盈餘管理、產業專家會計師查核與股票報酬波動性關聯性之研究

Study of the Association among Earnings Management, CPA’s Industry Expertise and Stock Return Volatility

陳姿瑄(Zih-Syuan Chen)

指導教授 ： 張慧珊

中原大學/商學院/會計研究所/碩士(2016年)

https://doi.org/10.6840/cycu201600435

摘要

隨著企業經營方式逐漸轉向經營權與所有權分離，企業的代理成本也逐漸提高。當管理階層與投資人的目標不一致時，經理人員容易產生盈餘管理行為，投資人與管理階層間資訊不對稱問題隨之產生，但透過外部審計人員的查核可以降低此問題。證諸之前文獻，有許多探討盈餘管理、財報品質之相關研究。但較少將盈餘管理行為與股票報酬波動性做連結，也鮮少有相關研究深入探討產業專家會計師對於股票報酬波動性的影響，並進一步研究產業專家會計師與盈餘管理對於股票報酬波動性之敏感性的相關性。因此本研究欲探討管理階層盈餘管理行為和產業專家會計師對於股票報酬波動性之影響，並進一步檢視產業專家會計師與管理階層盈餘操弄行為對於股票報酬波動性之影響的關聯性。

本研究樣本以2004至2013年間所有上市櫃公司為對象，探討其盈餘管理行為對於股票報酬波動性的影響，並檢視產業專家會計師查核對股票報酬波動性的影響，以及產業專家會計師對於盈餘管理與股票報酬波動性之敏感性的關聯性。本研究結果顯示以銷貨收入之市場佔有率衡量產業專家會計師時，企業盈餘管理行為程度越高，其股票報酬波動性越高。不論以銷貨收入之市場佔有率或是以銷貨收入之市場佔有率排名衡量會計師產業專精時，當企業聘僱具有產業專業知識的會計師查核時，其股票報酬波動性較小。此外，在以銷貨收入之市場佔有率排名衡量產業專家會計師時，會計師產業專精可以有效抑制盈餘管理行為對於股票報酬波動性的影響。因此，綜合本研究實證結果，會計師對查核企業具有專業知識時，有助於提高財務報表價值攸關性，降低投資人的對於企業未來的不確定性。

本研究樣本以2004至2013年間所有上市櫃公司為對象，探討其盈餘管理行為對於股票報酬波動性的影響，並檢視產業專家會計師查核對股票報酬波動性的影響，以及產業專家會計師對於盈餘管理與股票報酬波動性之敏感性的關聯性。本研究結果顯示以銷貨收入之市場佔有率衡量產業專家會計師時，企業盈餘管理行為程度越高，其股票報酬波動性越高。不論以銷貨收入之市場佔有率或是以銷貨收入之市場佔有率排名衡量會計師產業專精時，當企業聘僱具有產業專業知識的會計師查核時，其股票報酬波動性較小。此外，在以銷貨收入之市場佔有率排名衡量產業專家會計師時，會計師產業專精可以有效抑制盈餘管理行為對於股票報酬波動性的影響。因此，綜合本研究實證結果，會計師對查核企業具有專業知識時，有助於提高財務報表價值攸關性，降低投資人的對於企業未來的不確定性。

關鍵字

盈餘管理 ； 裁決性應計數 ； 產業專家會計師 ； 股票報酬波動性

並列摘要

The agency cost increases while the separation of management and ownership becomes major business operating concept. Managers indulge in more earnings management when the goals of firms’ managers and investors are different. It will induce the asymmetric information problem between investors and managers, nevertheless, this kind problem can be mitigated by the audit of outside auditors. There are many researches exploring the association of earnings management and the quality of financial report. However, few literatures examine the association between earnings management and stock return volatility, neither few study investigate the impact of CPA’s industry expertise on stock return volatility, and lack of research surveys further the effect of the CPA’s industry expertise on the sensitivity of stock return volatility over companies’ earnings management. As a result, we investigate how manger’s earnings management activity and auditor’s industry expertise affect corporate’s stock return volatility. In addition, we also observe how auditor’s industry expertise influences the sensitivity of stock return volatility over earnings management.

In the study, we explore all listed companies in Taiwan from 2004 to 2013 to investigate the impact of company’s earnings management activity on stock return volatility, and study the association between auditor’s industry expertise and stock return volatility, as well as the effect of CPA’s industry expertise on the sensitivity of stock return volatility over managers’ earnings management. Empirical results indicate that managers’ earnings management activities increase volatility of company’s stock return while auditor’s industry expertise is measured by the market share of auditee’s sales revenue. We also find that no matter auditor’s industry expertise is measured by the market share of auditee’s sales revenue or the ranking of market share of auditee’s sales revenue, when corporate employs an auditor with industry expertise, the volatility of stock returns will be mitigated. Furthermore, the results show that when the auditor’s industry expertise is measured by the ranking of market share of auditee’s sales revenue, CPA’s industry expertise can reduce the effect of earnings management activity on stock return volatility. Therefore, to sum up, auditors with industry expertise can increase the value relevance of financial reports and decrease investors’ uncertainty about the future.

In this study, we explore all listed companies in Taiwan from 2004 to 2013 to investigate the relation of company’s earnings management activity to stock return volatility, and survey the association between auditor’s industry expertise and stock return volatility, as well as the effect of CPA’s industry expertise to the sensitivity of earnings management and stock return volatility. Empirical results indicate that manager earnings management activity increased volatility of company’s stock return when auditor’s industry expertise is measured by the market share of sales revenue. We also find that no matter auditor’s industry expertise is measured by the market share of sales revenue or the ranking of market share of sales revenue, when corporate employ the auditor which have industry knowledge, the volatility of stock return will cut down. Furthermore, the result show that when the auditor’s industry expertise is measured by the ranking of market share of sales revenue, CPA’s industry expertise can reduce the effect of earnings management activity to stock return volatility. Therefore, generalize the result of this research, auditors have the specialize knowledge of the audit firms will increase the value relevance of financial report and decrease the uncertainty of investor to the future of the company.

並列關鍵字

Earnings management ； Discretionary accruals ； Auditor’s industry expertise ； Stock return volatility

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