債務契約における会計情報の役割（3）：わが国の債務契約と会計情報

Size: px

Start display at page:

Download "債務契約における会計情報の役割（3）：わが国の債務契約と会計情報"

つねたけこいたばし
5 years ago
Views:

1 a 2018b 2 IFRS shuto@e.u-tokyo.ac.jp naoki.futaesaku@boj.or.jp asako.honma@boj.or.jp / /

2 a 2018b 2018a 2018b 2018a 2018b a 2018b a 2018b 1 Armstrong, Guay, and Weber [2010] debt contract 92 /2018.4

3 Hoshi and Kashyap [2001] Hoshi and Kashyap [2001]

4 Board of Governors of the Federal Reserve System Financial Accounts of the United States /2018.4

5 BBB Hoshi and Kashyap [2001] 9 Securities Industry and Financial Markets Association U.S. Corporate Bond Issuance and outstanding us-bond-market-issuance-and-outstanding/ http: //market.jsda.or.jp/shiraberu/saiken/hakkou/index.html 95

6 11 Aoki [1994] Nakatani [1984] Sheard [1994] delegate Aoki [1994] Aoki [1994] Hoshi and Kashap [2001] Aoki, Patrick, and Sheard [1994] /2018.4

7 3 Sheard [1994] 1980 Aoki [1994] Hoshi and Patrick [2000] a 2018b. 2018a 2018a 3 1 Datta and Dhillon [1993] Jiang [2008] Kitagawa and Shuto [2017] Jiang [2008] Kitagawa and Shuto [2017]

8 16 Shuto, Otomasa, and Suda [2009] a 3 3 Sengupta [1998] Francis, Khurana, and Pereira [2005] Franco, Urcan, and Vasvari [2016] a 3 4 Ahmed et al. [2002] Zhang [2008] Kang, Lobo, and Wolfe [2015] Khurana and Wang [2015] Francis et al. [2005] Bharath, Sunder, and Sunder [2008] Graham, Li, and Qiu [2008] /2018.4

9 Beaver and Ryan [2000] Shuto, Kitagawa, and Futaesaku [2017] 2 2 Vashishtha [2014] Nikolaev [2010] 23 Vashishtha [2014] Khan and Watts [2009] Dechow, Sloan, and Sweeney [1995] b

10 Aoki [1994] Shuto, Kitagawa, and Futaesaku [2017] , a 3 5 Bhojraj and Sengupta [2003] Anderson, Mansi, and Reeb [2003] Deng, Intintoli, and Zhang [2016] Minnis [2011] Pittman and Fortin [2004] Chen et al. [2016] Shuto and Kitagawa [2011] 2018a Dechow and Dichev [2002] McNichols [2002] /2018.4

11 b , EBITDA Demerjian and Owens [2016] EBITDA Demerjian [2011] EBITDA Earnings Before Interest, Taxes, Depreciation, and Amortization

12 2018b 2 3 Demiroglu and James [2010] Nini, Smith, and Sufi [2009] Beneish and Press [1993] Roberts and Sufi [2009] Nini, Smith and Sufi [2012] Jung, Lee, and Yang [2016] a b b 2 4 Dichev and Skinner [2002] Beatty and Weber [2003] Beatty and Weber [2006] Kim, Lisic, and Pevzner [2011] Franz, HassabElnaby, and Lobo [2014] Dichev and Skinner [2002] Nini, Smith, and Sufi [2012] Roberts and Sufi [2009] Denis and Wang [2014] b /2018.4

13 b 2 5 IFRS Miller and Reisel [2012] Hong, Hung, and Zhang [2016] Chen et al. [2015] Ball, Li, and Shivakumar [2015] Demerjian [2011] 2004a, b 2004a , b Kochiyama and Nakamura [2016] ,

14 a, b DealScan 104 /2018.4

15 3 2018a International Financial Reporting Standards: IFRS IFRS 2018a IFRS IFRS 105

