企業海外籌資策略與會計穩健政策

Overseas Listing and Accounting Conservatism

本文從資訊不對稱角度，探討企業海外籌資是否會影響其會計穩健程度，並同時考量企業海外籌資工具、發行地區是否會影響海外籌資與會計穩健性的關係。選取1992年至2011年首次赴海外籌資之上市櫃公司，分析企業首次海外籌資前後會計穩健程度的變化。實證結果發現，企業在進行海外籌資後，由於海外市場對發行公司的管制與資訊揭露要求，會提高海外籌資公司的資訊透明度，對會計穩健程度的要求會較低，因此企業海外籌資會降低會計穩健程度。此外籌資的方式及掛牌地區的差異，會影響企業海外籌資而降低的會計穩健性程度。

The paper evaluates the impact of overseas listing on accounting conservatism of financial statements, as well as considers whether the effects of overseas listing tools and areas of distribution impact on the influence of overseas listing on accounting conservatism. Using firms' first overseas listing as the standard, listed firms who implemented overseas listing in 1992-2011 were selected as sample. The empirical results indicate that the restraints and demands placed on issuing firms by overseas market increases the overseas listing firms' information disclosure level, leading to lower level of accounting conservatism. In addition, overseas listing tools primarily include issuance of Euro convertible bonds and depository receipts. This study therefore addresses the variation in the impact of different listing tools on accounting conservatism. Finally, different listing areas are investigated to demonstrate that listing area impact on the influence of overseas listing on accounting conservatism.