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題名 強制採用IFRS是否影響應計項目錯誤訂價?以在美國掛牌上市之外國企業為例
Does mandatory IFRS adoption affect accruals mispricing? Evidence from foreign firms cross-listed in the U.S.
作者 吳佩珊
Wu, Pei Shan
貢獻者 詹凌菁
Chan, Ling Ching
吳佩珊
Wu, Pei Shan
關鍵詞 國際財務報導準則
應計項目異常現象
跨國上市
IFRS
Accruals anomaly
Cross-listing
日期 2015
上傳時間 3-Aug-2015 13:17:07 (UTC+8)
摘要 本研究係探討強制採用國際財務報導準則(IFRS)對在美國掛牌上市之外國企業，其應計項目異常現象之影響。實證結果顯示，在美掛牌上市且採用IFRS之外國企業，在2005年後裁決性應計項目之異常報酬顯著降低。此外，裁決性應計項目之負向報酬預測力亦顯著降低。由此可知，無論美國未來是否採用IFRS，根據本結論，其餘各國強制採用IFRS後，透過提供更高品質之財務報導及降低資訊落差，仍能為美國投資者帶來效益。
I examine whether the mispricing of accruals among foreign firms cross-listed in the U.S. are affected by the mandatory adoption of International Financial Reporting Standards (IFRS). Consistent with the impact of information environment on the accrual anomaly documented in the literature, I find significant reductions in the annual abnormal returns and in the negative return predictability of discretionary accruals among cross-listers from IFRS adopted countries after IFRS adoption. The evidence implies that irrespective of whether the U.S. adopts IFRS, the mandatory IFRS adoption elsewhere can still benefit U.S. investors by providing financial reporting with high quality and reducing their information disadvantages.
參考文獻 Bae, K.-H., H. Tan, and M. Welker. 2008. International GAAP differences: The impact of foreign analysts. The Accounting Review 83: 593–628.
Ball, R., A. Robin, and J. Wu. 2003. Incentives versus standards: Properties of accounting income in four East Asian countries. Journal of Financial Economics 36: 235-270.
Barth, M., W. Landsman, M. Lang, and C. Williams. 2012. Are international accounting standards-based and US GAAP-based accounting amounts comparable? Journal of Accounting and Economics 54: 68–93.
Bartov, E., S. Goldberg, and M. Kim. 2005. Comparative value relevance among German, US and international accounting standards: a German stock market perspective. Journal of Accounting, Auditing and Finance 20: 95–119.
Beaulieu, B., and G. Bellemare. 2000. Canadian stock markets and North American integration. ISUMA, Canadian Journal of Policy Research 1: 79-85.
Beneish, M., B. Miller, and T. Yohn. 2012. The impact of financial reporting on equity versus debt markets: macroeconomic evidence from mandatory IFRS adoption. Available at SSRN: http://ssrn.com/abstract=1403451.
Chan, L. C., A. Hsu, and E. Lee. 2013. Does mandatory IFRS adoption affect credit ratings of foreign firms cross-listed in the U.S.? Accounting Horizons 27: 491-510.
Chan, L. C., E. Lee, and S. Lin. 2009. The impact of accounting information quality on the mispricing of accruals: The case of FRS3 in the UK. Journal of Accounting and Public Policy 28: 189-206.
Christensen, H., E. Lee, and M. Walker. 2008. Incentives or standards: What determines accounting quality change around IFRS adoption? Available at SSRN: http://ssrn.com/abstract=1013054.
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: 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: 240-258.
Doidge, C., G. Karolyi, and R. Stulz. 2009. Has New York become less competitive in global markets? Evaluating foreign listing choices over time. Journal of Financial Economics 91: 253-277.
Drake, M., J. Myers, and L. Myers. 2007. Disclosure quality and the mispricing of accruals and cash flow. Available at SSRN: .
Fama, E., and K. French. 1996. Multifactor explanations of asset pricing anomalies. Journal of Finance 51: 55-84.
Hail, L., and C. Leuz. 2008. Cost of capital effect and changes in growth expectations around U.S. cross-listings. Journal of Financial Economics 93: 428-454.
Horton, J., G. Serafeim, and I. Serafeim. 2013. Does mandatory IFRS adoption improve the information environment? Contemporary Accounting Research 30: 388-423.
Jones, J. 1991. Earnings management during import relief investigation. Journal of Accounting Research 29: 193-228.
Kothari, S. P., A. Leone, and C. Wasley. 2005. Performance matched discretionary accrual measures. Journal of Accounting and Economics 39: 163-197.
Landsman, W., E. Maydew, and J. Thornock. 2012. The information content of annual earnings announcements and mandatory adoption of IFRS. Journal of Accounting and Economics 53: 34-54.
