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題名 採用IFRS對政府公債資金成本之影響 ─以英國政府為例
IFRS Adoption in Public Sector and Cost of Debt: Evidence from UK Government
作者 劉欣靄
貢獻者 周玲臺
Chou, Ling Tai
劉欣靄
關鍵詞 政府公債
債券殖利率
國際會計準則
審計
財務報告品質
Government Bond
Yield Spread
IFRS
Audit
Information Quality
日期 2015
上傳時間 3-Aug-2015 13:18:48 (UTC+8)
摘要 近年來，政府會計之改革為各國探討之議題，本研究探討當政府公部門財務報告採用國際會計準則編製，並且經過獨立審計機關查核後，對其發行公債之殖利率利差之影響。本研究從英國債務管理辦公室及倫敦證券交易所之資料庫，蒐集英國中央政府發行公債之資訊，以 2006 年至 2014 間有交易行為之公債為樣本，進行迴歸分析。結果顯示，公債殖利率利差與採用國際會計準則呈現顯著負相關，意即政府報表採用國際財務報導準則，會使市場投資人獲得更透明之財務資訊，而預期公債之無法償還風險降低，且更加願意投資公債。除此之外，當政府提供依國際財務報導準則編製之政府財務報告，再經過會計師查核，審計效果與殖利率利差亦呈現負相關。敏感性測試則指出，當不考慮金融危機的非常規狀況時，同樣可以顯示出相同結果。
The reform of government accounting systems has become a trend in many countries during recent decades. This study investigates the effect on sovereign bond yield spread of adopting IFRS in government sector, and how yield spreads might be affected after financial reports are audited. Data of tradable UK sovereign bonds are collected from UK Debt Management Office and London Stock Exchange for the period of 2006-2014. Based on the results of regression analysis, the adoption of IFRS by UK governments is negatively associated with gilt bond yield spreads, which means sovereign risk is perceived to be lower by the investors after the adoption of IFRS by central government. When the IFRS-based government financial reports are audited, negative connections between audited reports and yield spreads provide further evidence that investors show higher faith in the sovereign bonds. Additionally, the results remain the same when data of 2009, an abnormal year because of world financial crisis are added back to the regression.
參考文獻 鄭丁旺、周玲臺與鄭如孜，2013，政府會計革新國際趨勢與發展之研究，行政院主計總處
張娟，2010，英國政府會計改革的回顧及啟示，中華財經政法大學學報 179
Ahmed, A., M. Neel, and D. Wang. 2013. Does mandatory adoption of IFRS improve accounting quality? Preliminary evidence. Contemporary Accounting Research 30:1344-1372.
Barbosa, L., and S. Costa. 2010. Determinants of sovereign bond yield spreads in the EURO area in the context of the economic and financial crisis. Estudos e Documentos de Trabalho.
Barra D.G., and J.Y. Campbell. 1997. Inflation, real interest rates, and the bond market: A study of UK nominal and index-linked government bond prices. Journal of Monetary Economics 39(3):361-383
Barrios S., P. Iversen, M. Lewandowska, and R. Setzer. 2009. Determinants of intra-euro area government bond spreads during the financial crisis. European Commission
Barth, M. E. 1994. Fair value accounting: evidence from investment securities and the market valuation of banks. The Accounting Review 69(1):1-25
Beber, A., M. W. Brandt, and K. A. Kavajecz. 2009. Flight-to-quality or flight-to-liquidity? Evidence from the Euro-area bond market. Review of Financial Studies 22: 925-57.
Bolivar, M.P.R., and .N. Galera. 2012. The role of fair value accounting in promoting government accountability. Abucus-A Journal of Accounting, Finance and Business Studies 48(3): 348-386
Caroline A. P. 2014. IPSAS v IFRS: why specific public sector accounting standards are necessary. Wiley Insight
Chow, D., C. Humphrey, and J. Moll. 2007. Developing whole of government accounting in the UK: grand Claims, practical complexities and a suggested future research agenda. Financial Accountability and Management 23 (February): 27-54.
