近年來，政府會計之改革為各國探討之議題，本研究探討當政府公部門財務報告採用國際會計準則編製，並且經過獨立審計機關查核後，對其發行公債之殖利率利差之影響。本研究從英國債務管理辦公室及倫敦證券交易所之資料庫，蒐集英國中央政府發行公債之資訊，以 2006 年至 2014 間有交易行為之公債為樣本，進行迴歸分析。結果顯示，公債殖利率利差與採用國際會計準則呈現顯著負相關，意即政府報表採用國際財務報導準則，會使市場投資人獲得更透明之財務資訊，而預期公債之無法償還風險降低，且更加願意投資公債。除此之外，當政府提供依國際財務報導準則編製之政府財務報告，再經過會計師查核，審計效果與殖利率利差亦呈現負相關。敏感性測試則指出，當不考慮金融危機的非常規狀況時，同樣可以顯示出相同結果。

The reform of government accounting systems has become a trend in many countries during recent decades. This study investigates the effect on sovereign bond yield spread of adopting IFRS in government sector, and how yield spreads might be affected after financial reports are audited. Data of tradable UK sovereign bonds are collected from UK Debt Management Office and London Stock Exchange for the period of 2006-2014. Based on the results of regression analysis, the adoption of IFRS by UK governments is negatively associated with gilt bond yield spreads, which means sovereign risk is perceived to be lower by the investors after the adoption of IFRS by central government. When the IFRS-based government financial reports are audited, negative connections between audited reports and yield spreads provide further evidence that investors show higher faith in the sovereign bonds. Additionally, the results remain the same when data of 2009, an abnormal year because of world financial crisis are added back to the regression.

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