財務報表重編對於資金成本之影響－臺灣市場之分析

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Title:	財務報表重編對於資金成本之影響－臺灣市場之分析
Authors:	陳育璿
Contributors:	會計學系
Keywords:	財報重編 financial restatements 權益資金成本 cost of equity capital 債務資金成本 cost of debt capital
Date:	2012
Issue Date:	2012-11-20 11:12:19 (UTC+8)
Abstract:	本研究欲檢視當企業宣告財務報表重編後之影響，其是否會反應於資金成本上，並進一步檢視強制性重編是否存有強烈之差異。本研究係採台灣經濟新報(TEJ)資料庫所取得之臺灣上市公司2000年至2011年之重編及財務資料，進行迴歸分析。由於過去研究主要多採事後已實現的股票報酬，為事後權益資金成本，而此作法被近期之財務文獻認為較不精確，故本研究利用分析師及券商之預測資料來計算事前的權益資金成本；並利用TEJ信用評等(TCRI)作為債務資金成本之代理變數。本研究的實證結果發現，臺灣企業之財務報表重編與資金成本並無顯著關聯，然而當重編若為強制性時，其與資金成本卻有顯著關聯性。 This paper investigates the effect of financial restatements on the cost of equity capital for electronic industry of Taiwan. We also examine the difference between man-datory and voluntary restatements. Using Price Earnings Growth Model (PEG) to esti-mate firms’ ex ante cost of equity, the empirical results show that there was no signifi-cant association between financial restatements and cost of capital. However we also find a significant negative (positive) correlation between mandatory restatements and cost of equity (cost of debt).
Appears in Collections:	[Department of Accounting & Graduate Institute of Accounting] Thesis

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