審計委員會與應計項目之錯誤訂價

Audit committee and accrual mispricing

江建德(Chiang, ChienTe)

指導教授 ： 林岳喬

國立中正大學/管理學院/會計與資訊科技學系/碩士(2012年)

摘要

本篇研究主在了解審計委員會在應計項目與現金流量評價中所扮演的角色。以往文獻在進行審計委員會之研究時，主要係透過盈餘反應係數(ERC)來了解企業設立審計委員會之成效，但盈餘反應係數係衡量投資人對財報之信心，並無法藉以衡量投資人之訂價偏誤。故本研究透過Mishkin Test來測試投資人錯誤訂價情形，以了解審計委員會之設置是否可以改善應計項目錯誤訂價之情形。
本研究以2002年至2009年在國內上市櫃之企業為樣本，區分企業為設有審計委員會之企業與未設有審計委員會之企業，並預期設有審計委員會之企業能改善投資人錯誤訂價情形。研究結果顯示，設有審計委員會之企業，投資人錯誤訂價情形並不顯著；而未設有審計委員會之企業卻有顯著錯誤訂價情形。此結果代表設有審計委員會之企業，企業較可以提供精確的營運資訊與投資人，可減緩市場錯誤訂價情形。此外，為了解審計委員會之特性是否與市場錯誤訂價改善情形有所關聯，本研究分別針對審計委員會之董事酬勞與開會次數分別進行探討。研究結果指出，審計委員會獨立董事酬勞與市場錯誤訂價情形有所關聯，顯示薪酬會影響審計委員會之成效。此外，本篇研究也提供部分證據支持Vafeas (1999)、及Ghosh (2010) 之研究，顯示企業經營面臨經營問題時，審計委員會開會次數也會相對提高；本研究也發現審計委員會開會次述與市場應計項目錯誤訂價程度正相關。

關鍵字

審計委員會 ； 錯誤訂價 ； 應計項目異常 ； 現金流量錯誤訂價

並列摘要

Prior research uses ERC (Earnings Response Coefficient) approach to analyze the effectiveness that firms set up audit committee. But, ERC can't appropriately measure the information quality of earnings when the market is not efficient. In this paper, we investigate the role that audit committee plays in valuation of accruals and cash flow. We predict firms with audit committee can help reduce accrual mispricing problem.
We employ two stage rational expectations procedure developed by Mishkin (1983). The result provides evidence that firms with audit committee can mitigate the mispricing and vice versa. The result represents firms with audit committee can provide accurate information to investors. According the result, investors can better understand the accounting information's persistence. Our research also tests the impacts of audit committee 's characteristics. First, the result reveals that audit committees with higher compensation per capita are associated with larger accrual mispricing. Second, our research is consistent with the findings by Vafeas (1999) and Ghost (2010). Audit committees will usually increase meetings frequency in response to firm's poor operating performance, but it can't help investors mitigate accrual mispricing. Our result find that firms with more frequent audit committee meeting are associated with larger accrual mispricing.

並列關鍵字

Audit Committee ； Mispricing ； Accrual Anomaly ； Cash flow mispricing

參考文獻

陳玉馨，2010，審計委員會與資訊揭露、資金成本及經營績效之關聯性研究-以上市櫃公司電子工業為例，國立台北大學會計系碩士學位論文。

Abbott, L. J., S. Parker, and G.F. Peters. 2002. Audit committee characteristics and financial misstatement: A study of the ef-ficacy of certain blue ribbon committee recommendations. Working Paper, University of Memphis.

Archambeault, D. S., F. T. Dezoort, and D. R. Hermanson. 2008. "Audit Committee Incentive Compensation and Accounting Restatements." Contemporary Accounting Research 25(4): 965-992.

Beasley, M. S. 1996. "An Empirical Analysis of the Relation between the Board of Director Composition and Financial Statement Fraud." Accounting Review 71(4): 443-465.

Bradshaw, M. T., S. A. Richardson, and R. G. Sloan. 2001. “Do Analysts and Auditors Use Information in Accruals?”. “Journal of Accounting Research” 39(1): 45-74.