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題名 會計師特性與客戶投資效率關係之研究：來自中國上市公司的證據
The Relation between Auditor Characteristics and Client Investment Efficiency：Evidence from China
作者 劉磊莉
Liu, Lei Li
貢獻者 金成隆
劉磊莉
Liu, Lei Li
關鍵詞 會計師
投資效率
產業專家
國有企業
Auditors
Investment efficiency
Industrial experts
State-owned enterprise
日期 2018
上傳時間 12-Jun-2018 17:03:28 (UTC+8)
摘要 本篇論文的主要目的是檢測會計師是否會影響其客戶投資效率。本研究以2007至2016年間的中國上市公司為樣本，實證結果顯示:（1）事務所層級的產業專家對客戶投資效率有積極影響。（2）會計師個人、事務所皆為產業專家時相對於非產業專家可以提高其客戶的投資效率且其對客戶的投資效率的影響大於單一產業專家。（3）會計師個人、事務所皆為產業專家時，對於國有企業投資效率的影響小於非國有企業。綜上會計師在提高客戶的投資效率方面起著至關重要的作用。
The objective of this thesis is to examine whether the auditors affect the investment efficiency of its client. Using a sample of Chinese listed firms during 2007~2016, I find that: (1) Audit-firm-level industry expert is positively associated with its clients’ investment efficiency. (2) Industry expert at both firm and partner levels has stronger effect on investment efficiency than industry expert, either at firm-level alone, or at partner level alone. (3) When auditors are industry expert at both firm and partner levels, the effect of industry expertise on investment efficiency is more pronounced for non-state-owned enterprises than state-owned enterprises. In sum, auditors play a critical role in enhancing firm’s investment efficient.
參考文獻 王化成，胡國柳，2005，股權結構與企業投資多元化關係：理論與實證分析，會計研究，第8卷：56-62。
王昌銳，吳莉，2016，股權結構、會計穩健性與投資效率，東嶽論叢，第37期：136-143。
李青原，2009，會計資訊品質與公司資本配置效率——來自我國上市公司的經驗證據，南開管理評論，第12卷第2期：115-124。
李鑫，2007，股權結構、自由現金流與中國上市公司的過度投資，管理科學與統計決策，第4卷第4期：57-62。
呂峻，2012，政府幹預和治理結構對公司過度投資的影響，財經問題研究(1月)：31-37。
汪平，孫士霞，2009，自由現金流、股權結構與中國上市公司過度投資問題研究，當代財經，第5期：63-71。
汪偉立，2017，國家控股與企業過度投資行為分析，學術論壇（2月）：157-158。
郭磊，王震，2012，國有企業過度投資行為及其制約機制的實證研究——基於我國A股市場實證，金融理論與實踐，第8期：90-93。
袁建國，蔣瑜峰，蔡豔芳，2009，會計資訊品質與過度投資的關係研究，管理學報，第6期第3卷：367-372。
陳豔，2009，股權結構與國有企業非效率投資行為治理——基於國有企業上市公司資料的實證分析，經濟與管理研究（5）：49-54。
閆華紅，許倩，2012，國有與非國有上市公司非效率投資比較的實證研究，會計之友，第20期：96-99。
閆華紅，殷冰潔，2010國有上市公司非效率投資行為檢驗及影響因素分析，經濟與管理研究，第 5期：101-109。
梅丹，2009，國有產權、公司治理與非效率投資，證券市場導報，第4期 ：44-50。
張棟，楊淑娥，楊紅，2008，第一大股東股權、治理機制與企業過度投資——基於中國上市公司Panel Data的研究，當代經濟科學，第30卷第4期：62-72。
張洪輝，王宗軍，2010，政府幹預、政府目標與國有上市公司的過度投資，南開管理評論，第13期（3月）： 101-108。
楊清香，俞麟，胡向麗，2010，不同產權性質下股權結構對投資行為的影響——來自中國上市公司的經驗證據，中國軟科學，第7期：142-150。
齊方璐，2016，會計資訊品質對投資效率的影響研究，中國市場，第16期：184-185。
劉參，2013，國家控股與企業過度投資行為研究，國際商務財會，第3期：28-33。
劉廣瑞，王永樂，施文藝，2015，國有控股上市公司會計資訊品質與投資效率:基於內部人控制的視角，商業會計，第24期：10-12。
黎精明，唐霞，2011，我國國有企業過度投資——基於生產要素投入視角的理論解釋，財經理論與實踐，第32卷（4月）：46-50。
Alti, A. 2003. How sensitive is investment to cash flow when financing is frictionless? Journal of Finance 58: 707–722.
