公司申請法人機構識別碼對股東權益資金成本之影響

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：21

、訪客IP：18.116.42.208

姓名

李亞(LI YA) 查詢紙本館藏

畢業系所

會計研究所

論文名稱

公司申請法人機構識別碼對股東權益資金成本之影響
(The Effect of Enterprises Applying for Legal Entity Identifier on the Cost of Equity Capital)

相關論文

★ 企業社會責任與會計績效指標之關聯性：考量網頁呈現效果	★ 企業社會責任揭露與網頁呈現對企業財務績效之關聯性
★ 企業社會責任與投資人評價之關聯性: 考量網頁呈現效果	★ 我國企業之資訊安全事件探討－以法令面分析
★ 採用iXBRL對散戶持股比率與交易量之影響	★ 首次發行代幣公司網站呈現方法與交易量之研究
★ iXBRL是否能降低資訊不對稱？	★ 財務報表API之可行性
★ 功能型與證券型代幣發行白皮書相似度對發行成功與否之影響	★ 首次代幣發行白皮書之主題分析對首次代幣發行之影響
★ 資訊安全事件與公司長短期績效-以臺灣資訊安全事件為例	★ 資訊安全之決定因素-考量家族企業與董事會背景
★ 首次代幣發行白皮書可讀性對募資成功與否之影響	★ 網站資訊揭露對首次代幣發行之影響
★ COVID-19對於實質盈餘管理之影響	★ COVID-19對資產減損之影響

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

至系統瀏覽論文 (2024-6-26以後開放)

摘要(中)

2011年，二十國集團（G20）呼籲金融穩定理事會（FSB）提供針對全球法人機構識別碼（Legal Entity Identifier，簡稱LEI）和一個支持性治理結構的建議。全球LEI體系應運而生，通過發放全球LEI，為全球參與金融交易的法人機構提供唯一識別碼。本研究以美國2015年至2017年的上市公司為樣本，採用COMPUSTAT、CRSP、IBES和GLEIF網站LEI數據集的數據資料，探討公司申請法人機構識別碼對權益資金成本的影響。本研究後續分別以分析師預測、系統性風險及金融產業作為調節變數，實證結果顯示：（1）公司申請法人機構識別碼會降低公司的權益資金成本（2）在其他條件不變之下，有更多分析師預測，會減弱申請法人機構識別碼與權益資金成本的負向關係；（3）在其他條件不變之下，公司系統性風險愈大，會減弱申請法人機構識別碼與權益資金成本的負向關係；（4）在其他條件不變之下，相較於非金融產業，金融產業申請法人機構識別碼對權益資金成本的負向影響效果更強。

摘要(英)

In 2011, the Group of Twenty (G20) called on the Financial Stability Board (FSB) to provide recommendations for a global Legal Entity Identifier (LEI) and a supporting governance structure. This led to the development of the Global LEI System which, through the issuance of LEIs, now provides unique identification of legal entities participating in international financial transactions. This study takes the listed companies from 2015 to 2017 in the United States as samples, and uses the data from the GLEIF websites, COMPUSTAT, CRSP and IBES to explore the impact of enterprises application of LEI on the cost of equity capital. The empirical results show that: (1) enterprises that apply for LEI have lower cost of equity capital; (2) all other things being equal, the negative association between having a LEI and the cost of equity capital is weaker with more analysts following the firm; (3) all other things being equal, the greater the systematic risk, the weaker the negative association between having a LEI and the cost of equity capital is; (4) all other things being equal, the negative association between having a LEI and cost of equity capital is stronger for enterprises in the financial industry than for those in non-financial industries.

關鍵字(中)

★ 全球法人機構識別碼（LEI）
★ 權益資金成本
★ 分析師預測
★ 系統性風險
★ 金融產業

關鍵字(英)

★ Global Legal Entity Identification (LEI)
★ Cost of equity capital
★ Analyst forecast
★ Systemic risk
★ Financial industry

