跳到主要內容

臺灣博碩士論文加值系統

(18.97.9.169) 您好!臺灣時間:2025/02/18 00:48
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

我願授權國圖
: 
twitterline
研究生:謝孟宸
研究生(外文):Meng-Chen Sie
論文名稱:銀行債務契約訂定對國際會計準則調節數之影響:來自台灣的證據
論文名稱(外文):The Effects of Bank Loan Contracting on IFRS Reconciliations: Evidences from Taiwan
指導教授:姚維仁姚維仁引用關係
指導教授(外文):Wei-Ren Yao
學位類別:碩士
校院名稱:國立東華大學
系所名稱:會計與財務碩士學位學程
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
論文頁數:48
中文關鍵詞:國際會計準則國際會計準則調節數銀行債務契約財務條款
外文關鍵詞:IFRSreconciliationbank debt covenantsfinancial covenant
相關次數:
  • 被引用被引用:0
  • 點閱點閱:382
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本篇研究主要探討第一次轉換為國際會計準則對已向銀行融資的公司而言,是否為一個有利的機會,使公司可以透過第一次轉換時選擇對財務報表有利的會計政策來回應其銀行債務契約的條款。本篇假設當公司向銀行借款金額高時或銀行債務契約包括債務條款時,公司會有較大的誘因或動機透過第一次轉換國際會計準則,選擇對報表有利的會計政策來符合其債務條款的規定,然而本篇透過以下三個債務條款: (1)財務條款 (2)以績效衡量貸款利息的條款 (3)債務契約中是否有要求提供擔保品,來衡量是否這些債務條款會影響公司透過第一次轉換為國際會計準則的機會,選擇對報表有利的會計政策,而導致正向的國際會計準則調節數,本研究以台灣上市櫃公司的銀行貸款為樣本,本篇研究結果發現:公司借款金額的幅度與債務契約含有財務條款會是影響公司為了達到債務契約要求的動機,並透過第一次轉換選擇對財務報表有利的會計政策來增加報導數字,因此導致正向的國際會計準則調節數。
The purpose of this study is to examine whether a one-time and first-time transition to a new accounting standard, International Financial Reporting Standards (IFRS) is the scope for company that involve in financing from bank debt to change the accounting method for a favorable reporting to respond its provision of bank debt contracts. This paper hypothesizes that company with higher magnitude of deal amount on bank debt or bank debt includes covenants will have a greater incentive through accounting policy change for a favorable reporting number in order to comply with the debt covenants. In this paper utilizes three covenants: (1) financial covenant (2) performance pricing provision (3) requirement of providing collateral to measure whether these covenants will affect company through the flexibility under first-time adoption of IFRS to engage in choosing a favorable accounting policy which result in a positive reconciliation. The main testing sample is from Taiwan listed firms with bank debt contract, the financial data come from TEJ database, and bank debt data is stem from Dealscan database. The findings in this paper show that the magnitude of deal amount and bank debt contract with financial covenant will affect company to involve in choosing a favorable accounting policy which results in a positive reconciliation to increase the reporting number in order to comply with the bank debt contract.
Keywords:
Page
Table of Contents i
List of Tables ii
1. Introduction 1
2. Literature Review 9
2.1 The effects of IFRS on stock markets 9
2.2 The effects of IFRS on debt markets 11
2.2.1 The information function of IFRS to debt market 11
2.2.2 The contracting function of IFRS to debt market 12
3. Hypotheses 17
4. Research Design 23
4.1 Data and Sample Selection 23
4.2 Model design 24
4.2.1 Testing Hypothesis 1 24
4.2.2 Testing Hypothesis 2 to 4 25
5. Empirical Results 27
5.1 Descriptive statistics 27
5.2 The effect of magnitude of deal amount on reconciliation (H1) 28
5.3 The effect of containing financial covenants on reconciliation (H2) 29
5.4 The effect of provision of performance pricing on reconciliation (H3) 30
5.5 The effect of provision of providing collateral on reconciliation (H4) 31
5.6 Further test of reconciliation of earnings before tax (H1-H4) 32
6. Conclusion 33
References 35
Appendices 41
Appendix A: Variable Definitions 41
Appendix B: Financial Covenants Definitions 42
References
Ahmed, A. S., M. Neel, and D. Wang. 2013. Does mandatory adoption of IFRS improve accounting quality? Preliminary evidence. Contemporary Accounting Research 30(4): 1344–1372.
Altamuro, J., A. L. Beatty, and J. Weber. 2005. The effects of accelerated revenue recognition on earnings management and earnings informativeness: Evidence from SEC staff accounting bulletin no. 101. The Accounting Review 80(2): 373–401.
