Research on the impact of accounting system reform on corporate investment behavior

2021 Fiscal Year Final Research Report

• Project/Area Number: 19K13871
• Research Category: Grant-in-Aid for Early-Career Scientists
• Allocation Type: Multi-year Fund
• Review Section: Basic Section 07100:Accounting-related
• Research Institution: Kwansei Gakuin University (2021); Chubu University (2019-2020)
• Principal Investigator: TAN Peng 関西学院大学, 商学部, 准教授 (70632280)
• Project Period (FY): 2019-04-01 – 2022-03-31
• Keywords: IFRS / 国際会計基準 / 国際財務報告基準 / 投資行動 / 情報の非対称性

Outline of Final Research Achievements

The purpose of this research is to elucidate the economic consequences of accounting system reform, particularly the adoption of International Financial Reporting Standards (IFRS) in Japan. The research findings of this study are as follows. First, the IFRS adoption has the effect of increasing corporate investment. Second, corporate investment sensitivity to internal cash flows decreases with the introduction of IFRS. Third, the IFRS adoption had the effect of boosting investment for the underinvested group, but we could not confirm that IFRS adoption decreased overinvestment for the overinvested group. Fourth, for the underinvested group and overinvested group, IFRS adoption decreased the degree of dependence of investment on internal funds. Overall, the results suggest that IFRS adoption in Japan improves financial constraints and lowers investment-cash flow sensitivity to internal funds.

Free Research Field

会計学

Academic Significance and Societal Importance of the Research Achievements

会計制度の変革、とりわけ国際財務報告基準（IFRS）の導入は、企業外部と内部の利害関係者双方に影響を及ぼすが、日本におけるIFRS導入の経済的効果の研究は、企業外部の利害関係者の意思決定有用性への影響を中心に多く実施されてきた。本研究は、企業内部に目を向けて、日本におけるIFRS導入による経営者の意思決定、とりわけ企業投資行動に及ぼす影響を定量的に解明する最初のエビデンスを示した。本研究は、重要であるもののまだ日本では解明されていないIFRS導入の企業投資に与える影響を明らかにした。この研究成果は政策立案者、経営者、投資家、アナリストの意思決定に大きな意義を持つものである。