財務報表可比性、會計績效與利率：公司治理表現之角色

Financial Reporting Comparability, Accounting Performance, and Interest Rate: The Role of Corporate Governance Performance

本研究旨在探討財務報表可比性如何影響借款人會計績效與利率間的負向關係，並進一步討論公司治理績效的影響。本文發現，提高財務報表可比性可以降低內部與外部利害關係人間的資訊不對稱，並協助債權人更好瞭解及評估借款人的會計績效，進而影響其債務資金成本。此外，提升財務報表可比性也可以降低銀行對於借款人績效相關的資訊處理成本，進而強化借款人會計績效與利率間的負向關係。最後，對公司治理績效較差的公司來說，提升財務報表可比性對借款人會計績效與利率間的負向關係的增強效果也更為顯著。本文的結果補充了文獻，並為銀行設計貸款合約提供了啟示。

This research explores how financial reporting comparability affects the negative association between borrowers’accounting performance and interest rate and further examines the impact of corporate governance (CG) performance. The findings show that financial statement comparability reduces information asymmetry between internal and external stakeholders and helps creditors to better understand and evaluate borrowers’performance, thus influencing their cost of debt. Moreover, enhancing financial reporting comparability allows banks to reduce the information processing costs associated with their borrowers’performance, essentially improving the negative relationship between borrowers’accounting performance and interest rate. Lastly, the enhancement effect of financial reporting comparability on the negative association between borrowers’accounting performance and interest rate is more pronounced for firms with poorer CG performance. The results herein advance the literature and offer implications for banks designing loan contracts.