退出国际财务报告准则是否值得？来自欧洲非上市公司债务成本的证据

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-07-11 DOI:10.1016/j.frl.2025.107936

Mara Cameran , Domenico Campa , Mario Daniele

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引用次数: 0

摘要

本研究考察了自愿从国际财务报告准则退到国家公认会计准则与欧洲非上市公司债务成本之间的关系。使用2012年至2022年间来自七个欧洲国家的42,987个观察数据集，我们发现，回归国家公认会计准则的公司在退出后的债务成本较低。无论转型后的盈余管理水平如何，这一发现都是一致的。与先前的证据表明采用国际财务报告准则最初降低了债务成本不同，我们的结果基于最近的时间序列，反映了贷款人观念的转变。在观察了多年未上市公司在IFRS下的报告后，贷款人可能已经开始认为，在评估私营公司的信用风险时，国家公认会计准则同样可靠，甚至更可靠。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Does stepping-back from IFRS pay off? Evidence from EUROPEAN unlisted firms’ cost of debt

This study examines the association between voluntarily stepping back from IFRS to national GAAP and the cost of debt among European unlisted firms. Using a dataset of 42,987 observations from seven European countries between 2012 and 2022, we find that companies reverting to national GAAP are associated with a lower cost of debt after stepping back. This finding remains consistent regardless of their earnings management level after the transition. Unlike earlier evidence suggesting that IFRS adoption initially reduced the cost of debt, our results, based on a more recent time series, reflect a shift in lender perception. Having observed unlisted firms report under IFRS for several years, lenders may have come to view national GAAP as equally or even more reliable for assessing credit risk in the private firm context.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance