臺灣博碩士論文加值系統

本研究旨在探討會計師任期是否對於公司權益資金成本有顯著影響，因此，實證研究以我國2000年至2013年上市、上櫃公司和興櫃公司為樣本，從TEJ審計品質分析資料庫選取會計師任期及和從事場面多因子模組選取參數計算書權益資金成本，此外，為解決選擇性偏誤，本研究使用Heckman（1979）提出之兩階段修正程序，並參考Chaney et al.（2004）、Raghunandan & Rama (1999)和Johnstone (2000)之選樣模型，控制公司會計師選擇。實證結果指出，公司之權益資金成本確實會隨著會計師任期增加而有降低的趨勢，顯示出隨著客戶經驗的累積，有助於提升審計品質，強制會計師輪調制度的實施未必能提升審計品質。此外，在權益資金成本變化的實證模型中發現，會讓權益資金成本增加的重要因素並非來自於會計師間的輪調，而是會計師事務所間的輪調，本研究認為其原因為在會計師事務所發生輪調時，其累積在所內的客戶相關經驗無法有效地傳遞，因此造成權益資金成本的增加。

This research aims to investigate the effect of auditor partner tenure on cost of equity capital. The hypotheses are tested by using the data collected from companies listed as TSE, OTC and ROTC during the period of 2000 to 2013 from TEJ database. For the purpose of alleviating the selection bias resulted from self-selection and sample endogeneity, the two-stage regression proposed by Heckman(1979) is applied to construct the selection model by reference to Chaney et al. (2004) , Raghunandan & Rama (1999) and Johnstone (2000). The empirical result shows that the longer the tenure of auditor partner, the lower the cost of equity capital. It also made an implication that the Mandatory Auditor Rotation doesn’t necessarily improve the audit quality. Besides, in the change of cost of equity model, the empirical result shows that the increase of cost of equity doesn’t come from the rotation of auditor partner, but mainly came from the rotation of audit firm. This research speculates that it’s because the specific client knowledge can’t be passed on to the next audit firm, which makes the cost of equity increase.

目 錄
第一章 緒論 1
第一節 研究動機與目的 1
第二節 論文架構 3
第二章 文獻探討 5
第一節 會計師任期 5
第二節 權益資金成本 12
第三節 選擇性偏誤 15
第三章 研究方法 18
第一節 研究假說之發展與建立 18
第二節 實證模型建立與變數定義 20
第三節 研究樣本資料來源與研究範圍 27
第四章 實證結果與分析 29
第一節 敘述性統計量分析 29
第二節 相關係數分析 32
第三節 兩階段迴歸分析 32
第五章 結論與建議 39
第一節 研究結論 39
第二節 研究貢獻、限制與建議 39
參考文獻 41

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