Bae, Gil S., Choi, Seung Uk, D. S. Dhaliwal, and P. T. Lamoreaux. 2016. Auditors and client investment efficiency. The Accounting Review 92(2):19-40.
Behn, B. K., J.-H. Choi, and T. Kang. 2008. Audit quality and properties of analyst earnings forecasts. The Accounting Review 83 (2):327-349.
Biddle Q., and G. Hilary. 2006.Accounting quality and firm-level capital investment. The Accounting Review81(5):963-982.
Biddle, G. C., G. Hilary, and R. S. Verdi. 2009. How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics 48: 112–131.
Bushman and Smith. 2009. Financial accounting information and corporate governance. Journal of Accounting and Economics 31:237-333.
Cai,Y., Y. Kim, J. C. Park, and H. D. White. 2016. Common auditors in M and A transactions. Journal of Accounting and Economics 61(1): 77–99.
Chang, X., S. Dasgupta, and G. Hilary. 2009. The effect of auditor quality on financing decisions. The Accounting Review 84 (4):1085-1117.
Chen, R., El Ghoul, S., Guedhami, O., and Wang, H. 2014. Do state and foreign ownership affect investment efficiency? Evidence from privatizations. Journal of Corporate Finance. Available at: 10.1016/j.jcorpfin. Accessed: September 1, 2014.
Cheng, M., D. Dhaliwal, and Y. Zhang. 2013. Does investment efficiency improve after the disclosure of material weakness in internal control over financial reporting? Journal of Accounting and Economics 56: 1–18.
Chin, Chen‐Lung; Chi, Hsin‐Yi. 2014. Reducing restatements with increased industry expertise. Contemporary Accounting Research26(3): 729-765
Christensen, B. E., S. M. Glover, and D. A. Wood. 2012. Extreme estimation uncertainty in fair value estimates: Implications for audit assurance. Auditing: A Journal of Practice and Theory 31 (1): 127–146.
Dhaliwal, D. S., P. Lamoreaux, L. Litov, and J. Neyland. 2016. Shared auditors in mergers and acquisitions. Journal of Accounting and Economics 61 (1): 49–76.
Doty, J. R. 2012. Ensuring integrity: Seventh annual auditing conference. Keynote address, Baruch College–CUNY, November 29.
Elaoud, Assawer ; Jarboui, Anis. 2017. Auditor specialization, accounting information quality and investment efficiency. Research in International Business and Finance 42: 616-629.
Fiolleau, K., K. Hoang, K. Jamal, and S. Sunder. 2013. How do regulatory reforms to enhance auditor independence work in practice? Contemporary Accounting Research 30 (3): 864–890.
Francis, J. R., and M. Yu. 2009. Big 4 office size and audit quality. The Accounting Review 84 (5): 1521–1552.
Gil Soo Bae ; Seung Uk Choi; Dhaliwal, Dan S. ; Lamoreaux, Phillip T. 2017. Auditors and client investment efficiency. The Accounting Review 92(2): 19–40.
Gleason, C. A., and L. F. Mills. 2011. Do auditor-provided tax services improve the estimate of tax reserves? Contemporary Accounting Research 28 (5): 1484–1509.
Gomariz, F. C., and Ballesta, J. P. S. 2014. Financial reporting quality, debt maturity and investment efficiency. Journal of Banking and Finance 40: 494–506.
Kim, J. B., and B. Y. Song. 2011. Auditor auality and loan syndicate structure. Auditing: A Journal of Practice and Theory 30 (4): 71–99.
Louis, H. 2005. Acquirers’ abnormal returns and the non-Big 4 auditor clientele effect. Journal of Accounting and Economics 40 (1): 75–99.
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Moroney, R. 2007. Does industry expertise improve the efficiency of audit judgment? Auditing: A Journal of Practice Theory 26 (2): 69-94.
