本研究主要將會計師事務所規模之更換、會計師事務所任期與公司價值加以結合,探討公司更換到規模較大之會計師事務所,以及會計師事務所任期之短長對於公司價值是否會造成影響,為本文之研究目的。 以2003年至2011年台灣上市、上櫃公司為研究對象,公司價值係以每股盈餘為代理變數,而以是否由四大會計師事務所查核、四大會計師事務所任期是否超過5年、以及是否由非四大會計師事務所更換到四大會計師事務所做為主要研究變數,實證結果發現四大會計師事務所與公司價值呈顯著正相關,表示由四大會計師事務所查核的公司,其公司價值較高;由非四大會計師事務所更換到四大與公司價值之關係亦呈顯著正相關,表示由非四大會計師事務所更換到四大會計師事務所的確能使公司價值提升。本研究進一步探討四大會計師事務所任期與公司價值之間的關聯性,實證結果呈顯著負相關,顯示四大會計師事務所任期愈長,公司價值並未較高,另以資產報酬率與市場績效(Tobin’s Q)作為公司價值之代理變數,檢測結果亦同。
The study aims to investigate the relationship between the auditor quality and the firm’s value. The association of the auditor tenure (especially Big4) and the firm’s value is also the focus of this study. In this study, EPS is treated as the proxy of firm’s value and I want to study the effect on EPS when the firms change auditor firm from non-Big4 to Big4. Data are collected from Taiwan listed companies during the period 2003–2011. I employ the linear regression model to conduct empirical tests. The results show that the EPS of the company which is audited by Big4 auditors is significantly positive. Moreover, the empirical results also show that the firm’s value is better when the firms decide to change auditors from non-Big4 to Big4. In addition, auditor firm tenure has significant impact on firm’s value. The coefficient for the Big4 tenure is negatively significant on EPS. The empirical results are similar when ROA and Tobin’s Q are used as the proxies of firm’s value.