Christiaens, J., B. Reyniers, and C. Rolle. 2010. Impact of IPSAS on reforming governmental financial information systems: a comparative study. International Review of Administrative Science 76 (3):537-554.
Daske, H., and G. Gebhardt. 2006. International financial reporting standards and experts` perceptions of disclosure quality. Abscus-A Journal of Accounting Finance and Business Studies l42(3-4):467-498
Ernst & Young Global Limited, 2013. A Snapshot of GAAP Differences Between IPSAS and IFRS, Retrieved June 6, 2015, from: www.ey.com/Publication/vwLUAssets/GAAP_differences_between_IPSAS_and_IFRS/$FILE/IPSAS_vs_IFRS_AU1506.pdf
Financial Reporting Advisory Board. 2008. 11th Report of the Financial Reporting Advisory Board. London: The Stationery Office
Florou, A. and U. Kosi. 2015. Does mandatory IFRS adoption facilitate debt financing? Review of Accounting Studies 20(2)
Frino, A., W. P. He, and A. Lepone. 2014. The pricing and efficiency of Australian treasury bond futures. Australasian Accounting Business & Finance Journal 8 (2):3-14.
Hodgson S. and C. Richards. 2014. To accrue or not to accrue: UK governmental accounting practice and military history from 1815 to the present. International Interdisciplinary Journal of Scientific Research 1(1)
International Public Sector Accounting Standards Board, 2015. 2014 Handbook of International Public Sector Accounting Pronouncements, New York: International Federation of Accountants
Kassimatis, K., S. Spyroub, and E. Galariotisc. 2008. Short-term patterns in government bond returns following market shocks: International evidence,.International Review of Financial Analysis 17(5): 903–924
Longstaff, F.A., S. Mithal, and E. Neis. 2005. Corporate yield spreads: Default risk or liquidity ? New evidence from the credit default swap market. Journal of Fincane 60(5):2213-2253
Moscariello, N., L. Skerratt, and M. Pizzo. 2014. Mandatory IFRS adoption and the cost of debt in Italy and UK. Accounting and Business Research 44(1):63-82
Poon, W.P. H., and D.A. Evans. 2013. Regulation Fair Disclosure`s Effect on the Information Content of Bond Rating Changes. European Financial Management. Sep2013 19 (4) :775-800
Scrutiny Unit. 2009. Adoption of IFRS by Central Government Briefing Note by the House of Commons Scrutiny Unit, Retrieved June 20, 2015, from: www.parliament.uk/documents/upload/ifrsbriefing.pdf
Sengupta, P. 1998. Corporate Disclosure Quality and the Cost of Debt. The Accounting Review 73(4):459-474
Buhr, N. 2010. From Cash to Accrual and Domestic to International: Government Accounting Standard Setting in the Last 30 Years. Paper presented at Sixth Accounting History International Conference.
