信用評等機構是否評價會計穩健性？跨國證據

Do Rating Agencies Value Accounting Conservatism? International Evidence

本研究以跨國資料探討會計穩健性是否影響信用評等機構的信用評等決定。以33個國家的公司資料為樣本，研究結果發現，會計穩健性較佳較容易取得較好的信用評等，此結果顯示儘管跨國間存有法治上的差異，會計穩健性仍是信用評等機構用來評估違約風險及償還率的重要指標，也被視為是在債務合約中值得需要的特質。進一步的分析顯示，儘管在債權人權利以及法規執行程度較高國家的公司可取得較好的信用評等，但會計穩健性對信用評等的正面影響在債權人權利以及法規執行程度較低國家的公司卻更加顯著，這結果意味著會計穩健性與債權人權利以及法規執行程度呈現替代性，可用以保護債權人。因此，公司可藉由選擇較穩健的會計報導來傳遞其保障債權人的信息。

We empirically test the extent to which accounting conservatism affects credit ratings in a cross-country setting. Using a sample of 3,168 firm-year observations across 33 countries, we find that greater conservatism leads to more favorable ratings, suggesting that, in spite of international differences in legal institutions, conservatism is a critical factor for credit rating agencies to assess an issuer's default risk and recovery rate, and systematically viewed as a desirable property for debt contracting across jurisdictions. Further analysis shows that, while firms in countries with stronger creditor rights and legal enforcement tend to receive better ratings on average, the effect of conservatism on ratings is more pronounced in countries where creditor rights and legal enforcement are weaker. This suggests that conservatism acts as a substitute for creditor rights and legal enforcement by protecting debt holders' interests and that a firm can signal its debt holder protection through the choice of conservative financial reporting.