會計主管係指依公司章程規定或經董事會決議,管理公司會計業務之最高主管,為提升會計主管之品質及保障投資人之權益,我國金管會2006年根據證券交易法第十四條第四項訂定之「發行人證券商證券交易所會計主管資格條件及專業進修辦法」,規範會計主管之資格以及要求公司將異動情形申報。本研究探討會計主管異動宣告之資訊內涵,並且觀察在法規「發行人證券商證券交易所會計主管資格條件及專業進修辦法」之強制異動下,投資人之反應是否異同 ; 另外,本研究亦探討會計主管異動對於財務報表重編之影響,深入瞭解會計主管隻更迭是否導致財務報表之品質改變。研究結果發現異動之宣告俱有資訊內涵,且與累計異常報酬呈現負相關,說明台灣之環境普遍認為會計主管異動屬於壞消息,偏向惡性循環理論,另外,「發行人證券商證券交易所會計主管資格條件及專業進修辦法」之強制異動對於股價上沒有太大的反應,表示對於投資人而言,一般異動與強制異動差異不大。探討會計主管異動與財務報表重編之關聯結果顯示,兩者呈現顯著正相關,代表一間公司之會計主管異動後,財務報表之品質會下降,進而提升財務報表重編之可能性,但一般異動與強制異動對於財報重編則沒有顯著差異。縱貫以上,會計主管之異動對於股價有不良影響,且增加財務報表重編之可能性,另外,「發行人證券商證券交易所會計主管資格條件及專業進修辦法」發佈後,會計主管遭主管機關強制異動與一般會計主管異動情況相同,投資人無法明確細分兩種異動之差別,且該兩種異動對於財務報表重編之後續影響效果也沒有顯著差異。
This study investigated the information content of the change of accounting officer and observes the reaction of the investors. This paper also examines the relationship between the change of the accounting officers and restatement. The result shows that the change of accounting officer has information content and is significantly negative to the accumulative abnormal return. There’s no significantly difference between the change of accounting officer under the policy and other factors. The result shows that the relation between the change of the accounting officers and the restatement is significantly positive, but no significantly difference between the obliged change and other change. To summarize, the change of the accounting officer result in the downward stock price and high possibility of restatement. However, investor couldn’t distinguish the difference between the obliged change and other change, and both change cause the restatement.