應計品質與資金成本關係之研究

A Study of the Relationship between Accrual Quality and Costs of Capital

莊盛杰(Sheng-Jie Jhuang)

指導教授 ： 林嬋娟

國立臺灣大學/管理學院/會計學研究所/碩士(2007年)

https://doi.org/10.6342/NTU.2007.02889

摘要

研究用應計品質來偵測資訊風險並且藉著應計品質探討資訊風險與資金成本的關係。本文由三個角度來探討這個主題：公司借款資金成本、公司權益資金成本、產業權益資金成本。本研究受到信評機構的信評報告的啟發，因此特別將研究範圍擴大到產業權益資金成本。

本研究結果顯示公司應計品質越差，其權益資金成本越高。但應計品質與公司借款成本的關連性並不顯著。應計品質對產業權益資金成本也並不顯著。雖然如此，
各產業對於關於應計品質的資訊風險的敏感程度差異甚大。

電子產業相較於一般的傳統產業如食品、塑膠產業對於關於應計品質的資訊風險反應程度更大。本研究更發現產業的營運年限產業有顯著的負影響 其對資訊風險的敏感程度。本研究也發現不同來源的應計品質對資金成本有不同的效應。

關鍵字

資訊風險 ； 應計品質 ； 公司資金成本 ； 產業資金成本

並列摘要

This paper uses accrual quality to proxy for information risk, which is used to investigate its relationship with costs of capital. There are three perspectives to address this issue: firm costs of debt, firm costs of equity, and industry costs of capital. This paper especially extends the research scope to industry costs of capital which is inspired by credit reports of the rating agency.

The results show that firms with poorer accruals quality have higher costs of equity. But the association between accrual quality and firm costs of debt is not significant. For industry costs of capital, the effects of accrual quality are also not significant. However, the sensitivity to information risk related to accrual quality varies a lot among industries.

The Electronic industry is more sensitive to information risk than traditional industries such as Food and Plastic industry. This paper finds that the industry operating history has significantly negative effects on its sensitivity to information risk. And further finds whether different sources of accruals quality have different pricing effects on costs of capital.

Keyword: Information risk, accrual quality, firm costs of capital, industry costs of capital.

並列關鍵字

Information risk ； accrual quality ； firm costs of capital ； industry costs of capital

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