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研究生:張文亭
研究生(外文):Chang, WenTing
論文名稱:權益價值高估對審計公費之影響
論文名稱(外文):The Relation Between Overvaluation and Audit fees
指導教授:薛敏正薛敏正引用關係
指導教授(外文):Shiue, MinJeng
口試委員:戚務君邱士宗
口試委員(外文):Chi, WuChunChiu, ShihTsung
口試日期:2011-06-15
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:2011
畢業學年度:99
語文別:中文
論文頁數:47
中文關鍵詞:權益價值高估審計公費
外文關鍵詞:overvaluationaudit fees
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本研究主旨在驗證權益價值高估情形對次期審計公費的影響。Jensen(2004;2005)提出權益市值高估的將引致代理成本之論述,且主張權益市值高估的公司會進行盈餘管理以延長市值高估之情形。Abbott et al.(2006)的研究指出,財務報導較積極的公司,審計人員會收取較高的審計公費。本研究參考Chi and Gupta(2009)所採之權益價值高估值估計模式,作為測試變數。與預期相符的,研究結果發現,當期權益價值高估的公司,次期審計公費較高。額外測試結果亦顯示,前述分析結果相當穩定。

This study examines the relation between audit fees and overvaluation. Due to the agency cost of overvalued equity, we hypothesize that overvalued firms are more likely to hire brand name auditors in the next period. We also hypothesize that there is a positive correlation between overvaluation and audit fees in the next period. Followed Chi and Gupta(2009), we use an M/B decomposition model to estimate overvaluation. As expected, the result shows that overvalued firms are more likely to employ Big 4 accounting firms. We also find that overvalued firms will pay higher audit fees in the next period than non-overvalued firms. Sensitivity tests also show that our findings are robust.
目錄

第一章 緒 論…………………………………………………..……………………1
第一節 研究背景與動機……………………………………..…………………….1
第二節 研究目的……………………………..….…………………………………4
第三節 研究架構與流程…………………………….………….………………….6
第二章 文獻探討……………………………………….…………………………..8
第一節 權益價值高估…………………………………………………………...…8
第二節 審計公費……………………………………………………..…………..11
第三節 權益價值高估及審計公費…………………...……………………….…15
第三章 研究方法…………………………………………………..………………17
第一節 研究假說…………………………...……….……………………………17
第二節 研究模型………………………………..………………………………..19
第三節 樣本選取及資料來源……………………...………………………….…28
第四章 實證結果與分析…………………………………………………………..29
第一節 敘述性統計………………...………………………………………….…29
第二節 相關性分析…………………………...………………………….………32
第三節 迴歸分析…………………………………………..………………….….34
第四節 敏感性分析……………………….………..………………………….…39
第五章 結論與建議……………………………….……………………………….42
第一節 結論……………………………..…………….……………………….…42
第二節 研究限制與建議…………………………….…………………………….43
參考文獻……………………………………………………………………………...44

參考文獻
一、 中文部分
馬君梅、蘇裕惠和李珮珮,2003,台灣上櫃公司審計公費決定因素之研究,東吳經濟商學學報,第41期:25-50。
李建然、廖秀梅、黃雨頎,2005,審計公費與非審計公費之決定因素及其交互影響,2005當前會計理論與實務研討會,雲林縣雲林科技大學
姜家訓,2009,權益誘因、盈餘管理與經理人持股變動之關係:權益市值高估代理成本之實證分析,臺大管理論叢,第19卷,第S2期:1-34。
薛敏正、張瑀珊、高君慈,2008,公司自我選擇聘任會計師與審計公費,當代會 計,第9卷,第2期;167-200。
陳耀宗、劉若蘭、林坤霖,2003,產業專家客戶滿意度與審計公費之關聯性研究,會計評論,第37期;31-52
張仲岳與曹美娟,2005,台灣上市公司審計公費之決定因素,當代會計,第6卷,第2期:125-152。
張嘉銘,2009,權益市值高估與審計公費,台北大學會計學研究所未出版碩士論文。
二、 英文部分
Abbott, L. J., S. Parker, and G. F. Peters. 2006. Earnings management, litigation risk, and asymmetric audit fee responses. Auditing: A Journal of Practice & Theory 25 (1): 85-98.
Abdullah, Arzul Bin; Ku Nor Izah Ku Ismail. 2008 Disclosure of voluntary accounting ratios by Malaysian listed companies. Journal of Financial Reporting & Accounting 6 (1): 1-20.
Chaney, P.K., D.C. Jeter, and L. Shivakumar. 2004 Self-selection of auditors and audit pricing in private firm. The Accounting Review 79(1):51-72.
Chi, J., and M. Gupta. 2009. Overvaluation and earnings management. Journal of Banking and Finance 33: 1652-1663.
Cooke, T.E. (1989). Voluntary corporate disclosure by Swedish companies. Journal of International Financial Management and Accounting 1(2): 171-195.
Fan,J. 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: 35-72.
Francis, J. R., E. L. Maydew, and H. C. Sparks. 1999. The role of big 6 auditors in the credible reporting of accruals. Auditing: A Journal of Practice and Theory 18:17-34.
Francis, Jennifer, Nanda, Dhananjay; Olsson, Per. 2008. Voluntary disclosure, earnings quality, and cost of capital. Journal of Accounting Research: 46 (1): 53-99.
Gul, F., and J. S. Tsui. 1998. A test of the free cash flow and debt monitoring hypotheses: Evidence from audit pricing. Journal of Accounting and Economics 24 (2): 219-237.
Heckman, J.J. 1979. Sample selection bias as a specification error. Econometrica 47(1):153-162.
Heninger, W. G. 2001. The association between auditor litigation and abnormal accruals. The Accounting Review 76 (1): 111-126
Houmes, R.E., and T.R. Skantz. 2010. Highly valued equity and discretionary accruals. Journal of Bussiness Finance and Accounting 37(1/2): 60-92.
Jensen, M.C. and W.H. Meckling. 1976. Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics 3: 305-360.
Jensen, M.C. 2004. The agency costs of overvalued equity and the current state of corporate finance. European Financial Management 10: 549-56.
Jensen, M. C.2005. Agency costs of overvalued equity. Financial Management 34: 5-19
Kothari, S.P., E. Loutskina, and V. Nikolaev. 2005. Agency costs of overvalued equity as an explanation for the accrual anomaly. Working Paper, MIT Sloan School of Management.
Marciukaitype D. and R. Varma. 2008. Consequences of overvalued equity: Evidence from earnings manipulation. Journal of Corporate Finance 14: 418-430.
Moeller, S.B., Schlingemann, F.P., Stulz, R.M., 2005. Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave. Journal of Finance 60, 757-782.
Palmrose, Z-V. 1986. Audit fees and auditor size: Further evidence. Journal of Accounting Research 24 (Spring): 97-110.
Rhodes-Kropf, M., Robinson, D., Viswanathan, S., 2005. Merger waves and merger activity: The empirical evidence. Journal of Financial Economics 77, 561-603.
Simunic, D. 1980. The pricing of audit services: Theory and evidence. Journal of Accounting Research18 (Spring): 161–190.
Wallace, R. S. Olusegun; Naser, Kamal; Mora, Araceli.1994. The Relationship Between the Comprehensiveness of Corporate Annual Reports and Firm Characteristics in Spain. Accounting & Business Research: Winter94, Vol. 25 Issue 97, p41-53, 13p.

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