臺灣博碩士論文加值系統

企業的營運績效是所有股東、投資人、債權人所關心的，而財務報導品質影響關係人如何解讀企業所公佈的財務訊息，據此制定各項重要決策。CFO與企業的財務報導品質的關係正是密不可分的，近年來進入董事會參與企業決策之機會愈來愈高，因此有必要對CFO兼任董事與企業的財務報導品質的關係深入探討。
本研究以2009至2012年台灣上市櫃公司之CFO為樣本，探討CFO兼任董事時是否對企業之財務報導品質造成影響。實證結果顯示CFO兼任董事時，其企業財務報導品質愈佳，支持社群網絡觀點。另外，本研究進一步證實當控制權和現金流量偏離程度愈大時，企業愈傾向聘用CFO兼任董事，且CFO董事可以有效提昇企業之財務報導品質。

Financial reporting credibility is important because decision-useful information is well appreciated by all market participants. This paper examines how financial reporting quality is affected by board membership of the CFO. Using Taiwanese listed firms as samples from 2009-2012, empirical results indicate that director/CFO is associated with higher quality financial reporting, supporting social network argument.
This paper also finds that firms with high deviation of control rights and cash flow rights are more inclined to invite CFO to seat in their board. In these instances, director/CFOs could better perform their duties in preparing higher quality financial reports.

第一章 緒論..................................................1
第一節 研究背景與動機.......................................1
第二節 研究目的.............................................6
第三節 研究架構及流程.......................................3
第二章 文獻探討與假說發展......................................5
第一節 CFO兼任董事..........................................5
第二節 財務報導品質.........................................8
第三章 研究設計..............................................17
第一節 研究樣本與來源.......................................17
第二節 實證模型............................................19
第三節 變數定義............................................21
第四章 實證結果與分析.........................................27
第一節 敘述性統計及相關分析.................................27
第二節 CFO董事與財務報導品質關係之實證結果...................32
第三節CFO董事控制權與所有權偏離程度對財務報導品質實證結果.....35
第四節 額外測試............................................40
第五章 討論、結論及研究限制與建議..............................45
第一節 討論................................................45
第二節 結論................................................46
第三節 研究限制與建議.......................................47
第四節 研究貢獻.............................................49
參考文獻.....................................................49
一、 中文部分...............................................49
二、 英文部分...............................................51

王元章與張椿柏，2012，核心代理問題對盈餘管理之影響，會計審計論叢，2.
(2):69-113
李永全與馬黛，2006，台灣家族公司負債融資成本之研究， 管理評論，25.(3):
69-91
李建然、吳祥華與廖秀梅，2006，董事會結構特性與公司績效關係之研究兼論 台灣家族企業因素的影響 ，東吳經濟商學報，54，1，117-160。
吳清在，曾玉琦，2008，會計事務所合併對審計獨立性之影響，會計評論，(47)，29-60。
吳佳璘，2014，CEO和CFO的薪酬誘因對公司決策和公司績效之影響，國立暨南國際大學財務金融學系未出版碩士論文。
林嬋娟與張哲嘉，2009，董監事異常變動、家族企業與企業舞弊之關聯性，會計評論，(48)，1-33。
許士軍，1997， 家族主義、專業主義與創業-以華人企業為背景的探討，管理評論，16(1)，1-9。
陳旭東與黃登仕，2006，上市公司會計穩健性的時序演進與行業特徵研究，證券市場報導4: 59-95。
陳姿儀，2014，CEO任期與財務報導品質，國立東華大學會計系未出版碩士論文。
湯麗芬，2008，家族企業特質與盈餘資訊品質之關聯性-從盈餘管理與盈餘反應係數角度探討，臺北大學會計學系學位論文，1-113。
湯麗芬，2010，家族企業特質與盈餘品質之關聯性，當代會計，11，371-410
葉銀華，1998，家族控股集團與股票報酬共變性之實證研究，臺大管理論叢，9(1)，25-49。
葉銀華，1999， 家族控股集團、核心金業與報酬互動之研究-台灣與香港證券市場之比較，管理評論，18(2)， 59-86。
廖秀梅，李建然與吳祥華，2006，董事會結構特性與公司績效關係之研究-兼論台灣家族企業因素的影響，東吳經濟商學報 54，117-160。
蘇淑慧、呂倩如與金成隆，2009，家族公司與盈餘品質之研究：所有權、管理權與控制權，台大管理論叢，19，(S2)，35-70。
羅夙雅，2009，員工分紅獎酬與盈餘管理之關聯性，國立中正大學會計與資訊科技學系未出版碩士論文。
會計研究月刊電子報(2011) 從「計分」到「價值整合」—財務長的轉型課題。
Retrieved from http://paper.udn.com/udnpaper/207698/web/#top
安永聯合會計師事務所(2009) CFO-and-beyond-Possibilities-and-pathway-outside-finance.Retrieved from http://www.ey.com/Issues/Managing-finance/CFO-and-beyond-Possibilities-and-pathway-outside-finance)
國際會計準則理事會(IASB)(2008) 財務報導編製及表達
Retrieved from http://www.eyebook.com.tw/books/OAB90/OAB90-CON
經濟合作暨開發組織(OCED)(2009) 公司治理準則
Retrieved from http://www.nknet.idv.tw/OCED%A4%BD%A5q%AAv%.html

