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題名 關鍵查核事項與權益資金成本之關聯性研究
An empirical study of key audit matters and cost of equity capital
作者 吳欣佩
貢獻者 梁嘉紋
吳欣佩
關鍵詞 關鍵查核事項
權益資金成本
Key audit matters
Cost of equity capital
日期 2017
上傳時間 24-Jul-2017 11:57:35 (UTC+8)
摘要 在全球金融危機之後，投資人、債權人及財務報表預期使用者開始期待原本制式的會計師查核報告能提供財務報表使用者更多攸關資訊及公司個別化，並且內容能更加深入。在各界的需求與期待下，英國財務報告理事會於2013年率先發佈新的會計師查核報告準則，對會計師查核報告格式與要素之重大改革作出回應。其中，要求查核報告揭露關鍵查核事項希冀提高查帳報告的透明度，也強化會計師與公司經營團隊、獨立董事間的溝通，揭露可能影響公司營運的重大風險及相關查核風險。本研究乃探討關鍵查核事項之揭露與關鍵查核事項數目對權益資金成本的影響，並進一步探討關鍵查核事項之數目與權益資金成本下降幅度相關。實證結果顯示，揭露關鍵查核事項的揭露與企業之權益資金成本為顯著負相關，且關鍵查核事項的數目與權益資金成本呈正相關。綜上，關鍵查核事項之揭露有助於提升查核報告資訊價值，降低資訊不對稱的情形，進而降低公司之權益資金成本。
After the global financial crisis, investors, creditors and users of financial statements begin to expect the original auditor’s report to provide more related information and individualization of the company, and the content can be more in-depth. Under the needs and expectations, the UK Financial Reporting Council was the first to issue a new auditor`s reporting guidelines in 2013 to respond to the major changes in the auditor`s reporting format and elements. Among them, the requirements of the audit report to disclose the key items hope to improve the transparency of the auditor’s report, but also to strengthen the communication between the accountants and the company’s management and independent directors, disclosing the risks may affect the company`s operation and related audit risks. This study examines the impact of disclosing key audit matters and the number of key audit matters on the cost of equity capital and further considers the number of key audit matters related to the decrease in cost of equity capital. The empirical results show that the disclosure of key audit matters is negatively correlated with the cost of equity capital, and the number of key audit matters is positively correlated with the cost of equity capital. In summary, the disclosure of key audit matters will help to improve the informative value of the auditor’s report, reducing the information asymmetry, thereby reducing the company`s cost of equity capital.
參考文獻 一、 中文部分\n黃劭彥、李宗霖與林思綺，IAASB發布新會計師查核報告－提高資訊價值及透\n明度，會計研究月刊，第352期（3月）：16-21\n黃瓊瑤、張瑞元與林金賢，企業社會責任揭露對權益資金成本之影響，臺灣企\n業績效學刊，2014，第7卷，第2期：103-124\n黃劭彥、吳東憲、鍾宇軒與廖上萱，自願性財務預測、公司治理與權益資金成\n本，台灣金融財務季刊，2009，第10輯，第2期：41-66\n黃劭彥、李宗霖與林陣蒼，淺析新式會計師查核報告之「關鍵查核事項」，會計\n師季刊，2016，第268期：18-28\n陳瑞斌與許崇源，資訊揭露水準對於權益資金成本之影響，東吳經濟商學報，\n2008，第61期：67-108\n謝天，2013，Clawback條款是否影響公司之權益資金成本及信用評等?，國立\n政治大學會計學系碩士論文\n陳若晞，2015，審計委員會權益基礎報酬是否影響公司之權益資金成本及信用\n評等？，國立政治大學會計學系碩士論文\n二、 英文部分\nAhmed, K.; Courtis, J.K. 1999. Associations between corporate characteristics and \ndisclosure levels in annual reports: A meta-analysis. British Accounting Review, \n31(1): 35-61.\nAmihud, Y., Mendelson, H. 1986. Asset pricing and the bid–ask spread. Journal of \nFinancial Economics 17: 223–249.\nBarry, C. and S. Brown. 1985. Differential information and security market equilibrium. \nJournal of Financial and Quantitative Analysis, 20, No.4: 407-422\nBeaver, B. and J. Manegold. 