論文目次

摘要 i
Abstract ii
圖表目錄 v
第一章緒論 1
1.1 研究背景與動機 1
1.2 研究目的與貢獻 4
1.3 研究架構 5
第二章文獻探討與假說發展 6
2.1 法人機構識別碼與權益資金成本 6
2.2 分析師預測與法人機構識別碼與權益資金成本的關聯 8
2.2.1 分析師預測與資訊環境 8
2.2.2 自願性揭露 8
2.3系統性風險和法人機構識別碼與權益資金成本的關聯性 9
2.3.1 系統性風險與權益資金成本 9
2.3.2 法人機構識別碼（LEI）與系統性風險 11
2.4金融產業與法人機構識別碼的關聯性 13
第三章研究設計 14
3.1 資料來源、研究期間及樣本選取 14
3.2 實證模型 16
3.3變數定義 20
3.3.1 應變數：〖CEOC〗_(i,t) 20
3.3.2 自變數:〖LEI〗_(i,t) 21
3.3.3 控制變數 21
3.3.4 調節變數 24
第四章實證結果 25
4.1 敘述性統計 25
4.2 相關係數 27
4.3 迴歸結果分析 29
4.3.1 申請法人機構識別碼與權益資金成本的關聯性 29
4.3.2 考量分析師預測的調節效果 31
4.3.3 考量系統性風險的調節效果 32
4.3.4 加入金融產業交乘項的迴歸分析 34
4.4 敏感性分析 35
第五章結論與建議 46
5.1 研究結論 46
5.2 研究限制與建議 47
參考文獻 48
表目錄
表一、研究樣本的篩選過程 15
表二、研究樣本的產業個數及年度分佈狀況 15
表三、研究樣本公司申請LEI的產業及年度分佈狀況 16
表四、敘述性統計（N=3914） 26
表五、Pearson相關係數矩陣（N=3914） 28
表六、申請法人機構識別碼（LEI）對權益資金成本的影響迴歸分析（H1） 29
表七、申請法人機構識別碼（LEI）對權益資金成本的影響迴歸分析:考量分析師預測的調節效果（H2） 31
表八、申請法人機構識別碼（LEI）對權益資金成本的影響迴歸分析: 考量系統性風險的調節效果（H3） 33
表九、申請法人機構識別碼（LEI）對權益資金成本的影響:金融產業交乘項迴歸分析（H4） 34
表十、申請法人機構識別碼（LEI）對權益資金成本的影響迴歸分析：考量SIZE i,t的衡量方式 36
表十一、申請法人機構識別碼（LEI）對權益資金成本的影響迴歸分析: 考量SIZE i,t的衡量方式 37
表十二、申請法人機構識別碼（LEI）對權益資金成本的影響迴歸分析: 考量分析師預測的調節效果與SIZE i,t的衡量方式 38
表十三、申請法人機構識別碼（LEI）對權益資金成本的影響迴歸分析: 考量分析師預測的調節效果與SIZE i,t的衡量方式 39
表十四、申請法人機構識別碼（LEI）對權益資金成本的影響迴歸分析: 考量系統性風險的調節效果與SIZE i,t的衡量方式 40
表十五、申請法人機構識別碼（LEI）對權益資金成本的影響迴歸分析: 考量系統性風險的調節效果與SIZE i,t的衡量方式 41
表十六、申請法人機構識別碼（LEI）對權益資金成本的影響: 金融產業交乘項迴歸分析與〖SIZE〗_(i,t)的衡量方式 42
表十七、申請法人機構識別碼（LEI）對權益資金成本的影響: 金融產業交乘項迴歸分析與〖SIZE〗_(i,t)的衡量方式 44

