銀行盈餘品質對其信用評等之影響--兼論各國資訊不對稱程度對上述關聯性之影響_

:::

詳目顯示

第 1 筆 / 總合 1 筆

/1頁

來源文獻資料
摘要
外文摘要
引文資料

題名：	銀行盈餘品質對其信用評等之影響--兼論各國資訊不對稱程度對上述關聯性之影響
書刊名：	管理評論
作者：	黃玉麗／沈中華
作者(外文)：	Huang, Yu-li／Shen, Chung-hua
出版日期：	2011
卷期：	30:4
頁次：	頁39-62
主題關鍵詞：	信用評等；盈餘品質；資訊不對稱；資訊揭露品質；法律與制度環境品質；Credit rating；Earnings quality；Information asymmetry；Disclosure quality；Institutional environment quality
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(2) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:1 共同引用:0 點閱:126

本文以2002至2008年間，來自於全球85國的3,473家商業銀行為樣本，探討銀行的盈餘品質是否影響其信用評等，以及國家的資訊不對稱程度對銀行的盈餘品質與其信用評等間原有的關聯性是否有不同的影響。發現在控制銀行的財務資訊以及國家特定變數後，信評機構仍給予盈餘品質不佳的銀行一較差的評等等級。當一國的訊息揭露品質或法律與制度環境品質佳，均能有效地降低盈餘品質不佳對信用評等的不利影響。此外，發現盈餘品質不佳對信用評等的不利影響，主要出現在資訊不對稱程度較嚴重的國家，與過去文獻結果一致，發現資訊不對稱程度較低的國家，個別企業的財務報表資訊可以解釋信用評等；相反地，資訊不對稱程度較高的國家，發行體評等卻主要決定於國家主權評等、銀行的規模，以及本文探討的盈餘品質變數。

以文找文

This paper uses the long-term credit ratings issued by Standard and Poor's from 86 countries during 2002-2008 as samples and investigates the effect of earnings quality on credit ratings and the effect of information asymmetry of a country on the relationship between earning quality and credit ratings. The results show: first, banks with worse earnings quality will be assigned a lower rating after controlling for the bank-specific and country-specific variables. Second, banks in countries with serious information asymmetry will aggravate the adverse effect of earnings quality on credit ratings. Third, consistent with previous studies, financial ratios are more relevant to the explanation of credit ratings in countries with less information asymmetry. By contrast, credit ratings are mostly determined by sovereign credit rating, bank size and earnings quality.

