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題名 審計委員會自願性設置與審計委員會品質、公司績效及企業價值之關聯性研究
The Effect of Audit Committee Voluntary Formation on Audit Committee Quality, Corporation Performance, and Firm Value作者 段立安
Tuan, Li-An貢獻者 林宛瑩
段立安
Tuan, Li-An關鍵詞 審計委員會
公司績效
企業價值
Audit Committee
Corporation Performance
Firm Value日期 2019 上傳時間 7-Aug-2019 15:53:45 (UTC+8) 摘要 自2006年證券交易法將審計委員會設置納入法律規範以來，金融監督管理委員會採取漸進式方式逐年擴大獨立董事及審計委員會之強制設置，並於2022年底涵蓋所有上市(櫃)公司。本研究欲探討於政府政策推行強制設置下，審計委員會設置性質不同是否產生審計委員會品質、企業價值及公司績效上之落差，以瞭解制度下審計委員會實際運作情形及影響性。本文以2010至2017年台灣上市(櫃)公司為研究對象，探討審計委員會設置性質之不同對審計委員會品質、企業價值及公司績效之影響。實證結果發現，自願性設置審計委員會之公司相較於強制設置者有較高之審計委員會品質。此外，實證結果亦顯示審計委員會設置性質之不同對企業價值及公司績效有不同之影響。自願性設置審計委員會之公司除有較高之審計委員會品質外，其企業價值亦較高；而非自願性設置(強制設置)者則審計委員會設置對企業價值有顯著負向之影響。在公司績效上，實證研究有不同於企業價值之研究結果。於未區分審計委員會設置性質下，審計委員會設置對公司績效有負向顯著之影響。在區分審計委員會設置性質下，審計委員會自願性設置有較小之負向影響；而強制設置者則其設置有較顯著之負向影響。
Since Securites and Exchange Act involed the formation of audit committee in 2006, the Financial Supervisory Commission in Taiwan have expanded the scope of regulations on establishments of audit committee. Based on the enlarging scope of regulations, extended to all listed companies by 2022, and the increasing attentions on audit committee, this study attempts to examine whether differences exist on the quality of audit committees who established it voluntarily or not, and connects the different formation of audit committee to their impacts on firm value and corporation performance.Using listed companies in Taiwan as the sample from 2010 to 2017, this research is aimed at finding relationship among the different formations of audit committee and their influences. The empirical results indicate that the audit committee of companies voluntarily adopting it have higher qualities. Besides, these audit committees have significantly positive effects on their firm value. However, the audit committee of companies unvoluntarily formed it haves significantly negative effects. Otherwise, the results show that the formation of audit committee has significantly negative effect on corporation performance. By dividing the formations of audit committees, the results indicate that the voluntary formation may reduce its negative effects and the unvoluntary foarmation may aggravate the effects.參考文獻 中文文獻李合龍與戴凱平，2014，審計委員會特性與企業價值之關聯性，商業現代化學刊，第七卷，第四期：319-336。李建然、廖秀梅與張卉瑜，2016，審計委員會設置及其品質對公司價值的影響，中華會計學刊，第十二卷，第二期：231-265。李建然、廖秀梅與蔡佳育，2016，上市櫃公司自願設置審計委員會及審計委員會品質之決定因素，當代會計，第一期：1-34。邱士芳，2017，淺談回台上市實務系列：關於審計委員會與監察人，富拉凱投資銀行小草文摘電子報，第三期。洪芳潔，2014，審計委員會之設立及品質對分析師預測之影響，國立成功大學會計研究所碩士論文。陳家偉，2009，由企業成長機會與代理衝突分析獨立董事兼任與公司績效之相關性，財務金融學刊，第十七卷，第四期：123-151。游博凱，2012，審計委員會特性對公司經營績效與資訊揭露品質之影響，國立臺中科技大學會計資訊系會計與財稅碩士班碩士論文。張晉源與林有志，2011，企業選擇設置審計委員會之經濟性決定因素，高苑學報，第十七卷，第二期：55-69。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，國立臺中科技大學會計資訊系會計與財稅碩士班碩士論文。蘇裕惠、楊孟萍與許聖偉，2018，公司增加獨立董事席次及設置審計委員會與盈餘品質之研究－法規擴大強制範圍之影響，當代會計，第二期：241-268。英文文獻Beasley, M. S., and S. E. Salterio. 2001. The relation between board characteristics and voluntary improvements in audit committee composition and experience. Contemporary Accounting Research 18 (4): 539-570.Baxter, P. 2010. Factors associated with the quality of audit committees. Pacific Accounting Review 22 (1): 57-74.Collier, P. 1993. Factors affecting the formation of audit committees in major UK listed companies. Accounting and Business Research 23 (91A): 421-430.Chung, K. H. 1994. A Simple Approximation of Tobin`s q. Financial Management 23 (3): 70-74.Collier, P., and A. Gregory. 