會(huì)計(jì)準(zhǔn)則的國(guó)際趨同是否讓企業(yè)的資本成本降低_基于日本上市公司

1、會(huì)計(jì)準(zhǔn)則的國(guó)際趨同是否讓企業(yè)的資本成本降低基于日本上市公司的實(shí)證研究向伊知郎林慶云西海學(xué)真鍋和弘(日本愛(ài)知學(xué)院大學(xué) 名古屋外國(guó)語(yǔ)大學(xué) 福井工業(yè)大學(xué)摘要一般而言,按照國(guó)際財(cái)務(wù)報(bào)告準(zhǔn)則IFRSs編制的財(cái)務(wù)報(bào)表,其披露的信息量多而且水準(zhǔn)高。報(bào)告企業(yè)也因此帶來(lái)融資成本(在這里主要指資本成本降低的效果。上世紀(jì)九十年代后期,日本開(kāi)啟了會(huì)計(jì)準(zhǔn)則國(guó)際化的歷程,從那以后近十年的時(shí)期里,日本逐步向國(guó)際會(huì)計(jì)準(zhǔn)則靠近,直至2008年,實(shí)現(xiàn)了與IFRSs實(shí)質(zhì)上的趨同。那么,日本的上市企業(yè)是否因此得益,獲得資本成本降低這一效果呢?帶著這一問(wèn)題我們對(duì)日本上市公司這近十年的資本成本的變動(dòng)狀況進(jìn)行驗(yàn)證。驗(yàn)證表明,日本企業(yè)并沒(méi)有

2、因?yàn)闀?huì)計(jì)準(zhǔn)則的國(guó)際化而獲得資本成本的降低。其中原因可能是因?yàn)檫@期間股市的極度低迷,使得企業(yè)籌資難度增大,從而抵消了會(huì)計(jì)準(zhǔn)則國(guó)際化或許帶來(lái)的降低資本成本的效果。 關(guān)鍵詞 日本上市公司 會(huì)計(jì)準(zhǔn)則 國(guó)際趨同 資本成本 日本會(huì)計(jì)一、引言隨著國(guó)際會(huì)計(jì)準(zhǔn)則委員會(huì)的改組,日本的會(huì)計(jì)準(zhǔn)則制定機(jī)構(gòu)也于2001年由官方的機(jī)構(gòu)轉(zhuǎn)化為民間的日本會(huì)計(jì)準(zhǔn)則委員會(huì)(Accounting Standards Board of Japan, ASBJ。近10年來(lái),ASBJ在日本會(huì)計(jì)準(zhǔn)則與國(guó)際會(huì)計(jì)準(zhǔn)則IFRSs趨同方面作了不懈的努力,2007年,與IASB之間達(dá)成了東京合約。按照合約內(nèi)容,日本表明將在2011年6月之前,將日本的

3、會(huì)計(jì)準(zhǔn)則與IFRSs之間的所有的差異予以消除。IASB的主要目的是要在全球范圍內(nèi)制定一套統(tǒng)一的、高質(zhì)量、易于理解、同時(shí)有強(qiáng)制力的會(huì)計(jì)準(zhǔn)則。依照這一準(zhǔn)則編制的財(cái)務(wù)報(bào)告能夠讓投資者獲取充分有效的投資信息,因而可以作出比較合理的投資決策。從這個(gè)意義上說(shuō),投資者獲取信息的成本降低,投資機(jī)會(huì)增加,其結(jié)果將導(dǎo)致對(duì)投資企業(yè)所要求的投資回報(bào)降低。從企業(yè)的角度來(lái)看,導(dǎo)入IFRSs將可能帶來(lái)平均資本成本的降低。 本論文將圍繞導(dǎo)入IFRSs是否能給企業(yè)帶來(lái)資本成本降低這一主題,以日本上市公司為研究對(duì)象來(lái)進(jìn)行考察。考察方法是通過(guò)對(duì)上司公司提交的財(cái)務(wù)報(bào)表進(jìn)行分析,將近10年這一時(shí)間段以導(dǎo)入IFRSs的進(jìn)程分成3個(gè)階段,

