1. NCCU Academic Hub
  2. Publications
  3. College of Commerce
  4. Theses
  5. Item

Publications-Theses

Article View/Open

Publication Export

Google ScholarTM

NCCU Library

Citation Infomation

Related Publications in TAIR

題名 公允價值與聯貸特性之關聯性
The Effect of Fair Value on Syndicated Loan Features
作者 林乃馨
貢獻者 詹凌菁
林乃馨
關鍵詞 公允價值衡量
聯合貸款特性
債務資金成本
Fair value measurements
syndicated loan features
cost of debt
日期 2016
上傳時間 20-Jul-2016 16:40:56 (UTC+8)
摘要 本論文之研究目的係驗證公允價值資訊是否會影響聯合貸款的借款條件。實證結果顯示公司採用更多公允價值，尤其是第1等級輸入值，可在聯合貸款市場中可取得較有利的聯合貸款條件，例如可取得更低的利率及更高額的貸款金額。然而實證結果也顯示，若公司採用更多公允價值，尤其是第1等級輸入值，會有更高的機會被債權人要求提供債務擔保。由此可知，公司採用更多公允價值可有助於取得更有利的聯合貸款借款條件，同時第1等級輸入值可獲得更顯著的結果。
參考文獻 Anderson, R. C., Mansi, S. A., and Reeb, D. M. (2004). Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting & Economics, 37(3), 315-342.

Armstrong, C. S., Barth, M. E., Jagolinzer, A. D., and Riedl, E. J. (2010). Market reaction to the adoption of IFRS in Europe. The Accounting Review, 85(1), 31-61.

Ball, R., Bushman, R. M., and Vasvari, F. P. (2008). The debt‐contracting value of accounting information and loan syndicate structure. Journal of Accounting Research, 46(2), 247-287.

Ball, R., Li, X., and Shivakumar, L. (2013). Mandatory IFRS adoption, fair value accounting and accounting information in debt contracts. Unpublished working paper, University of Chicago.

Ball, R., Li, X., and Shivakumar, L. (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.

Barlev, B., and Haddad, J. R. (2003). Fair value accounting and the management of the firm. Critical Perspectives on Accounting, 14(4), 383-415.

Barron, O. E., Chung, S. G., and Yong, K. O. (2016). The Effect of Statement of Financial Accounting Standards No. 157 Fair Value Measurements on Analysts’ Information Environment. Journal of Accounting and Public Policy.

Barth, M. E., Beaver, W. H., and Landsman, W. R. (1996). Value-relevance of banks` fair value disclosures under SFAS No. 107 (Digest Summary). Accounting Review, 71(4), 513-537.

Barth, M. E., Landsman, W. R., and Lang, M. H. (2008). International accounting standards and accounting quality. Journal of Accounting Research, 46(3), 467-498.

Barth, M. E., Landsman, W. R., and Wahlen, J. M. (1995). Fair value accounting: Effects on banks` earnings volatility, regulatory capital, and value of contractual cash flows. Journal of Banking & Finance, 19(3), 577-605.

Benston, G. J. (2008). The shortcomings of fair-value accounting described in SFAS 157. Journal of Accounting and Public Policy, 27(2), 101-114.

Botosan, C. A. (1997). Disclosure level and the cost of equity capital. Accounting Review, 323-349.

Chan, A. L.-C., Hsieh, Y.-T., Lee, E., and Yueh, M.-L. (2015). Does financial statement information affect cross-border lending by foreign banks in the syndicated loan market? Evidence from a natural experiment. Journal of Accounting and Public Policy, 34(5), 520-547.

Chen, T.-Y., Chin, C.-l., Wang, S., and Yao, C. (2013). The effect of mandatory IFRS adoption on bank loan contracting. Available at SSRN 2159001.

Dechow, P. M., Sloan, R. G., and Sweeney, A. P. (1996). Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the sec*. Contemporary accounting research, 13(1), 1-36.

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), 178-202.

Demirkan, S., Radhakrishnan, S., and Urcan, O. (2012). Discretionary accruals quality, cost of capital, and diversification. Journal of Accounting, Auditing & Finance, 27(4), 496-526.

Dennis, S. A., and Mullineaux, D. J. (2000). Syndicated Loans. Journal of Financial Intermediation, 9(4), 404-426.

