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題名 財報可比性與融資決策
Financial Statement Comparability and Financing Decisions
作者 李佳蓉
Lee, Chia-Jung
貢獻者 金成隆
Chin, Chen-Lung
李佳蓉
Lee, Chia-Jung
關鍵詞 財報可比性
債權集中度
融資決策
Comparability
Debt concentration
Financing decisions
日期 2025
上傳時間 1-Jul-2025 14:16:12 (UTC+8)
摘要 公司在選擇融資方式時，往往面臨資訊不對稱問題，而財務報表可比性作為提升財務資訊品質的重要因素，將影響公司融資決策。基於此觀點，本文旨在探討財務報表可比性對企業融資決策的影響。採用美國上市公司為樣本，實證結果顯示，較低的可比性使企業更傾向於選擇債務融資而非股權融資，並採取較集中的債務結構。本研究橫斷面分析進一步發現，低可比性但具有高研發投資之企業為避免被收取資訊壟斷租，反而會降低債務融資傾向，並擁有更加集中的債務結構。此外，對於高違約風險或低清算價值的公司，由於可比性能提升債權人協調效率，並減少低效清算的可能性，故可比性和債權集中度之間的關係更為顯著。整體而言，本研究凸顯財報可比性在企業融資決策中的關鍵作用，為企業管理層、投資者及政策制定者提供重要啟示。
This study investigates the impact of financial statement comparability on firms' financing decisions. Using a sample of publicly listed U.S. firms, the findings reveal that lower comparability leads firms to prefer debt financing over equity and to adopt more concentrated debt structures. Cross-sectional analyses further show that among R&D-intensive firms, low comparability increases reliance on concentrated debt structures while reducing the likelihood of debt financing, likely to avoid information monopoly rents imposed by debtholders. Additionally, the relationship between comparability and debt concentration is stronger for firms with higher default risk and lower liquidation values. This is consistent with the notion that creditor coordination failure is a more significant concern for these firms. These findings highlight the critical role of financial statement comparability in shaping financing decisions.
參考文獻 Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589-609. Barth, M. E., Landsman, W. R., Lang, M., & Williams, C. (2012). Are IFRS-based and US GAAP-based accounting amounts comparable? Journal of Accounting and Economics, 54(1), 68-93. Berger, P. G., Ofek, E., & Swary, I. (1996). Investor valuation of the abandonment option. Journal of Financial Economics, 42(2), 259-287. Bharath, S. T., Sunder, J., & Sunder, S. V. (2008). Accounting quality and debt contracting. The Accounting Review, 83(1), 1-28. Blanco, B., Dhole, S., & Gul, F. A. (2023). Financial statement comparability and accounting fraud. Journal of Business Finance & Accounting, 50(7-8), 1166-1205. Bordeman, A., Shane, P. B., Smith, D. B., & Zhang, S. (2024). Accounting comparability and underpricing seasoned equity offerings. (Working paper). http://dx.doi.org/10.2139/ssrn.2372965 Chang, X., Dasgupta, S., & Hilary, G. (2009). The effect of auditor quality on financing decisions. The Accounting Review, 84(4), 1085-1117. Chen, X., Cheng, Q., & Lo, A. K. (2013). Accounting restatements and external financing choices. Contemporary Accounting Research, 30(2), 750-779. Chen, Y., Saffar, W., & Srinidhi, B. (2021). Does Audit Quality Affect Firms’ Debt Structure? China Accounting and Finance Review, 23(1), 34-69. Cheng, C. A., Wang, K., Xu, Y., & Zhang, N. (2020). The impact of revealing auditor partner quality: evidence from a long panel. Review of Accounting Studies, 25, 1475-1506. Choi, J. H., Choi, S., Myers, L. A., & Ziebart, D. (2019). Financial statement comparability and the informativeness of stock prices about future earnings. Contemporary Accounting Research, 36(1), 389-417. Colla, P., Ippolito, F., & Li, K. (2013). Debt specialization. The Journal of Finance, 68(5), 2117-2141. De Franco, G., Kothari, S. P., & Verdi, R. S. (2011). The benefits of financial statement comparability. Journal of Accounting research, 49(4), 895-931. De Franco, G., Hou, Y., & Ma, M. (2023). Do firms mimic industry leaders’ accounting? Evidence from financial statement comparability. The Accounting Review, 98(6), 125-148 Fang, X., Li, Y., Xin, B., & Zhang, W. (2016). Financial statement comparability and debt contracting: Evidence from the syndicated loan market. Accounting Horizons, 30(2), 277-303. Financial Accounting Standards Board (FASB). (1980). Qualitative Characteristics of Accounting Information. Statement