1975. The association between market-determined and \naccounting-determined measures of systematic risk: Some further evidence. \nJournal of Financial and Quantitative Analysis 10: 213-284. Bloomfield, R., & Wilks, T. J. 2000. Disclosure effects in the laboratory: liquidity, \ndepth and the cost of capital. The Accounting Review, 75(1): 13–42.\nBotosan, C. A. 1997, Disclosure Level and the Cost of Equity Capital. The \nAccounting Review, 72, No.3, pp.323-49.\nBotosan, C.A. 2006. Disclosure and the cost of capital: what do we know? Accounting and Business Research, International Accounting Policy Forum: 31-40.\nBotosan and Plumlee. 2002. A re-examination of disclosure level and the expected \ncost of equity capital. The Journal of Accounting Research, Vol 40 issue 1: \n21-40.\nBrasel, K., M. Doxey, J. Grenier, and A. Reffett. 2016. Risk disclosure preceding \nnegative outcomes: The effects of reporting critical audit matters on judgments of auditor liability. The Accounting Review 91 (September): 1345-1362.\nChen, K. C. W., Z. H. Chen, and J. K. C. Wei. 2003. Disclosure, corporate \ngovernance, and the cost of equity capital: Evidence from Asia’s emerging \nmarkets. SSRN Working Paper.\nChen, K. C. W., Z. H. Chen, and J. K. C. Wei 2004, Disclosure, corporate \ngovernance, and the cost of equity capital in emerging markets. SSRN \nWorking Paper. \nChen, K.C. W., Chen, Z., and Wei, K. C. J. 2011. Agency costs of free cash flow and \nthe effect of shareholder rights on the implied cost of equity capital. Journal of \nFinancial and Quantitative Analysis 46(1): 171-207.\nCheng, C. S., A. D. Collins, and H. H. Huang. 2006. Shareholder rights, financial \ndisclosure and the cost of equity capital. Review of Quantitative Finance and \nAccounting, 27(2): 175-204.\nChristensen, B. E., S. M. Glover, and C. J. Wolfe. 2014. Do critical audit matter \nparagraphs in the audit report change nonprofessional investor’s decision to \ninvest? Journal of Practice & Theory 33 (4):71-93. Clatworthy, M. and Jones, M.J. 2003. ‘Financial reporting of good news and bad \nnews: Evidence from accounting narratives. Accounting and Business Research, \n33(3): 171–185.\nClaus, J. and J. Thomas. 2001. Equity premia as low as three percent? Evidence \nfrom analysts’ earnings forecasts for domestic and international stock markets. \nJournal of Finance, 56: 1629-1666.\nColes, J., U. Loewenstein, J. Suay. 1995. On equilibrium pricing under parameter \nUncertainty. The Journal of Financial and Quantitative Analysis 30: 347-374.\nDeAngelo, L. E. 1981. Auditor size and auditor quality. Journal of Accounting and \nEconomics 3 (3): 183-199.\nDietrich, J. R., Kachelmeier, S. J., Kleinmuntz, D. N., Linsmeier, T. J. 2001. Market \nefficiency, bounded rationality and supplemental business reporting disclosures. \nJournal of Accounting Research, 39(2): 213-268.\nDouglas W. Diamond and Robert E. Verrecchia. 1991.Disclosure, liquidity, and the \ncost of capital. The Journal of Finance Vol. 46, No. 4: 1325-1359.\nEasley, D. and M. O’hara. 2004. Information and the cost of capital. The journal \nof finance ,vol 6, No.4: 1553-1583.\nEaston, P. (2004), “PE ratios, PEG ratios, and estimating the implied expected rate \nof return on equity capital.” The Accounting Review, 79, No.1: 73-95.