關鍵查核事項的變化對債務資金成本的影響

為因應查核報告的新變革，改善以往舊式財務報告其製式標準內容，並提高財務報表之資訊有用性及增加財務報表透明度，本研究旨在探討台灣上市及上櫃公司依主管機關發布新審計準則公報相關規定，於2016年始採用新式查核報告後，其揭露關鍵查核事項數目後是否會對公司次一年度之債務資金成本有所影響。本研究採用台灣經濟新報（TEJ）之資訊，取樣期間為2016年至2019年，共計4年的樣本，並透過最小平方法（OLS）進行測試。實證結果顯示，從假說一（H1）中得出，應變數債務資金成本方面，揭露當年度之關鍵查核事項數目，與次一年度公司債務資金成本變動數呈現正相關，即關鍵查核事項的揭露確實會增加公司之債務資金成本。假說二（H2）結果，當比較上下期所揭露之關鍵查核事項數目有變化時，雖對應變數債務資金成本是呈正相關，但結果不顯著。實證結果顯示，採用新式查核報告後，其財務報表可以使報表使用者獲得額外資訊，並提高資訊的透明度，進而使公司在向外借款時，債權人會要求提高風險貼水，公司在借款成本上亦會需要多負擔更高的借款成本。綜上，會計師查核報告所揭露之關鍵查核事項數目，亦對公司債務資金成本是有直接關聯性。

關鍵字

關鍵查核事項；債務資金成本；新式查核報告

並列摘要

In order to respond to the new changes in audit reports, improve the standard content of the old financial reports and the information usefulness of financial statements and increase the transparency statements of financial, The purpose of this study is to investigate whether Taiwan-listed and OTC have adopted the new audit report since 2016 adopt the relevant provisions of the new auditing standard bulletin issued by the competent authority. Will the company's debt capital cost in the following year be affected after the disclosure of the number of key audit matters. This research uses information from Taiwan Economic Journal (TEJ), the sampling period is 2016 to 2019, a total of 4-year samples, and tested by the least squares method (OLS). The empirical results show that, from Hypothesis 1 (H1), the dependent variable (cost of debt), revealed the number of key audit matters in the current year is positively correlated with the change in the company's debt capital cost in the next year, that is, the disclosure of key audit matters will indeed increase the cost of debt for the company. As a result of Hypothesis 2 (H2), when there is a change in the number of key audit matters disclosed in the previous and following periods, although there is a positive correlation with the dependent variable( cost of debt) ,the result is not significant. The empirical results show that after adopting the new audit report, its financial statements can enable the users of the report to obtain additional information and improve the transparency statement of the information, so that when the company take out the loan, the creditors will ask for a higher risk discount, the company will also pay higher borrowing costs. To sum up, the number of key audit matters exposed by the accountant's audit report is directly related to the company's debt capital cost.