審計委員會與資訊揭露、資金成本及經營績效之關聯性研究-以上市櫃公司電子工業為例

The Correlation Study of Audit Committee on Information Disclosure, Cost of Capital and Performance-A Case Study for The Listed Companies of Electronic Industry in Taiwan

陳玉馨(Yuh-Shin Chen)

指導教授 ： 楊清溪

國立臺北大學/商學院/會計學系/碩士(2010年)

摘要

美國爆發安隆（Enron）事件後，各國為提升財務報表可信度及資訊揭露透明度，以保障股東、投資者、債權人及其他利害關係人之權益，審計委員會之設置成為強化公司治理之重要機制。我國證券交易法第 14-4 條規定，依本法發行股票之公司，得擇一選擇採現行董事、監察人雙軌制，或改採單軌制(設置審計委員會)。然監察人係屬事後監督與審計委員會為事前、事中治理機制，以公司治理之觀點審視，其對企業之助益迥異。因此，本研究探討設置審計委員會對公司之影響，期能為我國上市櫃公司設置審計委員會修法之參考。
本研究採用SAS統計軟體作多元迴歸模型相關之統計分析，探討97年度已設置審計委員會之公司相較於未設置者對資訊揭露透明度、資金成本及經營績效三構面(應變數)之影響。實證結果顯示，上市櫃電子工業公司設置審計委員會對公司確有正面之影響：
一、資訊揭露透明度較高，惟未達顯著水準。
二、資金成本較低，且達顯著水準。
三、經營績效較好，且達顯著水準。

關鍵字

公司治理 ； 審計委員會 ； 資訊揭露 ； 資金成本 ； 經營績效

並列摘要

After the Enron event in the United States, many countries established audit committee, an important system that reinforces the corporate governance, to increase the reliability of financial reports and the transparency of information disclosure to ensure the rights of stock holders, investors, creditors, and other interest parties. Item 14-4, Stock Exchange Law, regulates that companies releasing stocks based on this item could choose the approach of double track system of current director and supervisor or the approach of single track system (audit committee). However, the supervisor system does the aftermath supervision, which is different from audit committee that manages incidents before they happen and the events in process. From the perspective of management, these two approaches provide different advantages to companies. Therefore, this study explored the effects of audit committee on companies, hoping to provide references for audit committee regulations for the listed companies in Taiwan.
This study utilized SAS statistical software to conduct Multiple Regression Analysis to investigate the effects of audit committee on information disclosure transparency, cost of capital, and performance (dependent variables) in 2008, comparing to the companies that do not establish audit committee. The empirical results showed that audit committee had positive effects on the listed companies in electronic industry.
1.With higher information disclosure transparency, but was not significant.
2.With lower cost of capital, and was significant.
3.With better performance, and was significant.

並列關鍵字

Corporate Governance ； Audit Committee ； Information Disclosure ； Cost of Capital ； Performance

參考文獻

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