\nFernando, G.D. Elder, R.J. and Abdel Meguid, A.M. 2008. Audit quality attributes, \n client size and cost of capital. Review of Accounting and Finance, Vol. 9, No. 4: 363-381.\nFrancis, J., I. Khurana, and R. Pereira. 2005. Disclosure incentives and effects on \ncost of capital around the world. The Accounting Review, 80(4): 1125-1162.\nGao, Z & Chen, H. 2010, Value-at-risk disclosure and cost of equity capital. Global \nEconomy and Finance Journal, vol 3, no. 2: 61-75.\nGebhardt, W.; Lee, C.; and B. Swaminathan. "Toward an implied cost of capital." \nJournal of Accounting Research, 39 (2001), 135-176.\n\nGimbar, C., et al. 2015. Early evidence on the effects of critical audit matters on \n auditor liability. Current Issues in Auditing, Vol. 10, No. 1, Spring 2016: A24–\nA33.\nGlosten L. and P. Milgrom. 1985. Bid, ask and transaction prices in a specialist \nmarket with heterogeneously informed traders. Journal of Financial Economics, \n14: 71–100.\nGode, D., and P. Mohanram. 2003. Inferring the cost of capital using the Ohlson-\nJuettner model. Review of Accounting Studies, 8: 399–431.\nHanda, P. and S. C. Linn. 1993. Arbitrage pricing with estimation risk. Journal of \nFinancial Economics, 28, No.1:81-100.\nHarper, R. M. J., W. G. Mister and J. R. Strawser.1987. The impact of new pension \ndisclosure rules on perceptions. Journal of Accounting Research 25: 327-330.\nHealy, P., A. Hutton, and K. Palepu. 1999. Stock performance and intermediation \nchanges surrounding sustained increases in disclosure. Contemporary \nAccounting Research 16: 485–520.\nHodge, F., J. Kennedy and L. Maines. 2004. Does search-facilitating technology \nimprove the transparency of financial reporting? The Accounting Review 79\n(3): 687-703.\nJosef Lakonishok, Andrei Schleifer and Robert W. Vishny. 1994. "Contrarian \ninvestment, extrapolation and risk. The Journal of Finance, Vol. 49, No. 5:\n1541-1578.\nKhurana, I. K., and K. K. Raman. 2004. Litigation risk and the financial reporting \nof Big 4 versus Non-Big4 audits: Evidence from anglo-american countries. \nThe Accounting Review. Vol. 79, No. 3: 473-495. Lambert, R., Leuz, C., Verrecchia, R. E., 2007. Accounting information, disclosure, \nand the cost of capital. Journal of Accounting Research 45, 385–420. LI, S. 2010. Does mandatory adoption of international financial reporting \nstandards in the European Union reduce the cost of equity capital? The \nAccounting Review, 85(2): 607-636.\nMinutti-Meza, M. and E. Gutierrez. 2015. Consequences of changing the auditors \n report. Working Paper.\nNg, J., R. Verrecchia, and J. Weber. 2009. Firm performance measures and adverse \nselection. Working paper, MIT Sloan School of Management. \nInternational Auditing and Assurance Standard Board (IAASB). 2013. Exposure \ndraft: Reporting on audited financial statements: Proposed new and revised \nInternational Standards on Auditing (ISAs). New York, NY: International \nFederation of Accountants.\nInternational Auditing and Assurance Standard Board (IAASB). 2015a. International \nStandard on Auditing 700 (Revised). Forming an opinion and reporting on \nfinancial statements. New York, NY: International Federation of Accountants.