本文以2007年至2013年在台灣證券交易所及櫃檯買賣中心交易之上市(櫃)公司作為研究樣本,探討企業設置審計委員會與權益資金成本之間的關聯性。我國在2006年修法後,開始推動審計委員會,但目前仍是以自願的方式推動,並非強制要求設立,因此國內設置審計委員會的企業樣本數依舊偏低。在此情況下,容易導致樣本自我選擇偏誤的問題,因此本文透過傾向分數配對法來解決此問題,並利用Nearest-Neighbor Matching Method來配對樣本。最後以OLS迴歸模型探討設置審計委員會的與否,是否會影響權益資金成本。 實證結果發現有設置審計委員會的公司,其權益資金成本較低。顯示有設置審計委員會的公司,透過審計委員會的獨立性與專業性,可以提升公司整體的決策品質以及決策效率,將有效發揮監督的功能。財務報導的品質若佳,投資人承擔的資訊風險降低,公司的權益資金成本亦可因此降低。
This article examines the relationship between the Voluntary Establishment of audit committee and Firm’s Cost of Equity by using the listed companies listed on the Taiwan Stock Exchange and the counter trading center from 2007 to 2013 as the research sample. After the revision of the law in 2006, Taiwan has begun to promote the Audit Committee, but is still a voluntary way to promote, not mandatory to set up, so the domestic set of audit committee of the enterprise sample is still low. In this case, it is easy to lead to the problem of sample self-selection bias, so this paper solves this problem by the trend score matching method and uses Nearest-Neighbor Matching Method to pair the samples. Finally, the OLS regression model to explore whether the establishment of the Audit Committee or not, will affect the cost of equity funds. The empirical results found that there are companies that set up an audit committee, whose equity funds are less costly. The company that has set up an audit committee, through the independence and professionalism of the audit committee, can enhance the overall decision-making quality and decision-making efficiency of the company and will effectively monitor the function. Financial reporting quality is good, investors bear the information risk reduction, the company's equity capital costs can also be reduced.