Title

產業專精之查核是否能減緩企業之財稅差異?

Translated Titles

Does Auditor Industry Specialization Matter to Book-tax Differences?

DOI

10.6277/TER.201803_46(1).0004

Authors

廖益興(Yi-Hsing Liao);高儷華(Li-Hua Kao);單騰笙(Teng-Sheng Sang)

Key Words

產業專家會計師 ; 財稅差異 ; 盈餘品質 ; 傾向分數配對法 ; auditor's industry expertise ; book-tax differences ; earnings quality ; propensity score matching method

PublicationName

經濟論文叢刊

Volume or Term/Year and Month of Publication

46卷1期(2018 / 03 / 01)

Page #

125 - 178

Content Language

繁體中文

Chinese Abstract

本研究旨在從審計品質所扮演的資訊與公司治理角色,及從改善盈餘品質之監督效果執行分析,希冀瞭解產業專家會計師是否可直接或間接抑制受查客戶財稅差異的幅度?研究結果顯示,經由Heckman兩階段估計法控制財稅差異樣本自我選擇偏誤,及工具變數之兩階段最小平方法控制產業專家變數內生性後,產業專精程度與財稅差異幅度呈顯著負相關。進一步透過兩階段估計法觀察產業專家會計師是否經由提升盈餘品質而降低財稅差異之間接效果時,亦發現產業專家會計師所查核的客戶其裁決性應計數較小,且因其具備較佳的盈餘品質得以降低財稅差異的幅度。上述結論即使改以傾向分數配對法控制產業專家變數內生性時,審計品質的效果仍然維持相當的穩定。

English Abstract

This study aims to examine whether the auditor’s industry expertise reduces book-tax differences (hereafter BTD) directly through its information and governance roles and indirectly through its effect in enhancing earnings quality. To alleviate the concern regarding the self-selection bias caused by the non-random sample of BTD and the potential endogeneity issue related to auditor choice, we adopt the Heckman two-stage procedure and the twostage least squares with instrumental variables approach to deal with these issues. Empirical results show that smaller absolute BTD are associated with higher auditor industry expertise. Moreover, using two stage estimation methods to investigate the indirect effect of auditor industry expertise on BTD through earnings quality, we find that discretionary accruals is smaller for clients of auditor industry specialists than for clients of auditor industry non-specialists and that lower discretionary accruals in turn reduces the magnitude of BTD. Even when we substitute the propensity score matching method for the two stage least squares approach to correct for endogeneity bias, the results remain qualitatively similar.