\nInternational Auditing and Assurance Standard Board (IAASB). 2015b. International \nStandard on Auditing 701. Communicating key audit matters in the Independent Auditor’s Report. New York, NY: International Federation of Accountants.\nJiand, Wang. 1993. A model of intertemporal asset prices Under asymmetric \ninformation. The Review of Economic Studies 60 (2): 249-282.\nKachelmeier, S. J., J. J. Schmidt, and K. Valentine. 2015. The disclaimer effect of \ndisclosing critical audit matters in the auditor’s report. Working paper, \nThe University at Texas at Austin.\nKonchitchki Y. and W. Landsman. 2007. Cost of capital and financial statement \ntransparency. Working paper, Stanford University and University of North \nCarolina.\nLambert, R., C. Leuz, and R. Verrecchia. 2007. Accounting information, disclosure, \nand the cost of capital. Journal of Accounting Research 45 (2): 385-420.\nLundholm, R. 1999. Reporting on the past: A new approach to improving accounting \ntoday. Accounting Horizons 13(4): 315-322.\nMerton, R. C. 1987. A simple model of capital market equilibrium with incomplete \ninformation. The Journal of Finance, 42(3): 483–510.\nMinutti-Meza, M. and E. Gutierrez 2015. Consequences of changing the auditors \nreport." Working Paper 2016.\nOgneva, M., K. Subramanyam, and K. Raghunandan. 2007. Internal control weakness \nand cost of equity: evidence from SOX section 404 disclosures. The Accounting \nReview 82: 1255-1207.\nOhlson, J., and B. Juettner-Nauroth. 2005. Expected EPS and EPS growth as \ndeterminants of value. Review of Accounting Studies 10: 349-365.\nPaul M. Healy and Krishna G. Palepu. 2001. Information asymmetry, corporate \ndisclosure, and the capital markets: A review of the empirical disclosure literature. \nJournal of Accounting and Economics, vol. 31, issue 1-3: 405-440.\nReid, L., Carcello, J.V., Li, C., Neil, T, 2015a. Are auditor and audit committee report \nchanges useful to investors? Evidence from the United Kingdom. Working paper. \nUniversity of Pittsburgh and University of Tennessee.\nReid, L., Carcello, J.V., Li, C., Neil, T., 2015b. Impact of auditor and audit committee \nreport changes on audit quality and costs: Evidence from the United Kingdom. \nWorking paper. University of Pittsburgh and University of Tennessee.\nRobert S. Hamada. 1969. Portfolio analysis, market equilibrium and corporation \nfinance. The Journal of Finance, Vol. 24, No.1: 13-31. \nRobert J. Bloomfield and T. Jeffrey Wilks. 2000. Disclosure effects in the laboratory: \nLiquidity, depth, and the cost of capital. The Accounting Review, Vol. 75, No. 1: \n13-41.\nSengupta, P. 1998. Corporate disclosure quality and the cost of debt. The \nAccounting Review 73(4): 459-474\nVanstraelen A., Schelleman C., Meuwissen R., Hoffman I. 2012. The audit reporting \ndebate: Seemingly intractable problem and feasible solutions. European \nAccounting Review, vol. 21 (2): 193–216.\nVerrecchia, R. E. 2001. Essays on disclosure. Journal of Accounting and Economics \n32: 97–80.\nWelker, M. 1995. Disclosure policy, information asymmetry and liquidity in \nequity markets. Contemporary Accounting Research, 11, No.2: 801-27.
