本研究主要目的為探討我國導入國際會計準則公報第四十號「投資性不動產」(IAS 40)後，投資性不動產後續評價採成本模式或是公允價值模式，以及投資性不動產公允價值鑑價資訊來源是內部管理階層自行評估或是採行外部鑑價，與企業債務資金成本之關聯。實證結果發現，後續衡量基礎採用成本模式時，所揭露之公允價值若由外部鑑價取得，能使債務資金成本顯著降低；而若公允價值資訊來源皆為外部鑑價時，相較於採成本模式並揭露公允價值資訊者，直接採用公允價值模式者債務資金成本明顯增加。

International Accounting Standard No. 40 (IAS 40) was adopted in Taiwan since 2013 and this study is aimed to investigate the relationship between IAS 40 and firms’ cost of debt. IAS 40 permits firms to choose between a fair value model and a cost model for measuring investment property subsequent to the initial recognition. If the firm uses cost model to measure investment property, it is also required to disclose fair value of its investment property. Additionally, firms can determine the fair value of investment properties based on external or internal valuation. Therefore, this study would like to investigate 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’ cost of debt. The empirical results indicate that if firms choose cost model for subsequent measurement of investment property and disclose fair value measurement based on external appraisers, their cost of debt will be relatively lower. In addition, the results also find that if the fair value is evaluated by external appraisers, using fair value model will lead to a higher cost of debt compared to using cost model.

王炫斌與林嬋娟 (2018)，IAS 40 雙重可選擇性之決定因素與經濟後果，中華會計學刊，14 (2):129-180。
王炫斌與林嬋娟 (2019)，IAS 40 導入IAS 40 對審計公費之影響，會計評論(69):43-82。
Barth, M. E., & Clinch, G. (1998). Revalued financial, tangible, and intangible assets: Associations with share prices and non-market-based value estimates. Journal of accounting research, 36, 199-233.
Barth, M. E., Clinch, G., & Shibano, T. (2003). Market effects of recognition and disclosure. Journal of accounting research, 41(4), 581-609.
Bhojraj, S., & Sengupta, P. (2003). Effect of corporate governance on bond ratings and yields: The role of institutional investors and outside directors. The journal of Business, 76(3), 455-475.
Callahan, C. M., Vendrzyk, V. P., & Butler, M. G. (2012). The impact of implied facilities cost of money subsidies on capital expenditures and the cost of debt in the defense industry. Journal of Accounting and Public Policy, 31(3), 301-319.
Christensen, H. B., & Nikolaev, V. V. (2013). Does fair value accounting for non-financial assets pass the market test? Review of Accounting Studies, 18(3), 734-775.
Cotter, J., & Richardson, S. (2002). Reliability of asset revaluations: The impact of appraiser independence. Review of Accounting Studies, 7(4), 435-457.
Danbolt, J., & Rees, W. (2008). An experiment in fair value accounting: UK investment vehicles. European Accounting Review, 17(2), 271-303.
Desai, M. A., & Dharmapala, D. (2009). Earnings management, corporate tax shelters, and book-tax alignment. National Tax Journal, 169-186.
Dietrich, J. R., Harris, M. S., & Muller III, K. A. (2000). The reliability of investment property fair value estimates. Journal of accounting and economics, 30(2), 125-158.
Francis, J. R., Khurana, I. K., & Pereira, R. (2005). Disclosure incentives and effects on cost of capital around the world. The Accounting Review, 80(4), 1125-1162.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of accounting and economics, 31(1-3), 405-440.
Israeli, D. (2015). Recognition versus disclosure: evidence from fair value of investment property. Review of Accounting Studies, 20(4), 1457-1503.
Kim, J. B., Simunic, D. A., Stein, M. T., & Yi, C. H. (2011). Voluntary audits and the cost of debt capital for privately held firms: Korean evidence. Contemporary accounting research, 28(2), 585-615.
Kothari, S. P., Leone, A. J., & Wasley, C. E. (2005). Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1), 163-197.
Landsman, W. R. (2007). Is fair value accounting information relevant and reliable? Evidence from capital market research. Accounting and business research, 37(sup1), 19-30.
Lim, Y. (2011). Tax avoidance, cost of debt and shareholder activism: Evidence from Korea. Journal of Banking & Finance, 35(2), 456-470.
Müller, M. A., Riedl, E. J., & Sellhorn, T. (2015). Recognition versus disclosure of fair values. The Accounting Review, 90(6), 2411-2447.
Muller III, K. A., & Riedl, E. J. (2002). External monitoring of property appraisal estimates and information asymmetry. Journal of accounting research, 40(3), 865-881.
Muller III, K. A., Riedl, E. J., & Sellhorn, T. (2011). Mandatory fair value accounting and information asymmetry: Evidence from the European real estate industry. Management Science, 57(6), 1138-1153.
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574-592.
Pittman, J. A., & Fortin, S. (2004). Auditor choice and the cost of debt capital for newly public firms. Journal of accounting and economics, 37(1), 113-136.
Prevost, A. K., Rao, R. P., & Skousen, C. J. (2008). Earnings management and the cost of debt. Available at SSRN 1083808.
Quagli, A., & Avallone, F. (2010). Fair value or cost model? Drivers of choice for IAS 40 in the real estate industry. European Accounting Review, 19(3), 461-493.
Sengupta, P. (1998). Corporate disclosure quality and the cost of debt. Accounting review, 459-474.
Van Binsbergen, J. H., Graham, J. R., & Yang, J. (2010). The cost of debt. The Journal of Finance, 65(6), 2089-2136.