臺灣博碩士論文加值系統

本研究探討投資人對於我國上市櫃公司獨立董事離職之情事，其反應程度是否會因獨立董事專業資格條件之差異，而有不同的結果。本研究發現不同專業資格條件的獨立董事離職，市場會產生相異程度的反應，其中又以具商務、法務、財務、會計或公司業務所需相關科系之公私立大專院校講師以上專業資格條件的獨立董事離職（以下簡稱學術獨立董事），公司市值會損失最多。此外本研究亦探討獨立董事離職對於公司各層面的影響，包含審計公費、盈餘品質及更換會計師事務所。實證結果發現，當公司於本年度有獨立董事離職時，下一年度之審計公費將會提高，財報盈餘品質將會變差，而公司更換會計師事務所的可能性也會增加。整體而言，本研究發現獨立董事離職對於公司各層面會造成負面的影響。

This study examines whether investors' reaction to the resignation of independent directors varies with the qualifications of those independent directors. The result shows that when the resigned independent director comes from academia, the company will lose the most of market value. We also find that when an independent director resigns during the current year, the company’s audit fee for the next year will increase, the quality of the earnings will deteriorate, and the possibility of switching the audit firm will increase. Overall, this study finds that the resignation of independent directors has a negative impact on different scopes of the company.

摘要 I
Abstract II
目錄 III
表目錄 IV
圖目錄 IV
第一章　緒論 1
第二章　文獻探討與假說發展 6
2.1　我國獨立董事及審計委員會之設置規範 6
2.2　董事的聲譽問題 9
2.3　不同專業資格的獨立董事離職對股價之影響 11
2.3　獨立董事離職對審計公費之影響 15
2.4　獨立董事離職對公司治理的影響 17
2.5　獨立董事離職與會計師的更換 20
第三章　研究方法 25
3.1　研究期間、樣本選取與資料來源 25
3.2　事件研究法 28
3.3　變數之操作性定義 29
3.4　實證模型 36
第四章　實證結果 39
4.1　敘述性統計量 39
4.2　相關分析 47
4.3　投資人對於不同資格條件獨立董事離職之反應（假說一） 51
4.4　獨立董事離職對下一年度審計公費之影響（假說二） 52
4.5　獨立董事離職對下一年度審計品質之影響（假說三） 53
4.6　獨立董事離職對下一年度公司更換會計師事務所之影響（假說四） 55
第五章　額外分析 62
5.1　穩健測試 62
5.2　增額測試 64
第六章　結論及研究限制 77
6.1　結論 77
6.2　研究限制與建議 78
參考文獻 80

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