本研究主要探討公允價值保守程度對債務契約(利率、財務條款、擔保品、到期日)是否有影響。先前的研究指出公司持有較高比率以第二、三層級公允價值衡量之金融工具，在報導財務報表時會傾向保守(Badia, Duro, Penalva, and Ryan 2017; Black, Chen, and Cussatt 2017)。本研究以2011年至2012年台灣上市上櫃公司的債務契約作為樣本。研究結果發現：公司報導以第二、三層級公允價值衡量之會計數字的保守程度會與貸款利率呈負相關。此外，公允價值之保守程度，不會影響財務條款使用數量、擔保品使用與貸款期間長短。

The objective of this paper is to investigate whether fair value conservatism measurements affect loan contractual terms (spreads, financial covenants, collateral and maturity). Existing literature suggests that firms holding higher proportions of financial instruments measured at Level 2 and Level 3 fair value report more conditionally conservative accounting numbers(Badia, Duro, Penalva, and Ryan 2017; Black, Chen, and Cussatt 2017). Based on a sample of loan contracts issued by Taiwan listed firms, empirical results show that the extent of fair value conservative accounting numbers measured at Level 2 and Level 3 are negatively associated with loan spreads. Besides, the extent of fair value conservatism has no impact on the usage of financial covenants, the assignment of collateral and the length of loan maturity.

目錄
壹、緒論.......................1
貳、文獻探討與假說發展..........5
　　一、公允價值與保守..........5
　　二、債務契約...............8
　　三、假說發展...............10
參、研究設計..................13
　　一、模型設計...............13
　　二、資料來源與樣本.........16
肆、實證結果分析...............17
　　一、敘述性統計.............17
　　二、實證模型之迴歸結果......18
伍、研究結論與建議.............21
　　一、研究結論...............21
　　二、研究限制與未來研究建議..22
參考文獻......................23

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