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研究生:李璧華
研究生(外文):Li,Pi-Hua
論文名稱:權益市值高估與審計產業專業化
論文名稱(外文):Overvalued Equity and Audit Industry Specialization
指導教授:薛敏正薛敏正引用關係
指導教授(外文):Shiue,Min-Jeng
學位類別:碩士
校院名稱:國立臺北大學
系所名稱:會計學系
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:2007
畢業學年度:95
語文別:中文
論文頁數:81
中文關鍵詞:權益市值高估審計產業專業化審計品質會計師事務所安隆案
外文關鍵詞:Overvalued equityAudit industry specializationAudit qualityCPA firmEnron event
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本研究的主旨在探討權益市值高估與審計產業專業化之關聯性。Kothari et al. (2005)認為在權益市值高估的代理理論下,管理者會操縱公司的應計數來進行盈餘管理,使其公司市值高估的現象延長,其結果支持權益市值高估的代理理論。Houmes and Skantz (2006)驗證權益市值高估假說並發現市值高估的公司,其裁量性應計數和營業現金流量有顯著的負相關。且市值高估的公司,其裁量性應計數和盈餘目標間亦有較顯著的正向關係。整體而言,權益市值高估的公司亦提供了經理人使用裁量性應計數從事盈餘管理的誘因。
相關的研究指出,大型的會計師事務所有較高的審計品質,且因大型事務所會投入較多的人力及資源並擁有較佳的技術及產業專業,因此能提供較佳的審計品質(Craswell et al. 1995; Balsam et al. 2003; Krishnan 2003)。另有研究指出:六大會計師事務所的客戶相較於非六大,有較低的裁量性應計數(Becker et al. 1998; Francis et al. 1999),亦即六大的會計師可以限制公司盈餘管理的情形。因此本研究預期審計產業專業化可以限制公司權益市值高估的情形。
本研究以1999年至2005年間國內上市、櫃公司為研究樣本,區分為18個產業,並以五種衡量指標來衡量會計師之產業專業化,及二種方式來衡量公司之權益市值高估。實證結果彙整如下:
(一)在多元迴歸分析之結果顯示產業專業化衡量指標,可以合理解釋其與權益市值高估之間的關係,亦即當產業專業化水準愈高時,愈能限制公司權益市值高估的情形。
(二)考慮安隆案對審計品質的影響,本研究同時考慮各實驗變數與安隆案之交互影響,結果顯示只有部分的證據支持本研究所之假說。然而,若以市場報酬為計算基礎之異常報酬衡量權益市值高估時,整體而言,在安隆案發生後,公司權益市值高估與審計產業專業化呈顯著之負相關,符合本研究之預期。
The main purpose of this study is to explore the relationship between overvalued equity and audit industry specialization. Kothari et al. (2005) indicate that under the agency theory of overvalued equity, managers of overvalued firms are likely to manage their firms’ accruals upwards to prolong the overvaluation. Houmes and Skantz (2006) examine the overvaluation hypothesis and find that the negative association between discretionary accruals and operating cash flows is more pronounced for overvalued firms and the positive association between discretionary accruals and earnings target is also more pronounced for overvalued firms. The overall conclusion is that overvalued equity provides incentives for managers to engage in earnings management through discretionary accruals.

A number of studies show that big size CPA firms have higher audit quality because they input more labor and resources and have superior audit technique and specific industry knowledge to detect earnings management (Craswell et al. 1995; Balsam et al. 2003; Krishnan 2003). Other researchers indicate that clients of Big 6 auditors report discretionary accruals that decrease income relatively lower than the discretionary accruals reported by clients of non-Big 6 auditors. Findings in these studies imply that name-brand auditors can constrain the behavioral of managers who manage earnings.

Research data were collected from TSEC listed companies from 1999 to 2005. Six different measures of industry specialization and two different measures of overvalued equity are used in this study. The major findings are summarized as follows:
1. Research findings moderately support our arguments that there is a negative correlation between industry specialization and overvalued equity. In other words, industry specialists of CPA firms with higher market share would restrain overvalued equity of their clients.
2. Considering the impact of accounting scandals since 2002, especially for the Enron case on audit quality, we add the interaction of independent variables and Enron event dummy variable to our regression models. However, we find only a part of evidence supporting our hypothesis.
第一章 緒論..................................................................................................................... 1
第一節 研究背景與動機..............................................................................................1
第二節 研究目的與貢獻..............................................................................................3
第三節 研究架構..........................................................................................................5
第二章 文獻探討............................................................................................................ 7
第一節 權益市值高估..................................................................................................7
第二節 審計產業專業化.............................................................................................11
第三節 權益市值高估與審計產業專業化的關聯.....................................................16
第三章 研究方法............................................................................................................18
第一節 研究假說.........................................................................................................18
第二節 研究模型.........................................................................................................21
第三節 變數衡量與定義.............................................................................................24
第四節 資料來源與樣本選取.....................................................................................32
第四章 實證結果與分析..............................................................................................35
第一節 敘述性統計與單變量分析.............................................................................35
第二節 多元迴歸模型分析.........................................................................................46
第三節 敏感性分析.....................................................................................................60
第五章 結論與建議.......................................................................................................74
第一節 結論.................................................................................................................74
第二節 研究限制與建議.............................................................................................76
參考文獻............................................................................................................................77
一、中文部分
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林天中,1998,台灣股票市場三因子:系統風險、公司規模及淨值市價比實證研究,國立清華大學經濟學研究所未出版碩士論文。
邱淑娟,2005,產業專家會計師之多方衡量與盈餘品質關聯性之研究,國立成功大學會計學研究所未出版碩士論文。
姜家訓、楊雅雯,2005,會計師事務所之產業專精及查核年資與盈餘品質之關係,當代會計,第6卷,第1期:23-66。
張文瀞、吳幸螢,2005,品牌聲譽、產業專業化與審計人員市場佔有率關連性:取消審計公費下限分析,會計評論,第40期:91-118。
張閔凱,2002,會計師事務所產業專業化之決定因素-台灣審計市場之實證研究,國立成功大學會計學研究所未出版碩士論文。
莊成華,2006,審計產業專業化與盈餘品質之關聯性-以銀行業為例,國立臺北大學會計學研究所未出版碩士論文。
許振銘,2004,產業專家會計師事務所對裁量性應計項目市場評價之影響,國立成功大學會計學研究所未出版碩士論文。
陳耀宗、吳姍穎,2004,審計產業專家、審計公費與會計師事務所規模:台灣審計市場之實證,中華會計學刊,第5-1期:41-69。
彭玉鳳,1998,公司規模、淨值市價比和股票報酬關係之探討,國立中央大學企業管理研究所未出版碩士論文。
黃昱甄,2006,高估權益市值與代理成本,國立臺北大學會計學研究所未出版碩士論文。
劉正田,2003,企業研發投資與淨值市價比現象,風險管理學報,第5卷,第2期:261-285。


二、英文部分
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