Topic Category 社會科學 > 經濟學
Reference
  1. 吳幸蓁、謝佳純、梁書瑋(2014)。薪酬委員會之設置及其品質對高階經理人薪酬績效敏感性之影響。中華會計學刊,10,135-188。
    連結:
  2. 沈中華、張元(2008)。企業的社會責任行為可以改善財務績效嗎?—以英國FTSE社會責任指數為例。經濟論文,36,339-385。
    連結:
  3. 徐美、陳明郎(2011)。台灣不同族群薪資差異的世代變遷。台灣經濟預測與政策,42,39-74。
    連結:
  4. 張文、吳幸螢(2005)。品牌聲譽、產業專業化與審計人員市場佔有率關連性:取消審計公費下限分析。會計評論,40,91-118。
    連結:
  5. 張敏蕾、廖四郎、林修平(2009)。財稅差異與盈餘管理之關聯性研究。管理學報,26,391-415。
    連結:
  6. 陳明進(2009)。財務報表資料推估課稅所得之研究。管理學報,26,625-636。
    連結:
  7. 陳明進、蔡麗雯(2006)。財稅所得差異決定因素及課稅所得推估研究。管理學報,23,739-763。
    連結:
  8. 黃美祝(2010)。財稅差異金額大小對國稅局選案查核之影響。會計評論,50,23-55。
    連結:
  9. 楊朝旭、吳幸蓁(2009)。資產減損之決定因素與盈餘資訊性後果:論公司治理之角色。會計評論,48,67-114。
    連結:
  10. ChiWuchun, Hsiumei Liao and Hong Xie (2012), “Does theMarket Sharebased Proxy for Industry Expertise Still Capture Audit Expertise under Mandatory Audit Partner Rotation? Evidence from the Banking Industry in Taiwan,” Working Paper, National Chenchi University.
  11. Guenther, David A. (2011), “What Do We Learn from Large Book-Tax Differences?” Working Paper, University of Oregon.
  12. Heltzer, Wendy and Sandra W. Shelton (2011), “Book-Tax Differences and Audit Risk: Evidence from the United States,” Working Paper, DePaul University.
  13. Joos, Peter, Jamie Pratt, and David S. Young (2000), “Book-Tax Differences and the Value Relevance of Earnings,” Working Paper, Massachusetts Institute of Technology
  14. Armstrong, Christopher S.,Barth, Mary E.,Jagolinzer, Alan D.,Riedl, Edward J.(2010).Market Reaction to the Adoption of IFRS in Europe.Accounting Review,85,31-61.
  15. Ashbaugh, Hollis,LaFond, Ryan,Mayhew, Brain W.(2003).DoNonaudit Services Compromise Auditor Independence? Further Evidence.Accounting Review,78,611-639.
  16. Ayers, Benjamin C.,Jiang, John,Laplante, Stacie K.(2009).Taxable Income as a Performance Measure: The Effects of Tax Planning and Earnings Quality.Contemporary Accounting Research,26,15-54.
  17. Ayers, Benjamin C.,Laplante, Stacie K.,McGuire, Sean T.(2010).Credit Ratings and Taxes: The Effect of Book-Tax Differences on Ratings Changes.Contemporary Accounting Research,27,359-402.
  18. Badertscher, Brad A.,Phillips, John D.,Pincus, Morton,Rego, Sonja O.(2009).Earnings Management Strategies: To Conform or not to Conform?.Accounting Review,84,63-98.
  19. Balsam, Steven,Krishnan, Jagan,Yang, Joon S.(2003).Auditor Industry Specialization and Earnings Quality.Auditing: A Journal of Practice and Theory,22,71-97.
  20. Bartov, Eli,Gul, Ferdinand A.,Tsui, Judy S. L.(2001).Discretionary AccrualsModel and Audit Qualification.Journal of Accounting and Economics,30,421-452.
  21. Becker, Connie L.,DeFond, Mark L.,Jiambalvo, James J.,Subramanyam, K. R.(1998).The Effect of Audit Quality on Earnings Management.Contemporary Accounting Research,15,1-24.
  22. Behn, Bruce,Choi, Jong-Hag,Kang, Tony(2008).Audit Quality and Properties of Analyst Earnings Forecasts.Accounting Review,83,27-359.
  23. Bell, Timothy B.,Landsman, Wayne R.,Shackelford, Douglas A.(2001).Auditors' Perceived Business Risk and Audit Fees: Analysis and Evidence.Journal of Accounting Research,39,35-43.
  24. Beneish, Messod D.,Press, Eric(1995).Interrelation among Events of Default.Contemporary Accounting Research,12,57-84.
  25. Blaylock, Bradley,Shevlin, Terry,Wilson, Ryan J.(2012).Tax Avoidance, Large Positive Temporary Book-Tax Differences, and Eearnings Persistence.Accounting Review,87,91-120.
