股權結構、會計保守性與信用評等關係之研究

Ownership Structures, Accounting Conservatism and Firm's Credit Ratings

林美鳳(Mei-Feng Lin) ； 金成隆(Chen-Lung Chin) ； 林良楓(Liang-Feng Lin)

《臺大管理論叢》 20卷1期 (2009/12) Pp. 289-329

https://doi.org/10.6226/NTURM2009.20.1.289

摘要

本研究旨在檢測台灣新興市場公司的控制股東代理問題與會計保守程度之關係。並且進一步檢測，會計政策較保守的公司其信用評等是否較佳。本文以控制股東投票權與現金流量權的偏離程度、董監質押比率以及控制股東掌控的董監席次比率，作為控制股東代理問題與參與管理的衡量變數。另外分別以Givoly與Hayn(2000)的應計基礎衡量模式以及Basu(1997)的盈餘報酬迴歸模式來衡量會計保守的程度和時效性。研究發現與假說預期一致，當控制股東股權質押比率愈高，或董監事內化程度愈深，使得公司治理機制弱化時，控制股東會藉由其控制力，基於自利之誘因操弄財務報表數字，降低了會計保守的程度。同時也發現，信用評等與保守會計呈顯著正相關。本研究的實證結果，說明最終控制股東的所有權結構是盈餘品質（壞消息的認列及時性與會計保守性）的重要因素，而會計的保守程度也是影響信用評等的重要因素。

關鍵字

公司治理 ； 會計保守 ； 信用評等

並列摘要

The primary objective of this study is to examine the association between firm ownership structure, measured by the divergence between the ultimate owners' voting and cash flow rights, the directors affiliated with controlling owners, and the collateralized stock by controlling owner, and the extent to which firms adopt conservative accounting. Secondly, we also examine whether a company employing more conservative accounting is likely to have a higher credit rating. We Apply Givoly and Hayn's (2000) accrual basis model and Basu's (1997) asymmetric timelines of earnings model, respectively, finding that the greater divergence between the ultimate owners' voting and cash flow rights, the higher ratio of directors affiliated with the controlling owners, and the greater ratio of collateralized stock by the controlling owner the less conservative accounting employed, as predicted. Furthermore, we also find that credit ratings are positively associated with the extent to which firms use conservative accounting. Our findings provide strong support for the notion that firm ownership structure is a critical determinant of firm earnings quality in term of incorporating bad news on a timely basis, and accounting conservatism plays a major role in enhancing firm credit ratings.

並列關鍵字

corporate governance ； accounting conservatism ； credit ratings

參考文獻

高蘭芬、邱正仁(2002)。董監事股權質押對會計盈餘與股票報酬相關性之影響。臺大管理論叢。13(1)，127-162。

Ahmed, A. S.,Billings, B. K.,Morton, R. M.,Stanford-Harris, M.(2002).The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs.The Accounting Review.77(4),867-890.

Working paper, Syracuse University

Ashbaugh-Skaife, H.,Collins, D. W.,LaFond, R.(2006).The effects of corporate governance on firms' credit ratings.Journal of Accounting and Economics.42(1/2),203-243.

Basu, S. B.(1997).The conservatism principle and asymmetric timeliness of earnings.Journal of Accounting and Economics.24(1),3-37.