組織資本、會計師與銀行借款成本

Organizational Capital, Auditors and Borrowing Cost

許玳華(Dai-Hua Shiu)

指導教授 ： 俞海琴

中原大學/商學院/國際經營與貿易研究所/碩士(2021年)

https://doi.org/10.6840/cycu202100305

摘要

本研究探討組織資本的高低、會計公司的聲望以及銀行借貸利差之關係。根據2000年至2016年的美國樣本，組織資本較高的公司或使用四大會計師的公司擁有更多的資產和研發費用。當公司投資比較多的組織資本，也就是投資較多的技術人才和無形資產時，銀行會評估這些項目，並且給予較低的利差；使用四大會計師事務所的公司，會減少公司和銀行之間的訊息不對稱，因此銀行的代理成本降低，也會給予較低的利差。此外，組織資本與會計師事務所之間存在互補關係，對於使用四大會計師事務所作為其審計品質的公司而言，投資大量的組織資本不再有助於減少借貸利差。它僅適用於低組織資本的公司。同樣，對於投資於高組織資本的公司，使用四大會計師事務不能助於再次減少利差，而是對使用非四大會計師事務所的公司才更有效。出現這種現象的合理原因可能來自以下證據，即高經營成本的公司通常聘請四大會計師來減少其不對稱信息。當四大會計師幫助減少不對稱信息和相關的利差時，不必再使用高組織資本傳以獲得較低的利差，因此，組織資本和會計師之間的關係是互補的。另一方面，我們也使用探討了組織資本對於銀行借款利差之相關性的穩健性測試。最後，我們也透過準實驗設計來檢驗組織資本與銀行借貸利差之關係，結果顯示組織資本使得銀行借貸利差下降。

關鍵字

組織資本 ； 無形資產 ； 借貸利差 ； 會計師 ； 貸款合約

並列摘要

This study examines the relationship between the level of organizational capital (OC), the reputation of auditors, and the borrowing spread. Based on the sample of U.S. firms from 2000 to 2016, companies with higher OC or companies using Big 4 auditors have more assets and R D expenses. When the companies invest more OC, that is, more skilled talents or intangible assets, the bank will perceive it as valuable and grant a lower spread; the companies that use the Big 4 auditors will reduce the information asymmetry, and the agency costs of bank would decrease, then the bank would benefit the companies through the lower spread. In addition, a complementary relationship exists between OC and accounting firms. For the companies that use Big 4 auditors, high investments in OC no longer help reduce the spread. It only applies to companies with low OC. Similarly, for the companies that invest in high OC, the use of the Big 4 auditors cannot help reduce the spread again, but is effective for companies that use non-Big 4 auditors. The sensible reason for this phenomenon may come from the following evidence, that is, the companies with high-operating costs usually hire Big 4 auditors to reduce the asymmetric information. When the Big 4 auditors help reduce asymmetric information and related spreads, using high OC transmission to obtain lower interest spreads is no longer necessary. Therefore, the relationship between OC and auditors is complementary. Moreover, this paper uses a robustness test that explores the relevance of OC to bank borrowing spreads. Ultimately, we also tested the relationship between OC and bank loan spread through a quasi-experimental design. Results show that OC caused bank borrowing spread to fall.

並列關鍵字

OC ； Intangible assets ； Borrowing spread ； Auditors ； Contract design

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