會計師跳槽後，客戶跟隨與否與市場反應、審計品質之影響

The Effect of Auditors Jumping Ship on Clients’ Following, Market Reaction and Audit Quality

高嵐芯(Lan-Hsin Kao)

指導教授 ： 王泰昌

共同指導教授 ： 劉嘉雯(Chia-Wen Liu)

國立臺灣大學/管理學院/會計學研究所/碩士(2014年)

https://doi.org/10.6342/NTU.2014.01995

摘要

本研究分三部分探討會計師跳槽後，客戶是否跟隨跳槽會計師更換事務所及其市場反應和審計品質之關聯。研究樣本係選取1983年~2010年間會計師更換事務所者，共1753筆觀察值。
在第一部分logistic之非事務所合併實證結果中，若為上市櫃公司，在兩位會計師均更換事務所和僅副查會計師更換事務所狀況下，會計師任期越長，客戶越會跟隨會計師而更換事務所。若為公開發行以上公司，僅副查會計師更換事務所有達顯著水準。兩位會計師同時更換事務所時，若會計師從小(大)型轉大(小)型事務所，則上市櫃公司越會(不會)跟隨會計師更換事務所。若為上市櫃公司，在僅主查會計師更換事務所狀況下，裁決性應計數越大，越會跟隨跳槽會計師而更換事務所。公開發行以上公司在兩位會計師更換事務所之情形亦然。若會計師整組跳槽及跳槽後是否集中在同一家事務所，則在僅主查會計師更換事務所下，公開發行以上公司越會跟隨會計師更換事務所。裁決性應計數越大、會計師任期越長，則在僅主查會計師更換事務情況下，上市櫃客戶越會跟隨會計師更換事務所。若會計師由小型事務所轉到大型，在兩位會計師均更換事務所及僅主查會計師更換事務所情況下均顯示客戶裁決性應計數越大，則越會跟隨會計師而更換事務所。若會計師整組跳槽且集中在同一家事務所，在兩位會計師均更換事務所及僅主查會計師更換事務所的情況下，公開發行以上客戶越會跟隨會計師而更換事務所。
在第二部分logistic的實證結果中，在事務所非合併情況下，在窗期(-1,1)及(-1,2)跟隨產業專家會計師而更換事務所之公司及跟隨跳槽會計師由小型事務所換至大型事務所之客戶，市場反應為正。跟隨乘以會計師由大型事務所換至大型事務所，在窗期(-1,1)下，市場反應為正。
在第三部分logistic的非事務所合併實證結果中，在兩位會計師均更換事務所或僅主查會計師更換事務所情況下，跟隨任期長會計師而更換事務所之公司，上市櫃公司審計品質會較差。跟隨會計師由小型換至大型事務所之公司，審計品質亦有所改善。在事務所合併情況下，若兩位會計師均更換事務所，則跟隨任期長會計師而更換事務所上市櫃公司，審計品質會較差。跟隨會計師由小(大)型換至大(小)型事務所之公司，審計品質會變好(變差)。

關鍵字

會計師更換 ； 產業專家 ； 異常報酬 ； 市場反應 ； 審計品質

並列摘要

This paper is divided into three parts. The first part is that if auditor jumps ship, whether the clients follow them or not. Second part is the relationship between the news of the first part and the market reaction. The last section investigates how audit quality would change after auditor jumps ship.
This study selects 1753 public companies as observation samples which need to decide whether they should follow their jumping-ship auditor to change the accounting firm or not.
In the circumstances which auditor change the accounting firm not because two accounting firms merge together, the empirical result of the first part shows that the longer the audiotrs serve the clients, the higher possibility the companies would follow the auditors to change the accounting firm. If two auditors change the accounting firm from Non-Big4 (Big4) to Big4 (Non-Big4), the listed and OTC companies would have higher (lower) possibility to follow auditors. With the higher discretionary accruals, the companies would be more likely to follow the auditors to change the accounting firms. If more than two auditors change the accounting firm and they change to the same accounting firm, the public companies would be more likely to follow them to the new accounting firm only in the situation that the first auditor changes the accounting firm. With the longer auditor tenure and higher discretionary accruals, the listed and OTC companies would have more chances to follow the auditor to change the accounting firm. If two auditors and only the first auditor change the accounting firm from Non-Big4 to Big4, the clients with higher discretionary accruals would have larger possibility to follow auditors to change the accounting firm. In the circumstances that two auditors and only the first auditor change the accounting firm, if more than two aouditors change the accounting firms and they change to the same accounting firm, the public company with higher discretionary accruals would be more likely to follow auditors to the new accounting firm.
For the second section, the empirical results indicate that the companies which follow the industry specialist auditor to change the accounting firm and follow the auditor from non-Big4 to Big4 get the positive market reaction in the circumstances which auditor changes the accouting firm not because accounting firms merge together in the window(-1,1) and (-1,2). Besides, the companies which follow the auditor change the accouting firm from Big4 to Big4 also have the positive market reaction.
For the last part, in the circumstances which auditors change the accounting firm not because the accounting firms merge together, the empirical results shows that if the listed and OTC companies do not follow the two longer tenure auditors or only the first longer tenure auditor to change the accounting firm, the audit quality would be improved. So does the companies which follow the auditor change the accounting firm from non-Big4 to Big4. In the circumstances which auditors change the accounting firm because accounting firms merge together, if the listed and OTC companies follow the longer tenure auditors to change the accounting firm, the audit quality would be worse. If the clients do follow auditors to change the accounting firm from non-Big4 (Big4) to Big4 (non-Big4), the audit quality would also be improved (worse).

並列關鍵字

auditor switching ； industry specialist ； abnormal returns ； market reaction ； audit quality

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