現金持有、資訊不對稱與會計準則

Cash Holdings, Information Asymmetry, and Accounting Standards

施念恕(Nien-Su Shih) ； 曾子耘(Tzu-Yun Tseng)

《中山管理評論》 29卷2期 (2021/06) Pp. 197-243

https://doi.org/10.6160/SYSMR.202106_29(2).0001

摘要

本研究的主要目的在檢視是否IFRS的採用能調節資訊不對稱與公司現金持有之關係。結果發現採用IFRS後公司之現金持有顯著增加。我們進一步使用Oaxaca-Blinder分解模型將採用前後期現金持有的差異拆解為能被特徵效果（亦即資訊不對稱的差異）解釋的部分以及能被係數效果（亦即資訊不對稱估計係數的差異）解釋的部分，以分析影響採用前後現金持有差異的原因。結果顯示採用IFRS後公司之現金持有增加是源自於公司特性衡量之資訊不對稱的減少與公司特性衡量之資訊不對稱對應參數的增加。進一步以傾向分數配對採用IFRS的臺灣公司與未採用IFRS的日本公司執行差異中差異測試，結果一致。整體而言，研究結果支持現金持有之監督成本假說。

關鍵字

國際財務報導準則 ； 現金持有 ； 資訊不對稱

並列摘要

The main purpose of this paper is to examine whether the adoption of IFRS moderates the relation between information asymmetry and cash holding. The results suggest that firms significantly increase their cash holdings after the IFRS adoption. We further utilize Oaxaca-Blinder decomposition model to decompose the difference in cash holdings between the pre- and post-adoption period into the part that can be explained by the endowment effect (i.e., changes in information asymmetry) and the part that can be explained by the coefficient effect (i.e., changes in the coefficient estimates of information asymmetry). And analysis the reason that impact the pre-post change in cash holdings. The results indicate that the cash holdings increase after the IFRS adoption is due to a decrease in information asymmetry (which is measured base on firms' characteristics) and an increase in regression coefficient of information asymmetry. Further, we match each adoption firm (Taiwanese firm) to a non-adoption firm (Japanese firm) on a propensity score and conduct a difference-in-differences test. The results are unchanged. Overall, the results support the monitoring cost hypothesis of cash holdings.

並列關鍵字

IFRS ； Cash Holdings ； Information Asymmetry

參考文獻

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