Armstrong, C. S., M. E. Barth, A. D. Jagolinzer, and E. J. Riedl. 2010. Market reaction to the adoption of IFRS in Europe. The Accounting Review 85(1): 31–61.
Asquith, P., A. Beatty, and J. Weber. 2005. Performance pricing in bank debt contracts. Journal of Accounting and Economics 40(1–3): 101–128.
Ball, R., X. Li, and L. Shivakumar. 2015. Contractibility and transparency of financial statement information prepared under IFRS: Evidence from debt contracts around IFRS adoption. Journal of Accounting Research 53(5): 915–963.
Barth, M. E., W. R. Landsman, and M. H. Lang. 2008. International accounting standards and accounting quality. Journal of Accounting Research 46(3): 467–498.
Beatty, A., K. Ramesh, and J. Weber. 2002. The importance of accounting changes in debt contracts: the cost of flexibility in covenant calculations. Journal of Accounting and Economics 33(2): 205–227.
Beatty, A., and J. Weber. 2003. The effects of debt contracting on voluntary accounting method changes. The Accounting Review 78(1): 119–142.
Beaver, W. H. 2002. Financial Reporting: An Accounting Revolution, 3rd Edition. Pearson education.
Bharath, S. T., J. Sunder, and S. V. Sunder. 2008. Accounting quality and debt contracting. The Accounting Review 83(1): 1–28.
Bhat, G., J. L. Callen, and D. Segal. 2014. Credit risk and IFRS: The case of credit default swaps. Journal of Accounting, Auditing & Finance 29(2): 129–162.
Byard, D., Y. Li, and Y. Yu. 2011. The effect of mandatory IFRS adoption on financial analysts’ information environment. Journal of Accounting Research 49(1): 69–96.
Callao, S., and J. I. Jarne. 2010. Have IFRS affected earnings management in the European Union? Accounting in Europe 7(2): 159–189.
Chen T. Y., C. L. Chin, S. Wang, and W. R. Yao. 2015. The effects of financial reporting on bank loan contracting in global markets: Evidence from mandatory IFRS adoption. Journal of International Accounting Research 14(2): 45-81.
Christensen, H. B., E. Lee, and M. Walker. 2009. Do IFRS reconciliations convey information? The effect of debt contracting. Journal of Accounting Research 47(5): 1167–1199.
Christensen, H. B., and V. V. Nikolaev. 2012. Capital versus performance covenants in debt contracts. Journal of Accounting Research 50(1): 75–116.
Christensen, H. B., and V. V. Nikolaev. 2013. Does fair value accounting for non-financial assets pass the market test? Review of Accounting Studies 18(3): 734–775.
Christensen, H. B., and V. V. Nikolaev. 2014. Debt contracts and the need for mandatory accounting changes. Working paper.
Costello, A. M., and R. Wittenberg-Moerman. 2011. The impact of financial reporting quality on debt contracting: Evidence from internal control weakness reports. Journal of Accounting Research 49(1): 97–136.
Daske, H., L. Hail, C. Leuz, and R. Verdi. 2008. Mandatory IFRS reporting around the world: Early evidence on the economic consequences. Journal of Accounting Research 46(5):1085–1142.
DeFond, M., X. Hu, M. Hung, and S. Li. 2011. The impact of mandatory IFRS adoption on foreign mutual fund ownership: The role of comparability. Journal of Accounting and Economics 51(3): 240–258.
Demerjian, P. R. 2011. Accounting standards and debt covenants: Has the “balance sheet approach” led to a decline in the use of balance sheet covenants? Journal of Accounting and Economics 52(2–3): 178–202.
Demerjian, P. R. 2012. Uncertainty and debt covenants. Working paper, Emory University
Demerjian, P. R., and E. L. Owens. 2016. Measuring the probability of financial covenant violation in private debt contracts. Journal of Accounting and Economics 61(2–3): 433–447.
Dichev, I. D. 2008. On the balance-sheet based model of financial reporting. Accounting Horizons 22(4): 453–470.
El-Gazzar, S., and V. Pastena. 1991. Factors affecting the scope and initial tightness of covenant restrictions in private lending agreements. Contemporary Accounting Research 8(1): 132–151.
Florou, A., and U. Kosi. 2015. Does mandatory IFRS adoption facilitate debt financing? Review of Accounting Studies 20(4): 1407–1456.
Florou, A., Kosi, U., and P. F. Pope. 2016. Are international accounting standards more credit relevant than domestic standards? Accounting and Business Research 1–29.