二、英文部分
Abbott, L.J., S. Parker, and G. Peter. 2004. Audit committee characteristic and restatements. Auditing: A Journal of Practice &; Theory 23(1): 69-87.
Adams, R., and D. Ferreira .2007. Atheory of friendly boards. The Journal of Finance
62(1): 217-50
Adams, R., D .Ferreira and M.S. Weisbach.2009. The role of board of directors in
corporate governance: A conceptual framework and survey. Journal of Economic Literature 48 (1): 58-107.
Agrawal, A., and T. Cooper. 2009. Insider trading before accounting scandals. Working paper, University of Alabama.
Aier , J., J. Comprix, M. Gunlock, and D. Lee. 2005. The financial expertise and CFOs and accounting restatements. Accounting Horizons 19 (3): 123-35
Ali. A., and W. Zhang. 2012. CEO tenure and earnings management. Working paper, University of Texas at Dallas.
Armstrong, C., A, D. Jagolinzer, and D. F. Larcker. 2010. Perdormance-based incentives for internal monitors. Working paper, University of Pennsylvania.
Arthaud-Day, M. L ., S. T. Certo, C. Dalton, and D. Dalton.2006. A changing of the guard: Executive and director turnover following corporate financial restatements. Academy of Management Journal 49 (6): 1119-36.
Ashbaugh-Skaife, H., D. Collins, and W. Kinney. 2007. The discovery and reporting of internal control deficiencies prior to SOX-mandated audits. Journal of Accounting and Economics 44 (1): 1 16-92
Ashbaugh-Skaife, H., D. Collins, W. Kinney, and R. Lafond. 2008. The effect of Sox internal control deficiencies and their remediation on accrual quality. The Accounting Reviews 83 (1): 217-50.
Beasley, M. S. 1996.An empirical analysis of the relation between the board of director composition and financial statement fraud. The Accounting Review 71 (4): 443-65.
Bebchuk, L. A., J. Fried, and D. Walker. 2002. Managerial power and rent extraction in the design of executive compensation. University of Chicago Law Review 69 (3): 751-846.
Bebchuk, L . A., M. Cremers, and U. Peyer. 2011. The CEO pay slice. Journal of Financial Economics 102 (1): 199-221.
Burns, N., and S. Kedia. 2006. The impact of performance-based compensation on misreporting. Journals of Financial Economics 79: 35-67.
Bedard, C., Hoitash, and Hoitash. 2014. Chief Financial Officers as Inside Directors
.Contemporary Accounting Research 31(3): 787-817.
Chava, S., and A. Purnanadam. 2007. Determinants of the floating-to-fixed rate debt structure of firms. Journal of Financial Economics 79: 35-67.
Cohen, J., U. Hoitash, G. Krishnamoorthy, and A. Wright. 2012. Audit committee industry expertise and financial reporting quality. Working paper, Boston College.
Coles, J. L., N. D. Daniel, and L. Naveen. 2008. Board: Does one size fit all? Journal of Financial Economics 87 (2):329-56.
Collins, D., A. Masli, A. L. Reitenga, and J. M. Sanchez. 2009. Earnings statements, the Sarbanes-Oxley Act and the disciplining of chief financial offers. Journal of Accounting, Auditing and Finance 24 (1): 1-34.
Coughlan, A. T., and R. M. Schnidt. 1985. Executive compensation, management turnover, and firm performance: An empirical investigation. Journal of Accounting and Economics 7 (1): 43-66.
Core, J., R. Holthausen, and D. Larcker. 1999. Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics 51 (3): 371-406.
Dechow, P., R. Sloan, and A. Sweeney. 1995. Detecting earnings management. The Accounting Reviews70 (2): 193-225.
Dechow, P., R. Sloan, and A. Sweeney. 1996. Causes and consequences of earnings manipulations: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13 (1): 1-37.
Dechow, P ., and I. Dichev. 2002. The quality of accruals and earnings: The role of accrual estimation errors. The Accounting Review 77 (S-1): 35-59.
Denis, D., D. Denis, and A. Sarin. 1997. Ownership structure and top executive turnover. Journal of Financial Economics 45 (2): 193-221.
Desai, H., C. Hogan, and M. Wilkins. 2006. The reputational penalty for aggressive accounting: Earnings restatements and management turnover. The Accounting Review 81 (1): 83-112.
Dhaliwal, D . S., V. Naiker, and F. Navissi. 2010. The association between accruals quality and the characteristics of accounting experts and mix of expertise on audit committees. Contemporary Accounting research 27 (3): 787-827.
