財務報表重編與資金成本

Accounting Restatements and Cost of Equity Capital

林宗輝(Tzong-Huei Lin) ； 周玉娟(Yu-Chuan Chou) ； 戚務君(Wu-Chun Chi)

《中山管理評論》 20卷2期 (2012/06) Pp. 533-567

https://doi.org/10.6160/2012.06.03

摘要

本文利用Fama-French三因子模型檢視財務報表重編與企業權益資金成本之關聯性。實證結果顯示，財務報表重編會提高企業的權益資金成本。除此之外，研究結果亦顯示，若財務報表重編對損益金額影響愈高，則資金成本的負面影響愈大。

關鍵字

財務報表重編 ； 資金成本 ； Fama-French三因子模型

並列摘要

This study examines the association between accounting restatements and firms' cost of equity capital. Using the Fama-French three-factors model, we find a significantly positive relationship between the restatement risk factor and the returns after controlling for the market, size, and book-to-market ratio. The results imply that restatements lead to a higher cost of equity capital. In addition, we also find that the greater the difference between the restatement amount and the original amount, the greater the effect on the cost of equity capital.

並列關鍵字

accounting restatements ； cost of capital ； Fama-French three-factors model

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