會計弊案與財務報導保守性－安隆／博達觀察

Accounting Frauds and Financial Reporting Conservatism-Observations from Enron/Procomp

官月緞(Yue-Duan Guan) ； 簡松源(Song-Yuan Chien) ； 徐永檳(Yung-Pin Hsu)

《當代會計》 9卷1期 (2008/05) Pp. 69-103

https://doi.org/10.6675/JCA.2008.9.1.03

摘要

安隆與博達弊案，引發投資大眾高度關注公司治理與財報品質，有鑑於此，台灣主管機關加速修正證交法與會計師法，同時嚴懲博達案失職之會計師，展現落實監管機制之決心。弊案發生後，上市公司所面臨之管制成本與法律責任將加重，因此本文預期其財務報導會轉趨保守。本文首先以安隆弊案前後一年(2001~2002)、博達弊案前後一年(2003~2004)財務與股價資料完整的上市公司為研究對象，並分別以淨值／市價比、盈餘／股票報酬關係衡量樣本公司財務報導的保守程度，實證結果發現台灣上市公司在安隆／博達弊案後財務報導轉趨保守。另外，本文延長研究期間以涵蓋安隆博達弊案發生前、後二至三年，且採市場變數調整淨值／市價比及盈餘／股票報酬關係，結論仍然不變。

關鍵字

安隆／博達弊案 ； 保守主義 ； 盈餘－報酬關係 ； 淨值／市價比

並列摘要

Enron and Procomp frauds induce investors to be very concerned about corporate governance and financial reporting quality. In response to these frauds, Taiwan's regulators speed up the Securities Law and CPA Law amendments and sanction undutiful auditors involved in Procomp fraud. Due to the increasing regulatory costs and legal liability, we hypothesize that financial reporting would become more conservative after accounting frauds. This study uses a sample of listed firms with complete financial data and stock prices during Enron fraud (2001-2002) and Procomp fraud (2003-2004) periods. Financial reporting conservatism is measured by the book-to-market ratio and earnings-returns relation respectively. Overall the empirical results show that financial reporting becomes more conservative after Enron/Procomp frauds. Furthermore, we extend research periods to cover pre/post-frauds to two or three years and also adopt market variables to adjust book-to-market ratio and earnings-returns relation, conclusions remain the same.

並列關鍵字

Enron/Procomp frauds ； accounting conservatism ； earnings-returns relation ； book-to-market ratio

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