本研究採用Francis et al（2005）提出之應計品質模型作為財務報表中應計品質的衡量指標，以 2006 年至 2016 年期間，台灣上市櫃公開發行公司為研究對象，利用普通最小平方法迴歸分析，探討財務報表之應計品質優劣、及公司持有不動產價值兩項變數，與對企業融資成本之影響。 以往相關文獻如莊盛杰(2005)、陳天欣(2006)曾探討台灣資本市場應計品質對資金成本的影響，然而與國外文獻相異；本文獻則以較新資料區間同時探討應計品質及持有不動產資產對債務資金成本之影響，並獲得具統計顯著性之結果，得以補足以往文獻之不足。 本研究的實證結果如下：第一，應計品質較佳的公司對外取得之借款利率較低，亦即應計品質較佳可顯著降低債務資金成本；第二，探討當應計品質與不動產持有兩項變數同時存在時，僅有較佳應計品質降低債務資金成本，反之持有不動產比例則無顯著影響。本研究的結果隱含台灣企業債權融資成本和財務報表應計品質更為相關，亦即債權人非僅重視借款企業可能作為抵押品之不動產資產價值。 ;This study explores how the accrued quality and real estate holdings affect the corporate financing costs. We use the accrual quality model proposed by Francis et al (2005) to measure the accrual quality of companies’ financial statements. Our sample is sourced from publicly listed stocks on Taiwan Stock Exchange (TSE) from 2006 to 2016. The extant literature in Taiwan such as Jhuang Shen-Jie (2005) and Chen Tien-Hsin (2006) have discussed how companies’ accrual quality affect their costs of capital, however their results are opposite to most findings of the main stream of literature which focuses on the study of the U.S. listed companies. In contrast, by using a more recent sample period, this study finds how accrued quality and real estate asset holdings affect companies’ costs of the debt, which is in line with the main stream literature. Our results show that companies with better accrued quality or with greater real estate holdings can on average borrow at lower interest rate. In addition, when considering the impacts from both the accrued quality and real estate holdings, the latter variable losses its significance, which implies that the accrued quality can more effectively decrease the costs of corporate debt financing. Our findings suggest that in Taiwan, when coming to the decision regarding the lending rates, creditors tend to consider the accrual quality as a more important factor, as compared to the tangibility of companies. Key word: Accrued Quality，Cost of Debt， Real Estate holdings
