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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/146830


    Title: 銷管費用揭露品質對權益資金成本的影響
    The effect of SG&A disclosure quality on the cost of equity capital
    Authors: 李采璇
    Li, Tsai-Shiuan
    Contributors: 詹凌菁
    李采璇
    Li, Tsai-Shiuan
    Keywords: 銷管費用
    揭露品質
    權益資金成本
    SG&A
    Disclosure quality
    Cost of equity
    Date: 2023
    Issue Date: 2023-09-01 14:41:24 (UTC+8)
    Abstract: 本研究旨在探討銷管費用揭露品質與權益資金成本之間的關聯性，並使用損益表中之銷管費用的拆解分數作為衡量銷管費用揭露品質之依據。實證結果顯示，銷管費用揭露品質與權益資金成本之間為負相關，且該負向關係於透過傾向分數配對法測試內生性考量後依舊維持顯著。本研究亦進一步探討上述關係於銷管費用佔銷售淨額比例不同時是否存在差異，結果顯示當銷管費用比例較高時，該負向關係較為顯著。此外，於額外測試中，本研究發現銷管費用與權益資金成本之間的負向關係不會受到獨立董事比例的影響；且公司的淨值市價比、槓桿及規模等因素，皆會影響銷管費用的揭露；又，在損益表中之銷管費用拆解對於權益資金成本的影響並不會被「管理階層討論與分析」中之銷管費用的揭露品質所取代。綜上所述，本研究支持銷管費用揭露品質較高之企業，可享有較低之權益資金成本。
    This study explores the relationship between the SG&A disclosure quality and the cost of equity capital (COE). The disaggregation of SG&A in the income statement (DSGA_IS) serves as a proxy for the disclosure quality of SG&A. The empirical evidence demonstrate that there is a significantly negative relation between DSGA_IS and COE (DSGA_IS-COE relation), and the results remain robust after considering endogeneity concerns using propensity score matching. Moreover, when further examining whether the relation varies with the degree of SG&A, it is observed that the DSGA_IS-COE relation is more prominent among firms with higher SG&A ratios. Additional analyses reveal that the DSGA_IS-COE relation is not affected by the percentage of independent directors; and that firm-specific characteristics such as book-to-market ratio, leverage, and size could influence the DSGA_IS. Besides, the effect of DSGA_IS on the cost of equity capital is not subsumed by the disaggregation quality of SG&A in the MD&A section. In conclusion, these findings suggest that firms with finer SG&A disclosure quality could enjoy a lower cost of equity capital.
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    Description: 碩士
    國立政治大學
    會計學系
    110353104
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0110353104
    Data Type: thesis
    Appears in Collections:[Department of Accounting] Theses

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