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研究生:游佳玲
論文名稱:不同法律環境與會計特性下資本市場對於會計師聲譽受損反應程度差異之研究:跨國性證據
指導教授:戚務君戚務君引用關係
指導教授(外文):Duh, Rong-ruey
學位類別:碩士
校院名稱:國立政治大學
系所名稱:會計研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2004
畢業學年度:92
語文別:中文
論文頁數:75
中文關鍵詞:法律環境會計特性會計師聲譽
外文關鍵詞:legal environmentaccounting characteristicsauditor's reputation
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安隆財報醜聞造成其簽證會計師事務所聲譽受損,有鑑於以往的文獻對於Andersen聲譽受損與其簽證客戶股價關聯之探討,多僅限於美國本土,因此,本研究希望能擴大視野,由全球的角度來探討國際結盟會計師事務所聲譽受損在各地資本市場的外溢效果。本研究將針對世界各國Andersen簽證客戶進行研究,研究對象選取同Bhattacharya, Daouk and Welker(2003)所研究之國家,並扣除無法從Datastream獲取股價資料的簽證客戶,故最後選取34個國家892家公司為研究對象。
本研究旨在透過股價的分析,探討國際結盟會計師事務所聲譽受損對客戶股價的影響,研究結果指出,法律執行力較差、避免負盈餘程度越高、資本市場重要性越大的國家,簽證客戶股價因為國際結盟事務所聲譽受損而遭受股價下跌的機率較高。本研究進一步探討股價下跌幅度與不同地區之法律環境、會計資訊品質與資本市場成熟度間的關係,實證結果均無法支持本文先前的預期,各國股價下跌的幅度與該國法律環境、會計特性以及資本市場規模並沒有系統性的相關連。



The financial scandal surrounding the collapse of Enron Corporation caused an erosion in the reputation of its auditor, Andersen. In consideration of past research about such article was confined to America only, we extend the field of vision to investigate the spillover effects by examining the cumulative abnormal returns of clients of the auditors across 34 different areas. In order to include the CPA-firm clients’ name and price data, we merged the data from Worldscope and Datastream, and our sample was 892 firms across 34 countries.
In this paper, we examine the auditor’s clients’ stock price reactions to the deterioration of Andersen’s reputation after its admission that a significant number of documents had been shredded on January 10, 2002. Our results suggest that when news about Andersen’s January 10, 2002 shredding admission was released, the areas with weaker law enforcement, higher degree of the loss avoidance, and more developed financial market are more likely to react negatively to Andersen’s tarnished reputation, but there is no further evidence to show that the magnitude of the respond is associated with the legal environments, the characteristics of accounting earnings, and the development of the financial market.



第一章 緒論……………………………………………………………… 1
第一節 研究動機與目的……………………………………………… 1
第二節 研究問題……………………………………………………… 5
第三節 研究架構……………………………………………………… 6
第二章 文獻回顧………………………………………………………… 8
第一節 投資人保護跨國相關實證文獻……………………………… 8
第二節 審計需求理論文獻……………………………………………17
第三節 審計品質與公司價值相關文獻………………………………20
第三章 研究方法…………………………………………………………25
第一節 研究假說之建立………………………………………………25
第二節 研究設計、變數衡量與資料分析方法………………………28
第三節 資料來源………………………………………………………42
第四章 實證結果與分析…………………………………………………46
第一節 敘述性統計及相關分析………………………………………46
第二節 實證分析結果…………………………………………………59
第五章 研究結論與建議………………………………………………68
第一節 研究結論………………………………………………………68
第二節 研究限制………………………………………………………69
第三節 建議與未來研究方向…………………………………………70
參考文獻……………………………………………………………………72



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