圖目錄
圖1 5

參考文獻

Aivazian, V., Booth, L. and Cleary, S. (2003). Do emerging market firms follow different dividend policies from US firms?.Journal of Financial Research,26(3), 371-387.
Akerlof, G. A. (1978). The market for “lemons”: Quality uncertainty and the market mechanism. In Uncertainty in Economics (pp. 235-251). Academic Press.
Alfon, I., Argimon, I. and Bascuñana-Ambrós, P. (2004). What Determines How Much Capital is held by UK Banks and Building Societies? : Financial Services Authority London.
Allen, F. and Gale, D. (2007). Systemic risk and regulation. In The Risks of Financial Institutions(pp. 341-376): University of Chicago Press.
Ambrose, B. W., LaCour-Little, M. and Sanders, A. B. (2005). Does regulatory capital arbitrage, reputation, or asymmetric information drive securitization? Journal of Financial Services Research, 28(1-3), 113-133.
Asquith, P. and Mullins, D. W. (1983). The impact of initiating dividend payments on shareholders′ wealth. Journal of Business, 56(1), 77-96.
Ayuso, J., Pérez, D. and Saurina, J. (2004). Are capital buffers pro-cyclical?: Evidence from Spanish panel data. Journal of Financial Intermediation, 13(2), 249-264.
Barry, C. B. and Brown, S. J. (1985). Differential information and security market equilibrium. Journal of Financial and Quantitative Analysis, 20(4), 407-422.
Barth, M. E., Konchitchki, Y. and Landsman, W. R.(2013). Cost of capital and earnings transparency.Journal of Accounting and Economics,55(2-3), 206-224.
Benmelech, E. and Dlugosz, J. (2009). The alchemy of CDO credit ratings. Journal of Monetary Economics, 56(5), 617-634.
Beretta, S. and Bozzolan, S. (2004). A framework for the analysis of firm risk communication. The International Journal of Accounting, 39(3), 265-288.
Berger, A. N. (1995). The relationship between capital and earnings in banking. Journal of Money, Credit and Banking, 27(2), 432-456.
Bhushan, R. (1989). Collection of information about publicly traded firms: Theory and evidence. Journal of Accounting and Economics, 11(2-3), 183-206.
Bhushan, R. (1989). Firm characteristics and analyst following. Journal of Accounting and Economics, 11(2-3), 255-274.
Billio, M., Getmansky, M., Lo, A. W. and Pelizzon, L. (2012). Econometric measures of connectedness and systemic risk in the finance and insurance sectors. Journal of Financial Economics, 104(3), 535-559.
Botosan, C. A. (1997). Disclosure level and the cost of equity capital. The Accounting Review, 72(3), 323-349.
Bottega, J. A. and Powell, L. F. (2012). Creating a linchpin for financial data: Toward a universal legal entity identifier. Journal of Economics and Business, 64(1), 105-115.
Breen, W. J. and Lerner, E. M. (1973). Corporate financial strategies and market measures of risk and return. The Journal of Finance, 28(2), 339-351.
Bushee, Brian J. and Noe, Christopher F., Disclosure Quality, Institutional Investors, and Stock Return Volatility (October 1999). Available at SSRN:https://ssrn.com/abstract=146434 or http://dx.doi.org/10.2139/ssrn.146434
Chakravarthy, B. S. (1986). Measuring strategic performance. Strategic Management Journal, 7(5), 437-458.
Chan, Ka Kei and Milne, Alistair K. L., The Global Legal Entity Identifier System: Will It Deliver? (August 12, 2013). Available at SSRN: https://ssrn.com/abstract=2325889 or http://dx.doi.org/10.2139/ssrn.2325889
Chen, K. C., Wei, K. C. and Chen, Z. (2003). Disclosure, corporate governance and the cost of equity capital: evidence from Asia′s emerging markets. Corporate Governance and the Cost of Equity Capital: Evidence from Asia′s Emerging Markets(June 2003). Available at SSRN: https://ssrn.com/abstract=422000 or http://dx.doi.org/10.2139/ssrn.422000
Cheng, C. A., Collins, D. and Huang, H. H. (2006). Shareholder rights, financial disclosure and the cost of equity capital. Review of Quantitative Finance and Accounting, 27(2), 175-204.
Cheung, Y. L., Jiang, P. and Tan, W. (2010). A transparency disclosure index measuring disclosures: Chinese listed companies. Journal of Accounting and Public Policy, 29(3), 259-280.
Clarkson, P., Guedes, J. and Thompson, R. (1996). On the diversification, observability and measurement of estimation risk. Journal of Financial and Quantitative Analysis, 31(1), 69-84.
Coleman, S. (2006). Capital structure in small manufacturing firms: Evidence from the data. Journal of Entrepreneurial Finance, 11(3), 105-122.
