Why do private firms adopt IFRS?
Why do private firms adopt IFRS?
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DOI：
10.1080/00014788.2017.1357459
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发表时间：
2018-01-01
影响因子：
1.7
通讯作者：
Bassemir, Moritz
中科院分区：
文献类型：
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作者：
Bassemir, Moritz
私营企业是否自愿采用 IFRS？如果是这样，为什么？到目前为止，这些问题的答案非常有限，主要是由于缺乏私营企业的财务数据。在本文中，我利用德国的环境，私营企业的财务报表可以广泛获取。我对 1998 年至 2010 年期间近 3000 家德国私营企业（企业年数超过 14,000 个）的合并财务报表进行了国家 GAAP 和 IFRS 选择的多期 Logit 回归估计。我的研究结果表明，采用国际财务报告准则的预期净收益在私营企业群体中差异很大，具体取决于它们的融资需求、治理体系以及组织和信息的复杂性。具体来说，我发现使用国际财务报告准则的私营企业有更多的增长机会，杠杆率更高，接受外部评级，通过发行公共债券或股票寻求外部资本，注册为股份公司，具有私募股权（PE）参与的特点，有更多的国际销售和运营，并拥有五巨头审计师。在当前关于私营企业财务报告未来的辩论中，这些见解应该引起编制者和监管者的极大兴趣。
Do private firms voluntarily adopt IFRS? If so, why? Answers to these questions have been very limited so far, mainly due to the absence of financial data on private firms. In this paper, I exploit the German setting where the financial statements of private firms are widely available. I estimate multi-period logit regressions on the choice between national GAAP and IFRS for the consolidated financial statements of nearly 3000 German private firms with more than 14,000 firm-years in the period 1998-2010. My results suggest that the expected net benefits of IFRS adoption vary substantially across the group of private firms, depending on their financing needs, governance system, and organizational and informational complexity. Specifically, I find that private firms using IFRS have more growth opportunities, are more leveraged, are externally rated, seek to raise external capital by issuing public bonds or equity, are registered as a stock corporation, are characterized by private equity (PE) involvement, have more international sales and operations, and have a Big Five auditor. These insights should be of great interest to both preparers and regulators in the current debate about the future of financial reporting in private firms.