Title

大型會計師事務所之審計品質真的比非大型會計師事務所好嗎?從抑制盈餘管理的角度探討-控制自我選擇偏誤的重要性

Translated Titles

Is the Audit Quality of Big4 Better than Non-Big4? Evidence from Ability of CPA Firm to Restrict Earnings Management-The Importance of Controlling Self-Selection Bias

DOI

10.6538/TAR.2013.0901.03

Authors

李建然(Jan-Zan Lee);林秀鳳(Hsiu-Feng Lin)

Key Words

審計品質 ; 盈餘管理 ; 大型會計師事務所 ; 自我選擇偏誤 ; Audit quality ; Earnings management ; Big4 ; Self-selection bias

PublicationName

中華會計學刊

Volume or Term/Year and Month of Publication

9卷1期(2013 / 01 / 01)

Page #

77 - 110

Content Language

繁體中文;英文

Chinese Abstract

本研究以會計師事務所抑制裁決性應計數的能力作為審計品質之衡量指標,在控制自我選擇偏誤的情況下,探討安隆案後,臺灣四大會計師事務所的審計品質是否明顯優於非四大會計師事務所。實證證據顯示,樣本資料的確有自我選擇偏誤的現象,以內生性二元處理模型(endogenous binary treatment model)並輔以多種估計方法及固定效果迴歸模型,分離自我選擇效果後,四大會計師事務所相較於非四大會計師事務所更能抑制管理階層盈餘管理的空間;亦即從抑制公司盈餘管理的角度,四大會計師事務所的審計品質明顯優於非四大會計師事務所。此外,臺灣四大會計師事務所間儘管規模差異不小,但其間之審計品質並沒有明顯的差距。最後,證據也顯示,如像過去文獻一樣,若未控制自我選擇偏誤的問題,則檢測結果相當分歧,無法作出穩健的結論,本研究突顯相關議題之探討,對自我選擇偏誤控制的重要性。

English Abstract

Using abnormal accruals as proxies for audit quality, this study examines whether the audit quality of Big 4 firms is superior to that of non-Big 4 firms in Taiwan after Enron's accounting scandals. Empirical evidence suggests that client characteristics can confound inferences of the Big4 effect. Therefore, we employ an endogenous binary treatment model and a fixed effects regression model to control different client characteristics between the two auditor groups, and estimate the audit quality effects. The empirical results of these models show that Big 4 firms deliver higher audit quality than non-Big4 firms. In addition, the audit quality between Big 4 firms is homogenous even though the size of Big 4 firms is quite different in Taiwan. However, these findings become unclear under traditional OLS regression. The results indicate that control of self-selection bias is crucial in such audit empirical research.