  26. Boone, Jeff P.,Khurana, Inder K.,Raman, K. K.(2010).Do the Big 4 and the Second-tier Firms Provide Audits of Similar Quality?.Journal of Accounting and Public Policy,29,330-352.
  27. Carcello, Joseph V.,Neal, Terry L.(2000).Audit Committee Composition and Auditor Reporting.Accounting Review,75,453-467.
  28. Chaney, Paul K.,Jeter, Debra C.,Shivakumar, Lakshmanan(2004).Self Selection of Auditors and Audit Pricing in Private Firms.Accounting Review,79,51-72.
  29. Chen, Shimin,Sun, Sunny Y. J.,Wu, Donghui(2010).Client Importance, Institutional Improvements, and Audit Quality in China: An Office and Individual Auditor Level Analysis.Accounting Review,85,127-158.
  30. Chi, Hsin-Yi,Chin, Chen-Lung(2011).Firm versus Partner Measures of Auditor Industry Expertise and Effects on AuditorQuality.Auditing: A Journal of Practice and Theory,30,201-229.
  31. Chi, W.,Douthett, E. B.,Lisic, L. L.(2012).Client Importance and Audit Partner Independence.Journal of Accounting and Public Policy,31,320-336.
  32. Chi, Wuchun,Huang, Huichi,Liao, Yichun,Xie, Hong(2009).Mandatory Audit Partner Rotation, Audit Quality and Market Perception: Evidence from Taiwan.Contemporary Accounting Research,26,359-391.
  33. Chin, Chen-Lung,Chi, Hsin-Yi(2009).Reducing Restatements with Increased Industry Expertise.Contermporary Accounting Research,26,729-765.
  34. Choi, Jong-Hag,Kim, Jeong-Bon B.,Kim, Chansog,Zang, Yoonseok(2010).Audit Office Size, Audit Quality, and Audit Pricing.Auditing: A Journal of Practice & Theory,29,73-97.
  35. Choi, Jong-Hag,Wong, T. J.(2007).Auditors' Governance Functions and Legal Environments: An International Investigation.Contemporary Accounting Research,24,13-46.
  36. Crabtree, Aaron D.,Maher, John J.(2009).The Influence of Differences in Taxable Income and BookIncome on the Bond Credit Market.Journal of the American Taxation Association,31,75-99.
  37. David, M. R.,Zhao, W.(2013).Director Capital and Corporate Disclosure Quality.Journal of Accounting and Public Policy,32,191-212.
  38. De Franco, Gus,Kothari, S. P.,Verdi, Rodrigo S.(2011).The Benefits of Financial Statement Comparability.Journal of Accounting Research,49,895-931.
  39. DeAngelo, H. L.,DeAngelo, L.,Skinner, D. J.(1994).Accounting Choice in Troubled Companies.Journal of Accounting and Economics,17,113-144.
  40. DeAngelo, Linda E.(1981).Auditor Size and Audit Quality.Journal of Accounting and Economics,3,183-199.
  41. Dechow, Patricia M.,Sloan, Richard G.,Sweeney, Amy P.(1996).Causes and Consequences of Earnings Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC.Contemporary Accounting Research,13,1-36.
  42. Dechow, Patricia M.,Sloan, Richard G.,Sweeney, Amy P.(1995).Detecting Earnings Management.Accounting Review,70,193-226.
  43. DeFond, Mark L.,Jiambalvo, James(1994).Debt Covenant Violation andManipulation of Accruals.Journal of Accounting and Economics,17,145-176.
  44. DeFond, Mark,Subramanyam, K. R.(1998).Auditor Changes and Discretionary Accruals.Journal of Accounting and Economics,25,35-67.
  45. Dhaliwal, Dan S.,Gleason, Cristi A.,Mills, Lillian F.(2004).Last Chance EarningsManagement:Using the Tax Expense to Achieve Earnings Targets.Contemporary Accounting Research,21,431-459.
  46. Dye, Ronald A.(1993).Auditing Standards, Legal Liability, and Auditor Wealth.Journal of Political Economy,101,887-914.
  47. Eckbo, B.(ed.)(2007).Handbook of Corporate Finance: Empirical Corporate Finance.Amsterdam:North-Holland.