以文找文

期刊論文
1.	Francis, J. R.、Khurana, I. K.、Pereira, R.(2005)。Disclosure Incentives and Effects on Cost of Capital around the World。The Accounting Review，80(4)，1125-1162。
2.	Kanagaretnam, Kiridaran、Lobo, Gerald J.、Mathieu, Robert(2004)。Earnings Management to Reduce Income Variability: Evidence from Loan Loss Provisions。Review of Accounting and Finance，3(1)，128-148。
3.	Cornett, Marcia Millon、McNutt, Jamie John、Tehranian, Hassan(2009)。Corporate governance and earnings management at large U. S. Bank Holding Companies。Journal of Corporate Finance，15(4)，412-430。
4.	Jiang, John(2008)。Beating Earnings Benchmarks and the Cost of Debt。The Accounting Review，83(2)，377-416。
5.	Kaplan, Robert S.、Urwitz, Gabriel(1979)。Statistical Models on Bond Ratings: A Methodological Inquiry。Journal of Business，52(2)，231-261。
6.	Kliger, Doron、Sarig, Oded(2000)。The Information Value of Bond Ratings。Journal of Finance，55(6)，2879-2902。
7.	Pinches, George E.、Mingo, Kent A.(1975)。The Role of Subordination and Industrial Bond Ratings。The Journal of Finance，30(1)，201-206。
8.	Pogue, Thomas F.、Soldofsky, Robert M.(1969)。What's in a Bond Rating?。Journal of Financial and Quantitative Analysis，4(2)，201-228。
9.	Poon, Winnie P. H.、Lee, Junsoo、Gup, Benton E.(2009)。Do Solicitations Matter in Bank Credit Ratings? Results from a Study of 72 Countries。Journal of Money，41(2/3)，285-314。
10.	Kanagaretnam, Kiridaran、Krishnan, Gopal V.、Lobo, Gerald J.(2010)。An Empirical Analysis of Auditor Independence in the Banking Industry。The Accounting Review，85(6)，2011-2046。
11.	Hand, John R. M.、Holthausen, Robert W.、Leftwich, Richard W.(1992)。The Effect of Bond Rating Agency Announcements on Bond and Stock Prices。The Journal of Finance，47(2)，733-752。
12.	Ferri, Giovanni、Liu, Li-Gang(2004)。How do Global Credit-Rating Agencies Rate Firms from Developing Countries?。Asian Economic Papers，2(3)，30-56。
13.	Poon, W. P. H.(2003)。Are Unsolicited Credit Ratings Biased Downward?。Journal of Banking and Finance，27(4)，593-614。
14.	Poon, W. P. H.、Firth, M.(2005)。Are Unsolicited Credit Ratings Lower? International Evidence from Bank Ratings。Journal of Business Finance and Accounting，32(9/10)，1741-1770。
15.	Ferri, Giovanni、Liu, Li-Gang、Majnoni, Giovanni(2001)。The Role of Rating Agency Assessments in Less Developed Countries: Impact of the Proposed Basel Guidelines。Journal of Banking and Finance，25(1)，115-148。
16.	O'Hara, M.(2003)。Presidential Address: Liquidity and Price Discovery。Journal of Finance，58(4)，1335-1354。
17.	Horrigan, James O.(1966)。The Determination of Long-Term Credit Standing with Financial Ratios。Journal of Accounting Research，4(1)，44-62。
18.	Pinches, George E.、Mingo, Kent A.(1973)。A Multivariate Analysis of Industrial Bond Ratings。The Journal of Finance，28(1)，1-18。
19.	West, R. R.(1970)。An Alternative Approach to Predicting Corporate Bond Ratings。Journal of Accounting Research，7，118-127。
20.	Ederington, Louis H.(1985)。Classification models and bond ratings。The Financial Review，20(4)，237-262。
21.	Bhojraj, S.、Sengupta, P.(2003)。Effect of corporate governance on bond ratings and yields: The role of institutional investors and the outside directors。The Journal of Business，76(3)，455-475。
22.	Aboody, David、Hughes, J. S.、Liu, J.(2005)。Earnings Quality, Insider Trading, and Cost of Capital。Journal of Accounting Research，43(5)，651-673。
23.	Klein, A.(2002)。Audit committee, board of director characteristics, and earnings management。Journal of Accounting and Economics，33(3)，375-400。
24.	Schipper, K.(1989)。Commentary on earning management。Accounting Horizons，3(4)，91-102。
25.	Beatty, Anne L.、Ke, Bin、Petroni, Kathy R.(2002)。Earnings Management to Avoid Earnings Declines across Publicly and Privately Held Banks。The Accounting Review，77(3)，547-570。
26.	Beatty, Anne、Chamberlain, Sandra L.、Magliolo, Joseph(1995)。Managing financial reports of commercial banks: The influence of taxes, regulatory capital, and earnings。Journal of Accounting Research，33(2)，231-261。
27.	Sengupta, Partha(1998)。Corporate disclosure quality and the cost of debt。The Accounting Review，73(4)，459-474。
28.	Chung, R.、Firth, M.、Kim, J. B.(2002)。Institutional Monitoring and Opportunistic Earnings Management。Journal of Corporate Finance，8(1)，29-48。
