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題名：企業海外籌資策略與會計穩健政策
書刊名：管理評論
作者：許永聲 引用關係／彭詠旋
作者(外文)：Hsu, Yun-sheng／Peng, Yun-hsuan
出版日期：2016
卷期：35:1
頁次：頁73-95
主題關鍵詞：海外籌資；會計穩健性；海外可轉換公司債；海外存託憑證；Overseas listing；Accounting conservatism；Euro convertible bond；Depositary receipts
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:2
  • 共同引用共同引用:42
  • 點閱點閱:26
本文從資訊不對稱角度，探討企業海外籌資是否會影響其會計穩健程度，並同時考量企業海外籌資工具、發行地區是否會影響海外籌資與會計穩健性的關係。選取1992年至2011年首次赴海外籌資之上市櫃公司，分析企業首次海外籌資前後會計穩健程度的變化。實證結果發現，企業在進行海外籌資後，由於海外市場對發行公司的管制與資訊揭露要求，會提高海外籌資公司的資訊透明度，對會計穩健程度的要求會較低，因此企業海外籌資會降低會計穩健程度。此外籌資的方式及掛牌地區的差異，會影響企業海外籌資而降低的會計穩健性程度。
The paper evaluates the impact of overseas listing on accounting conservatism of financial statements, as well as considers whether the effects of overseas listing tools and areas of distribution impact on the influence of overseas listing on accounting conservatism. Using firms' first overseas listing as the standard, listed firms who implemented overseas listing in 1992-2011 were selected as sample. The empirical results indicate that the restraints and demands placed on issuing firms by overseas market increases the overseas listing firms' information disclosure level, leading to lower level of accounting conservatism. In addition, overseas listing tools primarily include issuance of Euro convertible bonds and depository receipts. This study therefore addresses the variation in the impact of different listing tools on accounting conservatism. Finally, different listing areas are investigated to demonstrate that listing area impact on the influence of overseas listing on accounting conservatism.
期刊論文
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2.Ball, Ray(2001)。Infrastructure requirements for an economically efficient system of public financial reporting and disclosure。Brookings-Wharton Papers on Financial Services，2001，127-169。  new window
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4.周建宏(20020300)。臺灣上市櫃公司海外募資之探討。會計研究月刊，196，53-59。  延伸查詢new window
5.廖益興(20091200)。董事會獨立性、財務報導品質與海外籌資行為之分析。會計與公司治理，6(2)，85-111。new window  延伸查詢new window
6.D'Arcy, Anne(2000)。The Degree of Determination on National Accounting System-an Empirical Investigation。Schmalenbach Business Review，52(1)，45-67。  new window
7.Desai, Mihir(2004)。Cross-border Listings and Depositary Receipts。Harvard Business Online，9(1)，1-30。  new window
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10.林美鳳、金成隆、林良楓(20091200)。股權結構、會計保守性與信用評等關係之研究。臺大管理論叢，20(1)，289-329。new window  延伸查詢new window
11.Ball, Ray、Robin, Ashok、Sadka, Gil(2008)。Is Financial Reporting Shaped by Equity Markets or by Debt Markets? An International Study of Timeliness and Conservatism。Review of Accounting Studies，13(2/3)，168-205。  new window
12.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。  new window
13.Ball, Ray、Kothari, Sagar P.、Robin, Ashok(2000)。The effect of international institutional factors on properties of accounting earnings。Journal of Accounting and Economics，29(1)，1-51。  new window
14.Beaver, William H.、Landsman, Wayne. R.、LA Owens, Edward(2012)。Asymmetry in Earnings Timeliness and Persistence: A Simultaneous Equations Approach。Review of Accounting Studies，17(4)，781-806。  new window
15.Beekes, Wendy、Pope, Peter F.、Young, Steven(2004)。The Link between Earnings Timeliness, Earnings Conservatism and Board Composition: Evidence from the UK。Corporate Governance: An International Review，12(1)，47-59。  new window
16.Bushman, Robert M.、Piotroski, Joseph D.(2006)。Financial Reporting Incentives for Conservative Accounting: The Influence of Legal and Political Institutions。Journal of Accounting and Economics，42(1/2)，107-148。  new window
17.Bushman, Robert M.、Chen, Qi、Engel, Ellen、Smith, Abbie(2004)。Financial Accounting Information, Organizational Complexity and Corporate Governance Systems。Journal of Accounting and Economics，37(2)，167-201。  new window
18.Chi, Wuchen、Liu, Chiawen、Wang, Taychang(2009)。What Affects Accounting Conservatism: A Corporate Governance Perspective。Journal of Contemporary Accounting and Economics，5(1)，47-59。  new window
19.Chi, Wuchen、Wang, Chenchin(2010)。Accounting Conservatism in a Setting of Information Asymmetry between Majority and Minority Shareholders。The International Journal of Accounting，45(4)，465-489。  new window
20.Easley, David、Engle, Robert F.、O'Hara, Maureen、Wu, Liuren(2008)。Time-varying arrival rates of informed and uninformed trades。Journal of Financial Econometrics，6(2)，171-207。  new window