Diamond, D. W., and Verrecchia, R. E. (1991). DISCLOSURE, LIQUIDITY, AND THE COST OF CAPITAL. Journal of Finance, 46(4), 1325-1359.

Easley, D., and O`hara, M. (2004). Information and the cost of capital. The journal of finance, 59(4), 1553-1583.

Eccher, E. A., Ramesh, K., and Thiagarajan, S. R. (1996). Fair value disclosures by bank holding companies. Journal of accounting and economics, 22(1), 79-117.

Financial Accounting Standards Board. (2006). Statement of Financial Accounting Standards (SFAS) No. 157, Fair Value Measurements. Norwalk, CT: FASB.

Francis, J., LaFond, R., Olsson, P., and Schipper, K. (2005). The market pricing of accruals quality. Journal of accounting and economics, 39(2), 295-327.

Gale, D., and Hellwig, M. (1985). Incentive-compatible debt contracts: The one-period problem. The Review of Economic Studies, 52(4), 647-663.

Graham, J. R., Li, S., and Qiu, J. (2008). Corporate misreporting and bank loan contracting. Journal of Financial Economics, 89(1), 44-61.

Greenstein, M. M., and Sami, H. (1994). THE IMPACT OF THE SECS SEGMENT DISCLOSURE REQUIREMENT ON BID-ASK SPREADS. Accounting Review, 69(1), 179-199.

Holthausen, R. W., and Watts, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of accounting and economics, 31(1), 3-75.

Hughes, J. S., Liu, J., and Liu, J. (2007). Information asymmetry, diversification, and cost of capital. The Accounting Review, 82(3), 705-729.

Hutton, A. P., Marcus, A. J., and Tehranian, H. (2009). Opaque financial reports, R 2, and crash risk. Journal of Financial Economics, 94(1), 67-86.

Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of Financial Economics, 92(2), 300-319.

Jensen, M. C., and Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.

Jones, J. D., Lang, W. W., and Nigro, P. J. (2005). Agent bank behavior in bank loan syndications. Journal of Financial Research, 28(3), 385-402.

Kim, J.-B., Tsui, J. S., and Cheong, H. Y. (2011). The voluntary adoption of International Financial Reporting Standards and loan contracting around the world. Review of Accounting Studies, 16(4), 779-811.

Landsman, W. R. (2007). Is fair value accounting information relevant and reliable? Evidence from capital market research. Accounting and business research, 37(sup1), 19-30.

Landsman, W. R., Maydew, E. L., and Thornock, J. R. (2012). The information content of annual earnings announcements and mandatory adoption of IFRS. Journal of accounting and economics, 53(1), 34-54.

Lara, J. M. G., Osma, B. G., and Penalva, F. (2011). Conditional conservatism and cost of capital. Review of Accounting Studies, 16(2), 247-271.

Lee, S. W., and Mullineaux, D. J. (2004). Monitoring, financial distress, and the structure of commercial lending syndicates. Financial management, 107-130.

Leuz, C., and Verrecchia, R. E. (2000). The economic consequences of increased disclosure. Journal of Accounting Research, 38, 91-124.

Magnan, M., and Wang, H. (2014). Fair Value Accounting and the Cost of Debt. Paper presented at the American Accounting Association Annual Meeting and Conference on Teaching and Learning in Accounting, Atlanta, Georgia.

Mazumdar, S. C., and Sengupta, P. (2005). Disclosure and the loan spread on private debt. Financial Analysts Journal, 61(3), 83-95.

Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175.

Penman, S. H. (2007). Financial reporting quality: is fair value a plus or a minus? Accounting and business research, 37(sup1), 33-44.

Sengupta, P. (1998). Corporate disclosure quality and the cost of debt. Accounting Review, 73(4), 459-474.

Shen, C. H., and Huang, Y. L. (2013). Effects of earnings management on bank cost of debt. Accounting & Finance, 53(1), 265-300.

Smith, C. W., and Warner, J. B. (1979). On financial contracting: An analysis of bond covenants. Journal of Financial Economics, 7(2), 117-161.

Song, C. J., Thomas, W. B., and Yi, H. (2010). Value relevance of FAS No. 157 fair value hierarchy information and the impact of corporate governance mechanisms. The Accounting Review, 85(4), 1375-1410.

