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題名：強制採用國際會計準則對次級債務市場之影響
作者：曾家璿
作者(外文)：Tseng, Chia Hsuan
校院名稱：國立政治大學
系所名稱：會計研究所
指導教授：金成隆
學位類別：博士
出版日期：2014
主題關鍵詞：國際會計準則；次級債務市場；債務出售；買賣價差；International Financial Reporting Standards (IFRS)；the secondary loan market；loan sale；bid-ask spread
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本研究探討強制採用國際會計準則(International Financial Reporting Standards, IFRS)對次級債務市場(the secondary loan market)之債務出售可能性(loan sale probability)以及對售出債務之買賣價差(bid-ask spread)的影響。研究結果發現如下：第一、當借款公司強制採用國際會計準則報導後，債務出售可能性提高。第二、債務出售可能性提高的效果主要來自強制採用國際會計準則後，財務報導品質進步較多的借款公司。第三、在次級債務市場售出的債務中，其借款公司強制採用國際會計準則報導後會降低其債務交易的買賣價差，但此效果僅限於有較強報導誘因的借款公司。本研究之發現支持強制採用國際會計準則對資本市場有正面助益的論點。
In this dissertation, I first examine in the context of secondary loan market whether mandatory IFRS adoption increases the loan sale probability and whether this effect is more pronounced among borrowers in the countries with increased disclosure (i.e., the number of additional disclosures required by IFRS relative to local standards) and enhanced comparability (i.e., the number of inconsistencies between IFRS and local standards) (hereafter borrowers with more improvements in financial reporting quality). Next, I test whether mandatory IFRS adoption decreases the information asymmetry of traded loans and whether this effect is conditional on a borrower’s reporting incentive as proxied by institutional environment. As predicted, the empirical results show that mandatory IFRS adoption is associated with a significant increase in the probability of loan sale. In addition, I find that the increased loan sale probability is driven mainly by the borrowers with more improvements in financial reporting quality. Finally, I find that average bid-ask spreads in the secondary loan market is lower after mandatory IFRS adoption and this effect is only limited to borrowers with stronger reporting incentive.
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