  48. Ettredge, Michael,Bedard, Jean C.,Johnstone, Karla M.(2008).Empirical Tests of Audit Budget Dynamics.Behavioral Research In Accounting,20,1-18.
  49. Fan, Joseph P. H.,Wong, T. J.(2002).Corporate Ownership Structure and the Informativeness of Accounting Earnings in East Asia.Journal of Accounting and Economics,33,401-425.
  50. Francis, Jere R.,Maydew, Edward L.,Sparks, H. Charles(1999).The Role of Big 6 Auditors in the Credible Reporting of Accruals.Auditing: A Journal of Practice and Theory,18,17-34.
  51. Francis, Jere R.,Reichelt, Kenneth,Wang, Dechun(2005).The Pricing of National and City-specific Reputations for Industry Expertise in the U.S. Audit Market.Accounting Review,80,113-136.
  52. Francis, Jere R.,Yu, Michael D.(2009).Big 4 Office Size and Audit Quality.Accounting Review,84,1521-1552.
  53. Ghosh, Aloke,Moon, Doocheol(2005).Auditor Tenure and Perceptions of Audit Quality.Accounting Review,80,585-612.
  54. Gow, I.,Ormazabal, G.,Taylor, D.(2010).Correcting for Cross-sectional and Time-series Dependence in Accounting Research.Accounting Review,85,483-512.
  55. Gramling, Audrey A.,Stone, Dan N.(2001).Audit Firm Industry Expertise: A Review and Synthesis of the Archival Literature.Journal of Accounting Literature,20,1-27.
  56. Guay, Wayne R.,Kothari, S. P.,Watts, Ross L.(1996).A Market Based Evaluation of Discretionary-Accrual Models.Journal of Accounting Research,34(Supplement),83-105.
  57. Gul, Ferdinand A.,Chen, Charles J. P.,Tsui, Judy S. L.(2003).Discretionary Accounting Accruals, Managers' Incentives, and Audit Fees.Contemporary Accounting Research,20,441-464.
  58. Gul, Ferdinand A.,Fung, Simon Y. K.,Jaggi, Bikki(2009).Earnings Quality: Some Evidence on the Role of Auditor Tenure and Auditors' Industry Expertise.Journal of Accounting and Economic,47,265-287.
  59. Guo, Shenyang,Fraser, Mark W.(2010).Propensity Score Analysis. Statistical Methods and Applications.Los Angeles:SAGE Publications.
  60. Hanlon, Michelle(2005).The Persistence and Pricing of Earnings, Accruals, and Cash Flows When Firms have Large Book-Tax Differences.Accounting Review,80,137-166.
  61. Hanlon, Michelle,Krishnan, Gopal V.,Mills, Lillian F.(2012).Audit Fees and Book-tax Differences.Journal of the American Taxation Association,34,55-86.
  62. Hanlon, Michelle,Laplante, Stacie K.,Shevlin, Terry(2005).Evidence for the Possible Information Loss of Conforming Book Income and Taxable Income.Journal of Law and Economics,48,407-442.
  63. Hanlon, Michelle,Slemrod, Joel(2009).What Does Tax Aggressiveness Signal? Evidence from Stock Price Rations to News about Tax Shelter Involvement.Journal of Public Economics,93,126-141.
  64. Hausman, Jerry A.(1978).Specification Tests in Econometrics.Econometrica,46,1251-1272.
  65. Heckman, James J.(1979).Sample Selection Bias as a Specification Error.Econometrica,47,153-161.
  66. Heninger, William G.(2001).The Association between Auditor Litigation and Abnormal Accruals.Accounting Review,76,111-126.
  67. Hofler, Richard,Elston, Julie,Lee, Junsoo(2004).Dividend Policy and Institutional Ownership: Empirical Evidence Using a Propensity Score Matching Estimator.Paper on Entrepreneurship, Growth and Public Policy
  68. Hogan, Chris E.,Jeter, Debra C.(1999).Industry Specialization by Auditors.Auditing: A Journal of Practice and Theory,18,1-17.
  69. Hoi, C. K.,Wu, Q.,Zhang, H.(2013).Is Corporate Social Responsibility (CSR) Associated with Tax Avoidance? Evidence from Irresponsible CSR Activities.Accounting Review,88,2025-2059.
