我國於2006年證券交易法修正得以全體獨立董事組成審計委員會取代監察人制度,期以審計委員會的運作改善公司經營績效與資訊揭露品質。因此,本研究以我國2006年至2010年上市櫃公司為研究對象,比較有、無設置審計委員會公司經營績效與資訊揭露品質之差異,以及探討設置審計委員之公司,其審計委員會特性(審計委員會成員人數、開會次數、實際出席比率、兼任其他公司獨立董事)對公司經營績效與資訊揭露品質之影響。關於經營績效以資產報酬率(ROA)、股東權益報酬率(ROE)與市場績效(Tobin’s Q)來衡量。 實證結果發現,設置審計委員會公司之經營績效(ROA、ROE)與資訊揭露品質均優於未設置者。設置審計委員公司的審計委員會成員人數對經營績效(ROA、Tobin’s Q)與資訊揭露品質提升亦有正向顯著影響,將有設置審計委員公司以公司規模中位數區分樣本後,結果發現規模較大的公司,審計委員會實際出席比率愈高,愈可提升公司經營績效(ROA),而開會次數愈多則對資訊揭露品質有正向影響;相反地,規模較小的公司,審計委員會開會次數對經營績效(ROA、Tobin’s Q)有正向影響。關於審計委員會成員是否兼任其他公司獨立董事的特性則對資訊揭露品質有正向顯著影響。
Through an amendment to Securities Exchange Law, the Securities and Futures Bureau of Taiwan allows to replace the supervisor system by Audit Committee which is composed of all independent directors. We take the samples of firms listed on Taiwan Stock Exchange and Over the Counter from 2006 to 2010. The purpose of this study is to investigate whether establishing audit committee causes differences in firm performance and Disclosure Transparency; furthermore, we will discuss the impact of the Characteristics of the Audit Committee (audit committee size, meeting frequency, actual attendance ratio, part-time ratio) on firm performance and Disclosure Transparency. This research uses ROA, ROE and Tobin’s Q to measure firm performance. The empirical results indicate that the ROA, ROE of the firm establishing the audit committee is superior. More members in audit committee present higher ROA, Tobin’s Q. We divided those who establish audit committee firms by the median of the firm size to analyze samples. The larger firms have higher actual attendance rate, and this improves higher performance. Also, meeting frequency improves Disclosure Transparency. In contrast, the meeting frequency in smaller firms has positive influence on performance. Nevertheless, for the members in audit committee who take part in other firms’ independence Director has a positive influence on Disclosure Transparency.