臺灣博碩士論文加值系統

中國資本市場無疑是近年來成長最快速的市場，會計師在其中扮演的角色也逐漸引起各方重視。在西方國家，大型會計師事務所同時是規模最大、歷史最悠久，也最具品牌聲譽的會計師事務所，在許多資本市場中，具有壟斷簽證業務的地位。但在中國，審計市場發展時間短暫，會計師事務所數量眾多，規模較小，Big4在上市公司審計業務的市場佔有率並不高，但部分省(市)中卻有審計業務高度集中於某一本土會計師事務所的情形，並且會計師出具非標準意見的比率偏高。這些中國審計市場的特色，提供我們一個完整檢視相關審計訂價與購買審計意見相關理論的機會。
本文第一章說明研究動機並介紹中國審計市場之發展。第二章分析會計師事務所規模、品牌、競爭程度對於審計公費的影響。以2002-2007年中國A股上市公司所揭露之6,657筆審計公費資訊進行分析，實證結果印證過去文獻對於會計師事務所特性與審計公費關係的推論，無論是事務所之規模、品牌或市場佔有率都對於審計公費存在顯著正向影響。本文亦發現，在中國市場中，除了Big4結盟所外，規模較小的事務所也可以藉由與其他國際知名會計師事務所結盟，取得公費溢酬；而不同品牌對審計公費的影響存在差異，與Big 4結盟的會計師事務所，比其他國際會計師事務所之成員所可以收取更高的審計公費。最後，本文分析會計師事務所對於中國國有上市公司審計業務之訂價策略，實證結果顯示，事務所對國有企業收取較低之審計公費，且Big 4相較於其他會計師事務所對國有企業之審計收費，有顯著降低的情形。
本文第三章討論中國上市公司購買審計意見的行為。企業是否透過更換會計師來取得較有利之審計意見，為文獻與實務上重要的議題(Chow and Rice,1982)。多數文獻顯示，取得非標準意見為更換會計師的重要因素，但並未有文獻分析取得非標準意見的公司，更換會計師的決定因素。 本文以中國2001年到2007年間，894筆前期取得非標準意見的觀察值為樣本。實證結果顯示，前期經Big 4或Big10會計師事務所出具非標準意見的公司、前期取得繼續經營有疑慮審計意見的公司，以及前期查核報告中，會計師保留多處項目之公司，次期更換會計師的機率顯著較高。本文結果印證過去推論，只有預期更換會計師後，審計意見改善機率較高的公司，才會更換會計師。本文也分析企業是否能透過更換會計師，取得較有利之審計意見，實證結果顯示，未被中國證監會調查中的公司，更換會計師後審計意見改善的機率較高，但被中國證監會調查中的公司，則無法透過更換會計師購買審計意見。此外，部分上市公司以連續更換會計師的方式，最終取得較有利的審計意見。本文實證結果可供資本市場與監管機構參考。

China has been one of the largest and fastest growing economies in the world. Since high quality auditing will contribute to the financial market, more and more studies recognize the importance of the auditing profession. There are some special characteristics of audit market in China. These characteristics include, (1) Big 4 auditors are not the largest auditors, (2) neither Big4 auditors nor other audit firms have taken a leading position in public audit market, and (3) in some provinces, there exist some local audit firm monopolized audit market. Such a special audit market provides an opportunity to conduct a comprehensive analysis of the audit fee and audit opinion shopping theory.

The first section of the dissertation introduces the research motivation and the general background of the Chinese audit market. The second part of the dissertation examines the determinants of audit fees in China. In the part, the research focuses on whether audit pricing is affected by auditor size, auditor brand name reputation, and market competition individually. Based on the data from Shanghai and Shenzhen stock exchanges from 2002 to 2007, this study finds that larger auditors (measured by assets audited by audit firm and total revenues of the audit firm) tend to charge higher audit fees. The results also indicate that the brand name fee premium exists both in Big 4 auditors and auditors who affiliate with other international accounting firms. Furthermore, this study finds that the regional leading auditors can earn fee premium. At last, the analysis shows that first, auditors charge lower audit fees to state-owned clients, and second, Big4 relatively offer more discount in order to earn more business potential in the future.

