更換會計師對財務報表可預測性及誤述程度的影響：以投資人之觀點

企業更換會計師後，財務報表可預測性和誤述程度隨之變化，本文主要探討投資人對此變化的市場反應。本文以盈餘平穩性作為財務報表可預測性之代理變數，以Dechow et al.（2011）的F-score來衡量公司財務報表誤述程度。以事件研究法分析2005年至2016年台灣上市櫃公司之會計師變更樣本。實證結果顯示，公司的財務報表可預測性與宣告會計師變更後的累積異常報酬呈現負向關聯，而公司的財務報表誤述程度性與宣告會計師變更後的累積異常報酬呈現正向關聯。本文之研究結果顯示，財務報表可預測性與誤述程度對投資人有重要的資訊內涵，因此當企業更換會計師導致財務報表的這兩個特性發生變動時，投資人將給予應對的市場反應。

關鍵字

可預測性；盈餘平穩性；財務報表誤述；會計師變更

並列摘要

The financial reporting predictability and misstatements might change due to auditor switches. This research investigates investors' reactions to the changes in financial reporting predictability and misstatements following auditor switches. The degree of income smoothing is used as a proxy for financial reporting predictability. The F-score measurement developed by Dechow et al. (2011) is the proxy for financial reporting misstatements. By using event study method, this research analyzes all auditor switches in the Taiwanese public companies during 2005 to 2016. The empirical results show that investors react negatively to the announcement of auditor switches for companies with high financial predictability and positively for companies with high financial reporting misstatements. Our results imply that financial reporting predictability and misstatements contain informativeness. Investors would react to the changes in these two aspects of financial reporting following auditor switches.