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Does Public Firms’ Mandatory IFRS Reporting Crowd Out Private Firms’ Capital Investment?
Journal of Accounting Research ( IF 4.446 ) Pub Date : 2023-05-26 , DOI: 10.1111/1475-679x.12494
JIANCHENG (DUNCAN) LIU, WEI SHI, CHENG ZENG, GUOCHANG ZHANG

We investigate how the mandatory adoption of International Financial Reporting Standards (IFRS) by publicly listed firms in the European Union affects peer private firms. We find that private firms’ capital investment decreases significantly after the IFRS mandate, relative to public firms. Private firms also display decreased investment when benchmarked against firms relatively insulated from the impact of the IFRS mandate, but the magnitude of the effect is smaller in this case. These results are consistent with the hypothesis that mandatory IFRS reporting (combined with other reforms), while increasing public firms’ financing and investment, crowds out funding for private firms. The effect is more pronounced for larger private firms and in industries where public peers have greater external financing needs. Our evidence suggests that financial reporting regulations cause shifts in resource allocation in an economy.

中文翻译:

上市公司的强制性国际财务报告准则报告是否会挤出私营公司的资本投资?

我们调查欧盟上市公司强制采用国际财务报告准则 (IFRS) 对同行私营公司的影响。我们发现,在《国际财务报告准则》强制执行之后,私营企业的资本投资相对于上市企业显着下降。当以相对不受《国际财务报告准则》影响的公司为基准时,私营企业也表现出投资减少,但在这种情况下,影响的程度较小。这些结果与强制性国际财务报告准则报告(与其他改革相结合)在增加上市公司融资和投资的同时挤出私营企业融资的假设是一致的。对于规模较大的私营企业和公共同行有更大外部融资需求的行业来说,这种影响更为明显。
更新日期:2023-05-26
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