  70. Johnstone, Karla M.,Li, Chan,Luo, Shuqing(2014).Client-Auditor Supply Chain Relationships, Audit Quality, and Audit Pricing.Auditing: A Journal of Practice & Theory,33,119-166.
  71. Klein, April(2002).Audit Committee, Board of Director Characteristics, and Earnings Management.Journal of Accounting and Economics,33,375-400.
  72. Kothari, S. P.,Leone, Andrew J.,Wasley, Charles E.(2005).Performance Matched Discretionary Accrual Measures.Journal of Accounting and Economics,39,163-197.
  73. Krishnan, Gopal V.(2003).Does Big 6 Auditor Industry Expertise Constrain Earnings Management?.Accounting Horizons,17,1-16.
  74. Krishnan, Gopal V.(2005).The Association between Big 6 Auditor Industry Expertise and the Asymmetric Timeliness of Earnings.Journal of Accounting, Auditing and Finance,20,209-228.
  75. Krishnan, Gopal V.,Visvanathan, Gnanakumar(2008).Does the SOX Definition of an Accounting Expert Matter? The Association between Audit CommitteeDirectors' Accounting Expertise and Accounting Conservatism.Contemporary Accounting Research,25,827-857.
  76. Kwon, Soo Y.(1996).The Impact of Competition within the Client's Industry on the Auditor Selection Decision.Auditing: A Journal of Practice & Theory,15,53-69.
  77. Lanis, R.,Richardson, G.(2015).Is Corporate Social Responsibility Performance Associated with Tax Avoidance?.Journal of Business Ethics,127,439-457.
  78. Larcker, David F.,Rusticus, Tjomme O.(2010).On the Use of Instrumental Variables in Accounting Research.Journal of Accounting and Economics,49,186-205.
  79. Lawrence, Alastair,Minutti-Meza, Miguel,Zhang, Ping(2011).Can Big 4 versus Non-Big 4 Differences in Audit-Quality Proxies Be Attributed to Client Characteristics?.Accounting Review,86,259-286.
  80. Lennox, Clive S.,Francis, Jere R.,Wang, Zitian(2012).Selection Models in Accounting Research.Accounting Review,87,589-616.
  81. Li, Chan(2009).Does Client Importance Affect Auditor Independence at the Office Level? Empirical Evidence from Going-concern Opinions.Contemporary Accounting Research,26,201-230.
  82. Louis, Henock(2005).Acquirers' Abnormal Returns and the Non-Big 4 Auditor Clientele Effect.Journal of Accounting and Economics,40,75-99.
  83. Lynn, Susan A.(1986).Segmenting a Business Market for a Professional Service.Industrial Marketing Management,15,13-21.
  84. Manzon, Gil B.,Plesko, George A.(2002).The Relation Between Financial and Tax Reporting Measures of Income.Tax Law Review,55,175-214.
  85. Meza, Minutti(2013).Does Auditor Industry Specialization Improve Audit Quality?.Journal of Accounting Research,51,779-817.
  86. Mills, Lillian F.(1998).Book-Tax Differences and Internal Revenue Service Adjustments.Journal of Accounting Research,36,343-356.
  87. Mills, Lillian F.,Newberry, Kaye J.(2001).The Influence of Tax and Non-tax Costs on Book-tax Reporting Differences: Public and Private Firms.Journal of the American Taxation Association,23,1-19.
  88. Mills, Lillian F.,Newberry, Kaye J.,Trautman, William B.(2002).Trends in Book-tax Income and Balance Sheet Differences.Tax Notes,19,1109-1124.
  89. Minnick, K.,Noga, T.(2010).Do Corporate Governance Characteristics Influence Tax Management?.Journal of Corporate Finance,16,703-718.
  90. Neal, Terry L.,Riley, Richard R.(2004).Auditor Industry Specialist Research Design.Auditing: A Journal of Practice & Theory,23,169-177.
  91. Noga, Tracy J.,Schnader, Anne L.(2013).Book-Tax Differences as an Indicator of Financial Distress.Accounting Horizons,27,469-489.