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描述 碩士
國立政治大學
會計學系
105353117
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0105353117
資料類型 thesis
dc.contributor.advisor 金成隆zh_TW
dc.contributor.author (Authors) 劉磊莉zh_TW
dc.contributor.author (Authors) Liu, Lei Lien_US
dc.creator (作者) 劉磊莉zh_TW
dc.creator (作者) Liu, Lei Lien_US
dc.date (日期) 2018en_US
dc.date.accessioned 12-Jun-2018 17:03:28 (UTC+8)-
dc.date.available 12-Jun-2018 17:03:28 (UTC+8)-
dc.date.issued (上傳時間) 12-Jun-2018 17:03:28 (UTC+8)-
dc.identifier (Other Identifiers) G0105353117en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/117634-
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) 105353117zh_TW
dc.description.abstract (摘要) 本篇論文的主要目的是檢測會計師是否會影響其客戶投資效率。本研究以2007至2016年間的中國上市公司為樣本，實證結果顯示:（1）事務所層級的產業專家對客戶投資效率有積極影響。（2）會計師個人、事務所皆為產業專家時相對於非產業專家可以提高其客戶的投資效率且其對客戶的投資效率的影響大於單一產業專家。（3）會計師個人、事務所皆為產業專家時，對於國有企業投資效率的影響小於非國有企業。綜上會計師在提高客戶的投資效率方面起著至關重要的作用。zh_TW
dc.description.abstract (摘要) The objective of this thesis is to examine whether the auditors affect the investment efficiency of its client. Using a sample of Chinese listed firms during 2007~2016, I find that: (1) Audit-firm-level industry expert is positively associated with its clients’ investment efficiency. (2) Industry expert at both firm and partner levels has stronger effect on investment efficiency than industry expert, either at firm-level alone, or at partner level alone. (3) When auditors are industry expert at both firm and partner levels, the effect of industry expertise on investment efficiency is more pronounced for non-state-owned enterprises than state-owned enterprises. In sum, auditors play a critical role in enhancing firm’s investment efficient.en_US
dc.description.tableofcontents 目錄
壹、前言 1
第一節、研究動機與目的 1
第二節、研究問題 3
第三節、研究思路與研究框架 4
貳、文獻綜述 5
第一節、會計資訊與投資效率文獻綜述 5
第二節、產業專家文獻綜述 7
第三節、國有企業與投資效率文獻綜述 8
叁、研究設計 9
第一節、研究假說 9
第二節、資料來源與選取 12
第三節、變數設計 13
第四節、模型構建 18
肆、實證分析 20
第一節、敘述性統計 20
第二節、相關係數分析 25
第三節、迴歸分析 26
第四節、進一步檢驗 32
伍、 研究結論與限制 37
第一節、研究結論 37
第二節、研究限制 38
陸、參考文獻 39
圖目錄
圖1 研究框架圖 44
表目錄
表1變數定義 45
表2敘述性統計（N= 10,113） 46
表3Spearman 相關係數（N= 10,113） 47
表4會計師是否為產業專家與投資效率關聯繫之研究 49
表5會計師與國有、非國有企業與投資效率之關聯性分析 51
表6變數定義-2 52
表7會計師是否為產業專家與投資效率關聯繫之研究 53
表8會計師與國有、非國有企業與投資效率之關聯性分析 55		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0105353117en_US
dc.subject (關鍵詞) 會計師zh_TW
dc.subject (關鍵詞) 投資效率zh_TW
dc.subject (關鍵詞) 產業專家zh_TW
dc.subject (關鍵詞) 國有企業zh_TW
dc.subject (關鍵詞) Auditorsen_US
dc.subject (關鍵詞) Investment efficiencyen_US
dc.subject (關鍵詞) Industrial expertsen_US
dc.subject (關鍵詞) State-owned enterpriseen_US
dc.title (題名) 會計師特性與客戶投資效率關係之研究：來自中國上市公司的證據zh_TW
dc.title (題名) The Relation between Auditor Characteristics and Client Investment Efficiency：Evidence from Chinaen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 王化成，胡國柳，2005，股權結構與企業投資多元化關係：理論與實證分析，會計研究，第8卷：56-62。
王昌銳，吳莉，2016，股權結構、會計穩健性與投資效率，東嶽論叢，第37期：136-143。
李青原，2009，會計資訊品質與公司資本配置效率——來自我國上市公司的經驗證據，南開管理評論，第12卷第2期：115-124。
李鑫，2007，股權結構、自由現金流與中國上市公司的過度投資，管理科學與統計決策，第4卷第4期：57-62。
呂峻，2012，政府幹預和治理結構對公司過度投資的影響，財經問題研究(1月)：31-37。
汪平，孫士霞，2009，自由現金流、股權結構與中國上市公司過度投資問題研究，當代財經，第5期：63-71。
汪偉立，2017，國家控股與企業過度投資行為分析，學術論壇（2月）：157-158。
郭磊，王震，2012，國有企業過度投資行為及其制約機制的實證研究——基於我國A股市場實證，金融理論與實踐，第8期：90-93。
袁建國，蔣瑜峰，蔡豔芳，2009，會計資訊品質與過度投資的關係研究，管理學報，第6期第3卷：367-372。
