摘要
民國93年6月15日，博達科技公司無預警地對外宣布重整，而後案情一路的發展，不僅牽涉到國內兩家知名且具規模的會計師事務所—安侯建業與勤業眾信，同時也引發公眾更加積極地要求會計師應對簽證之財務報表負擔責任，行政院金融監督委員更於同年7月15日史無前例地同時對四位前後任之博達簽證會計師給予停止辦理公開發行公司財務簽證兩年的處分。整體而言，博達案對台灣資本市場之影響相當廣泛。 本文主要的目的在於檢視博達案對於資本市場之資訊傳遞效果，以瞭解此弊案發生時資本市場的反應是否源自投資人對財報顯示出有類似狀況的公司之恐慌與不信任。由於博達案對於民國93年上半年度財務報表有即刻的影響，因此本研究乃蒐集所有上市、櫃公司於博達案前之財務報表，運用博達公司財報上所呈現之特徵以分析事件期之股價反應。 實證結果顯示，博達案後營運績效較差的公司和傳統上財務結構、財務狀況較差公司，較引起投資者的恐懼。雖然盈餘品質和更換簽證事務所兩項訊息，在博達案後頻頻為媒體報導視為「警訊指標」，但從本研究結果觀之，博達案後投資者或許只是注意到了這部份的消息但並沒有投以特別關注。
並列摘要
Procomp Informatics unexpectedly announced corporate reorganization on June 15th, 2004. The incident and related events have not only affected the reputations of two prestigious accounting firms, but also caused tenser pressure for accountants in providing auditing service. Executive Yuan’s Financial Monitoring and Management Committee penalized Procomp Informatics’ CPA by suspending their right to provide auditing services for two years, effective July 15 of 2004. All in all, the Procomp Informatics event has had a profound and comprehensive impact on the capital market in Taiwan. This study investigates the impact of information transmission in capital market post-Procomp Informatics’ affair. The investigation focus on whether market reaction after this event resulted from investors’ fear and distrust regarding financial statements similar to Procomp Informatics. Due to Procomp Informatics event immediate influence the semi-annual report of the year 2004, this study collects financial statements of public (offering) companies prior to the event and attempts to examine the relation of stock price basing on the characteristics of Procomp Informatics. The analysis reveals that ever since the Procomp Informatics event, investors become more concerned the worse a company’s operational and financial performances are. Even though earnings quality and change of auditor are two warning indices the media specifies following the event, this study concludes that investors don’t seem to worry about them too much.
參考文獻
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