1999. Audit committee activity and agency costs. Journal of Accounting and Public Policy 18 (4-5): 311-332.Carcello, J. V., and T. L. Neal. 2003. Audit committee characteristics and auditor dismissals following “new” going-concern reports. The Accounting Review 78 (1): 95-117.Chan, K. C., and J. Li. 2008. Audit committee and firm value: Evidence on outside top executives as expert-independent directors. Corporate Governance: An International Review 16 (1): 16-31.Fan, J. P. H., and T. J. Wong. 2002. Corporate Ownership Structure and the Informativeness of Accounting Earning in East Asia. Journal of Accounting and Economics 33 (3): 401-425.Gaur, S. S., H. Bathula, D. Singh. 2015. Ownership concentration, board characteristics and firm performance. Management Decision 53 (5): 911-931.Greco, G. 2011. Determinants of board and audit committee meeting frequency. Managerial Auditing Journal 26 (3): 208-229.Jensen, M. C., and M. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (4): 305-360.Jensen, M. C. 1993. The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. Journal of Finance 48 (3): 831-880.Klein, A. 1998. Firm Performance and Board Committee Structure. The Journal of Law and Economics 41 (1): 275-304.Klein. 2002. Economic Determinants of Audit Committee Independence. Accounting Review 77 (2): 435-452.Khan, A., S. Tanveer , and U. Malik. 2016. An empirical analysis of corporate governance and firm value: Evidence from KSE-100 Index. Accounting 3 (2): 119-130.Lipton, M., and J. W. Lorsch. 1992. A Modest Proposal for Improved Corporate Governance. The Business Lawyer 48 (1): 59-77.Lukas, Y. S. 2009. Governance Mechanisms and Firm Value: The Impact of Ownership Concentration and Dividends. Corporate Governance: An International Review 17 (6): 694-709.Menon, K., and J. D. Williams. 1994. The use of audit committees for monitoring. Journal of Accounting and Public Policy 13 (2): 121-139.Raghunandan, K., and D. V. Rama. 2007. Determinants of audit committee diligence. Accounting Horizons 21 (3): 265-279.Rainsbury, E. A., M. E. Bradbury, and S. F. Cahan. 2008. Firm characteristics and audit committees complying with “best practice” membership guidelines. Accounting and Business Research 38 (5): 393-408.Sharma, V., V. Naiker, and B. Lee. 2009. Determinants of audit committee meeting frequency: Evidence from a voluntary governance system. Accounting Horizons 23 (3): 245-263.Sharma, V. D., and E. R. Iselin. 2012. The association between audit committee multipledirectorships, tenure, and financial misstatements. Auditing: A Journal of Practice & Theory 31 (3): 149-175.Tanyi, P. N., and D.B. Smith. 2015. Busyness, Expertise, and Financial Reporting Quality of Audit Committee Chairs and Financial Experts. Auditing: A Journal of Practice & Theory 34 (2): 59-89.Trotman, A. J., and K. R. Duncan. 2018. Internal Audit Quality: Insights from Audit Committee Members, Senior Management, and Internal Auditors. Auditing: A Journal of Practice & Theory 37 (4): 235-259.Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40 (2): 185-211.Yin, F., S. Gao, W. Li, and H. Lv. 2012. Determinants of audit committee meeting frequency: Evidence from Chinese listed companies. Managerial Auditing Journal 27 (4): 425-444.Yang S., and X. Ren. 2017. Qualified Foreign Institutional Investor Shareholdings and Corporate Operating. Canadian Public Policy 43 (2): 99-106. 描述 碩士