of Financial Accounting Concepts No. 2. Norwalk, CT: FASB. Financial Accounting Standards Board (FASB). (2010). Conceptual Framework for Financial Reporting. Statement of Financial Accounting Concepts No. 8. Norwalk, CT: FASB. Francis, J. R., Pinnuck, M. L., & Watanabe, O. (2014). Auditor style and financial statement comparability. The Accounting Review, 89(2), 605-633. International Accounting Standards Board (IASB). (2010). Conceptual Framework for Financial Reporting. London: IASB Goh, B. W., Lim, C. Y., Lobo, G. J., & Tong, Y. H. (2017). Conditional conservatism and debt versus equity financing. Contemporary Accounting Research, 34(1), 216-251. Gong, G., Li, L. Y., & Zhou, L. (2013). Earnings non‐synchronicity and voluntary disclosure. Contemporary Accounting Research, 30(4), 1560-1589. Griffin, P. A., Hong, H. A., & Ryou, J. W. (2022). Proprietary costs: Why do R&D-active firms choose single-lender financing? The Accounting Review, 97(6), 263-296. Houston, J., & James, C. (1996). Bank information monopolies and the mix of private and public debt claims. Journal of Finance, 51, 1863-1889. Hovakimian, A., Kayhan, A., & Titman, S. (2012). Are corporate default probabilities consistent with the static trade-off theory? The Review of Financial Studies, 25(2), 315-340. Imhof, M. J., Seavey, S. E., & Smith, D. B. (2017). Comparability and cost of equity capital. Accounting Horizons, 31(2), 125-138. Kim, J. B., Li, L., Lu, L. Y., & Yu, Y. (2016). Financial statement comparability and expected crash risk. Journal of Accounting and Economics, 61(2-3), 294-312. Kogan, L., Papanikolaou, D., Seru, A., & Stoffman, N. (2024). KPSS2017 / Technological-Innovation-Resource-Allocation-and-Growth-Extended-Data. Github. https://github.com/KPSS2017/Technological-Innovation-Resource-Allocation-and-Growth-Extended-Data Li, N., Lou, Y., Otto, C. A., & Wittenberg-Moerman, R. (2021). Accounting quality and debt concentration. The Accounting Review, 96(1), 377-400. Lobo, G. J., Neel, M., & Rhodes, A. (2018). Accounting comparability and relative performance evaluation in CEO compensation. Review of Accounting Studies, 23, 1137-1176. Lou, Y., & Otto, C. A. (2020). Debt heterogeneity and covenants. Management Science, 66(1), 70-92. Majeed, M. A., & Yan, C. (2021). Financial statement comparability, state ownership, and the cost of debt: Evidence from China. Research in International Business and Finance, 58, 101497. Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221. Nam, J. S., and R. Thompson. (2023). Does financial statement comparability facilitate SEC oversight? Contemporary Accounting Research 40(2):1315-1349. Petacchi, R. (2015). Information asymmetry and capital structure: Evidence from regulation FD. Journal of Accounting and Economics, 59(2-3), 143-162. Petersen, M. A. (2009). Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches. The Review of Financial Studies, 22(1), 435-480. Platikanova, P., & Soonawalla, K. (2020). Who monitors opaque borrowers? Debt specialisation, institutional ownership, and information opacity. Accounting & Finance, 60(2), 1867-1904. Robb, A., & Seamans, R. (2014). The role of R&D in entrepreneurial finance and performance. Finance and Strategy, 31, 341-373. Sufi, A. (2007). Information asymmetry and financing arrangements: Evidence from syndicated loans. The Journal of Finance, 62(2), 629-668. Thompson, S. B. (2011). Simple formulas for standard errors that cluster by both firm and time. Journal of Financial Economics, 99(1), 1-10. Wang, Y., Feng, Y., Zhu, Z., Liu, J., & Li, Y. (2024). Financial statement comparability and expected default risk. International Review of Financial Analysis, 95, 103302. Winton, A., & Yerramilli, V. (2008). Entrepreneurial finance: Banks versus venture capital. Journal of Financial Economics, 88(1), 51-79. Zhang, J. H. (2018). Accounting comparability, audit effort, and audit outcomes. Contemporary Accounting Research, 35(1), 245-276.