16 IFRS 2018b IFRS a, b IFRS 106 /2018.4

17 IFRS 6 35 IFRS 35 Kochiyama and Nakamura [2016] Shuto, Kitagawa, and Futaesaku [2017] 107

18 108 /2018.4

19 II Vol. 76(1) NTT a b

20 kon/files/ r1.pdf a b a b J /2018.4

21 Ahmed, Anwer S., Bruce K. Billings, Richard M. Morton, and Mary Stanford-Harris, The Role of Accounting Conservatism in Mitigating Bondholder-Shareholder Conflicts over Dividend Policy and in Reducing Debt Costs, The Accounting Review, 77(4), 2002, pp Anderson, Ronald C., Sattar A. Mansi, and David M. Reeb, Founding Family Ownership and the Agency Cost of Debt, Journal of Financial Economics, 68(2), 2003, pp Aoki, Masahiko, Monitoring Characteristics of the Main Bank System, in Masahiko Aoki and Hugh Patrick, eds. The Japanese Main Bank System; Its Relevance for Developing and Transforming Economies, Oxford University Press, 1994, pp , Hugh Patrick, and Paul Sheard, The Japanese Main Bank System: An Introductory Overview, in Masahiko Aoki and Hugh Patrick, eds. The Japanese Main Bank System; Its Relevance for Developing and Transforming Economies, Oxford University Press, 1994, pp Armstrong, S. Christopher, Wayne R. Guay, and Joseph P. Weber, The Role of Information and Financial Reporting in Corporate Governance and Debt Contracting, Journal of Accounting and Economics, 50(2 3), 2010, pp Ball, Ray, Xi Li, and Lakshmanan Shivakumar, Contractibility and Transparency of Financial Statement Information Prepared under IFRS: Evidence from Debt Contracts around IFRS Adoption, Journal of Accounting Research, 53(5), 2015, pp Beatty, Anne, and Joseph Weber, The Effects of Debt Contracting on Voluntary Accounting Method Changes, The Accounting Review, 78(1), 2003, pp ,and, Accounting Discretion in Fair Value Estimates: An Examination of SFAS142 Goodwill Impairments, Journal of Accounting Research, 44(2), 2006, pp Beaver, William H., and Stephen G. Ryan, Biases and Lags in Book Value and Their Effects on the Ability of the Book-to-Market Ratio to Predict Book Return on Equity, Journal of Accounting Research, 38(1), 2000, pp

22 Beneish, Messod D., and Eric Press, Costs of Technical Violation of Accounting-Based Debt Covenants, The Accounting Review, 68(2), 1993, pp Bharath, Sreedhar T., Jayanthi Sunder, and Shyam V. Sunder, Accounting Quality and Debt Contracting, The Accounting Review, 83(1), 2008, pp Bhojraj, Sanjeev, and Partha Sengupta, Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors, The Journal of Business, 76(3), 2003, pp Campbell, John Y., and Yasushi Hamao, Changing Patterns of Corporate Financing and the Main Bank System in Japan, in Masahiko Aoki and Hugh Patrick, eds. The Japanese Main Bank System; Its Relevance for Developing and Transforming Economies, Oxford University Press, 1994, pp Chen, Peter F., Shaohua He, Zhiming Ma, and Derrald Stice, The Information Role of Audit Opinions in Debt Contracting, Journal of Accounting and Economics, 61(1), 2016, pp Chen, Tai-Yuan, Chen-Lung Chin, Shiheng Wang, and Wei-Ren Yao, The Effects of Financial Reporting on Bank Loan Contracting in Global Markets: Evidence from Mandatory IFRS Adoption, Journal of International Accounting Research, 14(2), 2015, pp Datta, Sudip, and Upinder S. Dhillon, Bond and Stock Market Response to Unexpected Earnings Announcements, Journal of Financial and Quantitative Analysis, 28(4), 1993, pp Dechow, Patricia M., and Ilia D. Dichev, The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors, The Accounting Review, 77(Supplement), 2002, pp , Richard G. Sloan, and Amy P. Sweeney, Detecting Earnings Management, The Accounting Review, 70(2), 1995, pp Demerjian, Peter R., Accounting Standards and Debt Covenants: Has the Balance Sheet Approach Led to a Decline in the Use of Balance Sheet Covenants? Journal of Accounting and Economics, 52(2 3), 2011, pp , and Edward L. Owens, Measuring the Probability of Financial Covenant Violation in Private Debt Contracts, Journal of Accounting and Economics, 61(2 3), 2016, pp Demiroglu, Cem, and Christopher M. James, The Information Content of Bank Loan Covenants, The Review of Financial Studies, 23(10), 2010, pp Deng, Saiying, Vincent J. Intintoli, and Andrew (Jianzhong) Zhang, CEO Turnover, 112 /2018.4

