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研究生:黃博麟
研究生(外文):Po-Lin Huang
論文名稱:會計師更換與公司治理對股東財富的影響
論文名稱(外文):The Influence of CPA Switches and Corporate Governance on Shareholder Wealth
指導教授:黃旭輝黃旭輝引用關係張少樑張少樑引用關係
指導教授(外文):Hsu-Huei HuangShau-Liang Chang
學位類別:碩士
校院名稱:明道管理學院
系所名稱:管理研究所
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2005
畢業學年度:93
語文別:中文
論文頁數:99
中文關鍵詞:會計師更換公司治理資訊不對稱
外文關鍵詞:CPA switchescorporate governanceinformation asymmetry
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本文主要在驗證當公司作會計師更換之宣告時對股東財富的影響,再進一步從公司治理的角度,探討不同的公司治理機制對宣告效果的影響,本研究是針對民國84年1月1日至民國93年6月30日間有作會計師更換宣告的國內上市上櫃公司為研究對象,共包含102個事件樣本。實證結果發現當公司作會計師更換宣告時,會產生負向的累積異常報酬;另外董事長身兼總經理之公司,會計師更換之宣告對股東財富的不利影響較大、公司內部人持股愈高,會計師更換之宣告對股東財富的不利影響較小、機構法人持股愈高之公司,會計師更換之宣告對股東財富的不利影響較小、資訊不對稱程度愈大,會計師更換之宣告對股東財富的不利影響較大。
This article examine the announcement effect of CPA switches on stockholders’ wealth. In addition, the relationships between the appropriateness of corporate governance and the CPA announcement effect will also be explored. The sample under studying includes 102 companies listed on the Taiwan Stock Exchange Corporation (TSEC) and the GreTai Securities Market (GTSM, collectively referred to as "TSEC/GTSM listed companies") with CPA switches during the period of January 1, 1995 to June 30, 2004.The results show that companies with CPA switches have negatives cumulative abnormal return(CAR),and we find that companies with larger information asymmetry, the duality of board chair and CEO these negative announcement effect of CPA switches on stockholders’ wealth would be worse, and companies with higher insider ownership, higher institutional ownership investors these negative announcement effect of CPA switches on stockholders’ wealth would be better.
目錄
中文摘要------------------------------------------------------------------I
英文摘要Abstract---------------------------------------------------------II
誌謝----------------------------------------------------------------------- III
目錄-------------------------------------------------------------------------- IV
表目錄---------------------------------------------------------------------V
圖目錄-------------------------------------------------------------------VI
第壹章 序論-------------------------------------------------------------1
第一節 研究動機-------------------------------------------------------1
第二節 研究目的-------------------------------------------------------5
第三節 研究流程與研究架構---------------------------------------------6
第貳章 文獻探討---------------------------------------------------------8
第一節 審計需求-------------------------------------------------------8
第二節 更換會計師的原因----------------------------------------------11
第三節 更換會計師的市場反應------------------------------------------18
第四節 公司治理------------------------------------------------------27
第參章 研究方法--------------------------------------------------------40
第一節 觀念性架構----------------------------------------------------40
第二節 研究假說------------------------------------------------------41
第三節 研究樣本選取及資料來源----------------------------------------44
第四節 研究變數之操作性定義與衡量------------------------------------46
第五節 研究方法------------------------------------------------------50
第肆章 實證結果與分析--------------------------------------------------55
第一節 敘述統計分析--------------------------------------------------55
