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題名:穩健會計對於企業股權融資的影響:臺灣實證研究
書刊名:當代會計
作者:李建然 引用關係劉正義
作者(外文):Lee, Jan-zanLiu, Cheng-yi
出版日期:2014
卷期:15:2
頁次:頁159-192
主題關鍵詞:穩健會計融資決策資本結構逆選擇ConservatismFinancial decisionsCapital structureAdverse selection
原始連結:連回原系統網址new window
相關次數:
  • 被引用次數被引用次數:期刊(3) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:3
  • 共同引用共同引用:39
  • 點閱點閱:64
Myers and Majluf(1984)主張,資訊不對稱性的問題會影響公司發行股權的融資決策。在文獻上已經證明穩健會計,可以降低公司管理當局與外部股東之間的資訊不對稱性。本文主要目的在探討穩健會計,對於台灣上市(櫃)公司股權融資決策的影響,所謂股權融資決策是指股權的發行規模。另外,本文亦分析不同的市場條件下,公司財務會計的穩健性與股權融資決策之間的關係。公司財務會計的穩健性,分別採用市場面的指標和應計項目面的指標加以衡量。實證結果支持本文的主張,公司財務會計的穩健性較高,公司的股權發行規模較大。經營風險較高的公司,公司的財務會計的穩健性與股權發行規模為顯著正相關。總括而言,穩健會計可以減低公司與外部投資人之間的資訊不對稱性問題,並且影響公司的股權融資決策。
Myers and Majluf (1984) argue that the asymmetrical information influences financing decisions on equity issues of companies. The literature already verified that conservative accounting could reduce the asymmetrical information between companies and outside investors. This article investigates how accounting conservatism affects the financing decisions about the average size of equity issuance of listed and the over-the-counter companies in Taiwan. Additionally, we analyses the relations between public equity issuance and conservative accounting, which measured by both market and accrual based methods, under different market conditions. Our findings are fundamentally proving the proposition that companies with higher accounting conservative are able to make larger equity issuance. In the mean time, there is a significantly positive relation between conservative accounting and the average size of equity issuance in the sample of companies with higher risks. Taken all together, conservative accounting mitigates the information asymmetry between companies and outside investors and affects companies' financing decisions on equity issuance.
期刊論文
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會議論文
1.李淑華、鄭哲惠(2010)。穩健會計、現金持有與公司績效關係之研究。2010會計理論與實務研討會,1785-1806。  延伸查詢new window
圖書
1.Wooldridge, Jeffrey M.(2002)。Econometric Analysis of Cross Section and Panel Data。Cambridge, Massachusetts:MIT Press。  new window
 
 
 
 
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