Topic Category 社會科學 > 財金及會計學
Reference
  1. Hsieh, Yung-Ming、Huang, Chuan(2009)。The association between audit firm tenure and earnings management: Evidence from the self-selection model。Soochow Journal of Accounting,2(1),73-99。
    連結:
  2. Jiang, Jia-Xun、Yang, Ya-Wen(2005)。The effects of audit firms' industry specialization and auditor tenure on earnings quality。Journal of Contemporary Accounting,6(1),23-60。
    連結:
  3. Lee, Jan-Zan、Chen, Jeng-Fang(2004)。The effect of audit client's importance on magnitude of earnings management: From the perspective of audit groups within the big five。The International Journal of Accounting Studies,38,59-80。
    連結:
  4. Lee, Jan-Zan、Lin, Hsiu-Feng(2005)。The relation between auditor tenure and abnormal accruals。Management Review,24(4),103-126。
    連結:
  5. Liu, Chia-Wen、Wang, Tay-Chang(2008)。Auditor tenure and audit quality。Management Review,27(4),1-28。
    連結:
  6. Shiue, Min-Jeng、Chang, Yu-Shan、Kao, Chun-Tzu(2008)。Self-selection of auditors and audit fees。Journal of Contemporary Accounting,9(2),167-200。
    連結:
  7. Yang, Yan-Jie、Guan, Yue-Duan(2006)。Do client importance and nonaudit services affect audit quality? Post-Enron observation。The International Journal of Accounting Studies,43,21-67。
    連結:
  8. Carlos, A. de Mello-e-Souza. 2004. Accounting quality vs auditor choice in a weak regulatory environment with strong Tax-to-GAAP Conformity. Working Paper
  9. Ashbaugh, S.,LaFond, H. R.,Mayhew, B. W.(2003).Do nonaudit services compromise auditor independence? Further evidence.The Accounitng Review,78,611-639.
  10. Ball, R.,Shivakumar, L.(2008).Earnings quality at initial public offerings.Journal of Accounting and Economics,45(2-3),324-349.
  11. Beatty, R. P.(1989).Auditor reputation and the pricing of initial public offerings.The Accounting Review,64,693-709.
  12. Becker, C. L.,DeFond, M. L.,Jiambalvo, J. J.,Subramanyam, K. R.(1998).The effect of audit quality on earning management.Contemporary Accounting Research,15,1-24.
  13. Bonner, S. E.,Palmrose, Z.,Young, S. M.(1998).Fraud type and auditor litigation: An analysis of SEC accounting and auditing enforcement releases.The Accounting Review,73,503-532.
  14. Breusch, T. S.,Pagan, A. R.(1980).The Lagrange multiplier test and its applications to model specifications in econometrics.Review of Economic Studies,47(1),239-254.
  15. Chang, Wen-Jing(2001)。The effect of auditor's quality on earnings management。Journal of Contemporary Accounting,2(2),195-214。
  16. Chiu, Hsiu-Ching(2002)。The effect of audit firm size on audit quality。Journal of Business,10,11-27。
  17. Core, J. L.,Daniel, N. D.,Naveen, L.(2008).Boards: Does one size fit all?.Journal of Financial Economics,87,329-356.
  18. Craswell, A. T.,Francis, J. R.,Taylor, S. L.(1995).Auditor brand name reputations and industry specialization.Journal of Accounting and Economics,20,297-332.
  19. DeAngelo, H.,DeAngelo, L.,Skinner, D.(1994).Accounting choices in troubled companies.Journal of Accounting and Economics,17,113-143.
  20. DeAngelo, L. E.(1981).Audit size and audit quality.Journal of Accounting and Economics,3,183-199.
  21. Dechow, P. M.(1994).Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals.Journal of Accounting and Economics,18,3-42.
  22. Dechow, P. M.,Sloan, R. G.,Sweeney, A. P.(1995).Detecting earnings management.The Accounting Review,70,193-225.
  23. DeFond, M. L.,Jiambalvo, J. M.(1994).Debt covenant violation and manipulation of accruals.Journal of Accounting and Economics,17,145-176.
