國外文獻顯示設置審計委員會能改善公司治理機制增加公司整體價值,然而並非所有公司都願意設立,至今我國仍只有一百多家成立,因此本研究最主要的目的在探討審計委員會與公司價值是否具關聯性,並更進一步探討審計委員會品質是否會影響到公司價值。 本研究以國內上市櫃公司為對象,採用Tobin’s Q作為公司價值的代理變數,以最小平方法迴歸分析審計委員會的設置與Tobin’s Q之關聯性。而在探討審計委員會品質的部分,以六項指標的總分衡量審計委員會品質,包括規模、成員具備會計或財務專長、召集人是否具備會計或財務專長、開會次數、成員實際出席率及成員兼任公司數。 實證結果顯示,設立審計委員會與Tobin’s Q並無顯著關聯性,即使控制自我選擇的問題仍不顯著,表示公司是否設置審計委員會並不影響公司價值。另外,在審計委員會品質與Tobin’s Q也是不具關聯性,然而考量到審計委員會品質為一綜合性指標,將衡量品質的六項指標以原始值帶入,發現除了成員兼任公司數未達到顯著以外,其他在審計委員會規模、成員是否具備會計或財務專長、召集人是否具備財務專長、成員的出席狀況與開會次數與Tobin’s Q呈顯著相關,顯示市場能看的到審計委員會的運作品質並反映在股價上。
Foreign literature shows that the audit committee can improve the corporate governance mechanisms to increase the firm value, but not all companies are willing to set up, since Taiwan is still only established more than a hundred, so the purpose of this study to examines the impact of audit committee on firm value, and further explore whether audit committee quality affect the firm value. The sample of this study is the listed and OTC companies of Taiwan, using Tobin’s Q as a proxy for firm value to ordinary least squares analysis the impact of audit committee on firm value. To explore audit committee quality, we use the score of six indicators, including the size of the audit committee, member having accounting or financial expertise, convener whether they have accounting or financial expertise, frequency of meetings, members’ attendance and number of members serving the independent directors. The empirical results show that the audit committee and Tobin’s Q no significant correlation even after controlling for self-selection bias, which means that the audit committee does not affect the firm value. In addition, audit committee quality and Tobin’s Q is non-correlation, however, considering the quality being a comprehensive index, We use the quality of the original values into six indicators, found that the size of the audit committee, member having accounting or financial expertise, convener whether they have accounting or financial expertise, frequency of meetings and members’ attendance with Tobin’s Q were significantly correlated, indicating that the market can look to the operation of the audit committee and reflected in the share price.