| 項目 | 資料 |
|---|
| 卷期Vol. & No. | 第15卷第2期 Vol 15 No. 2 |
| 標題Title | 穩健會計對於企業股權融資的影響：臺灣實證研究The Effect of Accounting Conservatism on Equity Financing Decisions: Empirical Study in Taiwan |
| 作者Authors | 李建然 劉正義Jan-Zan Lee Cheng-Yi Liu |
| 出版日期Publish Date | 2014-11-30 |
| 摘要Abstract | 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. |
| 關鍵字KeyWords | 穩健會計、融資決策、資本結構、逆選擇conservatism, financial decisions, capital structure, adverse selection |
| DOI(全文下載Download) | 10.6675/JCA.2014.15.2.02 |
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