本文主要探討上市櫃公司之董事會重要成員具有政治背景時,其財務報表重編之可能性相較於不具有政治背景之公司是否較高,以及發生重編事件時,公司之市場反應是否因重要成員具政治背景而有所差異。本文以大股東、最高階主管或董事成員是否擔任過中央政府官員、民意代表及相關政黨工作等特性,作為公司政治背景之替代變數。採一對一配對重編以及非重編樣本,以台灣1990年至2012年之上市櫃公司為研究對象,實證結果發現,具有政治背景之公司,較有可能發生財務報表重編;本文亦發現,具政治背景之公司發生財務報表重編,相對於無政治背景的公司市場會給予負面的反應較小。另外,將政治相關職位細分為中央政府官員、民意代表以及政黨黨職後發現,除政黨黨職之政治背景外,其餘二者都與報表重編具有顯著關係,且當公司成員之政治背景為民意代表時,公司發生重編之市場負向反應最大。最後,處理公司特質之內生問題以及刪除政府持股企業後,結果仍然一致。
This paper investigates whether the company's board member's political connection (hereafter, PCs) is associated with the propensity of accounting restatements. Moreover, this paper also examines how market reacts to the accounting restatements of firms with PCs board. Using Taiwanese listed firms with matching sample from year 1990 to 2012, we find that if the firms are PCs, they will have higher probabilities to restate their financial reports. Besides, In contrast to non-PCs, PCs suffer from smaller market discounts as announcing restatements. Furthermore, we find that government officials and elected representatives significantly relate to the restatement of financial reports excepting for party members. Finally, after controlling for endogeneity problem and deleting firms which government owns their shares, our primary conclusion remains unchanged.