臺灣博碩士論文加值系統

2001年以來美國發生恩隆(Enron)、世界通訊(WorldCom)等多起大型企業之會計弊案，對全球之金融與經濟產生重大衝擊，美國國會於2002年7月30日公布的沙賓法案(Sarbanes-Oxley Act of 2002)，從公司治理的內部機制，到外部機制皆在其規範之列，因應國際情勢，公司治理的各項議題為主管機關、股東、經理人及會計師所關心的焦點。本研究係以公司治理人員對市場價值會有顯著性的影響為理論，提出公司治理人員更換與市場價值間具有攸關性的假說，以Ohlson (1995)所提出的模式為基礎，加入公司治理變數後，對公司的市場價值會有更佳的解釋能力。
本研究使用台灣經濟新報資料庫(TEJ)，主要針對2005年至2009年間，在台灣證券交易所中的上市公司為研究對象。實證結果發現，財務長更換對於當年會計年度終了日及次年四月底財務報告公告之股價有顯著正相關，顯示報表使用者對於財務長異動之訊息是有正向反應。然而，更換會計師、董事長及總經理之實證結果並不顯著，提出投資者對於更換財務長之訊息相較其他公司治理人員更換具價值攸關性之結論。

Many accounting scandals such as Enron and WorldCom since 2001 have great impacts on the world’s finance and economy. To deal with the issue of corporate governance, the congress of USA enacted Sarbanes-Oxley Act in 2002. Using Ohlson model, this study examines the value relevance of corporate governance personnel turnover.
The empirical tests are conducted using TEJ database for firms listed on the Taiwan Stock Exchange with fiscal year ends between 2005 and 2009. Empirical results indicate that the turnover of CFO is positively associated with firm value. However, the value relevance of turnovers of auditor, chairperson of the board and CEO is not found. The results suggest that investors are more concerned about the turnover of CFO than other corporate governance personnel.

中文摘要 i
英文摘要 ii
誌謝 iii
目錄 iv
表目錄 vii
一、 緒論 1
1.1研究背景 1
1.2研究動機與目的 3
1.3研究流程 5
1.4論文架構 6
二、 文獻探討 7
2.1價值攸關性相關文獻探討 7
2.2公司治理相關文獻探討 8
2.2.1會計師更換 10
2.2.2董事長更換 13
2.2.3總經理更換 14
2.2.4財務長更換 15
2.3公司治理人員更換與後續經營績效之關係 16
三、 研究設計與方法 18
3.1研究假說 18
3.2研究方法 20
3.2.1變數定義 20
3.2.2實證模型 22
3.3樣本選取及資料來源 23
3.4資料分析方法 25
3.4.1 敘述性統計 26
3.4.2 相關性分析 26
3.4.3 迴歸分析 27
四、 實證結果與分析 28
4.1敘述性統計 28
4.2相關性分析 29
4.3迴歸分析結果 32
4.4敏感性分析 34
4.4.1應變數選次年四月底股價 34
4.4.2配對 37
五、 結論與建議 39
5.1研究結論 39
5.2研究限制與建議 40
參考文獻 42
中文文獻 42
英文文獻 44

中文文獻
1.財團法人會計研究發展基金會，2006最新修訂版，財務會計準則第一號： 財務會計觀念架構及財務報表之編製。
2.證券暨期貨市場發展基金會，2004，台灣公司治理，臺北：財團法人中華民國證券暨期貨市場發展基金會。
3.王茂昌、邱士宗，2008，「企業的管理者類型與更換會計師之研究：考量公司治理及法律責任觀點」，企業管理學報，第76期，頁21-54。
4.王茂昌、邱士宗，2010，「公司治理中會計師的審計功能：以賽局理論分析」，東吳經濟商學學報，第68期，頁39-60。
5.李佳玲、葉穎蓉、何晉滄，2005，「績效、公司治理與高階管理者離職關係之實證研究」，中山管理評論，第十三卷第一期，頁75-106。
6.李馨蘋、劉清明，2007，「從公司治理與企業績效之觀點看高階主管異動之因素」，真理財經學報，第十六期，頁1-22。
7.林有志、張雅芬，2007，「信息透明度與企業經營績效的關係」，會計研究，NO.9，頁26-34。
8.林有志、邱炳雲、高茂峰，2008，「更換經理人對公司經營績效之影響」，會計與公司治理，第五卷第二期，頁1-28。
9.林嬋娟、張哲嘉，2009，「董監事異常變動、家族企業與企業舞弊之關聯」，會計評論，第48期，頁1-33。
10.陳立偉，2009，「簽證客戶股價影響因素之實證研究」，會計與公司治理，第六卷第二期，頁65-84。
11.陳振遠、張智堯、王蘭芬、李文智，2005，「應用Ohlson會計評價模型探究公司治理之價值攸關性─以台灣上市公司電子業為例」，臺大管理論叢，第十五卷第二期，頁123-142。
12.辜珮莉，2008，「獨立董事制度與企業經營績效關聯性之研究」，雲林科技大學，碩士論文。
13.葉銀華、李存修、柯承恩，2002，「公司治理與評等系統」，初版，臺北：商智文化事業(股)公司。
14.葉銀華，2006，「如何健全獨立董事會制度？(上)」，會計研究月刊，第252期，頁82-90。
15.葉銀華，2006，「如何健全獨立董事會制度？(下)」，會計研究月刊，第253期，頁62-98。
16.蔡柳卿，2005，「董監事獨立性之實證分析─兼論獨立性資訊揭露的價值攸關性」，證券櫃檯月刊，第九十九期，頁27-43。
17.蔡柳卿、楊怡芳，2006，「公司治理與符合績效門檻盈餘管理行為之關連性研究」，東吳經濟商學學報，第五十三期，頁33-72。
18.蔡柳卿、陳慧慧，2006，「公司治理對總經理更換─公司績效敏感性之影響」，管理研究學報，第六卷第二期，頁273-305。
19.劉紹樑，2002，「從莊子到安隆：A+公司治理」台北，天下文化出版社。
英文文獻
1.Aboody, D. 1996. Market Valuation of Employee Stock Options. Journal of Accounting and Economics. 22(1-3), 357-391.