The final section of the dissertation talks about the audit opinion shopping behavior in China. Previous researches found that getting qualified opinion is the main reason cause auditor changes; however, none of them did further analysis about what factors affect the companies who get qualified opinions and decides to change auditors. Based on the observations from 2001 to 2007 in China, this dissertation finds that companies who get going concern opinion or qualified opinion form big4 or big10 auditors, or companies whose auditor are qualified more than one item in audit report last year, would prefer change their auditors in the next year. The results support the presumption that the probability of successful opinion shopping will affect manager’s decision about auditor change. This dissertation finds that when the company is investigated by the CSRC (China Securities Regulatory Commission), its engagement auditor will not issue the favor opinion. The research also finds that some companies try to get favor opinions by changing auditors constantly. The result of the empirical research might help to supervise and maintain the financial and audit market.

第一章 研究動機與中國審計市場之發展與特性
第一節 研究動機……………………………………………………… 1
第二節 中國審計市場發展歷程……………………………………… 2
第三節 上市公司審計市場之結構…………………………………… 6
第四節 會計師審計意見……………………………………………… 7
第二章 會計師事務所規模、品牌與競爭程度對審計公費之影響
第一節 前言…………………………………………………………… 15
第二節 市場背景、文獻回顧與假說………………………………… 18
第三節 實證研究設計………………………………………………… 26
第四節 樣本、敘述性統計與實證結果……………………………… 31
第五節 結論與建議…………………………………………………… 37
第三章 審計意見購買研究
第一節 前言…………………………………………………………… 48
第二節 文獻回顧與假說……………………………………………… 50
第三節 實證研究設計………………………………………………… 55
第四節 實證結果……………………………………………………… 61
第五節 結論與建議…………………………………………………… 66
參考文獻 …………………………………………………………… 77

中國證券監督管理委員會，2006，誰審計中國證券市場-證券期貨相關審計市場分析。北京：中國證券監督管理委員會首席會計師辦公室。
王善平與李斌，2004，我國上市公司審計收費影響因素的實證分析。財經理論與實踐，第2期：68-71。
李東平、黃德華與王振林，2001，不清潔審計意見、盈餘管理與會計師事務所變更。會計研究，第6期：51-57。
李明輝，2006，試論會計師的刑事責任-兼談我國相關法律之修訂與完善。審計研究，第6期，頁：58-66。
李爽與吳溪，2004，中國證券市場審計及相關服務收費信息首次披露的特徵及其含意。中國註冊會計師，2月號，頁：50-58。
吳溪，2007，審計失敗中的審計責任認定與監管傾向：經驗分析。會計研究，6月號：53-61。
吳聯生與劉慧龍，2008，中國審計實證研究：1999-2007。審計研究，第2期：36-46。
吳聯生與譚力，2005，審計師變更決策與審計意見改善。審計研究，第2期：34-40。
沈紅波與王布衣，2008，中國證券市場審計師變更的影響因素—來自2003-2006 年的經驗證據。管理評論，20卷4期：53-57。
周天勇與夏徐遷，2008，我國國有企業改革與發展30年，收錄於「發展和改革藍皮書-中國改革開放30年」。北京，中國社會科學文獻出版社。
陸正飛與童盼，2003，審計意見、審計師變更與監管政策-一項以14號規則為例的經驗研究。審計研究，第3期：30-35。
耿建新與楊鶴，2001，我國上市公司變更會計師事務所情況的分析。會計研究，第4期：57-62。
張奇峰、張鳴與戴佳君，2006，中國審計訂價實證研究述評。會計研究，第6期：87-93。
陳武朝與張泓，2004，盈餘管理、審計師變更與審計師獨立性。會計研究，第8期：81-86。
陳傑平、蘇錫嘉與吳溪，2005，異常審計收費與不利審計結果的改善。中國會計與財務研究，7卷4期：1-28。
漆江娜、陳慧霖與張陽，2004，事務所規模、品牌、價格與審計質量。審計研究，第3期：59-65。
劉佛與劉星，2006，審計師變更與盈餘管理關係的實證研究-來自中國A股市場的經驗證據。財經理論與實務，27卷139期：87-92。
劉斌、葉建中與廖瑩毅，2003，我國上市公司審計收費影響因素的實證研究。審計研究，第1期：44-47。
韓洪靈與陳漢文，2007，中國上市公司初始審計的訂價折扣考察-來自審計師變更的經驗證據。會計研究，第9期：83-96。
儲一昀與王妍玲，2007，會計師事務所變更與審計師穩健主義—來自前任審計師為中天勤或深圳華鵬的上市公司的經驗證據。審計研究，第5期：68-76。
樊千，2008，淺析註冊會計師行政監管與行業自律的協調。會計之友，第2期：81-82。
Aharony, J., C. W. Lee, and T. J. Wong. 2000. Financial packaging of IPO firms in China. Journal of Accounting Research, 38(Spring):103-126
Allen, F., J. Qian, and M. Qian. 2005. Law, finance, and economic growth in China. Journal of Financial Economics, 77(1) (July): 57-116.