描述 碩士
國立政治大學
會計學系
104353005
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104353005
資料類型 thesis
dc.contributor.advisor 梁嘉紋zh_TW
dc.contributor.author (Authors) 吳欣佩zh_TW
dc.creator (作者) 吳欣佩zh_TW
dc.date (日期) 2017en_US
dc.date.accessioned 24-Jul-2017 11:57:35 (UTC+8)-
dc.date.available 24-Jul-2017 11:57:35 (UTC+8)-
dc.date.issued (上傳時間) 24-Jul-2017 11:57:35 (UTC+8)-
dc.identifier (Other Identifiers) G0104353005en_US
dc.identifier.uri (URI) https://ah.lib.nccu.edu.tw/item?item_id=128140-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 104353005zh_TW
dc.description.abstract (摘要) 在全球金融危機之後，投資人、債權人及財務報表預期使用者開始期待原本制式的會計師查核報告能提供財務報表使用者更多攸關資訊及公司個別化，並且內容能更加深入。在各界的需求與期待下，英國財務報告理事會於2013年率先發佈新的會計師查核報告準則，對會計師查核報告格式與要素之重大改革作出回應。其中，要求查核報告揭露關鍵查核事項希冀提高查帳報告的透明度，也強化會計師與公司經營團隊、獨立董事間的溝通，揭露可能影響公司營運的重大風險及相關查核風險。本研究乃探討關鍵查核事項之揭露與關鍵查核事項數目對權益資金成本的影響，並進一步探討關鍵查核事項之數目與權益資金成本下降幅度相關。實證結果顯示，揭露關鍵查核事項的揭露與企業之權益資金成本為顯著負相關，且關鍵查核事項的數目與權益資金成本呈正相關。綜上，關鍵查核事項之揭露有助於提升查核報告資訊價值，降低資訊不對稱的情形，進而降低公司之權益資金成本。zh_TW
dc.description.abstract (摘要) After the global financial crisis, investors, creditors and users of financial statements begin to expect the original auditor’s report to provide more related information and individualization of the company, and the content can be more in-depth. Under the needs and expectations, the UK Financial Reporting Council was the first to issue a new auditor`s reporting guidelines in 2013 to respond to the major changes in the auditor`s reporting format and elements. Among them, the requirements of the audit report to disclose the key items hope to improve the transparency of the auditor’s report, but also to strengthen the communication between the accountants and the company’s management and independent directors, disclosing the risks may affect the company`s operation and related audit risks. This study examines the impact of disclosing key audit matters and the number of key audit matters on the cost of equity capital and further considers the number of key audit matters related to the decrease in cost of equity capital. The empirical results show that the disclosure of key audit matters is negatively correlated with the cost of equity capital, and the number of key audit matters is positively correlated with the cost of equity capital. In summary, the disclosure of key audit matters will help to improve the informative value of the auditor’s report, reducing the information asymmetry, thereby reducing the company`s cost of equity capital.en_US
dc.description.tableofcontents 第一章 緒論 1\n第一節 研究背景與動機 1\n第二節 研究目的 2\n第三節 研究問題 4\n第四節 研究架構 5\n第二章 文獻探討 6\n第一節 公司權益資金成本 6\n第二節 關鍵查核事項之相關文獻 9\n第三章 研究方法 14\n第一節 研究假說 14\n第二節 樣本選取與資料來源 16\n第三節 研究模型與變數衡量 18\n第四章 實證結果與分析 24\n第一節 敘述性統計與相關係數分析 24\n第二節 迴歸分析 36\n第三節 進一步分析 41\n第五章 研究結論與建議 57\n第一節 研究結論 57\n第二節 研究限制 60\n第三節 研究建議 61\n參考文獻 62zh_TW
dc.format.extent 759399 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104353005en_US
dc.subject (關鍵詞) 關鍵查核事項zh_TW
dc.subject (關鍵詞) 權益資金成本zh_TW
dc.subject (關鍵詞) Key audit mattersen_US
dc.subject (關鍵詞) Cost of equity capitalen_US
dc.title (題名) 關鍵查核事項與權益資金成本之關聯性研究zh_TW
