產業專家對報酬與未來盈餘關聯性之影響

財務報表揭露公司獲利狀況，並可作為公司風險評估的重要指標，而會計產業專家能提供更好的財報品質及資訊揭露程度。本研究以2013年至2016年間台灣上市櫃企業為研究對象，採用Lundholm and Myers(2002)之方法，探討當會計師或事務所為產業專家時，是否對於當期報酬與未來盈餘的關係有所影響。由於台灣有特殊的雙簽制度，本文亦將會計師分為主查與副簽來檢視。實證結果發現，當由產業專家查核、產業專家數量越多、產業專家之產業經驗越高、公司市值越大的公司，有較高的未來盈餘反應係數，即可揭露較多未來盈餘的資訊。因此產業專家對於公司之未來盈餘確實有改善的效果。此外本研究並未發現主查會計師相較於副簽會計師及事務所產業專家，公司有較高的未來盈餘反應係數。

關鍵字

產業專家；雙簽制度；未來盈餘反應係數

並列摘要

Financial statements reveal the company's profitability and be used as an important indicator of the risk assessment. Auditor industry specialists can provide better quality of financial reports and informative disclosures. In this study, we use Taiwan listed and OTC companies during 2013 to 2016 as research samples. According to Lundholm and Myers (2002), we examine whether the accountants or audit firm are industry specialists will affect the relationship between returns and future earnings. Since there exists the special system of dual attestation in Taiwan, we divide the accountant into lead auditor or concurring auditor to examine the above relationship. Empirical results indicate that the higher future earnings response coefficients are associated with the companies audited by industry specialist, the higher number of industry specialists, the more industry experience of industry specialists and the greater market value of company. These findings imply that more information about future earnings are revealed. Therefore, it improves the disclosure of company's future earnings when the accountants or audit firms are industry specialists. In addition, we do not find the evidence that the future earnings response coefficients in companies audited by the lead auditor as industry specialist are higher than those in companies audited by the concurring auditor as industry specialist and in specialist accounting firms.