公司在選擇融資方式時，往往面臨資訊不對稱問題，而財務報表可比性作為提升財務資訊品質的重要因素，將影響公司融資決策。基於此觀點，本文旨在探討財務報表可比性對企業融資決策的影響。採用美國上市公司為樣本，實證結果顯示，較低的可比性使企業更傾向於選擇債務融資而非股權融資，並採取較集中的債務結構。本研究橫斷面分析進一步發現，低可比性但具有高研發投資之企業為避免被收取資訊壟斷租，反而會降低債務融資傾向，並擁有更加集中的債務結構。此外，對於高違約風險或低清算價值的公司，由於可比性能提升債權人協調效率，並減少低效清算的可能性，故可比性和債權集中度之間的關係更為顯著。整體而言，本研究凸顯財報可比性在企業融資決策中的關鍵作用，為企業管理層、投資者及政策制定者提供重要啟示。

This study investigates the impact of financial statement comparability on firms' financing decisions. Using a sample of publicly listed U.S. firms, the findings reveal that lower comparability leads firms to prefer debt financing over equity and to adopt more concentrated debt structures. Cross-sectional analyses further show that among R&D-intensive firms, low comparability increases reliance on concentrated debt structures while reducing the likelihood of debt financing, likely to avoid information monopoly rents imposed by debtholders. Additionally, the relationship between comparability and debt concentration is stronger for firms with higher default risk and lower liquidation values. This is consistent with the notion that creditor coordination failure is a more significant concern for these firms. These findings highlight the critical role of financial statement comparability in shaping financing decisions.

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