國立政治大學
會計學系
106353027資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106353027 資料類型 thesis dc.contributor.advisor 林宛瑩 zh_TW dc.contributor.author (Authors) 段立安 zh_TW dc.contributor.author (Authors) Tuan, Li-An en_US dc.creator (作者) 段立安 zh_TW dc.creator (作者) Tuan, Li-An en_US dc.date (日期) 2019 en_US dc.date.accessioned 7-Aug-2019 15:53:45 (UTC+8) - dc.date.available 7-Aug-2019 15:53:45 (UTC+8) - dc.date.issued (上傳時間) 7-Aug-2019 15:53:45 (UTC+8) - dc.identifier (Other Identifiers) G0106353027 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/124660 - 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) 106353027 zh_TW dc.description.abstract (摘要) 自2006年證券交易法將審計委員會設置納入法律規範以來，金融監督管理委員會採取漸進式方式逐年擴大獨立董事及審計委員會之強制設置，並於2022年底涵蓋所有上市(櫃)公司。本研究欲探討於政府政策推行強制設置下，審計委員會設置性質不同是否產生審計委員會品質、企業價值及公司績效上之落差，以瞭解制度下審計委員會實際運作情形及影響性。本文以2010至2017年台灣上市(櫃)公司為研究對象，探討審計委員會設置性質之不同對審計委員會品質、企業價值及公司績效之影響。實證結果發現，自願性設置審計委員會之公司相較於強制設置者有較高之審計委員會品質。此外，實證結果亦顯示審計委員會設置性質之不同對企業價值及公司績效有不同之影響。自願性設置審計委員會之公司除有較高之審計委員會品質外，其企業價值亦較高；而非自願性設置(強制設置)者則審計委員會設置對企業價值有顯著負向之影響。在公司績效上，實證研究有不同於企業價值之研究結果。於未區分審計委員會設置性質下，審計委員會設置對公司績效有負向顯著之影響。在區分審計委員會設置性質下，審計委員會自願性設置有較小之負向影響；而強制設置者則其設置有較顯著之負向影響。 zh_TW dc.description.abstract (摘要) Since Securites and Exchange Act involed the formation of audit committee in 2006, the Financial Supervisory Commission in Taiwan have expanded the scope of regulations on establishments of audit committee. Based on the enlarging scope of regulations, extended to all listed companies by 2022, and the increasing attentions on audit committee, this study attempts to examine whether differences exist on the quality of audit committees who established it voluntarily or not, and connects the different formation of audit committee to their impacts on firm value and corporation performance.Using listed companies in Taiwan as the sample from 2010 to 2017, this research is aimed at finding relationship among the different formations of audit committee and their influences. The empirical results indicate that the audit committee of companies voluntarily adopting it have higher qualities. Besides, these audit committees have significantly positive effects on their firm value. However, the audit committee of companies unvoluntarily formed it haves significantly negative effects. Otherwise, the results show that the formation of audit committee has significantly negative effect on corporation performance. By dividing the formations of audit committees, the results indicate that the voluntary formation may reduce its negative effects and the unvoluntary foarmation may aggravate the effects. