導入國際會計準則對負債資金成本之影響－－以歐盟及中國為例

The Effects of IFRS Adoption on the Cost of Debt Capital -Evidence from European Union and China

本研究旨在探討導入IFRS對負債資金成本之影響，並以世界第一大經濟實體－－歐盟以及第二大經濟實體－－中國為研究對象。實證結果發現，歐盟與中國的樣本公司，相較於IFRS導入前，導入後的負債資金成本顯著降低，亦即實證結果支持導入IFRS後，公司因財務資訊的透明度提升，具有促使負債資金成本下降的功效。再者，在自由經濟制度（歐盟）的公司，相較於社會主義市場經濟（中國）的公司，雖然有較低的負債資金成本，但導入IFRS對促使負債資金成本下降的效果較小。此研究結果意味著不同制度環境的國家導入IFRS後對負債資金成本的影響有差異。本文結果可作為各國導入IFRS效益之參考，以及法治經濟環境對導入IFRS效益差異之說明。 By using the top two economic entities in the world as samples, European Union (EU) and China, the objective of this study is to examine the effects of the IFRS adoption on the cost of debt capital for the firms listed in the two economies. The empirical results indicate that the IFRS adoption lowers the cost of debt capital for both firms listed in EU and China. The increase in firm's financial transparency facilitates the decrease in cost of debt capital. Compared to the firms listed in Chinese socialist economic system, IFRS adopting firms that listed in the EU laissez faire economic system have a lower cost of debt capital and experience a lower reduction effects on their debt capital costs. The empirical research indicates that different institutional environments lead to different cost of debt capital effects on IFRS adopters. This study provides important empirical evidence that help to understand the effects between two legal institutional environments and serve as a reference for potential IFRS adoption counties.