2.Ball, R. and P. Brown.1968. An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research. Autumn. 159-178.
3.Barth, M., M. Clement, G. Foster and R. Kasznik. 1998. Brand Values and Capital Market Valuation. Review of Accounting Studies. 3(1-2), 41-68.
4.Berle, A. A., and C. G. Means .1932. The modern Corporation and Private Property, New York : Macmillan.
5.Browning, E. S. and W. Jonathan . 2002. Burden of Doubt . Stocks Take a Beating as Accounting Worries Spread Beyond Enron. Wall Street Journal. 30 January, A1.
6.Business Roundtable. 1997. Statement on corporate governance. An Association of Chief Executive Officers Committed to Improving Public Policy.
7.Carcello , J. V., and Neal T. L. 2003. Audit committee characteristics and auditor dismissals following “new” going–concern reports. The Accounting Review. 78(1), 95-117.
8.Carcello , J. V., and Palmrose, Z-V. 1994. Auditor litigation and modified reporting on bankrupt clients. Journal of Accounting Research. 32(3) ,1-30.
9.Chen, C. Y. 2003. Investment Opportunities and Relation Between Equity Value and Employees’Bonus. Journal of Business Financial and Accounting. 30(7-8),941-973.
10.Clayton, M. C., J. C. Hartzell and J. Rosenberg. 2005. The impact of CEO turnover on equity volatility. The Journal of Business. 78(September), 1779-1808.
11.Coughlan, A. T., and R. M. Schmidt. 1985. Executive compensation, management turnover, and firm performance: An empirical investigation. Journal of Accounting and Economics. 7(1/2/3), 43-66.
12.Dechow, P. M., R. G. Sloan and A. P. Sweeney. 1995. Detecting earnings management. Accounting Review. 70(2), 193-226.
13.DeFond, M. L., and K. R. Subramanyam. 1998. Auditor changes and discretionary accruals. Journal of Accounting and Economics. 25(1),35-67.
14.Denis, D. J. and Denis, D. K. 1995. Performance Changes Following Top Management Dismissals. Journal of Finance. 50, 1029-1058.
15.Dhaliwal , D. S., G. L. Salamon, and E. D. Smith. 1982. The effect of owner versus management control on the choice of accounting methods. Journal of Accounting and Economics. 4, 41-53.
16.Easton, P. D. 1985. Accounting Earnings and Security Valuation: Empirical Evidence of the Fundamental Links. Journal of Accounting Research. 34(23), 54-77.
17.Easton, P. D. and T. S. Harris. 1991. Earnings as an Explanatory Variables for Returns. Journal of Accounting Research. 29(1), 19-36.
18.Eichenseher, J. W. and Shields, D. 1983. The correlates of CPA-firm change for publicly held corporations .Auditing: A Journal of Practice and Theory. 2(2), 23-37.
19.Eichenseher, J., Hagigi, M., and Shields, D. 1989. Market reaction to auditor changes by OTC companies. Auditing: A Journal of Practice and Theory. 9(1), 29-40.
20.Fama, E. F., and M. C. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics. 26(June), 301-325.
21.Firth, M. 1978. Qualified audit reports: Their impact on investment decisions. The accounting Review. 53(3), 642-650.
22.Firth, M. 1980 . A note on the impact of audit qualifications on lending and credit decisions. Journal of Banking and Finance. 4(3), 257-267.
23.Fried, D., and Schiff, A. 1981. CPA switches and associated market reactions. The accounting Review. 56(2), 326-341.
24.Gamson. W. A. and N. A. Scotch. 1964. Scapegoating in baseball. American Journal of Sociology. 70(July), 69-72.
25.Geiger, M. A., and Raghunandan, K. 2001. Bankruptcies, audit reports, and the reform act. Auditing: A Journal of Practice and Theory. 20(1), 187-195.