Diamond, D. W. and Verrecchia, R. E. (1991). Disclosure, liquidity and the cost of capital. The Journal of Finance, 46(4), 1325-1359.
European Central Bank (ECB). 2010. Macro-prudential policy objectives and tools. Financ. Stab. Rev. 2010:129–37
Fantazzini, D. and Maggi, M. (2012). Computing reliable default probabilities in turbulent times.In Rethinking Valuation and Pricing Models(pp. 241-255):Academic Press.
Flannery, M. J. and Rangan, K. P. (2008). What caused the bank capital build-up of the 1990s? Review of Finance, 12(2), 391-429.
Flood, M. D., Jagadish, H. V. and Raschid, L. (2016). Big data challenges and opportunities in financial stability monitoring. Banque de France, Financial Stability Review, 20, 129-142.
Fonseca, A. R. and González, F. (2010). How bank capital buffers vary across countries: The influence of cost of deposits, market power and bank regulation. Journal of Banking and Finance, 34(4), 892-902.
Frankel, R. and Li, X. (2004). Characteristics of a firm′s information environment and the information asymmetry between insiders and outsiders. Journal of Accounting and Economics, 37(2), 229-259.
Gebhardt, W. R., Lee, C. M. and Swaminathan, B. (2001). Toward an implied cost of capital. Journal of Accounting Research, 39(1), 135-176.
Gibbins, M., Richardson, A. and Waterhouse, J. (1990). The management of corporate financial disclosure: opportunism, ritualism, policies and processes. Journal of Accounting Research, 28(1), 121-143.
Gu, Z. and Kim, H. (1998). Casino firms′ risk features and their beta determinants. Progress in Tourism and Hospitality Research, 4(4), 357-365.
Healy, P. M. and Palepu, K. G. (1993). The effect of firms′ financial disclosure strategies on stock prices. Accounting Horizons, 7(1), 1-11.
Healy, P. M. and Palepu, K. G. (1995). The challenges of investor communication The case of CUC International, Inc. Journal of Financial Economics, 38(2), 111-140.
Healy, P. M. and Palepu, K. G. (2001). Information asymmetry, corporate disclosure and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1-3), 405-440.
Hellwig, M. (1994). Liquidity provision, banking and the allocation of interest rate risk. European Economic Review, 38(7), 1363-1389.
Hellwig, M. (1995). Systemic aspects of risk management in banking and finance. Swiss Journal of Economics and Statistics, 131(4/2), 723-737.
Hellwig, M. (1998). Banks, markets and the allocation of risks in an economy. Journal of Institutional and Theoretical Economics, 154(1), 328-345.
Hepworth, S. R. (1953). Smoothing periodic income. The Accounting Review, 28(1), 32-39.
Hertzel, M. and Smith, R. L. (1993). Market discounts and shareholder gains for placing equity privately. The Journal of Finance, 48(2), 459-485.
Hunt, J. P., Stanton, R. and Wallace, N. (2014). US residential-mortgage transfer systems: a data-management crisis. In Handbook of Financial Data and Risk Information II(pp. 85-134):Cambridge University Press .
Idier, J., Lamé, G. and Mésonnier, J. S. (2014). How useful is the marginal expected shortfall for the measurement of systemic exposure? A practical assessment. Journal of Banking and Finance, 47, 134-146.
Iqbal, M. J. and Shah, Syed Z. A.(2012). Determinants of systematic risk. The Journal of Commerce, 4(1), 47.
Jenkinson, N. and Leonova, I. S. (2013). The importance of data quality for effective financial stability policies–Legal entity identifier: a first step towards necessary financial data reforms. Financial Stability Review, 17, 101-110.
Kravet, T. and Muslu, V. (2013). Textual risk disclosures and investors’ risk perceptions. Review of Accounting Studies, 18(4), 1088-1122.
Lambert, R. A., Leuz, C. and Verrecchia, R. E. (2011). Information asymmetry, information precision and the cost of capital. Review of Finance, 16(1), 1-29.
Landier, A. and Thesmar, D. (2011). Regulating systemic risk through transparency: trade-offs in making data public. In Risk Topography: Systemic Risk and Macro Modeling(pp. 31-44): University of Chicago Press.
Lang, L. H. and Litzenberger, R. H. (1989). Dividend announcements: Cash flow signalling vs. free cash flow hypothesis? Journal of Financial Economics, 24(1), 181-191.
Lang, M. and Lundholm, R. (1993). Cross-sectional determinants of analyst ratings of corporate disclosures. Journal of Accounting Research, 31(2), 246-271.
Leuz, C. and Verrecchia, R. E. (2000). The economic consequences of increased disclosure. Journal of Accounting Research, 38(Supplement), 91-124
