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標題: | 揭露程度、盈餘品質與資金成本之關聯性研究 Disclosure Level, Earnings Quality and Cost of Capital |
作者: | Yu-Cheng Chen 陳俞丞 |
指導教授: | 王泰昌(Taychang Wang),劉嘉雯(Chiawen Liu) |
關鍵字: | 揭露程度,盈餘品質,資金成本,資訊風險,揭露評價, Disclosure level,earnings quality,cost of equity capital,information risk,disclosure pricing, |
出版年 : | 2009 |
學位: | 碩士 |
摘要: | 本研究欲探討揭露程度、盈餘品質與資金成本間之互動關係。過去研究顯示,揭露程度與資金成本間存在著負相關之關係,而盈餘品質與資金成本同時也存在著負相關之關係。本研究參照Francis et al. (2008)之研究概念,試圖探討揭露程度與資金成本間之關係在將盈餘品質納入考量後,是否能依然存在於台灣市場。
本研究利用證券暨期貨市場發展基金會所設置之「資訊揭露評鑑系統」之揭露評等為揭露程度之代理變數,並由修正Jones模型所衍生之三個裁決性盈餘模型為盈餘品質之代理變數。實證結果發現,評鑑之揭露等級越高,該等級之資金成本越低,顯示揭露程度與資金成本之負相關顯著存在於台灣市場中。但一旦盈餘品質納入考量後,該顯著負向關係並無如Francis et al. (2008)所發現,由顯著負相關之盈餘品質所取代。本研究結果顯示,尚有可能存在不同於盈餘品質之其他因素於台灣市場中,影響公司經理人對於揭露之意願,抑或是市場對於揭露程度之評價。另外,本研究對盈餘品質之代理變數做敏感性測試時,發現揭露等級最高之公司相較於其他評鑑等級較不受盈餘品質納入之影響。 This study investigates the relation between disclosure level, earnings quality and cost of equity capital. Prior literatures have generally documented a negative relation between disclosure level and cost of equity capital, as well as a negative relation between earnings quality and cost of equity capital. Following the concept of Francis et al. (2008), this study attempts to investigate whether the negative association between disclosure level and cost of equity capital still holds when earnings quality is taken into consideration in the Taiwan context. By using the disclosure ranking system by Security and Futures Institution of Taiwan as the disclosure level proxy, and earnings quality proxy derived basing on modified Jones model, this study finds disclosure level is significantly associated with cost of equity capital. The negative relation still holds after earnings quality is considered in the examination. Such findings are inconsistent with Francis et al. (2008), implying that there may be factors other than earnings quality that are considered in the pricing or incentive of firm disclosure under Taiwan context. Extending the examination with other measure of earnings quality, the finding is robust for the most transparent firms, but sensitive for firms in lower rankings of disclosure. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/26062 |
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顯示於系所單位: | 會計學系 |
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