會計師更換與股價崩盤風險:以中國市場為例

本研究探討2015至2018年中國企業會計師更換對於股價崩盤風險的影響，並且找出能夠減緩此正向效果之審計相關因素。由於會計師更換會因為審計費用增加、是否為四大會計師事務所、過去是否有會計師違規紀錄、是否為非國有企業而影響到審計質量，本研究將此因素考量至樣本中做進一步分析。　　從實證結果得知，會計師更換對於股價崩盤風險存在正向影響，且此效果於增加審計費用下更為明顯，而在審計費用增加情況下，又進一步發現主要效果來自於過去曾有會計上違規的公司。本研究也發現會計師事務所的任期能夠產生抑制效果，降低會計師更換對於股價崩盤風險的影響，且此效果主要存在於四大會計師事務所以及非國有企業中。

關鍵字

會計師更換；股價崩盤風險；國有企業；審計質量

並列摘要

This thesis explores the impact of the auditor change on stock price crash risk from 2015 to 2018 using samples of Chinese listed firms, and attempts to identify audit-related factors that can mitigate this positive effect. Since the auditor change will affect the audit quality due to the increase in audit fees, whether it is a Big Four accounting firm, whether there is a record of accountant violations in the past, and whether it is a non-state-owned enterprise, this study considers these factors into the sample for further analysis. 　　The empirical results show the auditor change has a positive impact on the stock price crash risk, and this effect is more obvious under the increase of audit fees. In the case of increased audit fees, it is further found that the main effect comes from the company had accounting violations. This study also found that the tenure of accounting firms cooperation can have a restraining effect and reduce the impact of auditor change on the stock price crash risk, and this effect mainly exists in the Big Four accounting firms and non-state-owned enterprises.