我國上櫃公司設置審計委員會決定因素之探討

Determinants on establishing audit committee for GTSM-listed companies

黃齡慧(Ling-Huei Huang)

指導教授 ： 王美蘭

淡江大學/管理學院/會計學系碩士班/碩士(2005年)

https://doi.org/10.6846/TKU.2005.00708

摘要

因我國近年發生博達、訊碟、皇統等上市公司因經營階層以虛列資產、營收等不法行為，造成投資大眾蒙受重大損失之情事，有鑑於此，金管會證券期貨局積極推動公司治理，並制訂符合國情之公司治理最佳守則以資遵守。由於金管會有要求上市櫃公司要聘任獨立董監，因此上櫃公司聘任獨立董監家數逐漸增加，至於設置審計委員會則採鼓勵方式並未強制設置，因此設置審計委員會之公司不多，由於目前我國尚無有關公司設置審計委員會決定因素之研究報告，因此本研究之目的為探討已聘任獨立董監之公司設置審計委員會之決定因素，且期望透過此一問題之了解，有助於相關制度及法規之研擬暨投資人之投資。
本研究之因變數為上櫃公司有無設置審計委員會，至於可能影響我國上櫃公司設置審計委員會的因素，由於國內外尚無探討此一問題之相關文獻，加上審計委員會組成需有獨立董事才可，因此本研究藉由影響公司聘任獨立董監因素之文獻尋找可能的影響因素。本研究預期影響我國有聘任獨立董監之上櫃公司設置審計委員的共有12個因素，分屬四個構面，第一個構面係由公司規模、產業特性、資本密集度、資本結構4個變數所組成之經濟因素構面。第二個構面係由董監持股比例、法人持股比例、董事長涉入業務的程度、外部董事4個變數所組成之董事會特性構面；第三個構面係由發行海外存託憑證或海外公司債、募集新資本2個變數所組成的募集資金方式構面；第四構面係由經營績效、盈餘變異性2個變數所組成的財務績效構面。經迴歸式之實證分析，研究結論如下：
1經濟因素構面：公司規模越大、資本結構比例越低，有聘任獨立董監之上櫃公司越有動機設置審計委員會。
2董事會特性構面：董監持股比例越高、外部董事席次越多、法人持股越低，有聘任獨立董監之上櫃公司越有動機設置審計委員會。
3募集資金方式構面：公司若有募集新資本，有聘任獨立董監之上櫃公司較有動機設置審計委員會。

關鍵字

審計委員會 ； 獨立董監

並列摘要

In recent years there are many illegal activities of posting fake assets and revenues ledgers among listed corporations in Taiwan stock market such as Procomp Informatics, Infodisc Technology, and Summit Information, which had caused serious losses to numerous investors. To cope with these events, Securities and Futures Commission（SFC）is actively putting forth corporate governance as well as corporate governance best-practice principles for TSEC（Taiwan Securities Exchange Corporation）/GTSM （Gretai Securities Market）listed companies, which will suit the nation’s situation. Due to SFC’s request that TSEC listed and GTSM listed companies must include independent directors on their board members, the number of companies that have assigned independent directors is increasing. However, since SFC did not request TSEC/GTSM listed companies to establish audit Committee, there are still few corporations to establish it. There is no research report in Taiwan concerning determinants on establishing audit Committee for GTSM-listed companies till present. Therefore, I decide to study this issue and expect it be helpful for future preparation on regulations for related institutions. It is beneficial for those investors in stock market.
The dependent variable of the research is the establishment of the audit committee among GTSM-listed companies. As for the factors that may influence the establishment of audit committee for GTSM-listed companies appointed independent directors, there is still no relevant documents regarding this issue and must hire independent directors before the establishment of the audit committee. This research tried to seek possible influential factors via various documents of the factors that may influence companies to appoint independent directors. In order to study what are those determinants while establishing audit Committee for GTSM-listed companies, there are twelve estimated variables and four dimensions used in this research as following：(1) The‘economic’ dimension includes four variables which are company scale, industry features, capital intensiveness , and capital structure；（2）‘Board of director feature’ dimension includes four variables which are the holding ratio of directors, corporation investors’ holding, whether the chairperson serves as president concurrently, the ratio of outside directors；（3）‘Capital Raising’ dimension includes two variables which are whether issuing overseas trust warrant or bonds, whether issuing new options or bonds；（4） ‘Financial performance’ dimension includes two variables which are the variation of earnings and Operation performance. Having gone through positive analysis in regression model, research conclusion is respectively specified as below:
1. Economic dimension：The bigger the company scale is, the lower capital structure ratio is, and the more incentives a GTSM-listed company appointed directors have.
2. Board of director Feature dimension：The higher directors’ share holding ratio is, the more outsider directors are. The lower corporation investors，holding is, the more incentives that a GTSM-listed company appointed directors is trying to establish audit committee will become.
3. Capital Raising dimension：A GTSM-listed company appointed director is more willing to establish audit committee when raises capital.

並列關鍵字

Audit committee ； Independent director

參考文獻

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