描述 碩士
國立政治大學
會計研究所
102353034
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1023530341
資料類型 thesis
dc.contributor.advisor 周玲臺zh_TW
dc.contributor.advisor Chou, Ling Taien_US
dc.contributor.author (Authors) 劉欣靄zh_TW
dc.creator (作者) 劉欣靄zh_TW
dc.date (日期) 2015en_US
dc.date.accessioned 3-Aug-2015 13:18:48 (UTC+8)-
dc.date.available 3-Aug-2015 13:18:48 (UTC+8)-
dc.date.issued (上傳時間) 3-Aug-2015 13:18:48 (UTC+8)-
dc.identifier (Other Identifiers) G1023530341en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/77165-
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) 102353034zh_TW
dc.description.abstract (摘要) 近年來，政府會計之改革為各國探討之議題，本研究探討當政府公部門財務報告採用國際會計準則編製，並且經過獨立審計機關查核後，對其發行公債之殖利率利差之影響。本研究從英國債務管理辦公室及倫敦證券交易所之資料庫，蒐集英國中央政府發行公債之資訊，以 2006 年至 2014 間有交易行為之公債為樣本，進行迴歸分析。結果顯示，公債殖利率利差與採用國際會計準則呈現顯著負相關，意即政府報表採用國際財務報導準則，會使市場投資人獲得更透明之財務資訊，而預期公債之無法償還風險降低，且更加願意投資公債。除此之外，當政府提供依國際財務報導準則編製之政府財務報告，再經過會計師查核，審計效果與殖利率利差亦呈現負相關。敏感性測試則指出，當不考慮金融危機的非常規狀況時，同樣可以顯示出相同結果。zh_TW
dc.description.abstract (摘要) The reform of government accounting systems has become a trend in many countries during recent decades. This study investigates the effect on sovereign bond yield spread of adopting IFRS in government sector, and how yield spreads might be affected after financial reports are audited. Data of tradable UK sovereign bonds are collected from UK Debt Management Office and London Stock Exchange for the period of 2006-2014. Based on the results of regression analysis, the adoption of IFRS by UK governments is negatively associated with gilt bond yield spreads, which means sovereign risk is perceived to be lower by the investors after the adoption of IFRS by central government. When the IFRS-based government financial reports are audited, negative connections between audited reports and yield spreads provide further evidence that investors show higher faith in the sovereign bonds. Additionally, the results remain the same when data of 2009, an abnormal year because of world financial crisis are added back to the regression.en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究問題 3
第三節 研究貢獻 5
第四節 論文章節 6
第二章 文獻探討 7
第一節 英國政府會計沿革 7
第二節 英國公債 14
第三節 IFRS與IPSAS、UK GAAP之異同 16
第四節 財務報表品質與債券成本 22
第五節 影響公債殖利率之因素 23
第三章 研究方法 26
第一節 研究假說 26
第二節 樣本選取 28
第三節 研究模型與變數衡量 29
第四章 實證結果分析 32
第一節 敘述性統計分析 32
第二節 相關係數分析 34
第三節 複迴歸結果分析 37
第四節 敏感性測試 40
第五章 結論與建議 43
第一節 研究結論 43
第二節 研究限制 45
第三節 研究建議 46
第六章 參考文獻 47		zh_TW
dc.format.extent 1009188 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1023530341en_US
dc.subject (關鍵詞) 政府公債zh_TW
dc.subject (關鍵詞) 債券殖利率zh_TW
dc.subject (關鍵詞) 國際會計準則zh_TW
dc.subject (關鍵詞) 審計zh_TW
dc.subject (關鍵詞) 財務報告品質zh_TW
dc.subject (關鍵詞) Government Bonden_US
dc.subject (關鍵詞) Yield Spreaden_US
dc.subject (關鍵詞) IFRSen_US
dc.subject (關鍵詞) Auditen_US
dc.subject (關鍵詞) Information Qualityen_US
dc.title (題名) 採用IFRS對政府公債資金成本之影響 ─以英國政府為例zh_TW
dc.title (題名) IFRS Adoption in Public Sector and Cost of Debt: Evidence from UK Governmenten_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 鄭丁旺、周玲臺與鄭如孜，2013，政府會計革新國際趨勢與發展之研究，行政院主計總處
張娟，2010，英國政府會計改革的回顧及啟示，中華財經政法大學學報 179
Ahmed, A., M. Neel, and D. Wang. 2013. Does mandatory adoption of IFRS improve accounting quality? Preliminary evidence. Contemporary Accounting Research 30:1344-1372.
Barbosa, L., and S. Costa. 2010. Determinants of sovereign bond yield spreads in the EURO area in the context of the economic and financial crisis. Estudos e Documentos de Trabalho.
