世界各地強制使用國際財務(wù)報告準(zhǔn)則關(guān)于經(jīng)濟后果的早期證據(jù)【外文翻譯】

1、外文文獻翻譯外文文獻翻譯原文：MatyIFRSReptingaroundtheWld:EarlyEvidenceontheEconomicConsequencesHolgerDaskeLuziHailChristianLeuzRodrigoVerdiABSTRACTThispaperexaminestheeconomicconsequencesofmatyInternationalFinancialReptingStards(IFRS)

2、reptingaroundthewld.WeanalyzetheeffectsonmarketliquiditycostofcapitalTobin’sqin26countriesusingalargesampleoffirmsthatarematedtoadoptIFRS.WefindthatonaveragemarketliquidityincreasesaroundthetimeoftheintroductionofIFRS.We

3、alsodocumentadecreaseinfirms’costofcapitalanincreaseinequityvaluationsbutonlyifweaccountfthepossibilitythattheeffectsoccurpritotheofficialadoptiondate.Partitioningoursamplewefindthatthecapitalmarketbenefitsoccuronlyincou

4、ntrieswherefirmshaveincentivestobetransparentwherelegalenfcementisstrongunderscingthecentralimptanceoffirms’reptingincentivescountries’enfcementregimesfthequalityoffinancialrepting.Comparingmatyvoluntaryadopterswefindtha

5、tthecapitalmarketeffectsaremostpronouncedffirmsthatvoluntarilyswitchtoIFRSbothintheyearwhentheyswitchagainlaterwhenIFRSbecomematy.Whilethefmerresultislikelyduetoselfionthelatterresultcautionsustoattributethecapitalmarket

6、effectsfmatyadopterssolelyevenprimarilytotheIFRSmate.Manyadoptingcountriesmakeconcurrentefftstoimproveenfcementgovernanceregimeswhichlikelyplayintoourfindings.Consistentwiththisinterpretationtheestimatedliquidityimprovem

7、entsaresmallerinmagnitudewhenweanalyzethemonamonthlybasiswhichismelikelytoisolateIFRSreptingeffects.1.IntroductionTheintroductionofInternationalFinancialReptingStards(IFRS)flistedbecausetheirfiscalyearendsafterDecember20

8、05whichexceptfSingapeisthedateafterwhichoursamplefirmsmustuseIFRS.BothbenchmarkshelpustocontrolfcontempaneouscapitalmarketeffectsthatareunrelatedtotheintroductionofIFRS.Inadditionweintroducefirmfixedeffectstoaccountfunob

9、servedtimeinvariantfirmacteristics.Secondstillusingfirmyearpaneldataweexaminewhethertheestimatedcapitalmarketeffectsexhibitplausiblecrosssectionalvariationwithrespecttocountries’institutionalframewks.Astheregulatychangef

10、cesmanyfirmstoadoptIFRSthatwouldnothavedonesootherwiseweexpectmatyIFRSreptingtohaveasmallereffectnoimpactincountrieswithweaklegalenfcementregimeswherefirmshaveporeptingincentivestobeginwith.MeoverassumingthatmatyIFRSrept

11、ingisproperlyenfcedtheimpactislikelytobesmallerincountriesthatalreadyhavehighreptingqualitywherelocalgenerallyacceptedaccountingprinciples(GAAP)IFRSarefairlyclose.ThirdweexploitthatfirmsbeginapplyingIFRSatdifferentpoints

12、intimedependingontheirfiscalyearendsthatasaresulttheadoptionpatterninagivencountryislargelyexogenousoncetheinitialdatefIFRSadoptionisset.Werelatethispatterntochangesinaggregateliquidityinagivencountrymonth.Iftheintroduct

13、ionofIFRSreptinghasindeeddiscernableeffectsweexpectchangesinaggregateliquiditytobemostpronouncedinmonthswhenmanyfirmsreptunderIFRSfthefirsttime.Thatischangesinliquidityshouldmirrcountries’stepwisetransitiontowardsthenewr

14、eptingregimenotsimplyreflectatimetrendaonetimeshock.Asthisapproachhasfewerdatarestrictionsweanalyzeliquidityeffectsf6500matyadoptersthatisfirmsthatreptunderIFRSfthefirsttimewhenitbecomesmaty.Webeginourfirstsetofanalysesw

15、ithasimpledifferenceindifferencesanalysisfindthatmatyadoptersexhibitasignificantlylargerincreaseinmarketliquiditythanaromsampleofnonadoptingbenchmarkfirmsfromaroundthewld.IncontrastthechangesinTobin’sqfmatyadoptersareins