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題名 銀行法規開放與會計穩健性之關聯
The relation between banking deregulation and accounting conservatism作者 徐筱淳
Hsu, Hsiao Chun貢獻者 詹凌菁
Chan, Ling Ching
徐筱淳
Hsu, Hsiao Chun關鍵詞 銀行法規開放
會計穩健性
即時認列損失
Banking deregulation
Accounting conservatism
Timely loss recognition日期 2017 上傳時間 2-Mar-2018 11:39:38 (UTC+8) 摘要 本研究以美國證券市場為樣本，探討銀行業之法規開放是否對非金融業公司之會計穩健性造成影響。銀行法規開放可使銀行透過併購於州內擴張，借款公司可能面對之銀行議價能力上升，使得銀行要求融資顧客出具高品質之財務報表。另一方面，州際銀行法規開放可能使他州銀行進入本地金融市場，進而提高金融市場之競爭度。由於會計穩健性可降低管理階層與投資人的資訊不對稱，被視為高品質的財務報表，本文推測銀行業法規鬆綁會影響公司會計穩健性。實證結果顯示，州內銀行法規開放與會計穩健性間具有顯著正向關係；然而，州際銀行法規開放與會計穩健性間具有顯著負向關係。額外分析顯示，大型企業更傾向於對銀行法規開放作出反應，而較依賴發行公司債融資方式之公司在面對銀行法規開放時則減少財務報導中認列損失之即時性。
This study uses US banking deregulation as a research setting to examine whether banking deregulation has an impact on the degree of accounting conservatism of non-financial firms. Since banking deregulation would enable large banks expand within states through merge and acquisition, bank’s bargaining power to lenders may increase. Banks may require their clients to provide higher quality of financial statements. On the other hand, banking deregulation may increase competition in local financial markets by enabling large banks to enter into local markets. As accounting conservatism could alleviate information asymmetry between management and investors, and serves as an indicator of high quality of financial statements, I expect that banking deregulations would have an impact on firms’ reporting conservatism. I find that there is a significantly positive relationship between intrastate banking deregulation and firms’ timely loss recognition. In contrast, interstate banking deregulation has a significantly negative influence on firms’ timely loss recognition. Additional analyses reveal that large firms are more likely to respond to the banking deregulation and that firms that rely more on public debt financing respond to the banking deregulation by decreasing their degree of timely loss recognition in financial reporting.參考文獻 Ahmed, A. S., Billings, B. K., Morton, R. M., and Stanford-Harris, M. (2002). The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review, 77(4), 867-890. Ahmed, A. S., and Duellman, S. (2013). Managerial overconfidence and accounting conservatism. Journal of Accounting Research, 51(1), 1-30. Ball, R., and Shivakumar, L. (2005). Earnings quality in UK private firms: comparative loss recognition timeliness. Journal of Accounting and Economics, 39(1), 83-128.Ball, R., Robin, A., and Sadka, G. (2008). Is financial reporting shaped by equity markets or by debt markets? An international study of timeliness and conservatism. Review of Accounting Studies, 13(2-3), 168-205.Ball, R. A. Y., Kothari, S. P., and Nikolaev, V. V. (2013). Econometrics of the Basu asymmetric timeliness coefficient and accounting conservatism. Journal of Accounting Research, 51(5), 1071-1097. Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings. Journal of Accountting and Economics, 24(1), 3-37. Beatty, A., Weber, J., and Yu, J. J. (2007). Conservatism and debt. Journal of Accounting and Economics, 45(2-3), 154-174.Beatty, A., and Liao, S. (2014). Financial accounting in the banking industry: A review of the empirical literature. Journal of Accounting and Economics, 58(2-3), 339-383. Beck, T., Levine, R., and Levkov, A. (2010). Big bad banks? The winners and losers from bank deregulation in the United States. The Journal of Finance, 65(5), 1637-1677. Berger, A. N., Kashyap, A. K., and Scalise, J. M. (1995). The transformation of the U.S. banking industry: what a long strange trip it`s been. Brookings Papers on Economic Activity, 2, 55-201.Berger, A. N., Miller, N., Petersen, M., Rajan, R. G., and Stein, J. (2005). Does function follow organizational form? Evidence from the lending practices of large and small banks. Journal of Financial Economics 76, 237–269.Berger, A.N. (2010). Small business lending. In: Berger, A., Molyneux, P., Wilson, J. (Eds.), The Oxford Handbook of Banking, Oxford University Press, NY, pp. 531–549.Bushman, R. M., and Williams, C. D. (2012). Accounting discretion, loan loss provisioning, and discipline