金融加速器與會計加速器對企業價值之影響

The Effect of Financial Accelerator and Accounting Accelerator on the Firm Value

鄭健逢(Chien-Feng Cheng)

指導教授 ： 葉金成

淡江大學/管理學院/會計學系碩士班/碩士(2010年)

https://doi.org/10.6846/TKU.2010.00170

摘要

2007年7月發生的全球性金融危機，造成許多公司倒閉。倒閉原因可能來自公司融資政策、會計衡量基礎變動或兩者互動的影響。基此，本研究目的以探討金融加速器理論與會計加速器理論個別對企業價值之影響，及兩者交互作用對企業價值之影響。我國會計準則仍未完全採公平價值為衡量基礎，故實證資料不足，但瞭解金融加速器與會計加速器交互作用之影響，是學界與實務界共同的期待，因此本研究採用以系統動態學為模擬方法論，選擇兩家具代表性之企業為個案。模擬結果發現：兩種加速器都會影響企業價值，無論在繁榮或衰退期金融加速器對企業價值均呈現負面影響，表示企業不宜採高度舉債之融資政策。而會計加速器在兩種經濟周期均會增加兩家個案公司企業價值。另外發現，金融加速器對企業價值之影響比會計加速器大。

關鍵字

金融加速器 ； 會計加速器 ； 企業價值 ； 系統動態學

並列摘要

In July, 2007 the global occurs financial crisis, causes firms faced bankruptcy. The bankrupt reason possibly comes from the firm’s finance policy or accounting standard change. This research explores that the financial accelerator and accounting accelerator isolated and both on the effect of the firm value. Fair value accounting completely had still not implemented in Taiwan, the actual data is insufficient, but must understand the simultaneous impacts of both theories, therefore this research uses the system dynamics as a methodology and chooses two firms as the cases. The findings: Two kinds of accelerators affect the firm value, the financial accelerator has the negative effect on firm value, indicated that the firm is not taken highly leverage policy. Moreover, in accounting accelerator aspect, firm value has the positive effect. To the impact on the firm value, the financial accelerator is more significant than accounting accelerator.

並列關鍵字

Financial Accelerator ； Accounting Accelerator ； Firm value ； System Dynamics

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