審計失敗傳染效果與債務市場反應：事務所分所層級之證據

The Contagion Effect of Audit Failure and Loan Contracting: Evidence from Office-level

林書賢(Lin Shu-Hsien)

指導教授 ： 戚務君 ； 顧凱文

國立政治大學/商學院/會計學系/博士(2022年)

https://doi.org/10.6814/NCCU202200722

摘要

本研究以重編事件作為審計失敗的定義，並檢驗債務市場參與者對事務所分所層級審計失敗傳染效果的反應。本研究利用 PSM-DID 的研究設計並記錄：在重編事件之後，審計失敗的事務所分所查核的非重編客戶所發起的銀行貸款之貸款利率加碼增加30%(32 個基點)。本研究還發現銀行減少使用財務契約條款，反映債權人對低審計品質所致的資訊風險之考量。本研究進一步發現低資訊品質、誤述報表被重編的偵查時間越長及非審計公費支付較多的公司，其貸款利率加碼顯著增加。總之，本研究強調事務所分所層級審計失敗傳染效果所致的聲譽損害與資訊風險增加將用於債務市場訂價。

關鍵字

傳染效應 ； 重編 ； 債務締約 ； 事務所分所

並列摘要

I use restatement events as a definition of audit failure and examine the response of loan market participants to its informational signal. Using PSM-DID research designs, I document that loan spreads increase by 30 percent (32 bps) on bank loans initiated after restatement. I also find a significant decrease in financial covenant, consistent with lenders’ consideration of information risk due to low audit quality. The increase in spreads is significant for client firms with low information quality, longer detection time for misstatement, and more non-audit public fees paid. Collectively, these results suggest that the reputational damage and increased information risk due to the contagion effect of audit failures at the audit office level is priced in loan markets.

並列關鍵字

Contagion effects ； Restatement ； Loan contracting ； Audit office level

參考文獻

Reference

Aobdia, D. 2019. Do Practitioner Assessments Agree with Academic Proxies for Audit Quality? Evidence from PCAOB and Internal Inspections. Journal of Accounting and Economics 67(1): 144-174.

Asthana, S. C., Kalelkar, R., and Raman, K. K. 2021. Does Client Cyber-Breach Have Reputational Consequences for the Local Audit Office?. Accounting Horizons 35(4): 1-22.

Beardsley, E. L., Imdieke, A. J., and Omer, T. C. 2021. The Distraction Effect of Non-Audit Services on Audit Quality. Journal of Accounting and Economics 71(2-3): 101380.

Becker, C. L., DeFond, M. L., Jiambalvo, J., & Subramanyam, K. R. 1998. The Effect of Audit Quality on Earnings Management. Contemporary Accounting Research. 15(1): 1-24.