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研究生:林祐安
研究生(外文):Yu-An Lin
論文名稱:利害關係人對日本審計委員會制度之反應
論文名稱(外文):Counterparties’ reaction to the establishment of audit committees in Japan
指導教授:陳坤志陳坤志引用關係黃祥宇黃祥宇引用關係
指導教授(外文):Kun-Chih ChenXiang-Yu Huang
口試委員:潘健民顏如君
口試委員(外文):Chien-Min PanJu-Chun Yen
口試日期:2021-05-21
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:會計學研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2021
畢業學年度:109
語文別:英文
論文頁數:48
中文關鍵詞:公司治理審計委員會企業利害關係人外資持股比審計公費日本企業
外文關鍵詞:corporate governanceaudit committeecounterparties’ reactionaudit feeJapanese companyforeign investor
DOI:10.6342/NTU202101183
相關次數:
  • 被引用被引用:0
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  • 下載下載:4
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美制的公司治理透過全球化逐漸地常見於各個資本市場,然而也有些國家有著自己的傳統與制度,例如日本與德國,相對於美制的公司治理,日本在過去數十年都採取不一樣的治理模式,包括監察人制度與終身雇傭制度等等,近年則因為日本政府的方針,從2003年的修法開始,日版公司治理摻了入越來越多美式色彩,其中最關鍵的莫過於審計委員會的引入。但同時,在原有的監察人制度也被保存下,公司可以自由選擇想要適用的體制,也因此,日本公司型態變得多樣與複雜。本篇論文觀察了全球化下的兩大利害關係人(外國投資人與會計師事務所)對審計委員會在日本的看法,透過此篇論文,我們可以了解在全球化下,美制的公司治理會在非美制的國家如日本,會造成如何的反響與漣漪。我們利用外資持股比與審計公費來衡量兩者的反應。實證結果發現,不管是外國投資人或會計師事務所都對審計委員會的引入有正面的反應。和選擇採取傳統日式公司治理的公司相比,他們對選擇審計委員會的公司有顯著更高的信心,呈現的方式包括提高持股比與降低審計公費。
Traditionally, the Japanese style of corporate governance relied heavily on the lifetime employment system and the statutory auditors board (SAB). Through two reforms of the Companies Act, the Audit committees were introduced to the Japanese firms as an alternative to the traditional SAB scheme. The paper investigates the reaction of foreign investors and auditors to the choice made by the firms among the traditional scheme or the two different corporate governance schemes introduced by the two reforms. We find that, although the majority of the firms stay with the traditional scheme, the new scheme introduced by the second reform stands to be a more popular choice than the scheme introduced by the first reform. More importantly, the new scheme introduced by the second reform is well perceived among counterparties. Specifically, we observed a higher proportion of shares owned by foreign investors and lower level of audit fees for firms adopting that scheme. The results hold both when we compare the firms to themselves before making the change and to their industry peers that stay with the old SAB scheme. This piece of evidence supports the popularity and effectiveness of the second reform.
摘要 I
Abstract II
圖目錄 IV
表目錄 V
I. Introduction 1
1. Main bank system 1
2. Lifetime employment 2
II. Background and hypothesis development 10
III. Sample selection and research design 15
IV. Empirical results 21
1. Descriptive statistics: Foreign investors 21
2. Regression Result: Foreign investors and audit committees 25
3. Descriptive statistics: Audit fees 27
4. Regression Result: Audit fees and audit committees 30
V. Additional test 32
1. Additional test 1: Add the three committees package scheme into the sample 32
2. Additional test 2: Look into the three committees package scheme 34
3. Additional test 3: Different sample for Audit fees 37
VI. Conclusion 42
VII. References 44
VIII. Appendix: Definition of Variables 48
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