利害關係人對日本審計委員會制度之反應

Counterparties’ reaction to the establishment of audit committees in Japan

林祐安(Yu-An Lin)

指導教授 ： 陳坤志

共同指導教授 ： 黃祥宇(Xiang-Yu Huang)

國立臺灣大學/管理學院/會計學研究所/碩士(2021年)

https://doi.org/10.6342/NTU202101183

摘要

美制的公司治理透過全球化逐漸地常見於各個資本市場，然而也有些國家有著自己的傳統與制度，例如日本與德國，相對於美制的公司治理，日本在過去數十年都採取不一樣的治理模式，包括監察人制度與終身雇傭制度等等，近年則因為日本政府的方針，從2003年的修法開始，日版公司治理摻了入越來越多美式色彩，其中最關鍵的莫過於審計委員會的引入。但同時，在原有的監察人制度也被保存下，公司可以自由選擇想要適用的體制，也因此，日本公司型態變得多樣與複雜。本篇論文觀察了全球化下的兩大利害關係人(外國投資人與會計師事務所)對審計委員會在日本的看法，透過此篇論文，我們可以了解在全球化下，美制的公司治理會在非美制的國家如日本，會造成如何的反響與漣漪。我們利用外資持股比與審計公費來衡量兩者的反應。實證結果發現，不管是外國投資人或會計師事務所都對審計委員會的引入有正面的反應。和選擇採取傳統日式公司治理的公司相比，他們對選擇審計委員會的公司有顯著更高的信心，呈現的方式包括提高持股比與降低審計公費。

關鍵字

公司治理 ； 審計委員會 ； 企業利害關係人 ； 外資持股比 ； 審計公費 ； 日本企業

並列摘要

Traditionally, the Japanese style of corporate governance relied heavily on the lifetime employment system and the statutory auditors board (SAB). Through two reforms of the Companies Act, the Audit committees were introduced to the Japanese firms as an alternative to the traditional SAB scheme. The paper investigates the reaction of foreign investors and auditors to the choice made by the firms among the traditional scheme or the two different corporate governance schemes introduced by the two reforms. We find that, although the majority of the firms stay with the traditional scheme, the new scheme introduced by the second reform stands to be a more popular choice than the scheme introduced by the first reform. More importantly, the new scheme introduced by the second reform is well perceived among counterparties. Specifically, we observed a higher proportion of shares owned by foreign investors and lower level of audit fees for firms adopting that scheme. The results hold both when we compare the firms to themselves before making the change and to their industry peers that stay with the old SAB scheme. This piece of evidence supports the popularity and effectiveness of the second reform.

並列關鍵字

corporate governance ； audit committee ； counterparties’ reaction ； audit fee ； Japanese company ； foreign investor

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