描述 博士
國立政治大學
會計學系
110353501
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353501
資料類型 thesis
dc.contributor.advisor 金成隆zh_TW
dc.contributor.advisor Chin, Chen-Lungen_US
dc.contributor.author (Authors) 李佳蓉zh_TW
dc.contributor.author (Authors) Lee, Chia-Jungen_US
dc.creator (作者) 李佳蓉zh_TW
dc.creator (作者) Lee, Chia-Jungen_US
dc.date (日期) 2025en_US
dc.date.accessioned 1-Jul-2025 14:16:12 (UTC+8)-
dc.date.available 1-Jul-2025 14:16:12 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2025 14:16:12 (UTC+8)-
dc.identifier (Other Identifiers) G0110353501en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=177195-
dc.description (描述) 博士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) 110353501zh_TW
dc.description.abstract (摘要) 公司在選擇融資方式時，往往面臨資訊不對稱問題，而財務報表可比性作為提升財務資訊品質的重要因素，將影響公司融資決策。基於此觀點，本文旨在探討財務報表可比性對企業融資決策的影響。採用美國上市公司為樣本，實證結果顯示，較低的可比性使企業更傾向於選擇債務融資而非股權融資，並採取較集中的債務結構。本研究橫斷面分析進一步發現，低可比性但具有高研發投資之企業為避免被收取資訊壟斷租，反而會降低債務融資傾向，並擁有更加集中的債務結構。此外，對於高違約風險或低清算價值的公司，由於可比性能提升債權人協調效率，並減少低效清算的可能性，故可比性和債權集中度之間的關係更為顯著。整體而言，本研究凸顯財報可比性在企業融資決策中的關鍵作用，為企業管理層、投資者及政策制定者提供重要啟示。zh_TW
dc.description.abstract (摘要) This study investigates the impact of financial statement comparability on firms' financing decisions. Using a sample of publicly listed U.S. firms, the findings reveal that lower comparability leads firms to prefer debt financing over equity and to adopt more concentrated debt structures. Cross-sectional analyses further show that among R&D-intensive firms, low comparability increases reliance on concentrated debt structures while reducing the likelihood of debt financing, likely to avoid information monopoly rents imposed by debtholders. Additionally, the relationship between comparability and debt concentration is stronger for firms with higher default risk and lower liquidation values. This is consistent with the notion that creditor coordination failure is a more significant concern for these firms. These findings highlight the critical role of financial statement comparability in shaping financing decisions.en_US
dc.description.tableofcontents 1. Introduction 1 2. Prior research and hypothesis development 9 2.1 The benefit of comparability 9 2.2 Comparability and financing decisions 10 2.3 Hypothesis development 13 3. Research Design 18 3.1 Data and sample 18 3.2 Measures of comparability 19 3.3 Hypothesis 1: comparability and financing structure 20 3.4 Hypothesis 2: comparability and debt concentration 21 4. Empirical Results 24 4.1 Descriptive statistics and correlations 24 4.2 Test of Hypothesis 1: The analysis of the relative use of total debt financing (versus equity financing) 27 4.3 Test of Hypothesis 2: The analysis of debt structures 28 5. Cross-Sectional Variation 31 5.1 R&D-active Firms 31 5.2 Default Risk and Liquidation Value 34 6. Sensitivity tests 39 6.1 Alternative measure of financing decisions 39 6.2 Alternative measure of comparability 39 6.3 The role of debt type in measuring debt concentration 40 7. Conclusion 42 Reference 44 Appendix 49zh_TW
dc.format.extent 1027716 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353501en_US
dc.subject (關鍵詞) 財報可比性zh_TW
dc.subject (關鍵詞) 債權集中度zh_TW
dc.subject (關鍵詞) 融資決策zh_TW
dc.subject (關鍵詞) Comparabilityen_US
dc.subject (關鍵詞) Debt concentrationen_US