Strahan, P. E. (1999). Borrower risk and the price and nonprice terms of bank loans. FRB of New York staff report(90).

Stulz, R., and Johnson, H. (1985). An analysis of secured debt. Journal of Financial Economics, 14(4), 501-521.

Sufi, A. (2007). Information asymmetry and financing arrangements: Evidence from syndicated loans. Journal of Finance, 62(2), 629-668.

Townsend, R. M. (1979). Optimal contracts and competitive markets with costly state verification. Journal of Economic theory, 21(2), 265-293.

Verrecchia, R. E. (2001). Essays on disclosure. Journal of accounting and economics, 32(1), 97-180.

Welker, M. (1995). Disclosure Policy, Information Asymmetry, and Liquidity in Equity Markets*. Contemporary accounting research, 11(2), 801-827.

Wittenberg-Moerman, R. (2008). The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market. Journal of Accounting & Economics, 46(2-3), 240-260.

Wu, J. S., and Zhang, I. X. (2009). The voluntary adoption of internationally recognized accounting standards and firm internal performance evaluation. The Accounting Review, 84(4), 1281-1309.
描述 碩士
國立政治大學
會計學系
103353027
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103353027
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.author (Authors) 林乃馨zh_TW
dc.creator (作者) 林乃馨zh_TW
dc.date (日期) 2016en_US
dc.date.accessioned 20-Jul-2016 16:40:56 (UTC+8)-
dc.date.available 20-Jul-2016 16:40:56 (UTC+8)-
dc.date.issued (上傳時間) 20-Jul-2016 16:40:56 (UTC+8)-
dc.identifier (Other Identifiers) G0103353027en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99302-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 103353027zh_TW
dc.description.abstract (摘要) 本論文之研究目的係驗證公允價值資訊是否會影響聯合貸款的借款條件。實證結果顯示公司採用更多公允價值，尤其是第1等級輸入值，可在聯合貸款市場中可取得較有利的聯合貸款條件，例如可取得更低的利率及更高額的貸款金額。然而實證結果也顯示，若公司採用更多公允價值，尤其是第1等級輸入值，會有更高的機會被債權人要求提供債務擔保。由此可知，公司採用更多公允價值可有助於取得更有利的聯合貸款借款條件，同時第1等級輸入值可獲得更顯著的結果。zh_TW
dc.description.tableofcontents 1. Introduction 1
2. Literature review 5
2.1 Use of fair value in financial reporting 5
2.1.1 Fair value measurements 5
2.1.2 Pros and cons of fair value accounting 6
2.1.3 Effect of fair value on the equity market 7
2.1.4 Effect of fair value on the debt market 8
2.2 Information asymmetry and cost of capital 10
2.2.1 Information asymmetry and cost of capital 10
2.2.2 The effect of disclosure on the equity market 11
2.2.3 The effect of disclosure in the debt market 12
2.3 Syndicated loan 14
2.3.1 Syndicated loan market 14
2.3.2 Effects of financial statement transparency on syndicated loan features 15
3. Hypothesis development 17
3.1 The effects of fair value on syndicated loan features 17
3.2 The effects of fair value hierarchy on syndicated loan features 18
4. Research design 20
4.1 Sample selection 20
4.2 Empirical model for H1 22
4.3 Empirical model for H2 26
5. Empirical Results 27
5.1 Descriptive statistics and correlation analysis 27
5.2 Test of hypothesis H1 31
5.3 Test of hypothesis H2 35
6. Additional analysis 39
6.1 The effect of fair value on the structure of syndicated loans 39
6.2 The effect of financial statement opacity on loan features 43
7. Conclusion 49
References 51		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103353027en_US
dc.subject (關鍵詞) 公允價值衡量zh_TW
dc.subject (關鍵詞) 聯合貸款特性zh_TW
dc.subject (關鍵詞) 債務資金成本zh_TW
dc.subject (關鍵詞) Fair value measurementsen_US
dc.subject (關鍵詞) syndicated loan featuresen_US
dc.subject (關鍵詞) cost of debten_US
dc.title (題名) 公允價值與聯貸特性之關聯性zh_TW
dc.title (題名) The Effect of Fair Value on Syndicated Loan Featuresen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Anderson, R. C., Mansi, S. A., and Reeb, D. M. (2004). Board characteristics, accounting report integrity, and the cost of debt. Journal of Accounting & Economics, 37(3), 315-342.