Antle, R. 1984. Auditor independence. Journal of Accounting Research, 22(1): 1-20.
Antle, R., and B. Nalebuff. 1991. Conservatism and auditor-client negotiation. Journal of Accounting Research, 29(Supplement): 31-54.
Asare, S. K. 1992. The auditor’s going-concern decision: Interaction of task variables and the sequential processing of evidence. The Accounting Review, 67(2): 379-393.
Bandyopadhyay, S. P., J. L. Kao. 2001. Competition and big 6 brand name reputation: Evidence from the Ontario municipal audit market. Contemporary Accounting Research, 18(Spring):27-64.
Barton, J. 2005. Who care about auditor reputation? Contemporary Accounting Research, 22(3) (Fall): 549-586.
Baum, J. A. C., T. Calabrese, and B. S. Silverman. 2000. Don’t go it alone: Alliance network composition and startups’ performance in Candian biotechnology. Strategic Management Journal, 21(3):267-294.
Beneish, D., and E. Press. 1995. The resolution of technical default. The Accounting Review, 70(2) (April): 337-353.
Berg, S. V., J. Duncan, P. Friedman. 1982. Joint venture strategies and corporate innovation. Cambridge, MA: Gunn & Hain.
Blouin, J., B. M. Grein, and B. R. Rountree. 2007. An analysis of forced auditor change: The case of former Arthur Andersen clients. Accounting Review, 82(3) (September): 621-650.
Carcello, J. V., T. L. Neal. 2003. Audit committee characteristics and auditor dismissals following new going-concern reports. The Accounting Review, 78(1) (January): 95-117.
Chan, D. K. 1999. “Low balling” and efficiency in a two-period specialization model of auditing competition. Contemporary Accounting Research, 16(Winter):609-642.
Chen, G., M. Firth, D. N. Gao, and O. M. Rui. 2006. Ownership structure, corporate governance, and fraud: Evidence from China. Journal of Corporate Finance, 12(3): 424-448.
Chan, K. H., K. Lin, and P. L. L. Mo. 2006. A political-economic analysis of auditor reporting and auditor switches. Review of Accounting Studies, 11(March):21-48.
Chen, C. J. P., X. Su, and R. Zhao. 2000. An emerging market’s reaction on initial modified audit opinion: Evidence from the Shanghai Stock Exchange. Contemporary Accounting Research, 17(3) (Fall): 429-455.
Chen, C., S. Chen, and X. Su. 2001. Profitability regulation, earnings management, and modified audit opinions: Evidence from China. Auditing: A Journal of Practice and Theory 20(2) (Autumn): 9–30.
Chen, J. P., X. Su, and X. Wu. 2007. Market competitiveness and Big 5 pricing: Evidence form China’s binary market. The International Journal of Accounting, 42:1-24.
Chow, C. W., J. L. Ho, and P. L. L. Mo. 2006. Toward understanding Chinese auditors’ structuring of audit approaches, client acceptance decisions, risk assessment, and stringency of imposed reporting standards. Journal of International Accounting Research, 5:1-23.
Craswell, A.T., and J. R. Francis. 1999. Pricing initial audit engagements: A test of competing theory. The Accounting Review, 74(April):201-216.
Craswell, A. T., J. R. Francis, and S. L. Taylor. 1995. Auditor brand name reputations and industry specializations. Journal of Accounting and Economics, 20(December):297-322
_______. 2000. The effect of audit market deregulation on the pricing of brand name reputation. Available at SSRN: http://ssrn.com/abstract=1812. Accessed: 2008/10/20.
Choi, J, H., J. B. Kim, X. Liu, and D. A. Simunic. 2008. Audit pricing, legal liability regimes, and Big4 premium: Theory and cross-country evidence. Contemporary Accounting Research, 25(1) (Spring): 55-99.
Chow, C. W., and S. J. Rice. 1982. Qualified audit opinions and auditor switching. The Accounting Review, 57(2) (April): 326-335
Craswell, A. T. 1988. The Association between qualified opinions and auditor switches. Accounting and Business Research, 19(73) (Winter): 23-31
DeAngelo, L. E. 1981a. Auditor independence, lowballing and disclosure regulation. Journal of Accounting and Economic, 3(3) (August): 113-127.
