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研究生:呂璨宇
研究生(外文):Lu, Tsan Yu
論文名稱:審計委員會專家對債務條款之影響
論文名稱(外文):Audit Committee Expertise and Loan Terms
指導教授:金成隆金成隆引用關係
指導教授(外文):Chin, Chen Lung
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:英文
論文頁數:53
中文關鍵詞:審計委員會財務專家會計專家債務條款
外文關鍵詞:Audit committeeFinancial expertAccounting expertLoan term
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過去研究均指出審計委員會成員若具有財務或會計專才可以提升審計委員會執行效率與效果,降低公司異常交易與內空缺失的風險,進而提升財務報表品質,並降低外部財務報表使用者與公司內部之資訊不對稱情況。本研究探討在公開發行債券過程中,若發行公司審計委員會具有財務或會計專長,債務條款是否會改變。研究結果發現,債券投資人於選擇投資債券時,確實會考量到債券發行公司審計委員會成員之會計專長,然而,沒有證據顯示財務專長在其考量範圍內,因會計專長可提高財務報表可信度,降低資訊不對稱問題,減少債券投資人所面臨的投資風險,因此,若債券發行公司之審計委員會成員具備會計專才,債券市場將給予較低的債券利率以及較優惠的條件。
The extant literature reveals that audit committee (AC) members with financial or accounting expertise can enhance the effectiveness of AC in monitoring the financial reporting quality. In this study, I focus on the effects of financial and accounting experts on the effectiveness of AC from bondholders’ point of view, respectively. First, I find no evidence that the presence of financial experts on AC, either alone or jointly with accounting experts, are significantly related to loan terms. Second, I find that bondholders charge lower interest rate, offer longer maturity, and are less likely to require convertible bonds issuance or require collateral to firms whose AC have at least one accounting expert or only accounting experts. Third, I further find that the association between AC experts and loan terms is driven more by accounting experts than by financial experts. Given the prior results of a negative relationship between accounting experts and loan terms, firms could enhance their financial reporting quality by appropriately structuring AC with accounting experts, thereby rewarding better loan terms.
Table of Contents
Abstract i
1. INTRODUCTION 1
2. LITERATURE REVIEW &; HYPOTHESES DEVELOPMENT 6
2.1 Institutional Background 6
2.2 Audit Committee Expertise 7
2.3 Financial Reporting Quality and Loan Terms 8
2.4 Corporate Governance and Loan Terms 9
2.5 Hypothesis Development 10
3. RESEARCH DESIGN 13
3.1 Sample and Data Sources 13
3.2 Variable Choice 13
3.2.1 Dependent Variables Measurement 13
3.2.2 Test Variables Measurement 14
3.2.3 Control Variables Measurement 15
3.3 Empirical Model 20
3.3.1 The Impact of AC Experts on Bond Rate 21
3.3.2 The Impact of AC Experts on Bond Maturity 23
3.3.3 The Impact of AC Experts on Convertible Bonds Issuance 24
3.3.4 The Impact of AC Experts on Collateral Requirement 26
4. EMPIRICAL RESULTS 28
4.1 Descriptive Statistic 28
4.2 Pearson Correlations 29
4.3 Regression Results 30
4.3.1 The Impact of AC Experts on Bond Rate 30
4.3.2 The Impact of AC Experts on Bond Maturity 31
4.3.3 The Impact of AC Experts on Convertible Bonds Issuance 33
4.3.4 The Impact of AC Experts on Collateral Requirement 35
5. CONCLUSIONS 38
REFERENCES 39
Appendix A – Variable Definitions 44

Abstract i
1. INTRODUCTION 1
2. LITERATURE REVIEW &; HYPOTHESES DEVELOPMENT 6
2.1 Institutional Background 6
2.2 Audit Committee Expertise 7
2.3 Financial Reporting Quality and Loan Terms 8
2.4 Corporate Governance and Loan Terms 9
2.5 Hypothesis Development 10
3. RESEARCH DESIGN 13
3.1 Sample and Data Sources 13
3.2 Variable Choice 13
3.2.1 Dependent Variables Measurement 13
3.2.2 Test Variables Measurement 14
3.2.3 Control Variables Measurement 15
3.3 Empirical Model 20
3.3.1 The Impact of AC Experts on Bond Rate 21
3.3.2 The Impact of AC Experts on Bond Maturity 23
3.3.3 The Impact of AC Experts on Convertible Bonds Issuance 24
3.3.4 The Impact of AC Experts on Collateral Requirement 26
4. EMPIRICAL RESULTS 28
4.1 Descriptive Statistic 28
4.2 Pearson Correlations 29
4.3 Regression Results 30
4.3.1 The Impact of AC Experts on Bond Rate 30
4.3.2 The Impact of AC Experts on Bond Maturity 31
4.3.3 The Impact of AC Experts on Convertible Bonds Issuance 33
4.3.4 The Impact of AC Experts on Collateral Requirement 35
5. CONCLUSIONS 38
REFERENCES 39
Appendix A – Variable Definitions 44

List of Tables
Table 1 Sample and Data Source 46
Table 2 Descriptive Statistics (N=93) 47
Table 3 Pearson Correlations 48
Table 4 The Impact of AC Experts on Bond Rate 50
Table 5 The Impact of AC Experts on Bond Maturity 51
Table 6 The Impact of AC Experts on Convertible Bonds Issuance 52
Table 7 The Impact of AC Experts on Collateral Requirement 53


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