Doyle, J., W. Ge, and S.McVay. 2007a. Determinants of weakness in internal control over financial reporting. Journal of Accounting and Economics 44 (1): 193-223.
Doyle, J., W. Ge, and S. McVay. 2007b. Accruals quality and internal control over financial reporting. The Accounting Review 82 (5): 1141-70.
Faleye, O., R. Hoitash, and U. Hoitash. 2011. The costs of intense board monitoring. Journal of Financial Economics 101 (1): 160-81.
Fama, E. F, and M.Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26 (2): 301-25.
Fee, C., and C. Hadlock. 2004. Management turnover across the corporate hierarchy. Journal of Accounting and Economics 37 (1): 3-38.
Fich, M., and J. White. 2003. CEO compensation and turnover: The effects of mutually interlocked board. Wake Forest Law Review 38 (3): 935-59.
Finkelstein, S. 1992. Power in top management teams: Dimensions, measurement, and validation. Academy of Management Journal 35: 05-38.
Francis, J., Huang, A. H., Rajgopal, S., and Zang, A. Y. 2008. CEO Reputation and Earnings Quality. Contemporary Accounting Research, 25(1): 109-147.
Ge, W., D. Matsumoto, and J. Zhang 2011. Do CFOs Have style? An empirical investigation of the effect of individual CFOs on accounting practice. Contemporary Accounting Research 28 (4): 1141-79.
Geiger, M., and D. North. 2006. Does hiring a new CFO change things? An investigation of changes in discretionary accruals. The Accounting Review 81 (4):781-809.
Goyal, V. K . and C. Park. 2002. Board leadership structure and CEO turnover. Journal of Corporate Finance 8 (1): 49-66.
Gore, A., S. Matsunaga, and E.Yeung. 2011. The role of technical expertise in firm governance structure: Evidence from chief financial officer contractual incentives. Strategic Management Journal 32 (7): 771-86.
Hoitash, U. 2011. Should independent board members with social ties to management disqualify themselves from serving on the board? Journal of Business Ethics 99 (3): 399-423.
Hoitash, U., R. Hoitash, and J. C. Bedard. 2009. Corporate governance and internal control over financial reporting: A comparison of regulatory regimes. The Accounting Review 84 (3): 839-67
Hoitash, R., U. Hoitash, and K. Johnstone. 2012. Internal control material weaknesses and CFO compensation. Contemporary Accounting Research 29 (3): 768-803.
Jian, J., K. Petroni, and I. Y. Wang. 2010. CFOs and CEOs: Who has the most influence on earnings management? Journal of Financial Economics 96 (3): 512-26.
Klein, A. 1998. Firm performance and board committee structure. Journal of Law and Economics 41 (1): 275-303.
Klein, A. 2002. Audit committee, board of director characteristics, and earning management. Journal of Accounting Economics 33 (3): 375-400.
Krishnan, J. 2005. Audit committee quality and internal control: An empirical analysis. The Accounting Review 80 (2): 649-78.
Kothari, S.P., Leone, A. J., and Wasley, C. E. 2005. Performance matched discretionary accrual measures. Journal of accounting and economics, 39(1),163-197.
Li, C., L. Sun, and M. Ettredge. 2010. Financial executive quality, financial executive turnover, and adverse SOX 404 opinions. Journal of Accounting and Economics 50 (1): 395-417.
Mergenthaler, R., S. Rajgopal, and S. Srinivasan. 2012. CEO and CFO career penalties for missing quarterly analyst forecasts. Working paper, University of Iowa.
Mian, S. 2001. On the choice and replacement of chief financial officers. Journal of Financial Economics 60 (1): 143-75.
Watts, R. L., and Zimmerman, J. L. 1986. Positive accounting theory.
Wang, X. 2010. Increased disclosure requirements and corporate governance decisions: Evidence from Chief Financial Officers in the pre-and post-Sarbanes-Oxley periods. Journal of Accounting Research 48 (4): 885-920.
Wellman, B., Hamption, K.1999. Living Networked On and Off Line. Contemporary Sociology, 28 (6): 648-654.
Yeh, Y. C. M. and Lin, P. S. (2015). Does CEO Reputation Matter to Financial Reporting Quality? NTU Management Review, Accepted.
Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40 (2): 185-211.
Zhang, Y., J. Zhou, and N. Zhou. 2007. Audit committee quality, auditor independence and internal control weakness. Journal of Accounting and Public Policy 26 (3): 300-27.