29.	Ahmed, Anwer S.、Billings, Bruce K.、Morton, Richard M.、Stanford-Harris, Mary(2002)。The Role of Accounting Conservatism in Mitigating Bondholder-Shareholder Conflicts over Dividend Policy and in Reducing Debt Costs。The Accounting Review，77(4)，867-890。
30.	Francis, J.、LaFond, R. P.、Olsson, P. M.、Schipper, K.(2004)。Costs of equity and earnings attributes。The Accounting Review，79(4)，967-1010。
31.	Ashbaugh-Skaife, Hollis D.、Collins, Daniel W.、LaFond, Ryan(2006)。The Effects of Corporate Governance on Firms' Credit Ratings。Journal of Accounting and Economics，42(1/2)，203-243。
32.	Ball, Ray、Robin, Ashok、Wu, Joanna Shuang(2003)。Incentives versus Standards: Properties of Accounting Income in Four East Asian Countries。Journal of Accounting and Economics，36(1-3)，235-270。
33.	Demirgüç-Kunt, Asli、Detragiache, Enrica(1998)。The Determinants of Banking Crises in Developing and Developed Countries。International Monetary Fund Staff Papers，45(1)，81-109。
34.	Francis, Jennifer R.、LaFond, Ryan、Olsson, Per M.、Schipper, Katherine(2005)。The Market Pricing of Accruals Quality。Journal of Accounting and Economics，39(2)，295-327。
35.	Warfield, Terry D.、Wild, John J.、Wild, Kenneth L.(1995)。Managerial ownership, accounting choices, and informativeness of earnings。Journal of Accounting and Economics，20(1)，61-91。
36.	Healy, Paul M.、Wahlen, James M.(1999)。A review of the earnings management literature and its implications for standard setting。Accounting Horizons，13(4)，365-383。
37.	Core, John E.、Guay, Wayne R.、Verdi, Rodrigo(2008)。Is Accruals Quality a Priced Risk Factor?。Journal of Accounting and Economics，46(1)，2-22。
38.	Hail, Luzi、Leuz, Christian(2006)。International Differences in the Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter?。Journal of Accounting Research，44(3)，485-531。
39.	Lambert, Richard A.、Leuz, Christian、Verrecchia, Robert E.(2007)。Accounting Information, Disclosure, and the Cost of Capital。Journal of Accounting Research，45(2)，385-420。
40.	Leuz, Christian、Nanda, Dhananjay、Wysocki, Peter D.(2003)。Earnings management and investor protection: An international comparison。Journal of Financial Economics，69(3)，505-527。
41.	Leuz, Christian、Verrecchia, Robert E.(2000)。The Economic Consequences of Increased Disclosure。Journal of Accounting Research，38(Suppl.)，91-124。
42.	Easley, David、O'hara, Maureen(2004)。Information and the cost of capital。The Journal of Finance，59(4)，1553-1583。
43.	La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei、Vishny, Robert W.(1998)。Law and Finance。Journal of Political Economy，106(6)，1113-1155。
44.	Dechow, Patricia M.、Dichev, Ilia D.(2002)。The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors。The Accounting Review，77(Suppl. 1)，35-59。
45.	Dichev, Ilia D.、Piotroski, Joseph D.(2001)。The Long-Run Stock Returns Following Bond Rating Changes。Journal of Finance，56(1)，173-203。
46.	Daske, Holger(2006)。Economic Benefits of Adopting IFRS or US-GAAP--Have the Expected Costs of Equity Capital Really Decreased?。Journal of Business Finance and Accounting，33(3/4)，329-373。
47.	Hung, Mingyi、Subramanyam, K. R.(2007)。Financial Statement Effects of the Adoption of International Accounting Standards: the Case of Germany。Review of Accounting Studies，12(4)，623-657。
48.	Bissoondoyal-Bheenick, Emawtee(2005)。An Analysis of the Determinants of Sovereign Ratings。Global Finance Journal，15(3)，251-280。
49.	Borio, Claudio、Packer, Frank(2004)。Assessing New Perspectives on Country Risk。BIS Quarterly Review，47-64。
50.	Cantor, Richard、Packer, Frank(1996)。Determinants and Impact of Sovereign Credit Ratings。Economic Policy Review，2(2)，1-15。
51.	Cantor, Richard、Falkenstein, Eric(2001)。Testing for Rating Consistency in Annual Default Rates。The Journal of Fixed Income，11(2)，36-51。
52.	Cheng, Mei、Subramanyam, K. R.(2008)。Analyst Following and Credit Ratings。Contemporary Accounting Research，25，1007-1043。
53.	Cluff, George S.、Farnham, Paul G.(1984)。Standard & Poor's vs. Moody's: Which City Characteristics Influence Municipal Bond Ratings?。Quarterly Review of Economics and Business，24(3)，72-94。
54.	Cuijpers, Rick、Buijink, Willem(200509)。Voluntary Adoption of Non-Local GAAP in the European Union: A Study of Determinants and Consequences。European Accounting Review，14(3)，487-524。
55.	Poon, Winnie P. H.、Firth, Michael、Fung, Hung-Gay(1999)。A Multivariate Analysis of the Determinants of Moody's Bank Financial Strength Ratings。Journal of International Financial Markets，9(3)，267-283。

