臺灣博碩士論文加值系統

近年來，國內外公司弊端不斷發生，財務報表資訊品質優劣更被視為是資本市場大幅波動的主要問題 。其中盈餘品質的優劣、公司管理階層是否採用裁決性應計項目來達到操縱財務報表上的盈餘或資訊不對稱等等各方面的因素，皆會影響公司的資金成本，亦即投資人所要求的預期報酬。

本研究探討盈餘透明性與資金成本之關聯性，依據本益比之倒數來估計權益資金成本，再依Barth et al. (2013) 採用兩階段評估法衡量盈餘透明性，將在兩階段評估法所算出來的盈餘-報酬相關性之解釋能力相加，即為盈餘透明性。

研究結果顯示權益資金成本與盈餘透明性存在顯著的負相關，換言之，如果與投資者的報酬率相關程度越高，代表其盈餘的透明程度越高，因此投資者會對公司在期末財務報表中所公布的盈餘有較高的信任程度，不會傾向花費額外的成本去尋找其它的公司資訊，所以投資人所要求的預期報酬較低。

In recent years, domestic and foreign companies malpractice continue to occur. The main problem in information quality of financial statements is considered the merits of more volatility in capital markets. In various factors like earning quality, company management whether to use discretionary accruals to achieve earnings manipulation on the financial statements, or asymmetric information will affect cost of capital of companies. In other words, that is the expected return required by investors.

The study is discussion on earnings transparency and cost of capital. Using the reciprocal of EP ratio measures cost of capital. According to Barth et al. (2013) two-step estimation procedure measures earnings transparency and our earnings transparency is the sum of the explanatory powers from that firm-year’s earnings -returns relations estimated in the two steps.

The result appears cost of capita significantly negatively associated with earnings transparency. In other words, high earnings-returns relation show high earnings transparency, and then investors will not spend more cost to find other information, so investors will expect lower returns.

目錄
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究架構 5
第二章 文獻探討 6
第一節 與資金成本有關之文獻 6
第二節 與盈餘品質有關之文獻 9
第三節 資金成本與盈餘品質有關之文獻 15
第三章 研究方法 18
第一節 實證回歸模型 18
第二節 研究變數之定義與衡量 20
第三節 研究期間與資料來源 27
第四章 實證結果分析 28
第一節 敘述性統計 28
第二節 迴歸結果 34
第三節 增額測試 38
第五章 研究結論與建議 41
第一節 研究結論 41
第二節 研究限制 42
第三節 研究建議 43
參考文獻 44

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