dc.subject (關鍵詞) Financing decisionsen_US
dc.title (題名) 財報可比性與融資決策zh_TW
dc.title (題名) Financial Statement Comparability and Financing Decisionsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589-609. Barth, M. E., Landsman, W. R., Lang, M., & Williams, C. (2012). Are IFRS-based and US GAAP-based accounting amounts comparable? Journal of Accounting and Economics, 54(1), 68-93. Berger, P. G., Ofek, E., & Swary, I. (1996). Investor valuation of the abandonment option. Journal of Financial Economics, 42(2), 259-287. Bharath, S. T., Sunder, J., & Sunder, S. V. (2008). Accounting quality and debt contracting. The Accounting Review, 83(1), 1-28. Blanco, B., Dhole, S., & Gul, F. A. (2023). Financial statement comparability and accounting fraud. Journal of Business Finance & Accounting, 50(7-8), 1166-1205. Bordeman, A., Shane, P. B., Smith, D. B., & Zhang, S. (2024). Accounting comparability and underpricing seasoned equity offerings. (Working paper). http://dx.doi.org/10.2139/ssrn.2372965 Chang, X., Dasgupta, S., & Hilary, G. (2009). The effect of auditor quality on financing decisions. The Accounting Review, 84(4), 1085-1117. Chen, X., Cheng, Q., & Lo, A. K. (2013). Accounting restatements and external financing choices. Contemporary Accounting Research, 30(2), 750-779. Chen, Y., Saffar, W., & Srinidhi, B. (2021). Does Audit Quality Affect Firms’ Debt Structure? China Accounting and Finance Review, 23(1), 34-69. Cheng, C. A., Wang, K., Xu, Y., & Zhang, N. (2020). The impact of revealing auditor partner quality: evidence from a long panel. Review of Accounting Studies, 25, 1475-1506. Choi, J. H., Choi, S., Myers, L. A., & Ziebart, D. (2019). Financial statement comparability and the informativeness of stock prices about future earnings. Contemporary Accounting Research, 36(1), 389-417. Colla, P., Ippolito, F., & Li, K. (2013). Debt specialization. The Journal of Finance, 68(5), 2117-2141. De Franco, G., Kothari, S. P., & Verdi, R. S. (2011). The benefits of financial statement comparability. Journal of Accounting research, 49(4), 895-931. De Franco, G., Hou, Y., & Ma, M. (2023). Do firms mimic industry leaders’ accounting? Evidence from financial statement comparability. The Accounting Review, 98(6), 125-148 Fang, X., Li, Y., Xin, B., & Zhang, W. (2016). Financial statement comparability and debt contracting: Evidence from the syndicated loan market. Accounting Horizons, 30(2), 277-303. Financial Accounting Standards Board (FASB). (1980). Qualitative Characteristics of Accounting Information. Statement of Financial Accounting Concepts No. 2. Norwalk, CT: FASB. Financial Accounting Standards Board (FASB). (2010). Conceptual Framework for Financial Reporting. Statement of Financial Accounting Concepts No. 8. Norwalk, CT: FASB. Francis, J. R., Pinnuck, M. L., & Watanabe, O. (2014). Auditor style and financial statement comparability. The Accounting Review, 89(2), 605-633. International Accounting Standards Board (IASB). (2010). Conceptual Framework for Financial Reporting. London: IASB Goh, B. W., Lim, C. Y., Lobo, G. J., & Tong, Y. H. (2017). Conditional conservatism and debt versus equity financing. Contemporary Accounting Research, 34(1), 216-251. Gong, G., Li, L. Y., & Zhou, L. (2013). Earnings