企業自願設置審計委員會對其債務資金成本的影響

The Effect of Voluntary Establishment of Audit Committee on the Firms’ Cost of Debt

黃思瑜(Ssu-Yu Huang)

指導教授 ： 單騰笙

中原大學/商學院/會計研究所/碩士(2017年)

https://doi.org/10.6840/cycu201700236

摘要

近年來，愈來愈多企業透過債務市場取得資金，使得債務市場的重要性與日俱增，探討債務資金成本決定因素是資本市場與學術研究均關注的議題。而審計委員會為公司之功能性委員會之一，亦是公司治理中重要的一部份。因此，若企業自願設置審計委員會，相較於無設置審計委員會之企業，其債務資金成本有無影響差異，係本研究所須了解的議題。本研究針對2007年至2014年在臺灣證券交易所及櫃檯買賣中心交易之上市櫃公司為研究樣本，探討企業自願設置審計委員會對其債務資金成本之影響。由於金管會並未強制規定上市櫃公司應設置審計委員會，係採取鼓勵自願的方式逐步漸進推動，而自願設置將會產生自我選擇的問題，因此本研究使用傾向分數配對法（propensity score matching method, PSM）來修正自我選擇偏誤，以增加本研究穩健性。實證結果發現，自願設置審計委員會之公司，整體的公司治理品質較佳，有助於降低企業重大內控缺失的發生，財務報導品質獲得改善且更能受到外部使用者信任，降低負債代理問題，進而降低債務資金成本。

關鍵字

審計委員會 ； 債務資金成本 ； 傾向分數配對法

並列摘要

In recent years, more and more enterprises through the debt market to obtain funds, so that the importance of the debt market to increases with each passing day. It is the capital market and academic research that pay attention to the determinants of the cost of debt capital. The audit committee is one of the functional committees of the company and is also an important part of corporate governance. Therefore, if the enterprise sets up the audit committee voluntarily, compared with the enterprises without the audit committee, whether the debt capital cost affects the difference is the subject that the institute needs to understand. This study examines the impact of the Voluntary Audit Committee on the cost of debt capital of the listed companies in the Taiwan Stock Exchange (TSE) and Over The Counter (OTC) from 2007 to 2014. The Financial Supervisory Commission R.O.C is not mandatory for listed companies should set up the audit committee system, to encourage voluntary way promote the gradual, voluntary setting will produce self-selection problem, this study uses the propensity score matching method (PSM) to modify the self-selection bias, in order to increase the robustness of this study. The empirical results show that the voluntary establishment of audit committee, the overall corporate governance quality is better, help enterprises reduce the major internal deletions occur, and improve the quality of financial reporting is more subject to external users trust, reduce the agency problem of debt, thereby reducing the cost of debt capital.

並列關鍵字

Audit Committee ； Cost of Debt ； Propensity Score Matching Method

參考文獻

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