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研究生:陳若晞
論文名稱:審計委員會權益基礎報酬是否影響 公司之權益資金成本及信用評等?
論文名稱(外文):Does Audit Committees’ Equity-based Compensation Affect Firms’ Cost of Equity Capital and Credit Rating?
指導教授:俞洪昭俞洪昭引用關係
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
畢業學年度:103
語文別:中文
論文頁數:52
中文關鍵詞:審計委員會權益基礎報酬權益資金成本信用評等
外文關鍵詞:Audit committeeEquity-based compensationEquity capitalCredit rating
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本研究以權益基礎報酬占總報酬的比率來捕捉薪酬結構,並據以探討給予審計委員會的薪酬結構對於公司權益資金成本及信用評等之影響。利用 2006 至 2010 年間納入美國 S&;P1500指數之公司 (排除金融服務與保險業) 為樣本,本研究發現,若權益基礎報酬佔審計委員會薪酬比率越高,其公司之權益資金成本越低,但該公司之信用評等卻越差。顯示權益基礎報酬之比重在二種財報使用者眼中具有不同涵義。投資人認為給予審計委員會較高之權益基礎報酬比重,可使監督更有效,投資人承擔之資訊風險降低,進而願意降低其要求報酬;信用評等機構則認為,給予較高的權益基礎報酬比重將傷害審計委員會獨立性,影響公司治理結構,並降低財務報導之品質,因而給予此類公司較差之信用評等。
This study examines how investors and credit rating agents react to audit committees’ equity-based compensation. Based on a sample of S&;P 1500 firms during 2006-2010, the empirical results show that firms who pay audit committees higher portion of equity-based compensation have lower cost of equity capital and lower credit rating. These results suggest different information users perceive and react to equity-based compensation in different ways. Particularly, investors appear to perceive that higher portion of equity-based compensation can align audit committee members’ interest with the shareholders’, leading to more effective monitoring and smaller information risk. Therefore, investors react by reducing their cost of equity capital. In contrast, credit rating agents appear to perceive that higher portion of equity-based compensation may harm audit committees’ independence, resulting in decreased quality of financial reporting. Therefore, credit rating agents react by downgrading firms’ credit ratings.
第一章 緒論 1
第二章 文獻探討與假說建立 5
第一節 背景介紹與文獻探討 5
一、 審計委員會之獨立性與財務報導品質 5
二、 審計委員會之薪酬與獨立性 6
三、 影響審計委員會監督有效性之其他因素 7
第二節 假說之建立 8
一、 審計委員會權益基礎報酬對權益資金成本之影響 9
二、 審計委員會權益基礎報酬對信用評等之影響 9
第三章 研究設計 11

第一節 樣本篩選 11
第二節 迴歸模型 14
一、 審計委員會權益基礎報酬與權益資金成本 14
二、 審計委員會權益基礎報酬與信用評等 21
第四章 實證結果 27
第一節 敘述性統計與單變量檢定 27
一、 敘述統計量 27
二、 平均數與中位數檢定 27
三、 相關係數矩陣 34
第二節 迴歸結果 38
一、 權益基礎報酬對權益資金成本模型 38
二、 權益基礎報酬對信用評等模型 40
三、 額外測試-以事前舞弊風險分組 42
第五章 結論與建議 47
參考文獻 49


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