- 學位論文
審計委員會開會次數與盈餘管理之關聯性
The Association between the Meeting Frequency of Audit Committee and Earnings Management
摘要
我國為改善公司治理制度，於2005年12月立法院三讀通過大幅修正證券交易法，引進審計委員會制度，並於2007年1月正式實施。過去多數文獻指出良好的審計委員會品質可減少盈餘管理行為，卻鮮少探討審計委員會勤勞度與盈餘管理之關聯性。本研究參考過去文獻以開會次數做為勤勞度的代理變數，並探討該變數與盈餘管理之關聯性。考量國內企業多為家族企業，另探討家族控股之企業型態是否影響審計委員會開會次數對盈餘管理之抑制能力。研究樣本為2007年至2011年依法設置審計委員會之上市櫃公司，排除金融保險及其他產業，共計174個觀測值。由於審計委員會開會次數屬計次變數，不適用Heckman兩階段法控制自我選擇偏誤，故先以傳統OLS迴歸進行，再以Panel Data之固定效果及隨機效果搭配Hausman檢定，增加本研究之穩定性。 實證結果發現，審計委員會開會次數與盈餘管理之關聯性，及家族控股企業對審計委員會開會次數的盈餘管理抑制能力影響皆不顯著。可能係因以下研究限制：(1)我國正式實施審計委員會制度的時間尚短，已成立審計委員會的企業樣本不足，無法有效表現實驗變數之影響性；(2)計量方法尚未成熟，無法以兩階段方法調減計次樣本之內生性影響；(3)國內年報僅提供開會次數，關於開會次數所涵蓋的期間以及每次開會所進行的時間及品質，皆無法取得有效資料，亦無法排除其所造差異之影響。(4)盈餘管理的衡量方式是以公司財務資料代入模型計算而得，無法完全避免模型衡量誤差之影響。
並列摘要
In Taiwan, for the purpose of improving corporate governance, the Securities and Exchange Act was revised and passed by the Legislative Yuan at the Third Reading in December, 2005. The regulation of audit committee has been in force since January, 2007. The former research indicated that high quality of audit committee could reduce earnings management, but the association between the diligence of audit committee and earnings management was seldom investigated. This study examines whether the meeting frequency of audit committee, which refers to the proxy of diligence, is related to earnings management. Furthermore, because of the high percentage of family-controlled firms in Taiwan, the study also examines whether the family control structure will affect the monitoring power of audit committee, i.e. the effect of the meeting frequency of audit committee on earnings management. After excluding unsuitable samples, the samples used in this study are 174 firm-year observations from 2007 to 2011. Because the meeting frequency of audit committee is an independent variable that can not be adapted to the Heckman two-stage method, the study uses the OLS method and the Fixed Effect method to control self-selection bias. However, the empirical results of these models can not show a stable and robust association between the meeting frequency of audit committee and earnings management. It may be caused by the limited sample size, the insufficient research methods, and the indecisive released information on the meetings of audit committee.