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研究生:劉欣靄
論文名稱:採用IFRS對政府公債資金成本之影響 ─以英國政府為例
論文名稱(外文):IFRS Adoption in Public Sector and Cost of Debt: Evidence from UK Government
指導教授:周玲臺周玲臺引用關係
指導教授(外文):Chou, Ling Tai
學位類別:碩士
校院名稱:國立政治大學
系所名稱:會計研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
畢業學年度:103
語文別:中文
論文頁數:49
中文關鍵詞:政府公債債券殖利率國際會計準則審計財務報告品質
外文關鍵詞:Government BondYield SpreadIFRSAuditInformation Quality
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近年來,政府會計之改革為各國探討之議題,本研究探討當政府公部門財務報告採用國際會計準則編製,並且經過獨立審計機關查核後,對其發行公債之殖利率利差之影響。本研究從英國債務管理辦公室及倫敦證券交易所之資料庫,蒐集英國中央政府發行公債之資訊,以 2006 年至 2014 間有交易行為之公債為樣本,進行迴歸分析。結果顯示,公債殖利率利差與採用國際會計準則呈現顯著負相關,意即政府報表採用國際財務報導準則,會使市場投資人獲得更透明之財務資訊,而預期公債之無法償還風險降低,且更加願意投資公債。除此之外,當政府提供依國際財務報導準則編製之政府財務報告,再經過會計師查核,審計效果與殖利率利差亦呈現負相關。敏感性測試則指出,當不考慮金融危機的非常規狀況時,同樣可以顯示出相同結果。
The reform of government accounting systems has become a trend in many countries during recent decades. This study investigates the effect on sovereign bond yield spread of adopting IFRS in government sector, and how yield spreads might be affected after financial reports are audited. Data of tradable UK sovereign bonds are collected from UK Debt Management Office and London Stock Exchange for the period of 2006-2014. Based on the results of regression analysis, the adoption of IFRS by UK governments is negatively associated with gilt bond yield spreads, which means sovereign risk is perceived to be lower by the investors after the adoption of IFRS by central government. When the IFRS-based government financial reports are audited, negative connections between audited reports and yield spreads provide further evidence that investors show higher faith in the sovereign bonds. Additionally, the results remain the same when data of 2009, an abnormal year because of world financial crisis are added back to the regression.
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究問題 3
第三節 研究貢獻 5
第四節 論文章節 6
第二章 文獻探討 7
第一節 英國政府會計沿革 7
第二節 英國公債 14
第三節 IFRS與IPSAS、UK GAAP之異同 16
第四節 財務報表品質與債券成本 22
第五節 影響公債殖利率之因素 23
第三章 研究方法 26
第一節 研究假說 26
第二節 樣本選取 28
第三節 研究模型與變數衡量 29
第四章 實證結果分析 32
第一節 敘述性統計分析 32
第二節 相關係數分析 34
第三節 複迴歸結果分析 37
第四節 敏感性測試 40
第五章 結論與建議 43
第一節 研究結論 43
第二節 研究限制 45
第三節 研究建議 46
第六章 參考文獻 47

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