dc.title (題名) An empirical study of key audit matters and cost of equity capitalen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、 中文部分\n黃劭彥、李宗霖與林思綺，IAASB發布新會計師查核報告－提高資訊價值及透\n明度，會計研究月刊，第352期（3月）：16-21\n黃瓊瑤、張瑞元與林金賢，企業社會責任揭露對權益資金成本之影響，臺灣企\n業績效學刊，2014，第7卷，第2期：103-124\n黃劭彥、吳東憲、鍾宇軒與廖上萱，自願性財務預測、公司治理與權益資金成\n本，台灣金融財務季刊，2009，第10輯，第2期：41-66\n黃劭彥、李宗霖與林陣蒼，淺析新式會計師查核報告之「關鍵查核事項」，會計\n師季刊，2016，第268期：18-28\n陳瑞斌與許崇源，資訊揭露水準對於權益資金成本之影響，東吳經濟商學報，\n2008，第61期：67-108\n謝天，2013，Clawback條款是否影響公司之權益資金成本及信用評等?，國立\n政治大學會計學系碩士論文\n陳若晞，2015，審計委員會權益基礎報酬是否影響公司之權益資金成本及信用\n評等？，國立政治大學會計學系碩士論文\n二、 英文部分\nAhmed, K.; Courtis, J.K. 1999. Associations between corporate characteristics and \ndisclosure levels in annual reports: A meta-analysis. British Accounting Review, \n31(1): 35-61.\nAmihud, Y., Mendelson, H. 1986. Asset pricing and the bid–ask spread. Journal of \nFinancial Economics 17: 223–249.\nBarry, C. and S. Brown. 1985. Differential information and security market equilibrium. \nJournal of Financial and Quantitative Analysis, 20, No.4: 407-422\nBeaver, B. and J. Manegold. 1975. The association between market-determined and \naccounting-determined measures of systematic risk: Some further evidence. \nJournal of Financial and Quantitative Analysis 10: 213-284. Bloomfield, R., & Wilks, T. J. 2000. Disclosure effects in the laboratory: liquidity, \ndepth and the cost of capital. The Accounting Review, 75(1): 13–42.\nBotosan, C. A. 1997, Disclosure Level and the Cost of Equity Capital. The \nAccounting Review, 72, No.3, pp.323-49.\nBotosan, C.A. 2006. Disclosure and the cost of capital: what do we know? Accounting and Business Research, International Accounting Policy Forum: 31-40.\nBotosan and Plumlee. 2002. A re-examination of disclosure level and the expected \ncost of equity capital. The Journal of Accounting Research, Vol 40 issue 1: \n21-40.\nBrasel, K., M. Doxey, J. Grenier, and A. Reffett. 2016. Risk disclosure preceding \nnegative outcomes: The effects of reporting critical audit matters on judgments of auditor liability. The Accounting Review 91 (September): 1345-1362.\nChen, K. C. W., Z. H. Chen, and J. K. C. Wei. 2003. Disclosure, corporate \ngovernance, and the cost of equity capital: Evidence from Asia’s emerging \nmarkets. SSRN Working Paper.\nChen, K. C. W., Z. H. Chen, and J. K. C. Wei 2004, Disclosure, corporate \ngovernance, and the cost of equity capital in emerging markets. SSRN \nWorking Paper. \nChen, K.C. W., Chen, Z., and Wei, K. C. J. 2011. Agency costs of free cash flow and \nthe effect of shareholder rights on the implied cost of equity capital. Journal of \nFinancial and Quantitative Analysis 46(1): 171-207.\nCheng, C. S., A. D. Collins, and H. H. Huang. 2006. Shareholder rights, financial \ndisclosure and the cost of equity capital. Review of Quantitative Finance and \nAccounting, 27(2): 175-204.\nChristensen, B. E., S. M. Glover, and C. J. Wolfe. 2014. Do critical audit matter \nparagraphs in the audit report change nonprofessional investor’s decision to \ninvest? Journal of Practice & Theory 33 (4):71-93. Clatworthy, M. and Jones, M.J. 2003. ‘Financial reporting of good news and bad \nnews: Evidence from accounting narratives. Accounting and Business Research, \n33(3): 171–185.\nClaus, J. and J. Thomas. 2001. Equity premia as low as three percent? Evidence \nfrom analysts’ earnings forecasts for domestic and international stock markets. \nJournal of Finance, 56: 1629-1666.\nColes, J., U. Loewenstein, J. Suay. 1995. On equilibrium pricing under parameter \nUncertainty. The Journal of Financial and Quantitative Analysis 30: 347-374.\nDeAngelo, L. E. 1981. Auditor size and auditor quality. Journal of Accounting and \nEconomics 3 (3): 183-199.\nDietrich, J. R., Kachelmeier, S. J., Kleinmuntz, D. N., Linsmeier, T. J. 2001. Market \nefficiency, bounded rationality and supplemental business reporting disclosures. \nJournal of Accounting Research, 39(2): 213-268.\nDouglas W. Diamond and Robert E. 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