26.Geiger, M. A., and Raghunandan, K. 2002. Auditor tenure and audit reporting failures. Auditing: A Journal of Practice and Theory. 21(1), 67-78.
27.Grusky, O. 1963. Managerial succession and organizational effectiveness. American Journal of Sociology. 69(July). 21-31.
28.Hart, O. 1995. Firms, contracts, and financial structure. Oxford University Press. Haskins, M. E., and Williams, D. D. 1990. A contingent model of intra-big eight auditor changes. Auditing: A Journal of Practice and Theory. 9(3), 55-71.
29.Hotchkiss, E. S. 1995. Postbankruptcy performance and management turnover. Journal of Finance. 50(March), 3-21.
30.Huson, M. R., P. H. Malatesta and R. Parrino. 2004. Managerial succession and firm performance. Journal of Financial Economics. 74(November), 237-275.
31.Jensen, M. C. and W. Meckling . 1976. Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics. 3. No.4, 305-360.
32.Jensen, M. and Murphy K. 1990. Performance Pay and Top-management Incentives. Journal of Political Economy. 98, 225-264.
33.John. K. and L. W. Senbet. 1998. Corporate Governance and Board Effectiveness. Journal of Banking and Finance. 22, 371-403.
34.Jones, F. L. 1996. The information content of the auditor’s going concern evaluation. Journal of Accounting and Public Policy. 15(1), 1-27.
35.Kesner, I.F. and T.C. Sebora. 1994. Executive succession : Past, present ＆ future. Journal of Management. 20(April), 327-372.
36.Kida, T. 1980. An investigation into auditors’continuity and related qualification judgments. Journal of Accounting Research. 18(2), 506-523.
37.Kinney, Jr., W. R., and McDaniel, L. S. 1989. Characteristics of firms correcting previously reported quarterly earning. Journal of Accounting and Economics. 11(1), 71-93.
38.Klein, A. 2002. Audit Committee, board of director characteristics, and earnaings management. Journal of Accounting and Economics. 33, 375-400.
39.Kluger, B. D., and Shields, D. 1989. Auditor changes, information quality and bankruptcy prediction. Managerial and Decision Economics. 10(4), 275-282.
40.Kluger, B. D., and Shields, D. 1991. Managerial moral hazard and auditor changes. Critical Perspectives on Accounting. 2(3), 255-272.
41.Krishnan J., and Krishnan, J. 1996. The role of economic trade-offs in the audit opinion decision: An empirical analysis. Journal of Accounting, Auditing ＆ Finance. 11(4), 565-585.
42.Lee, T. S. and H. Y. Yeh. 2004. Corporate Governance and Financial Distress : Evidence from Taiwan. Journal of Corporate Governance. 12, No.3, 378-388.
43.Lieberson, S. and J. F. O’Connor. 1972. Leadership and organizational performance : A study of large corporations. American Sociological Review. 37(February), 117-130.
44.Murphy, K. J., and Zimmerman, J. 1993. Financial performance surrounding CEO turnover. Journal of accounting and Economics. 16, 273-316.
45.Mutchler, J. F. 1984. Auditor’s perceptions of the going-concern opinion decision. Auditing: A Journal of Practice ＆ theory. 3(2), 17-30.
46.Ohlson, J. A. 1995. Earnings, Book Value and Dividends in Equity Valuation. Contemporary Accounting Research. 11(2), 661-667.
47.Pourciau, S. 1993. Earnings management and nonroutine executive changes. Journal of Accounting and Economics. 16,317-336.
48.Rezaee, Z. 2005. Causes, Consequence, and Deterrence of Financial Statement Fraud. Critical Perspective on Accounting. 16, No.3, 277-298.
49.Rosenstein, S., and Wyatt, J. 1990. Outside directors, board independence and shareholder wealth. Journal of Finance Economic. 26(2), 175-191.
50.Schwartz, K. B. 1982. Accounting changes by corporations facing possible insolvency. Journal of Accounting , Aduiting and Finance. 6(1), 32-43.
51.Schwartz, K. B. and Menon, K. 1985. Auditor switches by failing firms. The Accounting Review. 60(2), 248-261.
52.Shleifer, A. and R. Vishny. 1997. A Survey of Corporate Governance. Journal of Finance. 52(2), 737-783.
53.Teoh, S. H.1992. Auditor independence, dismissal threats, and the market reaction to auditor switches. Journal of Accounting Research. 30(1), 5-23.
54.Warfield, T.D., J. J. Wild, and K. L. Wild. 1995. Managerial ownership, accounting choices and informativeness of earnings. Journal of Accounting and Economics. 20, 61-92.
55.Warner, J., Watts, J., and Wruck, K. 1988. Stock price and top management changes. Journal of Financial Economics. 20, 461-492.
56.Weisbach, M. 1988. Outside directors and CEO turnover. Journal of financial Economics. 20, 431-460.
57.Williams, D. D. 1988. The potential determinants of auditor changes. Journal of Business Finance ＆ Accounting. 15(2), 243-261.
58.Yermack . 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics. 40(2), 185-211.