本研究主要檢驗公允價值保守程度是否會影響銀行聯貸之債權結構。過去文獻以美國資本市場為測試樣本，發現當公司以公允價值第二層級或第三級層級衡量會計數字比例越高時，會傾向報導保守的會計數字(Badia, Duro, Penalva, and Ryan 2016; Black, Chen, and Cussatt 2017)。本研究以2011年至2012年台灣上市上櫃公司的銀行貸款為樣本，研究結果發現：第一，當借款公司持有高比例以公允價值第一層級衡量之會計數字時，會傾向以保守的會計數字進行報導；第二，債務人以保守的公允價值第一層級衡量之會計數字，會使主辦銀行持有比例下降、參貸銀行家數提高，但對債權集中度之變化不會有影響；第三，當舉債公司之公允價值保守程度越高時，對於外資銀行參與銀行聯貸之意願沒有影響。本研究結果隱含具有公允價值保守特性的會計數字，能夠增強銀行貸款訂約之相關決策。

The objective of this paper is to examine whether the extent of fair value conservatism affects the syndicated loan structure. Extant literature suggests that firms holding higher proportions of financial instruments measured at Level 2 or Level 3 fair value inputs report more conditionally conservative accounting numbers (Badia, Duro, Penalva, and Ryan 2016; Black, Chen, and Cussatt 2017). The research sample is from the Taiwan debt market during year 2011 to 2012. Empirical results show that, first, firms holding higher proportions of financial instruments measured at Level 1 fair value inputs report more conditionally conservative accounting numbers. Second, if borrowing firms hold higher proportions of financial instruments measured at Level 1, the syndicated loan structure shows two characteristics: (1) a lower proportion of loan hold by lead arrangers; (2) an increase in the number of lenders. Third, the willingness of foreign banks’ participation are not corrected to the extent of fair value conservatism.

壹、緒論 1
貳、文獻回顧及假說發展 5
一、背景及文獻回顧 5
二、假說發展 9
參、研究設計 13
一、模型設計 13
二、實證模型 15
三、資料來源與樣本選取 18
肆、實證分析 20
一、敘述性統計 20
二、實證模型之迴歸結果 21
伍、研究結論與未來建議 23
一、研究結論 23
二、研究限制及未來建議 24
參考文獻 25

Ahmed, A., B. Billings, R. Morton, and M. Stanford‐Harris (2002). The Role of Accounting Conservatism in Mitigating Bondholder‐Shareholder Conflicts over Dividend Policy and in Reducing Debt Costs. The Accounting Review, 77(4), pp.867-890.
Ahmed, A. S., M. Neel, and D. Wang (2013).Does Mandatory Adoption of IFRS Improve Accounting Quality? Preliminary Evidence. Contemporary Accounting Research, 30(Winter), pp.1344-1372.
Badia, M., M. Duro, F. Penalva, and S. Ryan (2016). Conditionally Conservative Fair Value Measurements. Journal of Accounting and Economics 63 (1),pp. 75-98.
Ball, R., and L. Shivakumar (2005). Earnings Quality in U.K. Private Firms: Comparative Loss Recognition Timeliness. Journal of Accounting & Economics 39, pp.83-128.
Ball, R., R. Bushman, and F. Vasvari (2008). The Debt-Contracting Value of Accounting Information and Loan Syndicate Structure. Journal of Accounting Research, 46(2), pp.247-287.
Basu, S. (1997). The Conservatism Principle and The Asymmetric Timeliness of Earnings. Journal of Accounting and Economics, 24(1), pp.3-37.
Beaver, W. H., and S. G. Ryan (2005). Conditional and Unconditional Conservatism: Concepts and Modeling. Review of Accounting Studies, 10(2-3), pp.269-309.
Benston, G. J. 2008. The Shortcomings of Fair-Value Accounting Described in SFAS 157. Journal of Accounting and Public Policy 27 (2), pp.101-114.
Berger, A.N. and G.F. Udell (2002). Small Business Credit Availability and Relationship Lending: The Importance Of Bank Organisational Structure. Economic Journal, 112: F32-F53.
Black, J., J. Z. Chen, and M. Cussatt (2017). The Association between SFAS No. 157 Fair Value Hierarchy Information and Conditional Accounting Conservatism. The Accounting Review.
Brown, A. (2016). Institutional Differences and International Private Debt Markets: A Test Using Mandatory IFRS Adoption. Journal of Accounting Research, 54(3), pp.679-723.
Drucker, S. and M. Puri (2009). On Loan Sales, Loan Contracting, and Lending Relationships. The Review of Financial Studies, 22(7),pp.2835-3872.
Kaymaz, O., and Y. Z. Karaibrahimoglu (2011). Early Observations on The Quality of IFRS Reports: Evidence from Turckey. Global Journal of Business Research, 5(3), pp.27-40
Krishnan, G. and G. Visvanathan (2008). Does the SOX Definition of an Accounting Expert Matter? the Association between Audit Committee Directors' Accounting Expertise and Accounting Conservatism. Contemporary Accounting Research, 25(3), pp.827-857.
LaFond, R. and R. L. Watts (2008). The Information Role of Conservatism. The Accounting Review, 83(2), pp.447-478.
Li, X. (2010).Accounting Conservatism and the Cost of Capital International Analysis. Journal of Bsiness Finance amd Accounting, 42 (5-6). pp. 555-582.
Qiang, X. 2007. The Effects of Contracting, Litigation, Regulation, and Tax Costs on Conditional and Unconditional Conservatism: Cross-Sectional Evidence at the Firm Level. The Accounting Review, 83(3), pp.759-796.
Schipper, K. (2003). Principles‐Based Accounting Standards. Accounting Horizons: March, 17(1), pp.61-72.
Song, C. J., W.B. Thomas, and H. Yi. (2010). Value Relevance of FAS No. 157 Fair Value Hierarchy Information and the Impact of Corporate Governance Mechanisms. The Accounting Review, 85(4), pp.1375-1410.
Sufi, A. (2007). Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans. The Journal of Finance, 62(2), pp.629-668.
Watts, R. L. (2003a). Conservatism in Accounting Part I: Explanations and Implications. Accounting Horizons 17 (3):207-221.
Watts, R. L. (2003b). Conservatism in Accounting Part II: Evidence and Research Opportunities. Accounting Horizons 17 (4):287-301.
林佩欣（2011）. IFRS 13 Fair Value Measurement「公允價值衡量」之簡介。會計研究月刊，307，48–50。
金成隆，姚維仁（2014）. 強制採用國際會計準則之經濟後果：來自銀行聯貸債權結構的證據。第六屆海峽兩岸會計學術研討會-會計準則與公司治理。
周建宏（2009）. 全面採用IFRS對企業的衝擊與影響，資誠通訊，第222期(3月)，8–11。(Zhou, J. H. 2009. The impact of full adoption IFRS on business.PwC Taiwan Communications (Chinese edition) 222 (March): 8-11.)