The Effects of Value Relevance of Accounting Information and Financing Activities on Idiosyncratic Risk

會計資訊的價值攸關性和融資活動對異質風險之影響

林宜勉(Yi-Mien Lin) ； 王登仕(Teng-Shih Wang) ； 鍾惠民(Huimin Chung)

《財務金融學刊》 25卷2期 (2017/06) Pp. 75-103

https://doi.org/10.6545/JFS.2017.25(2).3

摘要

This study examines the relationships between the value relevance of accounting information, financing activities, and idiosyncratic risk. The findings show that debt financing activities are positively related to the value relevance of earnings but equity financing activities decrease with the value relevance of earnings. Both external financing activities and equity financing activities decrease with idiosyncratic volatility, and considering the interaction between financing activities and the value relevance of earnings or cash flows, these relationships still hold. Overall, investors face lower idiosyncratic risk when a firm chooses equity financing activities.

關鍵字

Accounting information ； value relevance ； idiosyncratic risk ； debt financing activities ； equity financing activities

並列摘要

本文驗證會計資訊的價值攸關性、融資活動及異質風險之間的關聯性。實證結果發現，負債（權益）融資活動與盈餘的價值攸關性呈正（負）相關。外部融資及權益融資活動負向影響異質波動性，在考慮盈餘或現金流量的價值攸關性與融資活動之交互關係後仍獲得一致結果。整體而言，公司選擇權益融資活動時投資人面對較低的異質風險。

並列關鍵字

會計資訊 ； 價值攸關性 ； 異質風險 ； 負債融資活動 ； 權益融資活動

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