在全球資本市場的競爭壓力下,會計處理準則一致化已經是全球會計界的共識,為使財務報導具有相同基礎並具比較性,目前全球各國之財務會計處理準則均已陸續導入國際會計準則 (International Financial Reporting Standards, IFRSs)。而擁有當今世界一體化程度最高的區域政治、經濟集團組織的歐洲聯盟(European Union, EU),從2005年起要求在歐盟上市的公司強制導入IFRSs,以確保在整個歐盟國家的財務報導品質並具有比較性。由於歐盟資本市場的龐大規模與重要性,被視為是全球性的會計準則的演變的重大指標,因此本研究採用歐盟國家為之樣本,以檢視導入IFRSs後,是否顯著降低企業營運的負債資金成本。制度環境在資本市場的發展與運作亦扮演舉足輕重的角色,且因制度環境的不同,對於各國導入IFRSs的表達與解讀上也會有所差異,因此本研究也加入制度環境的因素,以探討不同國家的制度環境因素,是否影響導入IFRSs後的負債資金成本。 因為受限於世界銀行所公布的歐盟各國的制度環境資料,本研究的樣本期間為2002年至2011年。實證結果顯示,在其他情況不變下,歐盟各國在導入IFRSs後之負債資金成本顯著降低,制度環境愈健全的國家,其負債資金成本也會相對較低;再者,制度環境較健全的國家,在導入IFRSs後,其對負債資金成本降低的效果更為顯著;然而,IFRSs與制度環境的交互作用後,其對負債資金成本的效果會受到影響。
Under the pressure of competition in the global capital market, accounting standards convergence is already a global consensus of the accounting profession. For financial reports and comparable with the same base, current global financial accounting standards are being adoption to the International Financial Accounting Standards(IFRSs). Therefore, from 2005 the European Union (EU) require companies listed on the EU to force the adoption of IFRSs to ensure the quality of financial reporting throughout the countries of the EU and comparative. Because of the size and importance of the capital markets of the EU, it is also considered one the first key in the evolution of global accounting standards, this study used European countries for the study sample. Institutional environment in the areas of capital market development and functioning of impact is significant, because of different institutional environments, for countries to adoption IFRSs will have differences in expression and interpretation of, this study also joined the discussion on the institutional environmental impacts together with associated. Subject to the data availability, the study's sample period from 2002 to 2011. It focused on the markets of the EU adoption IFRSs, the impact of the institutional environment on the cost of capital. Empirical results show that under otherwise unchanged, after EU adoption IFRSs and the country’s institutional environment is better, the costs of debt capital are significantly lower, and IFRSs and institutional environment should synthetically influence the cost of debt capital as well.