Florou, A., and P. F. Pope. 2012. Mandatory IFRS adoption and institutional investment decisions. The Accounting Review 87(6): 1993–2025.
Gassen, J. 2008. Are stewardship and valuation usefulness compatible or alternative objectives of financial accounting? Working paper, Humboldt University.
Holthausen, R. W., and R. L. Watts. 2001. The relevance of the value-relevance literature for financial accounting standard setting. Journal of Accounting and Economics 31(1–3): 3–75.
Hong, H. A., M. Hung, and G. J. Lobo. 2014. The impact of mandatory IFRS adoption on IPOs in Global Capital Markets. The Accounting Review 89(4): 1365–1397.
Horton, J., G. Serafeim, and I. Serafeim. 2013. Does mandatory IFRS adoption improve the information environment? Contemporary Accounting Research 30(1): 388–423.
Jeanjean, T., and H. Stolowy. 2008. Do accounting standards matter? An exploratory analysis of earnings management before and after IFRS adoption. Journal of Accounting and Public Policy 27(6): 480–494.
Jiménez, G., V. Salas, and J. Saurina. 2006. Determinants of collateral. Journal of Financial Economics 81(2): 255–281.
Kieso, D. E., J. J. Weygandt, and T. D. Warfield. 2014. Intermediate Accounting: IFRS Edition, 2nd Edition. Wiley.
Kraft, P., and W. R. Landsman. 2014. Effect of mandatory IFRS adoption on accounting-based prediction models for CDS Spreads. Working paper, New York University.
Leftwich, R. 1983. Accounting information in private markets: Evidence from private lending agreements. The Accounting Review 58(1): 23.
Li, N. 2010. Negotiated measurement rules in debt contracts. Journal of Accounting Research 48(5), 1103–1144.
Li, S. 2010. Does mandatory adoption of International Financial Reporting Standards in the European Union reduce the cost of equity capital? The Accounting Review 85(2): 607-636.
Nikolaev, V. V. 2010. Debt covenants and accounting conservatism. Journal of Accounting Research 48(1): 51–89.
Rajan, R., and A. Winton. 1995. Covenants and collateral as incentives to monitor. Journal of Finance 50(4): 1113–1146.
Ramanna, K., and E. Sletten. 2014. Network effects in countries’ adoption of IFRS. The Accounting Review 89(4): 1517–1543.
Ramanna, K., and R. Wattas. 2011. Evidence from goodwill non-impairments on the effects of using unverifiable estimates in financial reporting. Working paper.
Roberts, M. R., and A. Sufi. 2009. Renegotiation of financial contracts: Evidence from private credit agreements. Journal of Financial Economics 93(2): 159–184.
Schipper, K. 2003. Principles-based accounting standards. Accounting Horizons 17(1): 61–72.
Shivakumar, L. 2013. The role of financial reporting in debt contracting and in stewardship. Accounting and Business Research 43(4): 362–383.
Smith, C. W., and J. B. Warner. 1979. On financial contracting: An analysis of bond covenants. Journal of Financial Economics 7(2): 117–161.
Sweeney, A. P. 1994. Debt-covenant violations and managers’ accounting responses. Journal of Accounting and Economics 17(3): 281–308.
Tan, H., S. Wang, and M. Welker. 2011. Analyst following and forecast accuracy after mandated IFRS adoptions. Journal of Accounting Research 49(5): 1307–1357.
Wang, S., and M. Welker. 2011. Timing equity issuance in response to information asymmetry arising from IFRS adoption in Australia and Europe. Journal of Accounting Research 49(1): 257–307.
Watts, R. L., and J. L. Zimmerman. 1986. Positive accounting theory. Englewood Cliffs, N.J: Prentice-Hall.
Watts, R. L., and J. L. Zimmerman. 1990. Positive accounting theory: A ten year perspective. The Accounting Review 65(1): 131–156.
Wu, J. S., and I. X. Zhang. 2014. The adoption of internationally recognized accounting standards: Implications for the credit markets. Journal of Accounting, Auditing & Finance 29(2): 95–128.
Yip, R. W. Y., and D. Young. 2012. Does mandatory IFRS adoption improve information comparability? The Accounting Review 87(5): 1767–1789.
Yu, G., and A. S. Wahid. 2014. Accounting standards and international portfolio holdings. The Accounting Review 89(5): 1895–1930.
Zhang, J. 2008. The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting and Economics 45(1): 27–54.
連結至畢業學校之論文網頁點我開啟連結
註: 此連結為研究生畢業學校所提供,不一定有電子全文可供下載,若連結有誤,請點選上方之〝勘誤回報〞功能,我們會盡快修正,謝謝!
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top