.1981b. Auditor size and auditor quality. Journal of Accounting and Economic, 3(4) (December):183-199
DeFond, M. L., K. R. Subramanyam. 1998. Auditor changes and discretionary accruals. Journal of Accounting and Economics, 25(1) (February): 35-67.
DeFond, M. L., J. R. Francis, and T. J. Wong. 2000. Auditor industry specialization and market segmentation: Evidence from Hong Kong. Auditing: A Journal of Practice & Theory, 19(Spring):49-66.
DeFond, M. L., T. J. Wong, and S. Li. 2000. The impact of improved auditor independence on audit market concentration in China. Journal of Accounting and Economics, 28 (December):269-305.
Dupuch, N., R. W. Holthausen, and R. W. Leftwich. 1986. Abnormal stock returns associated with media disclosures of “subject-to” qualified audit opinions. Journal of Accounting and Economics, 8 (2) (June): 93-117.
Dye, R. A. 1991. Informationally motivated auditor replacement. Journal of Accounting & Economics, 14 (December): 347-374.
Fama, E. F., and J. D. MacBeth. 1973. Risk, return, and equilibrium: Empirical test. Journal of Political Economy, 18(3):607-636.
Fan, J. P. H., and T. J. Wong. 2005. Do external auditors perform a corporate governance role in emerging markets? Evidence from East Asia. Journal of Accounting Research, 43(Spring):35-72
Ferguson, A. C., J. R. Francis, and D. J. Stokes. 2006. What matters in audit pricing: Industry specialization or overall market leadership? Accounting and Finance, 46(March): 97-106.
Firth, M., P. M. Y. Fung, and O. M. Rui. 2006. Corporate performance and CEO compensation in China. Journal of Corporate Finance, 12(4): 693- 714.
________. 2007. Ownership, two-tier board structure, and the informativeness of earnings: Evidence from China. Journal of Accounting and Public Policy, 26:463-496.
Francis, J. R. 1984. The effect of audit firm size on audit prices-A study of the Australian market. Journal of Accounting and Economics, 6 (August):133-151.
________. 2004. What do we know about audit quality? The British Accounting Review, 36(4): 345-368.
Francis, J. R., and D. Wang. 2008. The joint effect of investor protection and big4 auditors on earnings quality around the world. Contemporary Accounting Research, 25(1) (Spring): 157-191.
Francis, J. R., and E. Wilson. 1988. Auditor change: A joint test of theories relating to agency costs and auditor differentiation. The Accounting Review, 63(October): 663-682.
Francis, J. R., and J. Krishnan. 2002. Evidence on auditor risk-management strategies before and after the private securities litigation reform act of 1995. Asia-Pacific Journal of Accounting and Economics, 9(2) (December): 135–157.
Frankel, R., M. Johnson, and K. Nelson. 2002. The relation between auditors'' fee for nonaudit services and earnings management. The Accounting Review, 77 (Supplement): 71-105.
Fried, D., and A. Schiff. 1981. CPA switches and associated market reactions. The Accounting Review, 56(2) (April): 326-341.
Hay, D. C., W. R. Knechel, and N. Wong. 2006. Audit fee: A meta-analysis of the effect of supply and demand attributes. Contemporary Accounting Research, 23(Spring):141-91.
Harrigan, K. R. 1986. Managing for joint ventures success. Lexington, MA: Lexington Books.
Johnstone, L. M. Client-acceptance decision: Simultaneous effect of client business risk, audit risk, auditor business risk, and risk adaptation. Auditing: A Journal of Practive and Theory, 19(1): 1-25.
Krishnan, J. 1994. Auditor switching and conservatism auditors. The Accounting Review, 69(1) (January): 200-215.
________ . 2000. Impact of price cutting on audit opinion decision. Accounting Enquiries, 9(2) (Spring): 217-254.
Krishnan, J., and R. G. Stephens. 1995. Evidence on opinion shopping from audit opinion conservatism. Journal of Accounting and Public Policy, 14(3): 179-201.
Krishnan, J., J. Krishnan, and R. G. Stephens. 1996. The simultaneous relation between auditor switching and audit opinion: An empirical analysis. Accounting and Business Research, 26(3): 224-236.
Lennox, C. 2000. Do companies successfully engage in opinion shopping? Evidence form the UK. Journal of Accounting and Economics, 29(3) (June): 321-337.