Lang, M., J. Raedy, and W. Wilson. 2006. Earnings management and cross listing: Are reconciled earnings comparable to U.S. earnings? Journal of Accounting and Economics 42(1-2): 255-283.
Leuz, C. 2003. IAS versus US GAAP: information asymmetry-based evidence from Germany`s New Market. Journal of Accounting Research 41: 445–472.
Leuz, C., P. Wysocki. 2008. Economic consequences of financial reporting and disclosure regulation: a review and suggestion for future research. Working paper. University of Chicago.
Lee, E., N. Strong, and Z. Zhu. 2014. Did regulation fair disclosure, SOX, ad other analyst regulations reduce security mispricing? Journal of Accounting Research 52: 733-774.
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: 607-636.
Mishkin, F., 1983. A Rational Expectation Approach to Macroeconometrics: Testing Policy Ineffectiveness and Efficient-Market Models. University of Chicago Press, Chicago, IL.
Prather-Kinsey, J., E. Jermakowicz, and T. Vongphanith. 2008. Capital market consequences of European firms’ mandatory adoption of IFRS. Working paper. University of Missouri.
Radhakrishnan, S., and S. L. Wu. 2014. Analysts’ cash flow forecasts and accrual mispricing. Contemporary Accounting Research 31: 1191-1219.
Sarkissian, S., and M. Schill. 2009. Are there permanent valuation gains to overseas listing? Review of Financial Studies 22: 371-412.
Sloan, R., 1996. Do stock prices reflect information in accruals and cash flows about future earnings. The Accounting Review 71: 289–306.
描述 碩士
國立政治大學
會計研究所
102353004
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102353004
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.advisor Chan, Ling Chingen_US
dc.contributor.author (Authors) 吳佩珊zh_TW
dc.contributor.author (Authors) Wu, Pei Shanen_US
dc.creator (作者) 吳佩珊zh_TW
dc.creator (作者) Wu, Pei Shanen_US
dc.date (日期) 2015en_US
dc.date.accessioned 3-Aug-2015 13:17:07 (UTC+8)-
dc.date.available 3-Aug-2015 13:17:07 (UTC+8)-
dc.date.issued (上傳時間) 3-Aug-2015 13:17:07 (UTC+8)-
dc.identifier (Other Identifiers) G0102353004en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/77153-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 102353004zh_TW
dc.description.abstract (摘要) 本研究係探討強制採用國際財務報導準則(IFRS)對在美國掛牌上市之外國企業，其應計項目異常現象之影響。實證結果顯示，在美掛牌上市且採用IFRS之外國企業，在2005年後裁決性應計項目之異常報酬顯著降低。此外，裁決性應計項目之負向報酬預測力亦顯著降低。由此可知，無論美國未來是否採用IFRS，根據本結論，其餘各國強制採用IFRS後，透過提供更高品質之財務報導及降低資訊落差，仍能為美國投資者帶來效益。zh_TW
dc.description.abstract (摘要) I examine whether the mispricing of accruals among foreign firms cross-listed in the U.S. are affected by the mandatory adoption of International Financial Reporting Standards (IFRS). Consistent with the impact of information environment on the accrual anomaly documented in the literature, I find significant reductions in the annual abnormal returns and in the negative return predictability of discretionary accruals among cross-listers from IFRS adopted countries after IFRS adoption. The evidence implies that irrespective of whether the U.S. adopts IFRS, the mandatory IFRS adoption elsewhere can still benefit U.S. investors by providing financial reporting with high quality and reducing their information disadvantages.en_US
dc.description.tableofcontents 1. Introduction 1
2. Literature review 4
2.1. Information environment and securities mispricing 4
2.2. Economic benefits of IFRS adoption 6
2.2.1. Improvement in information environments 6
2.2.2. Benefits in debt markets 8
2.2.3. Benefits in equity markets 9
3. Hypotheses development 10
4. Research design 11
4.1. Hedge portfolio tests 11
4.2. Regression-based tests 12
5. Sample selection and descriptive statistics 13
6. Empirical results 21
6.1. Hedge portfolio test 21
6.2. Regression analyses 23
7. Conclusion 27
Reference 28		zh_TW
dc.format.extent 737536 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102353004en_US
dc.subject (關鍵詞) 國際財務報導準則zh_TW
dc.subject (關鍵詞) 應計項目異常現象zh_TW
dc.subject (關鍵詞) 跨國上市zh_TW
dc.subject (關鍵詞) IFRSen_US
dc.subject (關鍵詞) Accruals anomalyen_US
dc.subject (關鍵詞) Cross-listingen_US
dc.title (題名) 強制採用IFRS是否影響應計項目錯誤訂價?以在美國掛牌上市之外國企業為例zh_TW
dc.title (題名) Does mandatory IFRS adoption affect accruals mispricing? Evidence from foreign firms cross-listed in the U.S.en_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Bae, K.-H., H. Tan, and M. Welker. 2008. International GAAP differences: The impact of foreign analysts. The Accounting Review 83: 593–628.
