- 學位論文
會計師更換與公司價值之實證研究
AN EMPIRICAL RESEARCH OF THE RELATIONSHIP BETWEEN AUDITOR SWITCH AND FIRM VALUE
摘要
現代企業所有權與經營權分離的情況非常普遍，然而所有權與經營權分離將會引發代理問題，公司治理正可以作為平衡利益衝突、保障股東利益的機制。公司治理分為內部與外部機制，內部以董事會為重心行管理公司之事務，外部機制則是會計師、主管機關等的外部力量來共同監督公司。而會計師在公司治理機制中為非常重要的角色，藉由對財務報表查核簽證以達到加強資訊透明化並增強公司治理。若是公司能藉由更換會計師以加強公司之外部治理機制，則對公司應該會有所助益進而提昇公司價值。 本研究主要的目的為在公司治理的架構下探討會計師更換與公司價值之間的關係，以1997年至2006年之臺灣所有上市公司為樣本進行實證研究，公司價值以Tobin’s Q衡量並以多元迴歸探討會計師更換與公司價值之間的關係，另外考慮會計師事務所之規模差異，以多元迴歸及變異數分析探討從非四大更換到四大是否有助於公司價值之提昇，並以成對T檢定探討更換會計師前一年與後一年之公司價值之差異情況。實證結果發現更換會計師與公司價值顯著正相關，由非四大更換至四大與公司價值之間無關聯性。成對T檢定之結果未發現更換會計師後一年之公司價值顯著大於更換前一年之公司價值。
並列摘要
The separation of ownership and control is very common in modern companys. However it also brings about serious agency problem. Corporate governance is an important mechanism to solve this problem and protect shareholders. Auditors play an important role in corporate governance mechanism by providing audited financial statement to achieve information transparency. The main purpose of this research is to investigate the relationship between auditor switching and firm value under corporate governance structure in Taiwan using the sample consisting of all listed companies between 1997 and 2006. The results suggest that the relationship between auditor switching and firm value is significantly positive. However, the values of the firms switching from non-Big 4 to Big 4 are not significantly higher than other firms. Finally, the firms that switching auditors does not have higher values in the year after switching than the year before switching.