本研究採用Khan and Watts (2009) 提出之條件穩健C-score模型做為會計穩健性之衡量指標，以2006年至2018年台灣上市櫃公開發行公司為研究對象，利用混合最小平方法並加入產業及年份固定效果進行迴歸分析，探討公司會計穩健性、不動產持有與外部債務資金成本之關聯性。本論文實證結果如下：第一，會計穩健性愈佳之公司可有效降低其債務資金成本；第二，公司持有不動產佔總資產比例愈高亦可有效降低債務資金成本；第三，會計穩健性與持有不動產比例之交乘項將減緩各自降低債務資金成本之效果，意即兩者間對於降低債務資金成本存在替代關係。本研究結果隱含台灣上市櫃公司會計穩健型與不動產持有確實與債務資金成本存在負向關係，並且公司可評估自身的營運狀況在持有不動產及會計穩健性上取得適當平衡，獲得最有利之債務融資條件。;This study explores how accounting conservatism and real estate holdings affect corporate costs of debt financing, in which I use the C-score model proposed by Khan and Watts (2009) to measure the conditional conservatism of companies’ financial statements. Relevant data is sourced from publicly listed stocks on the Taiwan Stock Exchange (TSE) during 2006 and 2018. The empirical results show that companies tend to have a lower cost of debt financing if they either employ more conservative accounting systems, or have greater real estate holdings. However, as the cost of debt financing increases with the interaction of accounting conservatism and tangibility, it is indicated that the reduction on the costs of debt will be mitigated by the blended effect. This implies that a company may consider allocating resources between the improvement of conservative accounting system, and the investment on real estate holdings, so as to obtain lower costs of debt.