Armstrong, C. S., Barth, M. E., Jagolinzer, A. D., and Riedl, E. J. (2010). Market reaction to the adoption of IFRS in Europe. The Accounting Review, 85(1), 31-61.

Ball, R., Bushman, R. M., and Vasvari, F. P. (2008). The debt‐contracting value of accounting information and loan syndicate structure. Journal of Accounting Research, 46(2), 247-287.

Ball, R., Li, X., and Shivakumar, L. (2013). Mandatory IFRS adoption, fair value accounting and accounting information in debt contracts. Unpublished working paper, University of Chicago.

Ball, R., Li, X., and Shivakumar, L. (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.

Barlev, B., and Haddad, J. R. (2003). Fair value accounting and the management of the firm. Critical Perspectives on Accounting, 14(4), 383-415.

Barron, O. E., Chung, S. G., and Yong, K. O. (2016). The Effect of Statement of Financial Accounting Standards No. 157 Fair Value Measurements on Analysts’ Information Environment. Journal of Accounting and Public Policy.

Barth, M. E., Beaver, W. H., and Landsman, W. R. (1996). Value-relevance of banks` fair value disclosures under SFAS No. 107 (Digest Summary). Accounting Review, 71(4), 513-537.

Barth, M. E., Landsman, W. R., and Lang, M. H. (2008). International accounting standards and accounting quality. Journal of Accounting Research, 46(3), 467-498.

Barth, M. E., Landsman, W. R., and Wahlen, J. M. (1995). Fair value accounting: Effects on banks` earnings volatility, regulatory capital, and value of contractual cash flows. Journal of Banking & Finance, 19(3), 577-605.

Benston, G. J. (2008). The shortcomings of fair-value accounting described in SFAS 157. Journal of Accounting and Public Policy, 27(2), 101-114.

Botosan, C. A. (1997). Disclosure level and the cost of equity capital. Accounting Review, 323-349.

Chan, A. L.-C., Hsieh, Y.-T., Lee, E., and Yueh, M.-L. (2015). Does financial statement information affect cross-border lending by foreign banks in the syndicated loan market? Evidence from a natural experiment. Journal of Accounting and Public Policy, 34(5), 520-547.

Chen, T.-Y., Chin, C.-l., Wang, S., and Yao, C. (2013). The effect of mandatory IFRS adoption on bank loan contracting. Available at SSRN 2159001.

Dechow, P. M., Sloan, R. G., and Sweeney, A. P. (1996). Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the sec*. Contemporary accounting research, 13(1), 1-36.

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), 178-202.

Demirkan, S., Radhakrishnan, S., and Urcan, O. (2012). Discretionary accruals quality, cost of capital, and diversification. Journal of Accounting, Auditing & Finance, 27(4), 496-526.

Dennis, S. A., and Mullineaux, D. J. (2000). Syndicated Loans. Journal of Financial Intermediation, 9(4), 404-426.

Diamond, D. W., and Verrecchia, R. E. (1991). DISCLOSURE, LIQUIDITY, AND THE COST OF CAPITAL. Journal of Finance, 46(4), 1325-1359.

Easley, D., and O`hara, M. (2004). Information and the cost of capital. The journal of finance, 59(4), 1553-1583.

Eccher, E. A., Ramesh, K., and Thiagarajan, S. R. (1996). Fair value disclosures by bank holding companies. Journal of accounting and economics, 22(1), 79-117.

Financial Accounting Standards Board. (2006). Statement of Financial Accounting Standards (SFAS) No. 157, Fair Value Measurements. Norwalk, CT: FASB.

Francis, J., LaFond, R., Olsson, P., and Schipper, K. (2005). The market pricing of accruals quality. Journal of accounting and economics, 39(2), 295-327.

Gale, D., and Hellwig, M. (1985). Incentive-compatible debt contracts: The one-period problem. The Review of Economic Studies, 52(4), 647-663.

Graham, J. R., Li, S., and Qiu, J. (2008). Corporate misreporting and bank loan contracting. Journal of Financial Economics, 89(1), 44-61.