  24. DeFond, M. L.,Raghunandan, K.,Subramanyam, R.(2002).Do non-audit service fees impair auditor independence? Evidence from going-concern audit opinions.Journal of Accounting Research,40,1247-1274.
  25. Dye, R. A.(1993).Auditing standards, legal liability and auditor wealth.Journal of Political Economy,101,887-914.
  26. Francis, J.(2004).What do we know about audit quality?.The British Accounting Review,36(4),345-368.
  27. Francis, J. R.,Krishnan, J.(1999).Accounting accruals and auditor reporting conservatism.Contemporary Accounting Research,16,135-165.
  28. Francis, J. R.,Maydew, E. L.,Sparks, H. C.(1999).The role of big 6 auditors in the credible reporting of accruals.Auditing: A Journal of Practice and Theory,18,17-34.
  29. Frankel, R. M.,Johnson, M. F.,Nelson, K. K.(2002).The relation between auditors' fees for nonaudit services and earnings management.The Accounting Review,77(supplement),71-105.
  30. Greene, W. H.(2003).Econometric Analysis.Upper Saddle River, NJ:Prentice Hall.
  31. Healy, P. M.(1985).The effect of bonus schemes on accounting decisions.Journal of Accounting and Economics,7(1-3),85-107.
  32. Healy, P. M.,Lys, T.(1986).Auditor changes following big eight mergers with Non-Big eight audit firms.Journal of Accounting and Public Policy,5,251-265.
  33. Heckman, J. J.(1979).Sample selection bias as a specification error.Econometrica,47,153-161.
  34. Hsiao, C.(1986).Analysis of panel data.Cambridge, United Kingdom:Cambridge University press.
  35. Hsieh, Yung-Ming,Tsai, Y. C.(2004).Do auditors mitigate earnings management in audit process?.Proceedings of the Fourth Asia Pacific Interdisciplinary Research in Accounting Conference,Singapore:
  36. Jensen, M. C.,Meckling, W. H.(1976).Theory of the firm: Managerial behavior, agency costs and ownership structure.Journal of Financial Economics,3,305-360.
  37. Jeong, S. W.,Rho, J.(2004).Big six auditors and audit quality: The Korean evidence.The International Journal of Accounting,39(2),175-196.
  38. Jones, J. J.(1991).Earnings management during import relief investigations.Journal of Accounting Research,29,193-228.
  39. Kellogg, R. L.(1984).Accounting activities, securities prices, and class action lawsuits.Journal of Accounting and Economics,6,185-204.
  40. Khurana, I. K.,Raman, K. K.(2004).Are big four audits in ASEAN countries of higher quality than Non-Big four audits?.Asia-Pacific Journal of Accounting & Economics,11,139-165.
  41. Kim, J.,Chung, R.,Firth, M.(2003).Auditor conservatism, asymmetric monitoring, and earnings management.Contemporary Accounting Research,20,323-359.
  42. Kinney, W. R., Jr.,Martin, R. D.(1994).Does auditing reduce bias in financial reporting? A review of audit-related adjustment studies.Auditing: A Journal of Practice and Theory,13,149-156.
  43. Kothari, S. P.,Leone, A. J.,Wasley, C. E.(2005).Performance matched discretionary accrual measures.Journal of Accounting and Economics,39,163-197.
  44. Kuo, I-Ling(2000)。The battle of KPMG and Deloitte & Touche in the accounting industry。Business Weekly,22,22-28。
  45. Lai, Springfield(2000)。Taiwan,Department of Accounting, National Taiwan University。
  46. Lawrence, A.,Minutti-Meza, M.,Zhang, P.(2011).Can Big 4 versus Non-Big 4 differences in audit-quality proxies be attribute to client characteristics?.The Accounting Review,86(1),259-286.
  47. Lennox, C. S.(1999).Audit quality and auditor size: An evaluation of reputation and deep pockets hypotheses.Journal of Business Finance & Accounting,26,779-805.
  48. Lennox, C.,Francis, J.,Wang, Z.(2012).Selection models in accounting research.The Accounting Review,87(2),589-616.