23 3 Information Uncertainty, and Debt Contracting, 2016 (available at SSRN: or Denis, David J., and Jing Wang, Debt Covenant Renegotiations and Creditor Control Rights, Journal of Financial Economics, 113(3), 2014, pp Dichev, Ilia D., and Douglas J. Skinner, Large-Sample Evidence on the Debt Covenants Hypothesis, Journal of Accounting Research, 40(4), 2002, pp Francis, Jennifer, Ryan Lafond, Per Olsson, and Katherine Schipper, The Market Pricing of Accruals Quality, Journal of Accounting and Economics, 39(2), 2005, pp Francis, Jere R., Inder K. Khurana, and Raynolde Pereira, Disclosure Incentives and Effects on Cost of Capital around the World, The Accounting Review, 80(4), 2005, pp Franco, Francesca, Oktay Urcan, and Florin P. Vasvari, Corporate Diversification and the Cost of Debt: The Role of Segment Disclosures, The Accounting Review, 91(4), 2016, pp Franz, Diana R., Hassan R. HassabElnaby, and Gerald J. Lobo, Impact of Proximity to Debt Covenant Violation on Earnings Management, Review of Accounting Studies, 19(1), 2014, pp Graham, John, R., Si Li, and Jiaping Qiu, Corporate Misreporting and Bank Loan Contracting, Journal of Financial Economics,89(1),2008,pp Hong, Hyun A., Mingyi Hung, and Jieying Zhang, The Use of Debt Covenants Worldwide: Institutional Determinants and Implications on Financial Reporting, Contemporary Accounting Research, 33(2), 2016, pp Hoshi, Takeo, and Anil Kashyap, Corporate Financing and Governance in Japan; The Road to the Future, The MIT Press, , and Hugh Patrick The Japanese Financial System: An Introductory Overview, in Takeo Hoshi and Hugh Patrick, eds. Crisis and Change in the Japanese Financial System; Innovations in Financial Markets and Institutions, Kluwer Academic Publishers, 2000, pp Jiang, John X., Beating Earnings Benchmarks and the Cost of Debt, The Accounting Review, 83(2), 2008, pp Jung, Boochun, Woo-Jong Lee, and Yanhua S. Yang, The Impact of Dividend Covenants on Investment and Operating Performance, Journal of Business Finance and Accounting, 43(3), 2016, pp

24 Kang, Tony, Gerald J. Lobo, and Michael C. Wolfe, Accounting Conservatism and Firm Growth Financed by External Debt: The Role of Debt Maturity, Journal of Accounting, Auditing and Finance, 32(2), 2015, pp Khan, Mozaffar, and Ross L. Watts, Estimation and Empirical Properties of a Firm-Year Measure of Accounting Conservatism, Journal of Accounting and Economics, 48(2 3), 2009, pp Khurana, Inder K., and Changjiang Wang, Debt Maturity Structure and Accounting Conservatism, Journal of Business Finance & Accounting, 42(1 2), 2015, pp Kim, Bong H., Ling L. Lisic, and Mikhail Pevzner, Debt Covenant Slack and Real Earnings Management, 2011 (available at /SSRN-id pdf?sequence=1&isAllowed=y ). Kitagawa, Norio, and Akinobu Shuto, Management Earnings Forecasts and the Cost of Debt, mimeo, Kochiyama, Takuma, and Ryosuke Nakamura, Determinants of Accounting-Based Financial Covenants: In Comparison with Japanese Main Bank System, 2016 (available at ). McNichols, Maureen F., Discussion of the Quality of Accruals and Earnings: The Role of Accrual Estimation Errors, The Accounting Review, 77 (Supplement),2002,pp Miller, Darius P., and Natalia Reisel, Do Country-Level Investor Protections Affect Security-Level Contract Design? Review of Financial Studies, 25(2), 2012, pp Minnis, Michael, The Value of Financial Statement Verification in Debt Financing: Evidence from Private U.S. Firms, Journal of Accounting Research, 49(2), 2011, pp Miyajima, Hideaki, and Fumiaki Kuroki, The Unwinding of Cross-Shareholding in Japan: Causes, Effects, and Implications, in Masahiko Aoki, Gregory Jackson, and Hideaki Miyajima, eds. Corporate Governance in Japan: Institutional Change and Organizational Diversity, Oxford University Press, 2007, pp Nakatani, Iwao, The Economic Role of Financial Corporate Grouping, in Masahiko Aoki ed. The Economic Analysis of the Japanese Firm, North-Holland, 1984, pp Nikolaev, Valeri V., Debt Covenants and Accounting Conservatism, Journal of Accounting Research, 48(1), 2010, pp Nini, Greg, David C. Smith, and Amir Sufi, Creditor Control Rights and Firm Investment Policy, Journal of Financial Economics,92(3),2009,pp ,,and, Creditor Control Rights, Corporate Governance, and Firm Value, The Review of Financial Studies, 25(6), 2012, pp /2018.4