Greenstein, M. M., and Sami, H. (1994). THE IMPACT OF THE SECS SEGMENT DISCLOSURE REQUIREMENT ON BID-ASK SPREADS. Accounting Review, 69(1), 179-199.

Holthausen, R. W., and Watts, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of accounting and economics, 31(1), 3-75.

Hughes, J. S., Liu, J., and Liu, J. (2007). Information asymmetry, diversification, and cost of capital. The Accounting Review, 82(3), 705-729.

Hutton, A. P., Marcus, A. J., and Tehranian, H. (2009). Opaque financial reports, R 2, and crash risk. Journal of Financial Economics, 94(1), 67-86.

Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of Financial Economics, 92(2), 300-319.

Jensen, M. C., and Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.

Jones, J. D., Lang, W. W., and Nigro, P. J. (2005). Agent bank behavior in bank loan syndications. Journal of Financial Research, 28(3), 385-402.

Kim, J.-B., Tsui, J. S., and Cheong, H. Y. (2011). The voluntary adoption of International Financial Reporting Standards and loan contracting around the world. Review of Accounting Studies, 16(4), 779-811.

Landsman, W. R. (2007). Is fair value accounting information relevant and reliable? Evidence from capital market research. Accounting and business research, 37(sup1), 19-30.

Landsman, W. R., Maydew, E. L., and Thornock, J. R. (2012). The information content of annual earnings announcements and mandatory adoption of IFRS. Journal of accounting and economics, 53(1), 34-54.

Lara, J. M. G., Osma, B. G., and Penalva, F. (2011). Conditional conservatism and cost of capital. Review of Accounting Studies, 16(2), 247-271.

Lee, S. W., and Mullineaux, D. J. (2004). Monitoring, financial distress, and the structure of commercial lending syndicates. Financial management, 107-130.

Leuz, C., and Verrecchia, R. E. (2000). The economic consequences of increased disclosure. Journal of Accounting Research, 38, 91-124.

Magnan, M., and Wang, H. (2014). Fair Value Accounting and the Cost of Debt. Paper presented at the American Accounting Association Annual Meeting and Conference on Teaching and Learning in Accounting, Atlanta, Georgia.

Mazumdar, S. C., and Sengupta, P. (2005). Disclosure and the loan spread on private debt. Financial Analysts Journal, 61(3), 83-95.

Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175.

Penman, S. H. (2007). Financial reporting quality: is fair value a plus or a minus? Accounting and business research, 37(sup1), 33-44.

Sengupta, P. (1998). Corporate disclosure quality and the cost of debt. Accounting Review, 73(4), 459-474.

Shen, C. H., and Huang, Y. L. (2013). Effects of earnings management on bank cost of debt. Accounting & Finance, 53(1), 265-300.

Smith, C. W., and Warner, J. B. (1979). On financial contracting: An analysis of bond covenants. Journal of Financial Economics, 7(2), 117-161.

Song, C. J., Thomas, W. B., and Yi, H. (2010). Value relevance of FAS No. 157 fair value hierarchy information and the impact of corporate governance mechanisms. The Accounting Review, 85(4), 1375-1410.

Strahan, P. E. (1999). Borrower risk and the price and nonprice terms of bank loans. FRB of New York staff report(90).

Stulz, R., and Johnson, H. (1985). An analysis of secured debt. Journal of Financial Economics, 14(4), 501-521.

Sufi, A. (2007). Information asymmetry and financing arrangements: Evidence from syndicated loans. Journal of Finance, 62(2), 629-668.

Townsend, R. M. (1979). Optimal contracts and competitive markets with costly state verification. Journal of Economic theory, 21(2), 265-293.

Verrecchia, R. E. (2001). Essays on disclosure. Journal of accounting and economics, 32(1), 97-180.

Welker, M. (1995). Disclosure Policy, Information Asymmetry, and Liquidity in Equity Markets*. Contemporary accounting research, 11(2), 801-827.

Wittenberg-Moerman, R. (2008). The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market. Journal of Accounting & Economics, 46(2-3), 240-260.

Wu, J. S., and Zhang, I. X. (2009). The voluntary adoption of internationally recognized accounting standards and firm internal performance evaluation. The Accounting Review, 84(4), 1281-1309.		zh_TW