of Banks’ risk-taking. Journal of Accounting and Economics, 54(1), 1-18. Cetorelli, N. (2004). Real effects of bank competition. Journal of Money, Credit and Banking, 36, 543-558. Cetorelli, N., and Strahan, P. E. (2006). Finance as a barrier to entry: bank competition and industry structure in local U.S. Markets. The Journal of Finance, 61(1), 437-461. Chava, S., Oettl, A., Subramanian, A., and Subramanian, K. V. (2013). Banking deregulation and innovation. Journal of Financial Economics, 109(3), 759-774. Chen, H., Chen, J. Z., Lobo, G. J., and Wang, Y. (2010). Association between borrower and lender state ownership and accounting conservatism. Journal of Accounting Research, 48(5), 973-1014.Chi, W., and Wang, C. (2010). Accounting conservatism in a setting of Information Asymmetry between majority and minority shareholders. The International Journal of Accounting, 45(4), 465-489. Cole, R.A., Goldberg, L.G., and White,L.J. (2004). Cookie cutter vs. character: the micro structure of small business lending by large and small banks. Journal of Financial and Quantitative Analysis 39,227–251.García Lara, J. M. G., Osma, B. G., and Penalva, F. (2009). The economic determinants of conditional conservatism. Journal of Business Finance & Accounting, 36(3-4), 336-372.García Lara, J. M., García Osma, B., and Penalva, F. (2010). Conditional conservatism and cost of capital. Review of Accounting Studies, 16(2), 247-271.García Lara, J. M., García Osma, B., and Penalva, F. (2016). Accounting conservatism and firm investment efficiency. Journal of Accounting and Economics, 61(1), 221-238. Givoly, D., and Hayn, C. (2000). The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative? Journal of Accounting and Economics, 29(3). Gormley, T. A., Kim, B. H., and Martin, X. (2012). Do firms adjust their timely loss recognition in response to changes in the banking industry? Journal of Accounting Research, 50(1), 159-196.Hubbard, G.R., and Palia,D. (1995). Executive pay and performance evidence from the U.S. banking industry. Journal of Financial Economics 39, 105–130.Hsu, A. W., O`Hanlon, J., & Peasnell, K. (2011). Financial distress and the earnings-sensitivity-difference measure of conservatism. Abacus, 47, 284–314.Jayaratne, J., and Strahan, P. E. (1996). The finance-growth nexus: Evidence from bank branch deregulation. The Quarterly Journal of Economics, 111(3), 619-670. Jayaratne, J., and Strahan, P. E. (1997). The benefits of branching deregulation. FRBNY ECONOMIC POLICY REVIEW. Jayaratne, J., and Strahan, P. E. (1998). Entry restrictions, industry evolution, and dynamic efficiency: Evidence from commercial banking. The Journal of Law & Economics, 41(1), 239-274. Khan, M., and Watts, R. L. (2009). Estimation and empirical properties of a firm-year measure of accounting conservatism. Journal of Accounting and Economics, 48(2-3), 132-150. Kim, B. H., and Pevzner, M. (2010). Conditional accounting conservatism and future negative surprises: An empirical investigation. Journal of Accounting and Public Policy, 29(4), 311-329.Kisgen, D. J., and College, B. (2007). The influence of credit ratings on corporate capital structure decisions. Journal of Applied Corporate Finance, 19(3), 65-73. Kousenidis, D. V., Ladas, A. C., and Negakis, C. I. (2009). Value relevance of conservative and non-conservative accounting information. The International Journal of Accounting, 44(3), 219–238.Kroszner, R. S., and Strahan, P. E. (1999). What drives deregulation? Economics and politics of the relaxation of bank branching restrictions. The Quarterly Journal of Economics, 144(4). LaFond, R., and Roychowdhury, S. (2008). Managerial ownership and accounting conservatism. Journal of Accounting Research, 46(1), 101-135.LaFond, W., and Watts., R. L. (2008). The information role of conservatism. The Accounting Review, 83(2), 447-478. Lim, C. Y., Lee, E., Kausar, A., and Walker, M. (2014). Bank accounting conservatism and bank loan pricing. Journal of Accounting and Public Policy, 33(3), 260-278. McLaughlin, S. (1995). The impact of interstate banking and branching reform: Evidence from the States. Current Issues in