4、檢驗(yàn)這一過(guò)程中投資者對(duì)投資企業(yè)要求的投資回報(bào)率是否降低,以此推斷企業(yè)的資本成本是否降低。企業(yè)的資金來(lái)源有負(fù)債和業(yè)主產(chǎn)權(quán),因此,廣義上的資本成本包括負(fù)債成本和業(yè)主產(chǎn)權(quán)成本。本論文旨在檢驗(yàn)投資者對(duì)企業(yè)要求的投資回報(bào),因此在這里資本成本指的是業(yè)主產(chǎn)權(quán)成本(cost of equity capital。二、文獻(xiàn)回顧一般而言,IFRSs較之其他會(huì)計(jì)準(zhǔn)則,要求披露的財(cái)務(wù)信息量大而且水準(zhǔn)高。那么,公司披露的財(cái)務(wù)報(bào)表的信息量及程度與企業(yè)的資本成本是否相關(guān)呢?會(huì)計(jì)學(xué)者曾對(duì)這一命題做過(guò)許多研究探討。本文擬將對(duì)其中比較有代表性的幾項(xiàng)研究做個(gè)回顧。Botosan(1997以美國(guó)的制造業(yè)為對(duì)象,就企業(yè)的財(cái)務(wù)信息披露程度

5、對(duì)資本成本的影響進(jìn)行了實(shí)證研究。研究方法是根據(jù)企業(yè)年度報(bào)表所揭示的信息,以披露程度,值,凈資產(chǎn)現(xiàn)行價(jià)值等為變量,檢驗(yàn)其與資本成本之間的相關(guān)性。結(jié)果表明,財(cái)務(wù)報(bào)表披露程度高的企業(yè),資本成本較低。該研究在計(jì)算資本成本時(shí),采用的指標(biāo)是RIM(residual income model。Francis et al(2005對(duì)資本成本的計(jì)算則是基于A(yíng)EGM。該研究以美國(guó)以外的34個(gè)國(guó)家的企業(yè)作為研究對(duì)象,就融資渠道與信息披露的關(guān)系,以及由此產(chǎn)生的資本成本的變化進(jìn)行分析。分析方法是以CIFAR(Center for International Financial Analysis and Research

6、數(shù)據(jù)庫(kù)財(cái)務(wù)信息提供的各企業(yè)披露程度,凈資產(chǎn)市價(jià)的自然對(duì)數(shù),財(cái)務(wù)杠桿,外國(guó)證券市場(chǎng)的上市狀況,投資者保護(hù)指數(shù)等變量進(jìn)行多變量回歸分析。分析結(jié)果表明,對(duì)外部資金依賴(lài)程度越高的企業(yè),其自發(fā)披露的意愿越明顯,披露的程度也越高。其結(jié)果,資本成本也相對(duì)較低。Hail and Leuz(2006推算資本成本的方法采用的指標(biāo)是RIM 及AEGM。 該研究以包括美國(guó)在內(nèi)40個(gè)國(guó)家的企業(yè)為對(duì)象,就各國(guó)的法律制度及證券發(fā)行規(guī)定等制度上的不同而對(duì)企業(yè)資本成本的影響展開(kāi)分析。分析結(jié)果表明,法律制度及證券發(fā)行規(guī)定較為嚴(yán)格的國(guó)家,其所在國(guó)企業(yè)的財(cái)務(wù)信息披露程度較高,資本成本也相對(duì)較低。類(lèi)似的研究還有Daske(2006和L

7、i(2010等。這些研究都表明企業(yè)財(cái)務(wù)報(bào)告的信息量越多,披露程度越高,可以給企業(yè)帶來(lái)資本成本較低的效果。鑒于這樣一個(gè)情形,本文擬將對(duì)日本上市企業(yè)近10年來(lái)隨著日本會(huì)計(jì)制度的改革,日本會(huì)計(jì)準(zhǔn)則與IFRSs 的趨同的進(jìn)展, 是否給日本企業(yè)帶來(lái)了資本成本降低這一效果進(jìn)行驗(yàn)證。三、資本成本的計(jì)算資本成本的計(jì)算方法多種多樣。但常用的有用總資產(chǎn)利潤(rùn)率(Return on Assets, ROA 計(jì)算的方法和以未來(lái)信息推斷的方法。前者主要有資本資產(chǎn)定價(jià)模型(Capital Assets Pricing Model, CAPM,后者中比較有代表性的有Ohlson (1995 殘余利潤(rùn)模型(Residual I

