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研究生:王姿婷
研究生(外文):Wang, Tzu Ting
論文名稱:我國分析師會重視審計品質嗎?事務所還是個人?
指導教授:俞洪昭俞洪昭引用關係
指導教授(外文):Yu, Hung Chao
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:2009
畢業學年度:97
語文別:中文
論文頁數:78
中文關鍵詞:審計品質分析師預測準確度分析師預測離散程度
外文關鍵詞:Audit QualityForcast AccuracyForcast Dispersion
相關次數:
  • 被引用被引用:4
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  • 收藏至我的研究室書目清單書目收藏:2
本研究探討分析師在進行盈餘預測時是否會考慮會計師的審計品質。不同於過去文獻,本研究除了測試「品牌層級」的審計品質(brand-name level audit quality)與「事務所層級」(firm level audit quality)的審計品質外,利用我國簽證制度進一步檢視分析師盈餘預測之品質是否因會計師個人層級之審計品質 (individual-level audit quality) 的差異而有所不同。本研究以Heckman (1979) 之兩階段模型來控制會計師選擇內生性的問題,進行實證分析。實證結果顯示:(1) 四大會計師事務所對於分析師預測準確度具有正面影響,但侷限於小規模公司,呈現顯著正相關。(2) 四大事務所彼此之審計品質對於分析師預測準確度與離散程度之影響,並無顯著之差異,但整體來說,資誠會計師事務所之表現最佳,而小規模公司中,安永之表現較差;大規模公司中,勤業眾信之表現較差,此與一般市場所認知者不同。(3) 當分析師盈餘預測之對象為小規模公司時,審計品質最差的個別會計師會降低(提高)分析師預測準確度(離散程度)。反之,測試對象為大規模公司時,審計品質最佳的個別會計師會降低分析師預測準確度但,審計品質最差者,與本研究預期不符。結果顯示我國之分析師在進行盈餘預測時,會考量個別會計師之審計品質。
This paper investigates the association between audit quality and properties of analysts’ earnings forecasts. Three levels of audit quality are identified and examined: brand-name level (proxied by a dummy Big 4), firm level (proxied by four dummies DT, PWC, KPMG, and EY), and individual-level (proxied by the average of the absolute values of discretionary accruals for all companies audited by the same auditor, grouped by quartiles). After separating sample companies into big, medium, and small sizes, the empirical results document several important findings. When audit quality is measured at the brand-name level, Big 4 improve analysts’ forecast accuracy for small companies only. However, Big 4 do not decrease analysts’ forecast dispersion. When the audit quality is measured at the firm level, analysts seem to regard EY and DT as of relatively low audit quality when small and big companies are the forecast targets, respectively. When the audit quality is measured at the individual level, auditors who are deemed to have the lowest audit quality (i.e., in the fourth quartile) are associated with less forecast accuracy and greater forecast dispersion in small companies. In contrast, auditors who are deemed to have the highest audit quality (i.e., in the first quartile) are associated with lower forecast dispersion in big companies. Taken together, the empirical results indicate that audit quality affects analysts’ forecast properties. More importantly, analysts are able to identify individual auditor’s audit quality and react accordingly.
第一章 緒論 ..........................................1
第二章 文獻探討 ......................................5
第一節 分析師預測品質 ...............................5
第二節 審計品質 ....................................9
第三節 分析師預測品質與審計品質 ......................13
第三章 研究設計 ......................................14
第一節 實證模型與變數衡量 ...........................14
第二節 研究期間與樣本選取 ...........................30
第四章 實證結果與分析 .................................34
第一節 第一階段:會計師選擇模型 ......................34
第二節 第二階段:分析師預測品質模型-預測準確度 .........39
第三節 第二階段:分析師預測品質模型-預測離散程度 .......52
第五章 結論與建議 ....................................62
第一節 研究結論 ....................................62
第二節 研究限制與建議 ...............................63
參考文獻 ................................................65
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