我國於2013年導入國際會計準則第40 號（IAS 40）「投資性不動產」，規定企業對於投資性不動產之後續衡量得選擇按公允價值模式或成本模式衡量，以及衡量投資性不動產之公允價值時，企業可選擇內部自行評估或採用外部鑑價。本研究探討投資性不動產雙重可選擇性和我國企業信用評等及有息負債利率之關聯，實證結果發現當後續衡量採公允價值模式之企業較採用成本模式者，公司信用評等等級顯著較差，有息負債利率亦顯著較高。此外，當公允價值採用外部鑑價之企業較採內部自行評估者，有息負債利率顯著增加。

Taiwan adopted IAS 40 in 2013. IAS 40 permits firms to choose between a fair value model and a cost model for measuring investment property subsequent to the initial recognition. Additionally, firms can determine the fair value of investment properties based on internal or external valuation. Therefore, this study investigates whether the choices of fair value model and cost model for the subsequent measurement and the choices of fair value information sources will influence firms’credit rating and the interest rate of debt. The empirical results indicate that firms choosing fair value model have worse credit ratings and higher interest rate of debt than firms choosing cost model do. Moreover, firms disclosing fair value evaluated by external appraisers have higher interest rate of debt compared to firms disclosing fair value evaluated by insiders.

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