新式查核報告與資金成本之關聯性

Abstract

本研究旨在探討我國上市(櫃)企業於2016年起強制適用新式查核報告後，對企業資金成本之影響。本研究採用台灣經濟新報社(TEJ)之資料，選取樣本期間為政策實施前後三年，亦即選用2013年至2018年，共計6年的樣本，並透過一般最小平方法(OLS)來進行檢測。實證結果顯示，不論在債務資金成本、權益資金成本與加權平均資金成本方面，在新式查核報告此一政策實施後，均顯著下降。此外，本研究透過差異中差異估計法(DID)對債務資金成本進行進一步檢測，亦獲得相同結果。 前述之結果顯示，新式查核報告的實施，確實可提供報告使用者增額資訊，並改善資訊不對稱的現象，進而促使企業籌資成本的降低。本研究除可補充國內相關文獻外，尚可提供主管機關作為此一政策正面效果之背書，並提供企業權衡自願揭露程度之參考。

This study aims to examine the effect of extended audit report mandatorily applicated on the cost of capital of listed companies at the stock exchange market and over-the-counter market in Taiwan since 2016. The data in this study are from the TEJ database and the research period is ranged from 2013 to 2018, which includes the mandatory application of the extended audit report three years prior and post the enactment. By using the ordinary least squares method, the empirical results show that the cost of debt capital, cost of equity capital, and weighted average capital costs have decreased significantly since the implementation of the extended audit report. Moreover, a similar result with the cost of debt capital is acquired by using the difference in differences method. These results provide evidence that the adoption of the extended audit report can provide incremental information for users and alleviate information asymmetry so that companies can reduce the cost of capital. The findings not only contribute to the literature on the impact of the adoption of the extended audit report on the cost of capital but also lay a supportive foundation for the authorities’ policy and help companies determine the extent of voluntary information disclosures.