審計品質、財務報表可信度 與資金成本之關聯性

Audit Quality, financial reporting credibility, and cost of capital

袁淑鈴(Shu-Lin Yuan)

指導教授 ： 廖益興 ； 簡俱揚

中原大學/商學院/會計研究所/碩士(2011年)

https://doi.org/10.6840/cycu201100240

摘要

面對接踵而來大型企業財務報表舞弊事件，會計師所出具的查核報告中，卻未明確指出財務報表中含有重大誤述或隱匿情形，導致社會大眾對於會計師之獨立性有所質疑，投資人亦對公司財務報表品質失去信心。故本文探討在資本市場中，是否經由具有外部監督機制的會計師所提供之審計服務，能讓資金提供者更相信財務資訊，以減低代理成本。
本研究以有發佈自結盈餘的企業做為樣本觀察值，以產業審計專家作為衡量審計品質的代理變數，主張產業審計專家具有較佳的查核技術與獨立性，經由查核品質的提昇能有效降低代理關係間之利益衝突，衡量是否較佳的審計品質能降低資金成本；更進一步以自結盈餘和公告盈餘差異衡量可信度，自結盈餘係由管理當局自行結算，而公告盈餘則是由會計師查核後之結果，二者之間的差異可衡量會計師與管理當局認知上的差距，探討財務報表可信度對資金成本的影響。
實證結果顯示經由產業審計專家查核之公司，資金提供者認同其擁有對該產業之專業查核技術，因此給予其所查核的公司較高的評價，故由產業審計專家查核的公司，其資金成本較低；可信度部份結果顯示，當公司自結盈餘和公告盈餘差異愈小，資金提供者認為管理當局事先編製之財務報表盈餘品質較佳，有較高的可信度，其所需承擔的違約風險相對較低，故財務報表可信度愈高，其資金成本愈低。

關鍵字

財務報表可信度 ； 資金成本 ； 審計品質

並列摘要

Facing the Major industry financial reporting to corrupting practices matter ensued, in accountant’s report, there was no clear indication in the financial reporting to include significant states or the concealment situation by mistake, causes the people to question the accountant’s independence, the investor also loses the confidence to the company’s financial statement quality. Therefore this article discusses in the capital market, whether by way to have outside supervision mechanism accountant to provide the audit service, even can let the fund providers believe the financial information; thus decreases their proxy cost.

This research takes the issue from the enterprise active balance as the sample observation, and uses the industry auditors conduct the measure audit quality of proxy as variable, advocated that the industry auditors to better examine technology and independence, through promote the examine quality will be able to reduce the conflicts of profit effectively between proxy relationship, measure if the better audit quality can reduce the fund cost, the further ties the earnings difference measure confidence level, From ties the earnings is settles accounts voluntarily by the regulatory authority, but the result is after accountant checks announcement surplus, between the both differences may measure in accountant and the regulatory authority cognition disparity, the discussion of financial reporting confidence degree influence cost of capital.

The real diagnosis result showed that audits expert has checked the industry company, the fund providers approve identify to have the measure of specialty technology industrial; therefore gives high evaluation to the measured company; therefore the company measured by industry audits company expert, its fund cost shows lower, the credibility partially shows that when the difference between a company’s private earning report and the public earning report is small, the fund provider thought that the authority of financial reporting earnings quality the establishment is beforehand better, and has higher confidence level, its must undertake the violation risk is relatively lower, therefore the credibility financial reporting is more higher, its cost of capital is more and more lower.

並列關鍵字

Cost of Capital ； Credibility Financail reporting ； Audit Quality

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