股權結構、審計品質與審計公費

Ownership structure,Audit quality and Audit fee

張玉蓮(Yu-Lien Chang)

指導教授 ： 曹壽民 ； 林維珩

中原大學/商學院/會計研究所/碩士(2011年)

https://doi.org/10.6840/cycu201100185

摘要

摘　要

亞洲金融風暴開始，國內外陸續發生各大弊案 ，重大弊案產生，皆因缺乏監督機制，以致於企業操弄盈餘，嚴重損害投資者債權人之權益。如何提升公司內外部監督機制避免經理人操弄盈餘，以保障投資者與債權人之權益，發揮公司治理功能，為日前重要課題。

國內重大弊案，普遍具有控制股東(control shareholder)兼高階管理階層職位之情形，國內公司特殊的股權結構，例如：若透過金字塔結構(pyramid structure)、交叉持股及參與管理來增加控制權，造成投票權(voting rights)與現金流量權(cash flow rights)偏離的現象，控制股東可輕易以較少之現金流量取得高控制權因而存在較嚴重的控制股東與非控制股東間的衝突，導致控制股東有誘因(incentive alignment)，為了私利而侵占其他小股東之財富。控制股東持股較為集中，因此較容易作出剝奪(entrenchment)其他股東財富的行為；反之若控制股東以較高之現金流量取得控制權，利益一致假說成立，股權集中公司會更有效率地對公司進行監督。比較不會有短視近利的行為產生，因為為了要讓後代可以繼續經營下去，並且也會為了延續家族聲望(Weber et al. 2003)。
本研究以1998年到2008年之曆年制台灣上市櫃公司資料為樣本，採用線性迴規模型 (linear regression model)探討股權結構型態與審計品質(audit quality)及審計公費(audit fee)間之關聯性，除測試全體樣本資料外，本研究並將樣本區分為經常性增資及非經常性增資樣本，進行分析。實證結果顯示(一)在全體樣本中，公司控制股東現金流量權越大對於審計品質要求較差；股權偏離程度大的公司，對於審計品質要求較好。(二) 相較於非經常性增資公司，經常性增資公司現金流量權與股權偏離，對審計品質影響較大。(三) 現金流量權較大的公司，審計公費較低；股權偏離程度較大的公司，審計公費較高。

關鍵字

股權結構

並列摘要

Astract
When Asian financial crisis began, the scandals at home and abroad broke one after another. Because lack of the supervising mechanism, companies manipulate the earnings, and the interests of investors and creditors were seriously damaged. Therefore, it is important to learn how to promote the internal and external supervising mechanism of the companies and to safeguard rights and interests of the investor and the creditor.

The domestic significant shortcoming document generally is control shareholder concurrently higher order management echelon position .Special ownership structure of the domestic firm, for example: If through pyramid structures like to cross shareholding and participate in the management alternately increasing the domination. Degree of alignment effect is positively related to the controlling shareholder’s rights, and negatively related to the divergence cash flow rights, and negatively related to the divergence between cash flow rights and control rights of the controlling shareholders. Less likely to produce short-sighted behavior of short term profits, because in order to allow future generations can continue to stay in business, and also to continue the family reputation.(Weber et al. 2003).

In this study, the 1998 to 2008 calendar year information on listed companies in Taiwan as samples, using the linear regression model to discuss the ownership structure and audit quality and audit fee relationship, in addition to testing all sample data, the study sample is divided into recurrent and non-recurrent replenishment of the samples for analysis. Empirical results show that (1) In all sample, the controlling shareholders of the company, the greater the cash flow right required for audit quality is poor. The greater stockholder’s right deviation is, the audit quality is better. (2) Compares in the non-regularity increases funding the company, the regularity increases funding the company cash flow power and the voting rights deviation, greater impact on audit quality. (3) Cash flow power is larger, the audit fee is lower. The deviation is larger, the audit fee is higher.

並列關鍵字

Ownership structure

參考文獻

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