Levitt, A. (1999). Quality information: The lifeblood of our marketing.The Economic Club of New York..
Levy, H. and Sarnat, M. (1984). Portfolio and investment selection: Theory and practice. Prentice/Hall International.
Linsley, P. M. and Shrives, P. J. (2006). Risk reporting: A study of risk disclosures in the annual reports of UK companies. The British Accounting Review, 38(4), 387-404.
Lintner, J. (1975). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. In Stochastic Optimization Models in Finance(pp. 131-155): Academic Press.
Logue, D. E. and Merville, L. J.(1972). Financial policy and market expectations. Financial Management(pre-1986), 1(2), 37.
Mangena, M., Li, J. and Tauringana, V. (2016). Disentangling the effects of corporate disclosure on the cost of equity capital: a study of the role of intellectual capital disclosure. Journal of Accounting, Auditing and Finance, 31(1), 3-27.
Mao, J. C. (1976).Corporate financial decisions (Vol. 24). Pavan Publishers.
Memon, F., Bhutto, N. A. and Abbas, G. (2012). Capital structure and firm performance: A case of textile sector of Pakistan. Asian Journal of Business and Management Sciences, 1(9), 9-15.
Mertzanis, C. (2013). Risk management challenges after the financial crisis. Economic Notes: Review of Banking, Finance and Monetary Economics, 42(3), 285-320.
Mertzanis, C. (2018). Complexity, big data and financial stability.Quantitative Finance and Economics, 2, 637-660.
Minton, B. A. and Schrand, C. (1999). The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing. Journal of Financial Economics, 54(3), 423-460.
Myers, S. C. and Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
Nier, E. and Baumann, U. (2006). Market discipline, disclosure and moral hazard in banking. Journal of Financial Intermediation, 15(3), 332-361.
Pittman, J. A. and Fortin, S. (2004). Auditor choice and the cost of debt capital for newly public firms. Journal of Accounting and Economics, 37(1), 113-136.
Powell, L. F., Montoya, M. and Shuvalov, E. (2011). Legal Entity Identifier: What Else Do You Need to Know? FEDS Working Paper No. 2011-31. Available at SSRN: https://ssrn.com/abstract=1956664 or http://dx.doi.org/10.2139/ssrn.1956664
Richardson, A. J. and Welker, M. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society, 26(7-8), 597-616.
Saini, J. S. and Herrmann, D. (2013). Cost of equity capital, information asymmetry and segment disclosure. Advances in Quantitative Analysis of Finance and Accounting, 11, 143-173.
Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, 19(3), 425-442.
Sudarsanam, P. S. (1992). Market and industry structure and corporate cost of capital. The Journal of Industrial Economics, 40(2), 189-199.
Wagner, W. and Marsh, I. W. (2004). Credit Risk Transfer and Financial Sector Performance. CEPR Discussion Paper No. 4265; Cass Business School Research Paper. Available at SSRN: https://ssrn.com/abstract=519101 or http://dx.doi.org/10.2139/ssrn.519101
Welker, M. (1995).. Disclosure policy, information asymmetry and liquidity in equity markets. Contemporary Accounting Research, 11(2), 801-827.
Weston, J. F. (1963). A test of cost of capital propositions. Southern Economic Journal, 30(2), 105-112.
Xu, Z., Burdick, D. and Raschid, L. (2016). Exploiting lists of names for named entity identification of financial institutions from unstructured documents. ACM Journal of Data and Information quality, 0(0).
Zreik, O. and Louhichi, W. (2017). Risk Disclosure and Company Unsystematic, Systematic and Total Risks. Economics Bulletin, 37(1), 448-467.
網路資料
FSB. 2012a. A Global Legal Entity Identifier for Financial Markets. Available online: http://www.financialstabilityboard.org/publications/r_120608.pdf (accessed on 17 December 2018).
Global Legal Entity Identifier Foundation provides an overview of the latest global developments relevant to Legal Entity Identifier adoption. Available online: https://www.gleif.org/zh/newsroom/blog/legal-entity-identifier-news-january-2018 update
Global Legal Entity Identifier Foundation (2014)“Annual Report 2014”. Available online: https://www.gleif.org/en/about/governance/annual-report#.
National Institute of Standards and Technology (2016) “Financial Entity Identification and Information Integration(FEIII)Challenge: About the challenge,” Available online: https://ir.nist.gov/dsfin/about.html.

指導教授

顏如君(Ju-Chun Yen)

審核日期

2019-6-26

推文