non‐synchronicity and voluntary disclosure. Contemporary Accounting Research, 30(4), 1560-1589. Griffin, P. A., Hong, H. A., & Ryou, J. W. (2022). Proprietary costs: Why do R&D-active firms choose single-lender financing? The Accounting Review, 97(6), 263-296. Houston, J., & James, C. (1996). Bank information monopolies and the mix of private and public debt claims. Journal of Finance, 51, 1863-1889. Hovakimian, A., Kayhan, A., & Titman, S. (2012). Are corporate default probabilities consistent with the static trade-off theory? The Review of Financial Studies, 25(2), 315-340. Imhof, M. J., Seavey, S. E., & Smith, D. B. (2017). Comparability and cost of equity capital. Accounting Horizons, 31(2), 125-138. Kim, J. B., Li, L., Lu, L. Y., & Yu, Y. (2016). Financial statement comparability and expected crash risk. Journal of Accounting and Economics, 61(2-3), 294-312. Kogan, L., Papanikolaou, D., Seru, A., & Stoffman, N. (2024). KPSS2017 / Technological-Innovation-Resource-Allocation-and-Growth-Extended-Data. Github. https://github.com/KPSS2017/Technological-Innovation-Resource-Allocation-and-Growth-Extended-Data Li, N., Lou, Y., Otto, C. A., & Wittenberg-Moerman, R. (2021). Accounting quality and debt concentration. The Accounting Review, 96(1), 377-400. Lobo, G. J., Neel, M., & Rhodes, A. (2018). Accounting comparability and relative performance evaluation in CEO compensation. Review of Accounting Studies, 23, 1137-1176. Lou, Y., & Otto, C. A. (2020). Debt heterogeneity and covenants. Management Science, 66(1), 70-92. Majeed, M. A., & Yan, C. (2021). Financial statement comparability, state ownership, and the cost of debt: Evidence from China. Research in International Business and Finance, 58, 101497. Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221. Nam, J. S., and R. Thompson. (2023). Does financial statement comparability facilitate SEC oversight? Contemporary Accounting Research 40(2):1315-1349. Petacchi, R. (2015). Information asymmetry and capital structure: Evidence from regulation FD. Journal of Accounting and Economics, 59(2-3), 143-162. Petersen, M. A. (2009). Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches. The Review of Financial Studies, 22(1), 435-480. Platikanova, P., & Soonawalla, K. (2020). Who monitors opaque borrowers? Debt specialisation, institutional ownership, and information opacity. Accounting & Finance, 60(2), 1867-1904. Robb, A., & Seamans, R. (2014). The role of R&D in entrepreneurial finance and performance. Finance and Strategy, 31, 341-373. Sufi, A. (2007). Information asymmetry and financing arrangements: Evidence from syndicated loans. The Journal of Finance, 62(2), 629-668. Thompson, S. B. (2011). Simple formulas for standard errors that cluster by both firm and time. Journal of Financial Economics, 99(1), 1-10. Wang, Y., Feng, Y., Zhu, Z., Liu, J., & Li, Y. (2024). Financial statement comparability and expected default risk. International Review of Financial Analysis, 95, 103302. Winton, A., & Yerramilli, V. (2008). Entrepreneurial finance: Banks versus venture capital. Journal of Financial Economics, 88(1), 51-79. Zhang, J. H. (2018). Accounting comparability, audit effort, and audit outcomes. Contemporary Accounting Research, 35(1), 245-276.zh_TW