會計師在資本市場中扮演著重要角色,也被主管機關與社會大眾賦予確保財報允當表達之責任,然而國內外一連串的財務報表舞弊案件,以及接踵而來的懲戒處分,嚴重地打擊會計師獨立專業的形象。而投資者經由會計師聲譽之負面消息,便對會計師簽證的財務報表備受質疑,進而產生信賴危機。國內文獻多以探討懲戒制度及審計品質之關係,少有探討會計師受懲戒所引起的經濟後果,亦未對懲戒案件之個別特性做詳細探討。 本研究採用事件研究法探討會計師受懲戒處分後,其會計師個人之其他簽證客戶的股價蔓延效果,並深入探討個別懲戒案件之特性差異,研究結果顯示產業專精、懲戒程度及懲戒次數對於累積異常報酬之影響為負向顯著。四大則為正向顯著,顯示具有保護效果。爾後於穩固性測試中進行五項測試,分別為重新定義長短時間差、重新測試窗期、改變產業專精衡量方式、懲戒次數採虛擬變數,以及改變選樣方式。其結果皆與主要結果大抵一致。
Accountants play an important role in the capital market, given by the competent authorities and the general public ensure that the correct expression of the responsibility of the financial statements, however, a series of domestic and foreign financial statements of cases of fraud, and the ensuing disciplinary action, serious blow to the image of the accountants who is independent and professional. Investors receive negative news about accountant reputation, then the financial statements of the CPA is being questioned, and then have trust crisis .Most of domestic literature study the relationship of the auditor sanction and audit quality, few to study the economic consequences caused by the auditor sanction, nor to analyze the influential elements of the disciplinary cases. This study adopts event study methodology to explore after auditor sanction release, the contagion effect about the audit clients’ value, and analyzes the influential elements of the sanction cases deeply. The results suggest that there is an negative significant effect on market prices and industry specialization, sanction level and sanction order are negative significant in generally, and big 4 compares with a positive significant result. The robust analysis are re-defining the length of time, re-testing window period, changing the way to measure industry specialization, using dummy to measure sanction order and to change the sampling mode. The results are probably consistent.