Barra D.G., and J.Y. Campbell. 1997. Inflation, real interest rates, and the bond market: A study of UK nominal and index-linked government bond prices. Journal of Monetary Economics 39(3):361-383
Barrios S., P. Iversen, M. Lewandowska, and R. Setzer. 2009. Determinants of intra-euro area government bond spreads during the financial crisis. European Commission
Barth, M. E. 1994. Fair value accounting: evidence from investment securities and the market valuation of banks. The Accounting Review 69(1):1-25
Beber, A., M. W. Brandt, and K. A. Kavajecz. 2009. Flight-to-quality or flight-to-liquidity? Evidence from the Euro-area bond market. Review of Financial Studies 22: 925-57.
Bolivar, M.P.R., and .N. Galera. 2012. The role of fair value accounting in promoting government accountability. Abucus-A Journal of Accounting, Finance and Business Studies 48(3): 348-386
Caroline A. P. 2014. IPSAS v IFRS: why specific public sector accounting standards are necessary. Wiley Insight
Chow, D., C. Humphrey, and J. Moll. 2007. Developing whole of government accounting in the UK: grand Claims, practical complexities and a suggested future research agenda. Financial Accountability and Management 23 (February): 27-54.
Christiaens, J., B. Reyniers, and C. Rolle. 2010. Impact of IPSAS on reforming governmental financial information systems: a comparative study. International Review of Administrative Science 76 (3):537-554.
Daske, H., and G. Gebhardt. 2006. International financial reporting standards and experts` perceptions of disclosure quality. Abscus-A Journal of Accounting Finance and Business Studies l42(3-4):467-498
Ernst & Young Global Limited, 2013. A Snapshot of GAAP Differences Between IPSAS and IFRS, Retrieved June 6, 2015, from: www.ey.com/Publication/vwLUAssets/GAAP_differences_between_IPSAS_and_IFRS/$FILE/IPSAS_vs_IFRS_AU1506.pdf
Financial Reporting Advisory Board. 2008. 11th Report of the Financial Reporting Advisory Board. London: The Stationery Office
Florou, A. and U. Kosi. 2015. Does mandatory IFRS adoption facilitate debt financing? Review of Accounting Studies 20(2)
Frino, A., W. P. He, and A. Lepone. 2014. The pricing and efficiency of Australian treasury bond futures. Australasian Accounting Business & Finance Journal 8 (2):3-14.
Hodgson S. and C. Richards. 2014. To accrue or not to accrue: UK governmental accounting practice and military history from 1815 to the present. International Interdisciplinary Journal of Scientific Research 1(1)
International Public Sector Accounting Standards Board, 2015. 2014 Handbook of International Public Sector Accounting Pronouncements, New York: International Federation of Accountants
Kassimatis, K., S. Spyroub, and E. Galariotisc. 2008. Short-term patterns in government bond returns following market shocks: International evidence,.International Review of Financial Analysis 17(5): 903–924
Longstaff, F.A., S. Mithal, and E. Neis. 2005. Corporate yield spreads: Default risk or liquidity ? New evidence from the credit default swap market. Journal of Fincane 60(5):2213-2253
Moscariello, N., L. Skerratt, and M. Pizzo. 2014. Mandatory IFRS adoption and the cost of debt in Italy and UK. Accounting and Business Research 44(1):63-82
Poon, W.P. H., and D.A. Evans. 2013. Regulation Fair Disclosure`s Effect on the Information Content of Bond Rating Changes. European Financial Management. Sep2013 19 (4) :775-800
Scrutiny Unit. 2009. Adoption of IFRS by Central Government Briefing Note by the House of Commons Scrutiny Unit, Retrieved June 20, 2015, from: www.parliament.uk/documents/upload/ifrsbriefing.pdf
Sengupta, P. 1998. Corporate Disclosure Quality and the Cost of Debt. The Accounting Review 73(4):459-474
Buhr, N. 2010. From Cash to Accrual and Domestic to International: Government Accounting Standard Setting in the Last 30 Years. Paper presented at Sixth Accounting History International Conference.		zh_TW