Ball, R., A. Robin, and J. Wu. 2003. Incentives versus standards: Properties of accounting income in four East Asian countries. Journal of Financial Economics 36: 235-270.
Barth, M., W. Landsman, M. Lang, and C. Williams. 2012. Are international accounting standards-based and US GAAP-based accounting amounts comparable? Journal of Accounting and Economics 54: 68–93.
Bartov, E., S. Goldberg, and M. Kim. 2005. Comparative value relevance among German, US and international accounting standards: a German stock market perspective. Journal of Accounting, Auditing and Finance 20: 95–119.
Beaulieu, B., and G. Bellemare. 2000. Canadian stock markets and North American integration. ISUMA, Canadian Journal of Policy Research 1: 79-85.
Beneish, M., B. Miller, and T. Yohn. 2012. The impact of financial reporting on equity versus debt markets: macroeconomic evidence from mandatory IFRS adoption. Available at SSRN: http://ssrn.com/abstract=1403451.
Chan, L. C., A. Hsu, and E. Lee. 2013. Does mandatory IFRS adoption affect credit ratings of foreign firms cross-listed in the U.S.? Accounting Horizons 27: 491-510.
Chan, L. C., E. Lee, and S. Lin. 2009. The impact of accounting information quality on the mispricing of accruals: The case of FRS3 in the UK. Journal of Accounting and Public Policy 28: 189-206.
Christensen, H., E. Lee, and M. Walker. 2008. Incentives or standards: What determines accounting quality change around IFRS adoption? Available at SSRN: http://ssrn.com/abstract=1013054.
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: 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: 240-258.
Doidge, C., G. Karolyi, and R. Stulz. 2009. Has New York become less competitive in global markets? Evaluating foreign listing choices over time. Journal of Financial Economics 91: 253-277.
Drake, M., J. Myers, and L. Myers. 2007. Disclosure quality and the mispricing of accruals and cash flow. Available at SSRN: .
Fama, E., and K. French. 1996. Multifactor explanations of asset pricing anomalies. Journal of Finance 51: 55-84.
Hail, L., and C. Leuz. 2008. Cost of capital effect and changes in growth expectations around U.S. cross-listings. Journal of Financial Economics 93: 428-454.
Horton, J., G. Serafeim, and I. Serafeim. 2013. Does mandatory IFRS adoption improve the information environment? Contemporary Accounting Research 30: 388-423.
Jones, J. 1991. Earnings management during import relief investigation. Journal of Accounting Research 29: 193-228.
Kothari, S. P., A. Leone, and C. Wasley. 2005. Performance matched discretionary accrual measures. Journal of Accounting and Economics 39: 163-197.
Landsman, W., E. Maydew, and J. Thornock. 2012. The information content of annual earnings announcements and mandatory adoption of IFRS. Journal of Accounting and Economics 53: 34-54.
Lang, M., J. Raedy, and W. Wilson. 2006. Earnings management and cross listing: Are reconciled earnings comparable to U.S. earnings? Journal of Accounting and Economics 42(1-2): 255-283.
Leuz, C. 2003. IAS versus US GAAP: information asymmetry-based evidence from Germany`s New Market. Journal of Accounting Research 41: 445–472.
Leuz, C., P. Wysocki. 2008. Economic consequences of financial reporting and disclosure regulation: a review and suggestion for future research. Working paper. University of Chicago.
Lee, E., N. Strong, and Z. Zhu. 2014. Did regulation fair disclosure, SOX, ad other analyst regulations reduce security mispricing? Journal of Accounting Research 52: 733-774.
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: 607-636.
Mishkin, F., 1983. A Rational Expectation Approach to Macroeconometrics: Testing Policy Ineffectiveness and Efficient-Market Models. University of Chicago Press, Chicago, IL.
Prather-Kinsey, J., E. Jermakowicz, and T. Vongphanith. 2008. Capital market consequences of European firms’ mandatory adoption of IFRS. Working paper. University of Missouri.
Radhakrishnan, S., and S. L. Wu. 2014. Analysts’ cash flow forecasts and accrual mispricing. Contemporary Accounting Research 31: 1191-1219.
Sarkissian, S., and M. Schill. 2009. Are there permanent valuation gains to overseas listing? Review of Financial Studies 22: 371-412.
Sloan, R., 1996. Do stock prices reflect information in accruals and cash flows about future earnings. The Accounting Review 71: 289–306.		zh_TW