  92. Owhoso, Vincent E.,Messier, William F.,Messier, John G.(2002).Error Detection by Industry Specialized Teams during Sequential Audit Review.Journal of Accounting Research,40,883-900.
  93. Ozkan, Neslihan,Singer, Zvi,You, Haifeng(2012).Mandatory IFRS Adoption and the Contractual Usefulness of Accounting Information in Executive Compensation.Journal of Accounting Research,50,1077-1107.
  94. Palmrose, Zoe-Vonna(1986).Audit Fees and Auditor Size: Further Evidence.Journal of Accounting Research,24,97-110.
  95. Peterson, Mitchell A.(2009).Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches.Review of Financial Studies,22,435-481.
  96. Phillips, John,Pincus, Morton,Rego, Sonja O.(2003).Earning Management: New Evidence Based on Deferred Tax Expense.Accounting Review,78,491-521.
  97. Plesko, George A.(2000).Book-Tax Differences and the Measurement of Corporate Income.National Tax Association Proceedings,1999,171-176.
  98. Puhani, Patrick A.(2000).Poland on the Dole-The Effect of Reducing the Unemployment Benefit Entitlement Period during Transition.Journal of Population Economics,13,35-44.
  99. Rego, S. O.,Wilson, R.(2012).Equity Risk Incentives and Corporate Tax Aggressiveness.Journal of Accounting Research,50,775-810.
  100. Reichelt, K.,Wang, D.(2010).National and Office-Specific Measures of Auditor Industry Expertise and Effects on Audit Quality.Journal of Accounting Research,48,647-686.
  101. Seetharaman, Ananth,Gul, Ferdinand A.,Lynn, Stephen G.(2002).Litigation Risk and Audit Fees: Evidence from UK Firms Cross-Listed on US Markets.Journal of Accounting and Economics,33,91-115.
  102. Shen, Chung-Hua,Lee, Chien-Chiang(2006).Same Financial Development YetDifferent Economic Growth-Why?.Journal of Money, Credit, and Banking,38,1907-1944.
  103. Solomon, Ira,Shields, Michael D.,Whittington, O. Ray(1999).What Do Industry-Specialist Auditors Know?.Journal of Accounting Research,37,191-208.
  104. Sun, Jerry,Liu, Guoping(2011).The Effect of Analyst Coverage on Accounting Conservatism.Managerial Finance,37,5-20.
  105. Teoh, Siew H.,Welch, Ivo,Wong, T. J.(1998).Earnings management and the under Performance of Seasoned Equity Offerings.Journal of Financial Economics,50,63-99.
  106. Titman, Sheridan,Trueman, Brett(1986).Information Quality and the Valuation of New Issues.Journal of Accounting and Economics,8,159-172.
  107. Wallace, Wanda A.(1987).The Economic Role of the Audit in Free and Regulated Markets: A Review.Research in Accounting Regulation,1,7-34.
  108. Watts, Ross L.,Zimmerman, Jerald L.(1986).Positive Accounting Theory.Englewood Cliffs, NJ:Prentice Hall.
  109. Weber, David P.(2010).Book-Tax Differences, Analysts' Forecast Errors, and Stock Returns.Contemporary Accounting Research,26,1175-1206.
  110. Willenborg, Michael(1999).Empirical Analysis of the Economic Demand for Auditing in the Initial Public Offerings Market.Journal of Accounting Research,37,225-238.
  111. 何鴻婕(2008)。台北=Taipei,銘傳大學會計學系研究所=Ming Chuan University。
  112. 李建強、張存炳(2007)。社會福利支出、人力資本與經濟成長—台灣的實證研究。經濟與管理論叢,3,225-247。
  113. 林嬌能(2001)。台南=Tainan,國立成功大學會計學系研究所=National Cheng Kung University。
  114. 管家祥(2011)。花蓮=Hualien,國立東華大學會計與財務碩士學位學程=National Dong Hwa University。
Times Cited
  1. 陳淑瑩(2017)。會計師審計任期與產業專精與股票報酬波動性關聯性之研究。中原大學會計研究所學位論文。2017。1-50。 
  2. 鄭桂蕙(Kuei-Hui Cheng);戴敏育(Min-Yuh Day);林孝倫(Hsiao-Lun Lin)(2021)。收入關鍵查核事項對自行申報營收與查核營收間差異之影響。中華會計學刊。17(2)。309-356。