  49. Lin, Ku-Jun(1992)。Reports of partner' earnings distribution in audit firm。Accounting Research Monthly,78,62-65。
  50. Maddala, G. S.(1983).Limited Dependent and Qualitative Variables in Econometric.New York:Cambridge University Press.
  51. Menon, K.,Williams, D. D.(1991).Auditor credibility and initial public offerings.The Accounting Review,66,313-332.
  52. Myers, J. N.,Myers, L. A.,Omer, T. C.(2003).Exploring the term of the auditor-client relationship and the quality of earnings: A Case for mandatory auditor rotation?.The Accounting Review,78,779-799.
  53. Reynolds, J. K.,Francis, J. R.(2001).Does size matter? The influence of large clients on office-level auditor reporting decisions.Journal of Accounting and Economics,30,375-400.
  54. Schwartz, K. B.,Menon, K.(1985).Auditor switches by failing firms.The Accounting Review,60,248-261.
  55. Simunic, D. A.,Stein, M. T.(1987).Production differentiation in auditing: A study of auditor choice in the market for new issue.Canadian Certified General Accountants' Research Foundation.
  56. St. Pierre,Anderson, J. A.(1984).An analysis of the factors associated with lawsuits against public accountants.The Accounting Review,59,242-263.
  57. Teoh, S. H.,Welch, I.,Wong, T. J.(1998).Earnings management and the underperformance of seasoned equity offerings.Journal of Financial Economics,50,63-99.
  58. Teoh, S. H.,Wong, T. J.(1993).Perceived auditor quality and the earnings response coefficient.The Accounting Review,68,346-366.
  59. Vander, B. H.,Willekens, M.,Gaeremynck, A.(2003).Audit firm size, public ownership, and firms' discretionary accruals management.The International Journal of Accounting,38,1-22.
  60. Villalonga, B.,Amit, R.(2006).How do family ownership, control and management affect firm value?.Journal of Financial Economics,80,385-417.
  61. Wallman, S. M. H.(1996).The future of accounting, part iii: reliability and auditor independence.Accoumting Horizons,10,76-97.
  62. Wang, Jong-Ting(2006)。Taiwan,Department of Accounting, National Taipei University。
  63. Warfield, T. D.,Wild, J. J.,Wild, K. L.(1995).Managerial ownership, accounting choices, and informativeness of earnings.Journal of Accounting and Economics,20,61-91.
  64. Wooldridge, J. M.(2002).Econometric Analysis of Cross Section and Panel Data.London, England:MIT Press.
  65. 王鐘霆(2006)。碩士論文(碩士論文)。台北大學會計研究所。
  66. 林谷峻(1992)。我國會計師事務所合夥人盈餘分配報導。會計研究月刊,78,62-65。
  67. 邱秀清(2002)。會計師事務所規模對審計品質之影響。商學學報,10,11-27。
  68. 郭奕伶(2000)。會計業的龍虎爭霸戰:安侯與勤業搶當老大。數位周刊,22,22-28。
  69. 賴春田(2000)。碩士論文(碩士論文)。國立臺灣大學會計研究所。
Times Cited
  1. 黃洚函(2015)。董事會多樣性與審計品質之關聯性研究-以中國為例。淡江大學會計學系碩士班學位論文。2015。1-66。 
  2. 陳仁易(2015)。審計品質對公司績效與資金成本關聯性之探討:針對台灣上市櫃公司。臺中科技大學會計資訊系會計與財稅碩士班學位論文。2015。1-46。 
  3. 高偉哲(2018)。不同公司治理模式下台灣上市櫃公司之盈餘管理、關係人交易與潛在舞弊的比較。臺灣大學會計學研究所學位論文。2018。1-201。 
  4. 呂岱芸(2015)。審計委員會成員與CEO間社群連結對盈餘管理之影響。臺灣大學會計學研究所學位論文。2015。1-49。 
  5. 王宏榮(2009)。公司治理機制對權益市值高估之影響。臺北大學會計學系學位論文。2009。1-56。
  6. 楊承翰(2010)。營利事業所得稅核定品質之影響因素。臺北大學會計學系學位論文。2010。1-71。
  7. 張瑀珊(2010)。不同代理成本下公司治理及審計品質對企業績效之影響。臺北大學會計學系學位論文。2010。1-71。
  8. 簡綾慧(2012)。公司特質對應計與實質盈餘管理選擇的影響。臺北大學會計學系學位論文。2012。1-46。
  9. 范平娸(2012)。訴訟風險、產業專家與盈餘品質關係之研究。臺中科技大學會計資訊系會計與財稅碩士班學位論文。2012。1-48。
  10. 劉正義(2013)。審計委員會之設立及其品質對於公司盈餘管理的影響。臺北大學會計學系學位論文。2013。1-67。
  11. 易瑞敏(2013)。審計委員會開會次數與盈餘管理之關聯性。臺北大學會計學系學位論文。2013。1-62。
  12. 李宛蕙(2016)。博達案前後會計師業審計人員品質與經營策略對經營績效影響之研究。長榮大學經營管理研究所學位論文。2016。1-48。
  13. 蘇誌翔(2017)。自願性設置審計委員會及其品質與內部控制缺失之影響。臺中科技大學會計資訊系碩士班學位論文。2017。1-43。
  14. 陳怡潔(2017)。董事會結構對醫療財團法人財務操縱之影響。中原大學會計研究所學位論文。2017。1-47。
  15. 陳宇慧(2017)。採用國際財務報導準則與會計師變更之關聯性。臺中科技大學會計資訊系碩士班學位論文。2017。1-49。