陳豔，2009，股權結構與國有企業非效率投資行為治理——基於國有企業上市公司資料的實證分析，經濟與管理研究（5）：49-54。
閆華紅，許倩，2012，國有與非國有上市公司非效率投資比較的實證研究，會計之友，第20期：96-99。
閆華紅，殷冰潔，2010國有上市公司非效率投資行為檢驗及影響因素分析，經濟與管理研究，第 5期：101-109。
梅丹，2009，國有產權、公司治理與非效率投資，證券市場導報，第4期 ：44-50。
張棟，楊淑娥，楊紅，2008，第一大股東股權、治理機制與企業過度投資——基於中國上市公司Panel Data的研究，當代經濟科學，第30卷第4期：62-72。
張洪輝，王宗軍，2010，政府幹預、政府目標與國有上市公司的過度投資，南開管理評論，第13期（3月）： 101-108。
楊清香，俞麟，胡向麗，2010，不同產權性質下股權結構對投資行為的影響——來自中國上市公司的經驗證據，中國軟科學，第7期：142-150。
齊方璐，2016，會計資訊品質對投資效率的影響研究，中國市場，第16期：184-185。
劉參，2013，國家控股與企業過度投資行為研究，國際商務財會，第3期：28-33。
劉廣瑞，王永樂，施文藝，2015，國有控股上市公司會計資訊品質與投資效率:基於內部人控制的視角，商業會計，第24期：10-12。
黎精明，唐霞，2011，我國國有企業過度投資——基於生產要素投入視角的理論解釋，財經理論與實踐，第32卷（4月）：46-50。
Alti, A. 2003. How sensitive is investment to cash flow when financing is frictionless? Journal of Finance 58: 707–722.
Bae, Gil S., Choi, Seung Uk, D. S. Dhaliwal, and P. T. Lamoreaux. 2016. Auditors and client investment efficiency. The Accounting Review 92(2):19-40.
Behn, B. K., J.-H. Choi, and T. Kang. 2008. Audit quality and properties of analyst earnings forecasts. The Accounting Review 83 (2):327-349.
Biddle Q., and G. Hilary. 2006.Accounting quality and firm-level capital investment. The Accounting Review81(5):963-982.
Biddle, G. C., G. Hilary, and R. S. Verdi. 2009. How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics 48: 112–131.
Bushman and Smith. 2009. Financial accounting information and corporate governance. Journal of Accounting and Economics 31:237-333.
Cai,Y., Y. Kim, J. C. Park, and H. D. White. 2016. Common auditors in M and A transactions. Journal of Accounting and Economics 61(1): 77–99.
Chang, X., S. Dasgupta, and G. Hilary. 2009. The effect of auditor quality on financing decisions. The Accounting Review 84 (4):1085-1117.
Chen, R., El Ghoul, S., Guedhami, O., and Wang, H. 2014. Do state and foreign ownership affect investment efficiency? Evidence from privatizations. Journal of Corporate Finance. Available at: 10.1016/j.jcorpfin. Accessed: September 1, 2014.
Cheng, M., D. Dhaliwal, and Y. Zhang. 2013. Does investment efficiency improve after the disclosure of material weakness in internal control over financial reporting? Journal of Accounting and Economics 56: 1–18.
Chin, Chen‐Lung; Chi, Hsin‐Yi. 2014. Reducing restatements with increased industry expertise. Contemporary Accounting Research26(3): 729-765
Christensen, B. E., S. M. Glover, and D. A. Wood. 2012. Extreme estimation uncertainty in fair value estimates: Implications for audit assurance. Auditing: A Journal of Practice and Theory 31 (1): 127–146.
Dhaliwal, D. S., P. Lamoreaux, L. Litov, and J. Neyland. 2016. Shared auditors in mergers and acquisitions. Journal of Accounting and Economics 61 (1): 49–76.
Doty, J. R. 2012. Ensuring integrity: Seventh annual auditing conference. Keynote address, Baruch College–CUNY, November 29.
Elaoud, Assawer ; Jarboui, Anis. 2017. Auditor specialization, accounting information quality and investment efficiency. Research in International Business and Finance 42: 616-629.
Fiolleau, K., K. Hoang, K. Jamal, and S. Sunder. 2013. How do regulatory reforms to enhance auditor independence work in practice? Contemporary Accounting Research 30 (3): 864–890.
Francis, J. R., and M. Yu. 2009. Big 4 office size and audit quality. The Accounting Review 84 (5): 1521–1552.
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