________ . 2002. Opinion shopping, audit firm dismissals, and audit committees. Available at SSRN: http://ssrn.com/abstract=299843.
Lin, Z. J. 2004. Auditor’s responsibility and independence: Evidence from China. Research in Accounting Regulation, 17:167-190.
Loudder, M. L., I. K. Khurana, R. B. Sawyers, and C. Cordery. 1992. The information content of audit qualifications. Auditing: A Journal of Practice & Theory, 11(1) (Spring): 69-82.
Low, L., P. Tan, and H. Koh. 1990. The determination of audit fee: An analysis in the Singapore context. Journal of Business Finance and Accounting, 17 (Spring): 285-295.
Lu, T. 2006. Does opinion shopping impair auditor independence and audit quality? Journal of Accounting Research, 44(3) (April): 561-583.
Magee, R., and M. Tseng. 1990. Audit pricing and independence. The Accounting Review, 65 (2) (April): 315–36.
O’keefe, T., R. King, and K. Gaver. 1994. Audit fees, industry specialization, and compliance with GAAS reporting standards. Auditing: A Journal of Practice & Theory, 13(2): 41-55
Palmrose, Z. V. 1986. Audit fee and audit size: Further evidence. Journal of Accounting Research, 24(Spring):97-110.
_________ . 1988. An analysis of auditor litigation and audit service quality. The Accounting Review, 63 (1) (January): 55-73.
Qian, Y., 1995. Reforming corporate governance and finance in China. In Aoki, M., and Kim, H. K. (Eds.), Corporate Governance in Transition Economies: Insider Control and the Role of Banks. Economic Development Institute of the World Bank: 215-252.
Reynolds, K., and J. R. Francis. 2000. Does size matter? The influence of large clients on office level auditor reporting decision. Journal of Accounting and Economics, 30(3) (Deceber): 375-340.
Schwartz, K. B., and K. Menon. 1985. Auditor switches by failing firm. The Accounting Review, 60(2) (April): 248-261.
Seetharaman, A., F. A. Gul, and S. G. Lynn. 2002. Litigation risk and audit fee: Evidence form UK firms cross-listed on US market. Journal of Accounting and Economics , 33:91–115
Simunic, D.A. 1980. The pricing of audit services: Theory and evidence. Journal of Accounting Research, 18(Spring):161-190.
.1984. Auditing, consulting, and auditor independence. Journal of Accounting Research, 22(Autumn):679-702.
Simunic, D. A. and M. T. Stein. 1996. The impact of litigation risk on audit pricing: A review of the economics and the evidence. Auditing: A Journal of Practice and Theory, 15( Supplement): 119-134.
Smith, D. B. 1986. Auditor subject to opinions, disclaimers, and auditor changes. Auditing: A Journal of Practice & Theory, 6(1): 95-108.
Sunder, S. 2003. Rethinking the structure of accounting and auditing. Working paper no. 03-17. Yale University, U.S.A.
Teoh, S. H. 1992. Auditor independence, dismissal threats, and the market reaction to auditor switches. Journal of Accounting Research, 30(1) (Spring): 1-23.
Thornton, D. B. 2001. Discussion of competition and Big 6 brand name reputation: Evidence from the Ontario municipal audit market. Contemporary Accounting Research, 18(Spring): 65−69.
Vera-Muñoz, S. C., J. L. Ho, and C. W. Chow. 2006. Enhancing knowledge sharing in public accounting firms. Accounting Horizon, 20(2) (June): 133-155.
Wang, Q., T. J. Wong, and L. Xia. 2008. State ownership, the institutional environment, and auditor choice: Evidence from China. Journal of Accounting and Economic, 46(September):112-134.
Watkins, A. L., W. Hillison, and S. E. Morecroft. 2004. Audit quality: A synthesis of theory and empirical evidence. Journal of Accounting Literature, 23:153-193.
Xiao, J. Z., Y. Zhang, and Z. Xie. 2000. The making of independent auditing standards in China. Accounting Horizons, 14(March):69-89.
Yang, L., Q. Tang, A. Kilgore, and J. Y. Hong. 2001. Auditor-government associations and auditor independence in China. The British Accounting Review, 33(June): 175-189.
Wang, Q., T. J. Wong, and L. Xia. 2008. State ownership, the institutional environment, and auditor choice: Evidence from China. Journal of Accounting and Economic, 46(3) (September): 112-134.
Zmijewski, M. E. 1984. Methodological issue related to the estimation of financial distress prediction models. Journal of Accounting Research, 22 (Supplement): 59-82.