懲戒是否能對會計師的聲譽產生影響,代表著懲戒制度的效力,國內文獻多以探討懲戒制度及懲戒原因,少有探討會計師受懲戒所引起的經濟後果。而本研究採用事件研究法探討會計師受懲戒之後,其他簽證客戶的股價反應。藉由審計需求假說以推論當會計師聲譽受影響時,其簽證客戶的公司價值也會因此受到影響,藉此以驗證本研究之假說。研究結果顯示會計師於受懲戒後,其簽證客戶的股價異常報酬率為負數,雖有少數的異常報酬率或累積異常報酬率為顯著,但其整體來說,仍不顯著,故無法驗證受懲戒會計師於懲戒公告後,對其簽證客戶的股價造成影響,因此無法推論會計師的聲譽會因為懲戒而受損。而多元迴歸分析的結果在實驗變數方面都呈現不顯著的結果,而控制變數方面,整體來說結果也都不顯著,故無法推論較嚴重的懲戒,對會計師聲譽的負面影響較大。
This study adopts the event study methodology to empirical the influence of CPA sanction system on their clients’ value. Depend on the audit demand hypotheses, to infer the relation of CPA reputation and audit clients’ value. When the CPA reputation has been impaired, their clients’ stock price will be affected. The results suggest that the CPA sanction only had an adverse effect on market prices of clients of the punishment on CPA, but no significant reactions. The multivariate analysis indicates that cumulative abnormal returns weren’t related to the CPA sanction level and audit clients’ stock price reactions.