8、ncome Model , RIM 和 Ohlson and Juetter Nauroth(2005 的異常盈利成長(zhǎng)模型( Abnormal Earnings Growth Model ,AEGN。RIM 是基于以下的計(jì)算模式來(lái)計(jì)算的。P t = B t + (1P t : t 期末股價(jià)B t : t 期每股凈資產(chǎn)(BPS NI t : t 期每股盈利(EPSAEGM 則以盈利的增長(zhǎng)狀況來(lái)推斷企業(yè)的未來(lái)價(jià)值1。1 Ohlson, J. A., and B. E. Juettner-Nauroth, 2005, “Expected EPS and EPS Growth asDeterminan

9、ts of Value E,” Review of Accounting Studies , Vol.10, pp.349-365.Fama, E. F. and K. R. French, 1992, “The Cross-section of Expected Stock Returns,” Journal of Finance , Vol.47 No.2, pp.427-465.(NI t r e B t-1(1 + r e t t=1P t = (2P t = B t + B t + B t+1 + TVTV = B t+i-1 + B t+T-1FROE t : 預(yù)測(cè)t 期ROE(凈

10、資產(chǎn)利潤(rùn)率TV: 預(yù)測(cè)期T 這一時(shí)點(diǎn)的最終價(jià)值(terminal valuer residual = (3r residual : 根據(jù)RIM 計(jì)算的資本成本 w :系數(shù)2P t = +P t = + (4P 0= (5agr t : 予想異常利益成長(zhǎng)率(NI t+1 +D t (1 + r e NI t agr : (agr t+1 / agr t 1 D t : t 期的每股股利Easton(2004假設(shè)(5式的D 1值為0,PEG 比率以第(6計(jì)算式計(jì)算r abP = (6r abP :PEG 比率接著、假定計(jì)算式(4式將來(lái)利益成長(zhǎng)為0,EP 比率以第(7計(jì)算式計(jì)算r abE = (7r

11、 abE :EP 比率2 在這里參考Ota (2002,取值 0.73. FROE t+1 -( 1-w (P t -B t P t NI 2 NI 1 P 0 NI 1P 0 NI i(1 + r e i t=1 FROE t+2 - r e(1+r e 2 FROE t+1 - r e (1+r e T-1i=3FROE t+T - r er e (1+r e T-1 FROE t+i - r e (1+r e i NI 2 +D 1 NI 1 r e 2agr t-(1 + r e NI 1 r e 1 r e t=1 agr t+1 r e (r e agr NI t+1 r e本論文

12、參照Hail and Leuz (2006、Daske (2006、Li (2010、在計(jì)算融資成本時(shí),以 RIM以及AEGM來(lái)計(jì)算資本成本的平均值。此外,在根據(jù)以上計(jì)算方法計(jì)算出的諸項(xiàng)資本成本后,在選定哪個(gè)資本成本更為合適時(shí),運(yùn)用以下模式進(jìn)行分析。r e = 0 +1 Beta + 2 Size + 3 BtM + 4 Lev + 5 RetVar (8r e : 資本成本Beta : 過(guò)去一年里的月份值Size : 期末總資產(chǎn)的自然對(duì)數(shù)BtM : 凈資產(chǎn)帳面價(jià)對(duì)市價(jià)比率 (凈資產(chǎn)帳面價(jià)÷凈資產(chǎn)市價(jià)Lev : 財(cái)務(wù)杠桿(負(fù)債÷總資產(chǎn)RetVar : 股權(quán)投資的標(biāo)準(zhǔn)偏差對(duì)第

13、(8式計(jì)算出的資本成本的有效性的判斷,基于以下兩點(diǎn)3,即:各項(xiàng)變量的有效性値:+企業(yè)規(guī)模:-凈資產(chǎn)帳面價(jià)與市價(jià)比率:+財(cái)務(wù)杠桿:+股權(quán)投資的標(biāo)準(zhǔn)偏差:+經(jīng)過(guò)修正的R2的值四、對(duì)日本上市企業(yè)的驗(yàn)證為了驗(yàn)證日本上市企業(yè)近年來(lái)隨著會(huì)計(jì)準(zhǔn)則國(guó)際化的進(jìn)展而帶來(lái)的資本成本的變動(dòng),本文對(duì)東京證券交易所(Tokyo Stock Exchange上市公司的資本成本進(jìn)行分析。用于分析的上市企業(yè)的數(shù)據(jù)采自日本經(jīng)濟(jì)新聞社的NEEDS-CDROM。而股價(jià)的數(shù)據(jù)則采自“股價(jià)CD-ROM2010”。另外,以AEGM計(jì)算資本成本所需要的預(yù)測(cè)數(shù)據(jù)參照“有報(bào)革命”。采用的數(shù)據(jù)覆蓋自2000年至2008年,共九個(gè)年度。為了觀(guān)察其階