第二節 會計師更換宣告對股價的反應------------------------------------58
第三節 公司治理對會計師更換宣告效果的影響----------------------------62
第四節 公司治理對會計師更換宣告效果影響之迴歸分析--------------------78
第伍章 結論與建議------------------------------------------------------84
第一節 研究結論------------------------------------------------------84
第二節 研究建議------------------------------------------------------88
參考文獻-----------------------------------------------------------------89






表目錄
表2-1 審計品質的定義----------------------------------------------------11
表2-2 公司治理的外部機制------------------------------------------------32
表3-1 全體樣本分類表----------------------------------------------------45
表4-1 各事件窗口累積平均異常報酬之敘述統計分析--------------------------55
表4-2 樣本公司自變數之基本統計量----------------------------------------57
表4-3 會計師更換宣告之異常報酬AR、累積異常報酬CAR及其t統計量-----------60
表4-4不同事件窗口之累積平均異常報酬率-------------------------------------61
表4-5 董事長兼總經理之公司其更換會計師之宣告效----------------------------62
表4-6 董事長未兼總經理之公司其更換會計師之宣告效果----------------------63
表4-7 董事長是否兼總經理對更換會計師宣告效果的影響----------------------63
表4-8 董監事持股比率高之公司其更換會計師之宣告效果----------------------64
表4-9 董監事持股比率低之公司其更換會計師之宣告效果----------------------64
表4-10 董監事持股比率對更換會計師宣告效果的影響-------------------------64
表4-11 經理人持股比率高之公司其更換會計師之宣告效果---------------------65
表4-12 經理人持股比率低之公司其更換會計師之宣告效果---------------------65
表4-13 經理人持股比率對更換會計師宣告效果的影響-------------------------66
表4-14 所有法人持股比率高之公司其更換會計師之宣告效果-------------------66
表4-15 所有法人持股比率低之公司其更換會計師之宣告效果-------------------67
表4-16 所有法人持股比率對更換會計師宣告效果的影響-----------------------67
表4-17 國內法人持股高之公司其更換會計師之宣告效果-----------------------68
表4-18 國內法人持股比率低之公司其更換會計師之宣告效果-------------------68
表4-19 國內法人持股對更換會計師宣告效果的影響---------------------------68
表4-20 外資法人持股比率高之公司其更換會計師之宣告效果-------------------69
表4-21 外資法人持股比率低之公司其更換會計師之宣告效果-------------------69
表4-22 外資法人持股比率對更換會計師宣告效果的影響-----------------------69
表4-23 R&D比率高之公司其更換會計師之宣告效果-----------------------------70
表4-24 R&D比率低之公司其更換會計師之宣告效果-----------------------------70
表4-25 R&D比率對更換會計師宣告效果的影響-----------------------------------71
表4-26 有做R&D之公司其更換會計師之宣告效果----------------------------71
表4-27 沒有做R&D之公司其更換會計師之宣告效果--------------------------72
表4-28 是否有R&D對更換會計師宣告效果的影響----------------------------72
表4-29 距公司設立日長之公司其更換會計師之宣告效果-----------------------72
表4-30 距公司設立日短之公司其更換會計師之宣告效果-----------------------73
表4-31 距公司設立日對更換會計師宣告效果的影響---------------------------73
表4-32 距公司上市日長之公司其更換會計師之宣告效果-----------------------74
表4-33 距公司上市日短之公司其更換會計師之宣告效果-----------------------74
表4-34 距公司上市日對更換會計師宣告效果的影響---------------------------74
表4-35 公司規模大之公司其更換會計師之宣告效果---------------------------75
表4-36 公司規模小之公司其更換會計師之宣告效果---------------------------75
表4-37 公司規模對更換會計師宣告效果的影響-------------------------------76
表4-38 殘差標準差大之公司其更換會計師之宣告效果-------------------------76
表4-39 殘差標準差小之公司其更換會計師之宣告效果-------------------------76
表4-40 殘差標準差對更換會計師宣告效果的影響-----------------------------77
表4-41 公司治理對會計師更換宣告效果(-1,0)影響之迴歸分析---------------82
表4-42 公司治理對會計師更換宣告效果(-1,+1)影響之迴歸分析--------------83
表5-1 研究假說之實證結果彙總--------------------------------------------84

圖目錄
圖1-1 研究流程圖---------------------------------------------------------6
圖2-1 世界銀行公司治理之架構圖------------------------------------------30
圖3-1 觀念性架構圖------------------------------------------------------40
圖3-2 本研究各時間參數關係----------------------------------------------50
圖4-1 會計師更換宣告之平均異常報酬與累積異常報酬------------------------61
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