會議論文
1.	Altman, E.、Katz, S.(1976)。Statistical Bond Rating Classification Using Financial and Accounting Data。The Conference on Topical Research in Accounting。New York：New York University。205-239。

研究報告
1.	Verdi, Rodrigo S.(2005)。Information environment and the cost of equity capital。University of Pennsylvania。
2.	Chan-Lee, James. H.、Ahn, Sanghoon(2001)。Information Quality or Financial Systems and Economic Development: An Indicators Approach for East Asia。
3.	Chen, Kevin C. W.、Chen, Zhihong、Wei, K. C. John(2004)。Disclosure, Corporate Governance, and the Cost of Equity Capital: Evidence from Asia's Emerging Markets。
4.	Claessens, Stijn、Klingebiel, Daniela、Laeven, Luc(2003)。Resolving Systemic Crises: Policies and Institutions。
5.	Cohen, Daniel A.、Dey, Aiyesha、Lys, Thomas Z.(2005)。Trends in Earnings Management and Informativeness of Earnings Announcements in the pre- and post-Sarbanes Oxley Periods。
6.	Dewenter, Kathryn L.、Hess, Alan C.(2006)。International Evidence on Relationship and Transactional Banks as Delegated Monitors。
7.	Leuz, Christian、Verrecchia, Robert E.(2004)。“Firm's Capital Allocation Choices, Information Quality, and the Cost of Capital,”。
8.	Ogneva, Maria(2007)。Accrual Quality and Expected Returns: The Importance of Controlling for Cash Flow Shocks。
9.	Purda, Lynnetto D.(2003)。Consistency of Global Credit Ratings: An Analysis of Firm versus Country-Specific Factors。
10.	Rojas-Suarez, Liliana(2001)。Rating Banks in Emerging Markets: What Credit Rating Agencies should Learn from Financial Indicators。

圖書
1.	Dechow, Patricia. M.、Schrand, Catherine M.(2004)。Earnings Quality。Virginia。
2.	Borensztein, Eduardo、Cowan, Kevin、Valenzuela, Patricio(2006)。The Sovereign Ceiling Lite and Bank Credit Ratings in Emerging Markets Economies。Mimeographed document。Washington, DC, United States。

其他
1.	Bhattacharya, Neil，Desai, Hemang，Venkataraman, Kumar(2011)。Earnings Quality and Information Asymmetry: Evidence from trading costs。
2.	UBS Investment Bank(2004)。The New World of Credit Ratings。

推文
推薦
引用網址
引用嵌入語法
轉寄

top

:::

相關期刊
相關論文
相關專書
相關著作
熱門點閱

1.	女性擔任管理者或董事會成員如何影響企業信用評等？
2.	金控組織對銀行信用評等及評等調整之影響
3.	放款品質、經營績效與資訊不對稱--兼論34號公報第三次修訂之效果
4.	對信用評等機構應有規範之比較研究
5.	國家特定變數對財務比率與銀行信用評等關係之影響

1.	重分類到業外損益的盈餘管理效果
2.	資訊與金融市場論文兩篇

無相關書籍

無相關著作

1.	競爭對我國銀行業信用評等品質之影響--名聲機制與利益衝突
2.	考慮信用評等、股權結構內生關係下的IPO期初報酬率
3.	信用評等機構監理規範之發展與困境：問責基礎與利益衝突
4.	融合公司治理的信用評等模型：Cubist迴歸樹模型之應用
5.	綠色信用評等機制與融資決策模式
6.	不請自來的銀行信用評等有向下偏誤的現象嗎？--配對方法
7.	以財務比率建構企業授信信用評等模型

QR Code

臺灣人文及社會科學引文索引資料庫系統

詳目顯示

臺灣人文及社會科學引文索引資料庫