財報重編對負債資金成本之影響

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姓名

鄭雅勻(Ya-Yun Cheng) 查詢紙本館藏

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會計研究所

論文名稱

財報重編對負債資金成本之影響
(The Effect of Restatements on Cost of Debt)

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摘要(中)

近年來,財報重編的情形越發頻繁,關於財報重編的研究大多於探究造成財報重編的原因,以及重編對財報使用者、資本市場與該重編企業的後續影響。本研究旨在探討財報重編對企業負債資金成本之影響,除了探討財報重編對負債資金成本的影響,更進而研究,受到與財報重編客戶相同之簽證會計師所查核之非重編客戶,是否會因蔓延效果受到影響,而同樣於查核會計師涉及財報重編後產生較高之負債資金成本。
分量回歸實證結果如下:(1) 假說一實證結果中,僅發現在 Q5、Q25、Q50、Q75之超額負債資金成本條件下,重編客戶(Res)與應變數呈顯著正相關,未能完全支持財報重編客戶相較於非重編客戶會產生較高之負債資金成本之假說。(2) 針對財報重編公司樣本,發現僅於特定超額負債資金成本條件下,結果達顯著水準,同樣未能完全支持發生財報重編後相較於重編前會產生較高負債資金成本之假說。(3) 針對全部樣本及非重編客戶樣本,實證結果發現,不論在何種超額負債資金成本條件下,結果皆未達顯著水準,未能支持假說,受到涉及財報重編的會計師所查核之其他非重編客戶同樣會受到負面影響。

摘要(英)

Recently, financial restatements have become more frequent among the industry. Much of the research into restatements has focused on the reasons that lead to restatements, and the impact of restatements on investors, market and corporate itself. From the perspective of corporate, this study explores the relationship between financial restatements and cost of debt. Furthermore, we examine whether an auditor involved with restatements will has a negative effect on not only their reputation but also their clients. The study aims to investigate the effect of auditor involved with restatements on the restating and non-restating clients’ cost of debt in the subsequent years.
We conduct the research with Quantile regression method. (1) According to the tests of hypotheses, the results are only statistically significant under specified conditions. The hypotheses one “restatement clients’ have higher cost of debt than non-restating clients’ “ can’t totally be supported. (2) The tests of hypotheses show that after the restatement announcement date, restatement clients will have higher cost of debt than before. However, the result only statistically significant under specified conditions. The second hypothesis can’t entirely be supported. (3) In addition, we don’t find the result that even clients not directly
involved with restatements, they will suffer from negative effect of high cost of debt due to the fact that non-restating clients hire the same auditor as restatement clients.

關鍵字(中)

★ 財報重編
★ 負債資金成本
★ 蔓延效果

關鍵字(英)

論文目次

摘要 i
ABSTRACT ii
致謝 iii
目錄 v
表目錄 vi
第一章前言 1
第二章文獻探討與假說發展 3
第一節財報重編與品質之關聯 3
第二節財報重編對資金成本之影響 3
第三節財報重編、資金成本及蔓延效果 4
第三章研究設計 5
第一節樣本選取與資料來源 5
第二節實證模型與變數定義 6
第四章實證結果與分析 11
第一節敘述性統計 11
第二節相關係數分析 19
第三節回歸結果 22
第五章結論與建議 34
參考文獻 36

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指導教授

王曉雯

審核日期

2019-7-26

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