25 3 Pittman, Jeffrey A., and Steve Fortin, Auditor Choice and the Cost of Debt Capital for Newly Public Firms, Journal of Accounting and Economics, 37(1), 2004, pp Roberts, Michael R., and Amir Sufi, Renegotiation of Financial Contracts: Evidence from Private Credit Agreements, Journal of Financial Economics, 93(2), 2009, pp Sengupta, Partha, Corporate Disclosure Quality and the Cost of Debt, The Accounting Review, 73(4), 1998, pp Sheard, Paul, Main Banks and the Governance of Financial Distress, in Masahiko Aoki and Hugh Patrick, eds. The Japanese Main Bank System; Its Relevance for Developing and Transforming Economies, Oxford University Press, 1994, pp Shuto, Akinobu, and Norio Kitagawa, The Effect of Managerial Ownership on the Cost of Debt: Evidence from Japan, Journal of Accounting, Auditing and Finance, 26(3), 2011, pp ,, and Naoki Futaesaku, The Effect of Bank Monitoring on the Demand for Earnings Quality in Bond Contracts, IMES Discussion Paper No E-12, Institute for Monetary and Economic Studies, Bank of Japan, 2017., Shota Otomasa, and Kazuyuki Suda, The Relative and Incremental Explanatory Powers of Dirty Surplus Items for Debt Interest Rate, Journal of International Accounting, Auditing and Taxation, 18(2), 2009, pp Ueda, Kazuo, Cause of Japan s Banking Problems in the 1990s, in Takeo Hoshi and Hugh Patrick, eds. Crisis and Change in the Japanese Financial System; Innovations in Financial Markets and Institutions, Kluwer Academic Publishers, 2000, pp Vashishtha, Rahul, The Role of Bank Monitoring in Borrowers Discretionary Disclosure: Evidence from Covenant Violations, Journal of Accounting and Economics, 57(2 3), 2014, pp Zhang, Jieying, The Contracting Benefits of Accounting Conservatism to Lenders and Borrowers, Journal of Accounting and Economics, 45(1), 2008, pp

26 Campbell and Hamao [1994] Miyajima and Kuroki [2007] Ueda [2000] Hoshi and Kashyap [2001] Hoshi and Patrick [2000] /2018.4

28 /2018.4

戦間期日本企業の資金調達、資本コスト、資本構成：最適資本構成理論からみた1930年代における企業財務

戦間期日本企業の資金調達、資本コスト、資本構成：最適資本構成理論からみた1930年代における企業財務 1930 Modigliani and Miller [1958] 170 1930 2008 7 16 I E-mail: takashi.nanjou@boj.or.jp E-mail: cc00881@srv.cc.hit-u.ac.jp //2009.7 81 1. 1 2 M&A 3 4 1965 1969 1995 1995 1993 1 2008 2008 1985 2006 10 ROA