14、段性的變化,本文將這九個(gè)年度人為地分成三個(gè)階段。即20002001年,20022004年,20052008年。分成這三階段的主要根據(jù)是,20002001年是日本“會(huì)計(jì)大變革”的開(kāi)始時(shí)期,從這個(gè)時(shí)期開(kāi)始上市企業(yè)被要求編制合并財(cái)務(wù)報(bào)表及現(xiàn)金流量表。而第二階段的20022004年,ASBJ與IASB之間就日本會(huì)計(jì)準(zhǔn)則的國(guó)際趨同達(dá)成共識(shí),日本正式邁開(kāi)了會(huì)計(jì)準(zhǔn)則國(guó)際趨同的步伐。第三階段的四個(gè)年度,日本會(huì)計(jì)準(zhǔn)則通過(guò)與EU會(huì)計(jì)準(zhǔn)則等效等一系列的舉措,會(huì)計(jì)準(zhǔn)則國(guó)際化的步伐大幅提速,到2008年,實(shí)際上已達(dá)成了與IFRSs的趨同。表1所列的是本研究采用的企業(yè)數(shù)。出于計(jì)算技術(shù)上的考慮,虧損企業(yè)及某些數(shù)值有明顯乖離

15、的企業(yè)被剔除在外。3Daske, H., 2006, “Economic Benefits of Adopting IFRS or US-GAAP, Have the Expected Cost of Equity Capital Really Decreased?” Journal of Business Finance & Accounting, Vol.33 No.3 & 4, pp.329-373. 五、結(jié)果分析用于計(jì)算資本成本的各年度及各階段的變量如表2、表3所示。 首先觀(guān)察一下值的動(dòng)向。20002001年及20072008年這兩個(gè)時(shí)期,值的平均值和中間值都低于1。這

16、可以理解為這期間經(jīng)濟(jì)不景氣,股市低迷造成的后果。接下來(lái)看一下凈資產(chǎn)帳面價(jià)與市價(jià)比率的變動(dòng)。除了20052006年這一時(shí)期以外,各時(shí)期的平均值及中間值均高于1。這一事實(shí)表明,由于股市低迷,市場(chǎng)對(duì)各企業(yè)的價(jià)值評(píng)估明顯偏低。財(cái)務(wù)杠桿的數(shù)值各時(shí)期呈遞減狀態(tài)。這表明近十年來(lái),日本上市企業(yè)的負(fù)債額并沒(méi)有增加。資本成本的推算結(jié)果如表3、4所示。 基于RIM推算的資本成本(r-residual以及基于A(yíng)EGM推算的資本成本(r-abP,(r-abE,這些數(shù)據(jù)之間多少有些差異,但都顯示一個(gè)共通的動(dòng)向,就是20022004年有所上升后,20052006年這一時(shí)期大幅降低。接著20072008年又迎來(lái)了一個(gè)上升期。

17、 本研究就隨著日本會(huì)計(jì)準(zhǔn)則與IFRSs趨同的進(jìn)展,企業(yè)財(cái)務(wù)報(bào)表內(nèi)容的不斷充實(shí),披露程度的不斷上升,日本上市企業(yè)的資本成本是否相應(yīng)降低這一命題進(jìn)行了檢驗(yàn)。檢驗(yàn)表明,日本會(huì)計(jì)大改革開(kāi)始的20002001年及最近的20072008年這兩個(gè)時(shí)期,與20022006年這一時(shí)期之間有很明顯的不同。20022006年這一期間的資本成本最低,而其前后的兩個(gè)時(shí)期較高。特別應(yīng)該指出的是,2008年以后,許多日本企業(yè)開(kāi)始自主的采用IFRSs編制會(huì)計(jì)報(bào)表,但這似乎沒(méi)有給這些企業(yè)帶來(lái)資本成本降低這一結(jié)果。另外,從圖表5可以看出,對(duì)基于RIM推算的資本成本和基于A(yíng)EGM推算的資本成本的影響因素進(jìn)行分析,資本成本的變動(dòng)與其

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