財務報表重編後董事會家族成員異動因素之探討

A Study of the Factor on Turnover of Family Members of the Board after Financial Restatements

李宇倫(Lun-Yu Li)

指導教授 ： 黃惠君

國立臺中科技大學/商學院/會計資訊系碩士班/碩士(2019年)

摘要

本研究主要探討當家族企業發生財報重編後，財報重編嚴重性、董事長為家族成員以及機構投資人持股高低，是否影響家族董事異動。以2005年至2015年宣告重編違規財報之公司為研究對象，並排除非家族企業之樣本，得到共103家樣本公司。並使用Logistic模型進行研究，本研究將財報重編嚴重性區分為舞弊與違規行為，實證結果發現，財報重編嚴重性與家族董事異動無顯著關聯。若進一步以重編樣本公司重編後是否向下調整盈餘為財報重編嚴重性之替代衡量，實證結果亦顯示與家族董事異動無顯著關聯。家族董事長則是依照年報中二親等以內之家族成員來辨認，結果顯示家族董事長與家族董事異動呈顯著正相關，但若採董事長內部化為衡量方式則無顯著關聯。最後，機構投資人持股與家族董事異動呈顯著負相關。

關鍵字

財務報表重編 ； 家族董事異動 ； 家族董事長 ； 財報重編嚴重性

並列摘要

This study investigates the effect of financial restatement severity, family chairman and shareholding of institutional investors on turnover of board family member for financial restatement family firm. We use a sample of financial restatement firms with accounting irregularity from year 2005 to 2015. We excluded non-family companies, and obtained a total of 103 sample firms. We used Logistic regression to examine the research hypotheses. We find that there were no significant relationship between financial restatement severity, measured by fraud and downward income adjustments, and board family member turnover. The family chairman is identified by the family members who are second-degree relatives in annual report. The empirical evidence shows that family chairman is positively related to board family member turnover. However, if we use chairman internalization as a measure of family chairman, there is no significant relationship. Finally, we use institutional ownership as a measure of institutional investors, the empirical evidence shows that institutional investors are negative related to the board family member turnover.

並列關鍵字

Financial Restatement ； Family Director Turnover ； Family Chairman ； Financial Restatement Severity

參考文獻

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