Economics and Finance, 1(2). Nikolaev, V. V. (2010). Debt covenants and accounting conservatism. Journal of Accounting Research, 48(1), 137-175. Patatoukas, P. N., and Thomas, J. K. (2011). More evidence of bias in the differential timeliness measure of conditional conservatism. The Accounting Review, 86(5), 1765-1793.Qiang, X. (2007). The effects of contracting, litigation, regulation, and tax costs on conditional and unconditional conservatism: cross-sectional evidence at the firm level. The Accounting Review, 83(3), 759-796. Stein, J. C. (2007). Information production and capital allocation: decentralized versus hierarchical firms. The Journal of Finance, 57(5), 1891-1921. Strahan, P. E. (2002). The real effects of U.S. banking deregulation. Wharton School Center for Financial Institutions, University of Pennsylvania. Center for Financial Institutions, Wharton School Center for Financial Institutions.Watts, R. L. (2003a). Conservatism in accounting part I: Explanations and implications. Accounting Horizons, 17(3), 207-211. Watts, R. L. (2003b). Conservatism in accounting part II: Evidence and research opportunities. Accounting Horizons, 17(4), 287-301. Zhang, J. (2008). The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting and Economics, 45(1), 27-54. 描述 碩士
國立政治大學
會計學系
104353001資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104353001 資料類型 thesis dc.contributor.advisor 詹凌菁 zh_TW dc.contributor.advisor Chan, Ling Ching en_US dc.contributor.author (Authors) 徐筱淳 zh_TW dc.contributor.author (Authors) Hsu, Hsiao Chun en_US dc.creator (作者) 徐筱淳 zh_TW dc.creator (作者) Hsu, Hsiao Chun en_US dc.date (日期) 2017 en_US dc.date.accessioned 2-Mar-2018 11:39:38 (UTC+8) - dc.date.available 2-Mar-2018 11:39:38 (UTC+8) - dc.date.issued (上傳時間) 2-Mar-2018 11:39:38 (UTC+8) - dc.identifier (Other Identifiers) G0104353001 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/116011 - 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) 104353001 zh_TW dc.description.abstract (摘要) 本研究以美國證券市場為樣本，探討銀行業之法規開放是否對非金融業公司之會計穩健性造成影響。銀行法規開放可使銀行透過併購於州內擴張，借款公司可能面對之銀行議價能力上升，使得銀行要求融資顧客出具高品質之財務報表。另一方面，州際銀行法規開放可能使他州銀行進入本地金融市場，進而提高金融市場之競爭度。由於會計穩健性可降低管理階層與投資人的資訊不對稱，被視為高品質的財務報表，本文推測銀行業法規鬆綁會影響公司會計穩健性。實證結果顯示，州內銀行法規開放與會計穩健性間具有顯著正向關係；然而，州際銀行法規開放與會計穩健性間具有顯著負向關係。額外分析顯示，大型企業更傾向於對銀行法規開放作出反應，而較依賴發行公司債融資方式之公司在面對銀行法規開放時則減少財務報導中認列損失之即時性。 zh_TW dc.description.abstract (摘要) This study uses US banking deregulation as a research setting to examine whether banking deregulation has an impact on the degree of accounting conservatism of non-financial firms. Since banking deregulation would enable large banks expand within states through merge and acquisition, bank’s bargaining power to lenders may increase. Banks may require their clients to provide higher quality of financial statements. On the other hand, banking deregulation may increase competition in local financial markets by enabling large banks to enter into local markets. As accounting conservatism could alleviate information asymmetry between management and investors, and serves as an indicator of high quality of financial statements, I expect that banking deregulations would have an impact on firms’ reporting conservatism. I find that there is a significantly positive relationship between intrastate banking deregulation and firms’ timely loss recognition. In contrast, interstate banking deregulation has a significantly negative influence on firms’ timely loss recognition. Additional analyses reveal that large firms are more likely to respond to the banking deregulation and that firms that rely more on public debt financing respond to the banking deregulation by decreasing their degree of timely loss recognition in financial reporting. en_US dc.description.tableofcontents 1. INTRODUCTION 12. REVIEW OF LITERATURE AND DEVELOPMENT OF HYPOTHESES 52.1. Banking deregulation 52.2. Accounting conservatism 102.3. Hypothesis development 113. SAMPLE AND RESEARCH METHOD 133.1. Data selection 133.2. Conservatism Measures 133.3. Empirical models 154. EMPIRICAL RESULTS 174.1. Descriptive statistics 174.1.1. Industry distributions 174.1.2. Descriptive statistics 174.1.3. Correlation