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| Title: | 強制採用國際會計準則對銀行聯貸市場的影響
The effects of mandatory IFRS reporting on the syndicated loan market |
| Authors: | 姚畯
Yao, Chun |
| Contributors: | 鄭丁旺
金成隆
Cheng, Ting Wong
Chin, Chen Lung
姚畯
Yao, Chun |
| Keywords: | 國際會計準則
銀行聯貸
債務契約
債務條款
IFRS
Syndicated loans
Debt contracts
Covenants |
| Date: | 2011 |
| Issue Date: | 2013-09-05 14:25:45 (UTC+8) |
| Abstract: | 本研究主要探討強制採用國際會計準則(International Financial Reporting Standards, IFRS)對銀行聯貸組成結構(ownership structure)與債務契約條款(debt covenants)的影響。研究發現結果如下：第一、當借款公司強制採用國際會計準則報導後，主辦銀行的持有比例將增加。第二、當借款公司強制採用國際會計準則報導後，外資銀行參與聯貸案的家數將下降。第三、當借款公司強制採用國際會計準則報導後，債務契約條款中將降低採用以會計數字為基礎的債務契約條款(無論以損益數字為基礎、或以資產負債表數字為基礎)。本研究之發現符合Schipper [2003]之論點：當債務人採用以原則式準則之會計報表作為借貸契約之基礎，將降低債權人與債務人以此報表訂契約的誘因。主要是因為原則式準則提供有限的會計處理程序與解釋指引，將導致會計數字在專業判斷下，報表數字可能增加主觀或偏誤，進而降低債務契約訂定的功能。最後，本研究發現前述採用國際會計準則的負面影響，在普通法國家(法律執行強度高的國家)比成文法的國家(法律執行強度弱的國家)有減緩的趨勢。
In this dissertation, I examine how the mandatory adoption of International Financial Reporting Standards (IFRS) affects ownership structure and debt covenants in the syndicated loan market. I hypothesize and document that the proportion of the loan retained by syndicate lead arrangers increases after a borrower adopts mandatory IFRS reporting. Further, I document that foreign lenders are relatively less likely to be involved in syndicated loan deals after the adopting of mandatory IFRS reporting. Finally, I find that syndicate lenders are less likely to use financial covenants in debt agreements after the mandatory IFRS adopting, regardless of income statement-based or balance sheet-based covenants. Overall, these results are in line with the argument by Schipper [2003]. Specifically, the adoption of a principles-based accounting system (e.g., IFRS), characterized by limited interpretation and implementation guidance, increases the difference in professional judgment among debt contracting parties, which in turn reduces lenders’ and borrowers’ demand for accounting information in signing debt contracts. Finally, the negative effect of the mandatory IFRS adoption on the syndicated loan market is weaker in common-law countries (in countries with stricter enforcement regime) than in code-law countries (in countries with weaker enforcement regime). |
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| Description: | 博士
國立政治大學
會計研究所
94353504
100 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0094353504 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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