21.Easley, David、Hvidkjaer, Soeren、O'Hara, Maureen(2002)。Is Information Risk a Determinant of Asset Returns?。The Journal of Finance，57(5)，2185-2221。  new window
22.Errunza, Vihang R.、Miller, Darius P.(2003)。Valuation Effects of Seasoned Global Equity Offerings。Journal of Banking & Finance，27(9)，1611-1623。  new window
23.LaFond, Ryan、Roychowdhury, Sugata(2008)。Managerial Ownership and Accounting Conservatism。Journal of Accounting Research，46(1)，101-135。  new window
24.Pagano, Marco、Röell, Ailsa A.、Zechner, Josef(2002)。The geography of equity listing: Why do companies list abroad?。The Journal of Finance，57(6)，2651-2694。  new window
25.Qiang, Xinrong(2007)。The effects of contracting, litigation, regulation, and tax costs on conditional and unconditional conservatism: Cross-sectional evidence at the firm level。The Accounting Review，82(3)，759-797。  new window
26.Reese, William A. Jr.、Weisbach, Michael S.(2002)。Protection of Minority Shareholder Interests, Cross-listings in the United States, and Subsequent Equity Offerings。Journal of Financial Economics，66(1)，65-104。  new window
27.Seetharaman, Ananth、Gul, Ferdinand A.、Lynn, Stephen G.(2002)。Litigation risk and audit fees: Evidence from UK Firms cross-listed on US markets。Journal of Accounting and Economics，33(1)，91-115。  new window
28.Stulz, René M.(1999)。Globalization, corporate finance, and the cost of capital。Journal of Applied Corporate Finance，12(3)，8-25。  new window
29.Watts, Ross L.(2003)。Conservatism in Accounting Part 2: Evidence and Research Opportunities。Accounting Horizons，17(4)，287-301。  new window
30.Wittenberg-Moerman, Regina(2008)。The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market。Journal of Accounting and Economics，46(2/3)，240-260。  new window
31.Wu, Congsheng、Kwok, Chuck(2002)。Why do US Firms Choose Global Equity Offerings?。Financial Management，31(2)，47-65。  new window
32.Zhang, Jieying(2008)。The Contracting Benefits of Accounting Conservatism to Lenders and Borrowers。Journal of Accounting and Economics，45(1)，27-54。  new window
33.La Porta, Rafael、Lopez-de-Silanes, Florencio、Shleifer, Andrei、Vishny, Robert W.(2000)。Agency Problems and Dividend Policies around the World。Journal of Finance，55(1)，1-33。  new window
34.Khan, Mozaffar、Watts, Ross L.(2009)。Estimation and Empirical Properties of a Firm-Year Measure of Accounting Conservatism。Journal of Accounting and Economics，48(2/3)，132-150。  new window
35.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。  new window
36.Mitton, Todd(2002)。A Cross-firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis。Journal of Financial Economics，64(2)，215-241。  new window
37.戚務君、廖益均、林嬋娟(20081100)。我國企業盈餘穩健特性之研究。會計學報，1(1)，1-27。new window  延伸查詢new window
38.Ball, Ray、Shivakumar, Lakshmanan(2005)。Earnings Quality in UK Private Firms: Comparative Loss Recognition Timeliness。Journal of Accounting & Economics，39(1)，83-128。  new window
39.Basu, Sudipta(1997)。The conservatism principle and the asymmetric timeliness of earnings。Journal of Accounting and Economics，24(1)，3-37。  new window
40.LaFond, Ryan、Watts, Ross L.(2008)。The information role of conservatism。The Accounting Review，83(2)，447-478。  new window
41.Watts, Ross L.(2003)。Conservatism in accounting, Part I: Explanations and implications。Accounting Horizons，17(3)，207-221。  new window
42.Coffee, John C. Jr.(2002)。Racing towards the top? The impact of cross-listings and stock market competition on international corporate governance。Columbia Law Review，102(7)，1757-1831。  new window
43.Doidge, Craig、Karolyi, George Angrew、Stulz, René M.(2004)。Why are foreign firms listed in the U.S. worth more?。Journal of Financial Economics，71(2)，205-238。  new window
44.Lang, Mark、Raedy, Jana Smith、Yetman, Michelle Higgins(2003)。How representative are firms that are cross-listed in the United States? An analysis of accounting quality。Journal of Accounting Research，41(2)，363-386。  new window
45.Durnev, Art、Kim, E. Han(2005)。To Steal or not to Steal: Firm Attributes, Legal Environment, and Valuation。The Journal of Finance，60(3)，1461-1493。  new window
圖書
1.金成隆、陳美惠(2012)。高等財務會計研究：理論與實證。台中：滄海書局。  延伸查詢new window
2.Wooldridge, Jeffrey M.(2010)。Econometric Analysis of Cross Section and Panel Data。MIT Press。  new window
 
 
 
 
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