analysis 204.2. Test of hypothesis H1 224.3. Test of hypothesis H2 245. ROBUSTNESS AND ADDITIONAL TESTS 265.1. Firm size 265.2. Financing sources 306. CONCLUSION 34REFERENCES 35 zh_TW dc.format.extent 737945 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104353001 en_US dc.subject (關鍵詞) 銀行法規開放 zh_TW dc.subject (關鍵詞) 會計穩健性 zh_TW dc.subject (關鍵詞) 即時認列損失 zh_TW dc.subject (關鍵詞) Banking deregulation en_US dc.subject (關鍵詞) Accounting conservatism en_US dc.subject (關鍵詞) Timely loss recognition en_US dc.title (題名) 銀行法規開放與會計穩健性之關聯 zh_TW dc.title (題名) The relation between banking deregulation and accounting conservatism en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Ahmed, A. S., Billings, B. K., Morton, R. M., and Stanford-Harris, M. (2002). The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review, 77(4), 867-890. Ahmed, A. S., and Duellman, S. (2013). Managerial overconfidence and accounting conservatism. Journal of Accounting Research, 51(1), 1-30. Ball, R., and Shivakumar, L. (2005). Earnings quality in UK private firms: comparative loss recognition timeliness. Journal of Accounting and Economics, 39(1), 83-128.Ball, R., Robin, A., and Sadka, G. (2008). Is financial reporting shaped by equity markets or by debt markets? An international study of timeliness and conservatism. Review of Accounting Studies, 13(2-3), 168-205.Ball, R. A. Y., Kothari, S. P., and Nikolaev, V. V. (2013). Econometrics of the Basu asymmetric timeliness coefficient and accounting conservatism. Journal of Accounting Research, 51(5), 1071-1097. Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings. Journal of Accountting and Economics, 24(1), 3-37. Beatty, A., Weber, J., and Yu, J. J. (2007). Conservatism and debt. Journal of Accounting and Economics, 45(2-3), 154-174.Beatty, A., and Liao, S. (2014). Financial accounting in the banking industry: A review of the empirical literature. Journal of Accounting and Economics, 58(2-3), 339-383. Beck, T., Levine, R., and Levkov, A. (2010). Big bad banks? The winners and losers from bank deregulation in the United States. The Journal of Finance, 65(5), 1637-1677. Berger, A. N., Kashyap, A. K., and Scalise, J. M. (1995). The transformation of the U.S. banking industry: what a long strange trip it`s been. Brookings Papers on Economic Activity, 2, 55-201.Berger, A. N., Miller, N., Petersen, M., Rajan, R. G., and Stein, J. (2005). Does function follow organizational form? Evidence from the lending practices of large and small banks. Journal of Financial Economics 76, 237–269.Berger, A.N. (2010). Small business lending. In: Berger, A., Molyneux, P., Wilson, J. (Eds.), The Oxford Handbook of Banking, Oxford University Press, NY, pp. 531–549.Bushman, R. M., and Williams, C. D. (2012). Accounting discretion, loan loss provisioning, and discipline of Banks’ risk-taking. Journal of Accounting and Economics, 54(1), 1-18. Cetorelli, N. (2004). Real effects of bank competition. Journal of Money, Credit and Banking, 36, 543-558. Cetorelli, N., and Strahan, P. E. (2006). Finance as a barrier to entry: bank competition and industry structure in local U.S. Markets. The Journal of Finance, 61(1), 437-461. Chava, S., Oettl, A., Subramanian, A., and Subramanian, K. V. (2013). Banking deregulation and innovation. Journal of Financial Economics, 109(3), 759-774. Chen, H., Chen, J. Z., Lobo, G. J., and Wang, Y. (2010). Association between borrower and lender state ownership and accounting conservatism. Journal of Accounting Research, 48(5), 973-1014.Chi, W., and Wang, C. (2010). Accounting conservatism in a setting of Information Asymmetry between majority and minority shareholders. The International Journal of Accounting, 45(4), 465-489. Cole, R.A., Goldberg, L.G., and White,L.J. (2004). Cookie cutter vs. character: the micro structure of small business lending by large and small banks. Journal of Financial and Quantitative Analysis 39,227–251.García Lara, J. M. G., Osma, B. G., and Penalva, F. (2009). The economic determinants of conditional conservatism. Journal of Business Finance & Accounting, 36(3-4), 336-372.García Lara, J. M., García Osma, B., and Penalva, F. (2010). Conditional