉換公司債及海外存託憑證兩種方式籌資,本研究發現不同的籌資方式對企業海外籌資影響會計穩健性的影響程度不同。對於不同掛牌地區的法規制度差異,本研究也證實掛牌地區的法律制度會影響海外籌資對會計穩健性之影響。最後,發現赴海外籌資企業的公司治理程度,會影響企業海外籌資對會計穩健性的影響。
The article evaluates accounting conservatism of financial statements through information asymmetry, as well as considers whether the effects of overseas listing tools, areas of distribution and corporation management would affect the influence of overseas listing on accounting conservatism. With corporations’ overseas listing timing as the standard, listed companies that implemented overseas listing in 1992-2011 were selected as samples. Each overseas listing company was paired with no more than two overseas listing companies as the control group. Empirical results indicate, after a company executes overseas listing, the restraints and requirements added onto the issuing company by stock exchange of overseas market will increase the overseas listing company’s information disclosure, and leading to lower degree in employment of accounting conservatism requested by investors. Through the influence of conservatism degree on information asymmetry, as well as the relation between information asymmetry and overseas listing, it is found that degree of accounting conservatism affects willingness to carry out overseas listing. In addition, overseas listing approaches mainly include issuance of Euro convertible bonds and depository receipts. This study addresses the variation in the impact of different listing methods on accounting conservatism influenced by overseas listing. Different listing areas are investigated to demonstrate that listing area affects the influence of overseas listing on accounting conservatism. Finally, it is discovered corporate governance of an overseas listing company will affect the impact of overseas listing on accounting conservatism.
URI: http://hdl.handle.net/11455/18920
其他識別: U0005-2207201314293200
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-2207201314293200
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