本研究旨在探討非GAAP盈餘與銀行借款成本的關聯性。經理人主張非GAAP盈餘為更能彰顯公司核心績效的盈餘資訊，但因其沒有特定規範，也常被質疑為公司投機性的操縱工具。本研究主要探討非GAAP盈餘對於銀行的資訊意涵，當非GAAP盈餘被視為投機性的揭露，將惡化借貸雙方的資訊不對稱，因為資訊風險的增加，會有較高的借款利率。實證結果顯示，公司發布非GAAP盈餘與銀行借款成本呈現正向關係，表示銀行對於非GAAP盈餘有較負面的評價，將其視為財務操縱的手段，而有較高的銀行借款成本。此外，非GAAP盈餘與GAAP盈餘之間的差距越大，也被銀行視為更加偏頗的資訊，而有較高的借款利差。本研究額外分析非GAAP盈餘與信用評等的關係，實證結果顯示公司發布非GAAP盈餘，則有較差的信用評等。並且，公司發布非GAAP盈餘，會有較多的非價格條款。另外，橫斷面分析顯示風險越高的公司發布非GAAP盈餘，銀行借款利率增加的幅度越大。最後，將樣本區分為前後期，非GAAP盈餘發布與銀行借款成本之間的正向關係仍然存在。總體而言，實證結果顯示非GAAP盈餘的發布將被視為投機性的目的，增加企業的資訊風險，提高銀行借款成本。

This study examines the association between non-GAAP earnings disclosures and bank loan spreads. Prior studies show that non-GAAP disclosures are driven by informative reporting or opportunistic motives, and the drivers will result in different levels of information asymmetry between borrowers and lenders. The results indicate that companies are more likely to opportunistically disclose non-GAAP earnings. Therefore, banks increase loan rates charged to firms with disclosures of non-GAAP earnings. Specifically, the loan spreads are higher for firms with greater exclusions from non-GAAP earnings. The results also show that credit ratings are lower for firms with non-GAAP earnings disclosures. In addition, lenders impose tighter nonprice terms on firms with non-GAAP earnings than on those without non-GAAP earnings. Furthermore, the cross-sectional analysis shows that high-risk companies with non-GAAP earnings pay significantly higher loan rates than those without non-GAAP earnings. Finally, the positive relationship between non-GAAP earnings disclosures and bank loan spreads remains when the sample is divided into two sample periods. Overall, the empirical results suggest that the disclosures of non-GAAP earnings are positively associated with bank loan spreads due to information risk.

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