conservatism and cost of capital. Review of Accounting Studies, 16(2), 247-271.García Lara, J. M., García Osma, B., and Penalva, F. (2016). Accounting conservatism and firm investment efficiency. Journal of Accounting and Economics, 61(1), 221-238. Givoly, D., and Hayn, C. (2000). The changing time-series properties of earnings, cash flows and accruals: Has financial reporting become more conservative? Journal of Accounting and Economics, 29(3). Gormley, T. A., Kim, B. H., and Martin, X. (2012). Do firms adjust their timely loss recognition in response to changes in the banking industry? Journal of Accounting Research, 50(1), 159-196.Hubbard, G.R., and Palia,D. (1995). Executive pay and performance evidence from the U.S. banking industry. Journal of Financial Economics 39, 105–130.Hsu, A. W., O`Hanlon, J., & Peasnell, K. (2011). Financial distress and the earnings-sensitivity-difference measure of conservatism. Abacus, 47, 284–314.Jayaratne, J., and Strahan, P. E. (1996). The finance-growth nexus: Evidence from bank branch deregulation. The Quarterly Journal of Economics, 111(3), 619-670. Jayaratne, J., and Strahan, P. E. (1997). The benefits of branching deregulation. FRBNY ECONOMIC POLICY REVIEW. Jayaratne, J., and Strahan, P. E. (1998). Entry restrictions, industry evolution, and dynamic efficiency: Evidence from commercial banking. The Journal of Law & Economics, 41(1), 239-274. Khan, M., and Watts, R. L. (2009). Estimation and empirical properties of a firm-year measure of accounting conservatism. Journal of Accounting and Economics, 48(2-3), 132-150. Kim, B. H., and Pevzner, M. (2010). Conditional accounting conservatism and future negative surprises: An empirical investigation. Journal of Accounting and Public Policy, 29(4), 311-329.Kisgen, D. J., and College, B. (2007). The influence of credit ratings on corporate capital structure decisions. Journal of Applied Corporate Finance, 19(3), 65-73. Kousenidis, D. V., Ladas, A. C., and Negakis, C. I. (2009). Value relevance of conservative and non-conservative accounting information. The International Journal of Accounting, 44(3), 219–238.Kroszner, R. S., and Strahan, P. E. (1999). What drives deregulation? Economics and politics of the relaxation of bank branching restrictions. The Quarterly Journal of Economics, 144(4). LaFond, R., and Roychowdhury, S. (2008). Managerial ownership and accounting conservatism. Journal of Accounting Research, 46(1), 101-135.LaFond, W., and Watts., R. L. (2008). The information role of conservatism. The Accounting Review, 83(2), 447-478. Lim, C. Y., Lee, E., Kausar, A., and Walker, M. (2014). Bank accounting conservatism and bank loan pricing. Journal of Accounting and Public Policy, 33(3), 260-278. McLaughlin, S. (1995). The impact of interstate banking and branching reform: Evidence from the States. Current Issues in Economics and Finance, 1(2). Nikolaev, V. V. (2010). Debt covenants and accounting conservatism. Journal of Accounting Research, 48(1), 137-175. Patatoukas, P. N., and Thomas, J. K. (2011). More evidence of bias in the differential timeliness measure of conditional conservatism. The Accounting Review, 86(5), 1765-1793.Qiang, X. (2007). The effects of contracting, litigation, regulation, and tax costs on conditional and unconditional conservatism: cross-sectional evidence at the firm level. The Accounting Review, 83(3), 759-796. Stein, J. C. (2007). Information production and capital allocation: decentralized versus hierarchical firms. The Journal of Finance, 57(5), 1891-1921. Strahan, P. E. (2002). The real effects of U.S. banking deregulation. Wharton School Center for Financial Institutions, University of Pennsylvania. Center for Financial Institutions, Wharton School Center for Financial Institutions.Watts, R. L. (2003a). Conservatism in accounting part I: Explanations and implications. Accounting Horizons, 17(3), 207-211. Watts, R. L. (2003b). Conservatism in accounting part II: Evidence and research opportunities. Accounting Horizons, 17(4), 287-301. Zhang, J. (2008). The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting and Economics, 45(1), 27-54. zh_TW
