審計委員會特性與企業價值之關聯性

The Relation between the Audit Committee Characteristics and Corporate Value

李合龍(Ko-Lung Li) ； 戴凱平(Kai-Pien Tai)

《商業現代化學刊》 7卷4期 (2014/10) Pp. 319-336

https://doi.org/10.6132/JCM.2014.7.4.15

摘要

鑑於我國相繼爆發企業舞弊案件，顯現出公司治理的缺陷，於是在2006年正式引進審計委員會制度，期望能藉由專業上的分工及超然獨立之立場輔助董事會，以強化公司治理強度，進而提升公司整體企業價值。本研究以2008至2012年之上市櫃公司為樣本，且以資產報酬率、權益報酬率及Tobin's Q衡量企業價值，探討公司設置審計委員會後對公司整體企業價值之影響，並將審計委員會分為組織規模、獨立性、兼任家數即開會次數等特性，進一步探討審計委員會特性對企業價值之影響。實證結果顯示，審計委員會之設置與企業價值之間有正向顯著之關聯性，而審計委員會規模及獨立性對市場績效有顯著正向關係，兼任家數對市場價值有顯著負向關係；審計委員會獨立性對會計績效有顯著正向影響，開會次數對會計績效有負向顯著影響。

關鍵字

審計委員會 ； 企業價值

並列摘要

Respecting the fact that lots of financial frauds domestic companies broke out, defects of corporate governance were found. After audit committee system was introduced in 2006, it look forward to assisting board to strengthen corporate governance and to increasing corporate value. This study examines the relationship between the setting of audit committee and corporate value by using companies in 2008 to 2012 as samples and using ROA, ROE and Tobin’s Q as a measure of corporate value. To be more further, audit committee will be divided into the size of audit committee, the independence of audit committee, the part-time of audit committee and the frequency of meeting to examines the relationship between audit committee characteristics and corporate value. The empirical result shows that the setting of audit committee is significantly, positively associated with corporate value. And we find that the size of audit committee and the independence of audit committee are significantly, positively associated with corporate market value, and the part-time of audit committee is significantly, negatively associated with corporate market value. On the other hand, we find that the independence of audit committee is significantly, positively associated with corporate book value, and the frequency of meeting is significantly, negatively associated with corporate book value.

並列關鍵字

audit committee ； corporate value ； Tobin's Q