摘要
民國93年9月15日，皇統科技董事長向台北市調查處自首坦承其自90年起透過虛設行號作假帳，將業績灌水高達37億元，金監會並於93年12月16日處分皇統科技90至92年度財務報表四位簽證會計師。本研究擬以代理假說與保險假說之觀點，探討皇統科技事件對上市櫃客戶股價之反應。 實證結果顯示，皇統科技簽證會計師之客戶股價在事件期間有負的累積異常報酬，並在統計上達到顯著，支持代理假說與保險假說之推論。研究結果亦指出，皇統科技簽證會計師事務所客戶之股價於事件期間則未有顯著異常報酬，顯示投資人並未認為皇統科技簽證會計師事務所審計品質降低，且投資人認為主要之賠償責任為簽證會計師負責。多元迴歸之實證結果更指出上市櫃公司的累積異常報酬與其代理問題以及財務狀況顯著相關。代理問題愈嚴重或財務狀況愈差的公司在皇統科技事件期間有負的累積異常報酬。
並列摘要
On September 15, 2004, the chairman of Summit Computer Technology Co. confessed to the Bureau of Investigation that he had been falsifying the sales account by setting up nominal enterprises since 2001. The sales account had been expanded by the amount of $3,700,000,000. On December 16, 2004, furthermore, the Financial Supervisory Commission penalized 4 CPAs who are responsible for the attestation of Summit Computer Technology Co.’s financial statements from 2001 to 2003. This study intends to investigate the effects of the Summit Computer Technology Co. scandal on listed companies’ stock prices based on the agency and insurance hypotheses. The empirical results reveal that the stock prices of the Summit attesting CPAs’ clients showed statistically negative cumulative abnormal returns during the event period, which is consistent with the inference of the agency and insurance hypotheses. This study also finds that the clients’ stock prices of the Summit attesting CPA firms didn’t show considerable abnormal returns during the event period, suggesting that investors didn’t downgrade the audit quality of these CPA firms and that investors thought the Summit attesting CPAs should mainly be responsible for the liability to pay compensation. The results of multiple regression model indicate that the cumulative abnormal returns were related to the agency problems and financial conditions of the listed companies. Moreover, companies with more serious agency problems or bad financial conditions experienced a statistically negative market reaction.