| 英文摘要 |
This research examines whether and how the globally mandatory adoption of International Financial Reporting Standards (hereafter, IFRS) affects the ownership structure of syndicated loans. We find that the lead arrangers retain a larger proportion of a syndicated loan, fewer lenders are involved in a syndicated loan, and lead arrangers, in turn, form a more concentrated syndicate after borrowers adopt IFRS. Specifically, the adoption of a principles-based accounting system such as 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. Further analyses indicate that the negative effect of the mandatory adoption of IFRS on the ownership structure of a syndicated loan is weaker in common-law countries (in countries with a stricter enforcement regime) than in civil-law countries (in countries with a weaker enforcement regime).
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