財務報表可比性、無形資產與權益資金成本

Abstract

本研究旨在探討財務報表可比性是否對事前權益資金成本產生影響，以及投資人處理較複雜的資訊時 (即無形資產)，可比性與權益資金成本間原有的關聯性是否有不同的影響。以台灣2003 年到2011 年上市與上櫃公司為研究對象，並參照DeFranco et al. (2011) 衡量可比性，研究結果發現在控制公司規模、成長性、負債比率與系統性風險後，可比性較高的公司，其事前權益資金成本也較低。此外，當無形資產密集度或研發密集度較高，則可比性對資金成本的效益也較高。

The aim of this study is to investigate the relationship between the comparability of financial statements and the ex-ante cost of capital and the effect of information complexity (i.e. intangible assets) on the comparability- cost of equity capital relationship. Using data from Taiwan listed firms between 2003 and 2011 and the measure of comparability developed by DeFranco et al. (2011), this paper documents a significantly negative relationship between the comparability of company financial statements and the ex-ante cost of equity capital even after controlling for previously documented determinants of the cost of capital. Otherwise, this paper also documents that this negative association is greater for firms with more recognized intangible assets or higher research and development intensity.