近年企業發生許多重大舞弊案件,財務報告盈餘資訊品質日漸受到重視,由於企業所需之資金大多來自外界舉借的債務,企業所發佈之財務報告是為債權人授信決策的主要依據,本文擬探討債權人對此項財務資訊之品質是否重視,隱藏於財務報表內之「盈餘品質」資訊是否能為債權人所擷取與解讀,並作為授信決策評價與設算利率之參考依據。 本研究以裁決性應計項目作為盈餘品質的代理變數,裁決性應計項目較高表示盈餘品質較低,將有較高之資金成本;另公司治理機制監督作用有助於盈餘品質之提升,進而取得較低資金成本之外部融資。 本研究以2000年至2009年台灣上市上櫃企業為研究對象,實證結果顯示,當企業出現盈餘管理之行為或公司治理機制較差時,其財務報告之盈餘品質會降低,債權人為保護其權益,降低隱藏壞消息之資訊風險,會要求較高之風險貼水與投資報酬,對企業提高利率,進而使企業之債務資金成本提升。
This study intends to investigate whether the quality of earning information is important to creditor, and whether the "earning quality" information hidden in the financial statements could be retrieved and interpreted by creditor, and whether creditor does take the information of earning quality into consideration of credit decision and interest rate. Besides, this study also discusses the effect of the corporate governance on earnings quality, and may affect cost of debt. Earnings management behavior often carried out through accruals. To conduct the research, the annual discretionary accruals will be used as proxy of earning quality. By examining the public companies in Taiwan Stock Market from 2001 to 2009, the empirical results show the earnings quality of financial reporting will be decreased, when companies adapting earnings management or having poor corporate governance, therefore creditors will raise interest rates on companies to protect their rights and reduce the risk of information, which will be effect to increase the cost of debt capital.