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機與目的 1第二節 研究議題 3第三節 研究架構 4第二章 我國審計委員會制度之沿革及文獻探討 5第一節 我國審計委員會制度之發展沿革 5第二節 審計委員會品質相關文獻探討 8第三節 審計委員會與企業價值及公司績效相關文獻探討 11第三章 研究方法 13第一節 研究假說 13第二節 實證模型與變數衡量 14第三節 研究樣本與資料來源 24第四章 實證結果與分析 27第一節 審計委員會自願性設置與審計委員會品質之關聯性 27第二節 審計委員會自願性設置與公司績效及企業價值之關聯性 35第五章 結論及建議 51第一節 研究結論 51第二節 研究限制 54第三節 研究建議 54參考文獻 55 zh_TW dc.format.extent 992963 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106353027 en_US dc.subject (關鍵詞) 審計委員會 zh_TW dc.subject (關鍵詞) 公司績效 zh_TW dc.subject (關鍵詞) 企業價值 zh_TW dc.subject (關鍵詞) Audit Committee en_US dc.subject (關鍵詞) Corporation Performance en_US dc.subject (關鍵詞) Firm Value en_US dc.title (題名) 審計委員會自願性設置與審計委員會品質、公司績效及企業價值之關聯性研究 zh_TW dc.title (題名) The Effect of Audit Committee Voluntary Formation on Audit Committee Quality, Corporation Performance, and Firm Value en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 中文文獻李合龍與戴凱平，2014，審計委員會特性與企業價值之關聯性，商業現代化學刊，第七卷，第四期：319-336。李建然、廖秀梅與張卉瑜，2016，審計委員會設置及其品質對公司價值的影響，中華會計學刊，第十二卷，第二期：231-265。李建然、廖秀梅與蔡佳育，2016，上市櫃公司自願設置審計委員會及審計委員會品質之決定因素，當代會計，第一期：1-34。邱士芳，2017，淺談回台上市實務系列：關於審計委員會與監察人，富拉凱投資銀行小草文摘電子報，第三期。洪芳潔，2014，審計委員會之設立及品質對分析師預測之影響，國立成功大學會計研究所碩士論文。陳家偉，2009，由企業成長機會與代理衝突分析獨立董事兼任與公司績效之相關性，財務金融學刊，第十七卷，第四期：123-151。游博凱，2012，審計委員會特性對公司經營績效與資訊揭露品質之影響，國立臺中科技大學會計資訊系會計與財稅碩士班碩士論文。張晉源與林有志，2011，企業選擇設置審計委員會之經濟性決定因素，高苑學報，第十七卷，第二期：55-69。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，國立臺中科技大學會計資訊系會計與財稅碩士班碩士論文。蘇裕惠、楊孟萍與許聖偉，2018，公司增加獨立董事席次及設置審計委員會與盈餘品質之研究－法規擴大強制範圍之影響，當代會計，第二期：241-268。英文文獻Beasley, M. S., and S. E. Salterio. 2001. The relation between board characteristics and voluntary improvements in audit committee composition and experience. Contemporary Accounting Research 18 (4): 539-570.Baxter, P. 2010. Factors associated with the quality of audit committees. Pacific Accounting Review 22 (1): 57-74.Collier, P. 1993. Factors affecting the formation of audit committees in major UK listed companies. Accounting and Business Research 23 (91A): 421-430.Chung, K. H. 1994. A Simple Approximation of Tobin`s q. Financial Management 23 (3): 70-74.Collier, P., and A. Gregory. 1999. Audit committee activity and agency costs. Journal of Accounting and Public Policy 18 (4-5): 311-332.Carcello, J. V., and T. L. Neal. 2003. Audit committee characteristics and auditor dismissals following “new” going-concern reports. The Accounting Review 78 (1): 95-117.Chan, K. C., and J. Li. 2008. Audit committee and firm value: Evidence on outside top executives as expert-independent directors. Corporate Governance: An International Review 16 (1): 16-31.Fan, J. P. H., and T. J. Wong. 2002. Corporate Ownership Structure and the Informativeness of Accounting Earning in East Asia. Journal of Accounting and Economics 33 (3): 401-425.Gaur, S. S., H. Bathula, D. Singh. 2015. Ownership concentration, board characteristics and firm performance. Management Decision 53 (5): 911-931.Greco, G. 2011. Determinants of board and audit committee meeting frequency. Managerial Auditing Journal 26 (3): 208-229.Jensen, M. C., and M. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (4): 305-360.Jensen, M. C. 1993. The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. Journal of Finance 48 (3): 831-880.Klein, A. 1998. Firm Performance and Board Committee Structure. The Journal of Law and Economics 41 (1): 275-304.Klein. 2002. Economic Determinants of Audit Committee Independence. Accounting Review 77 (2): 435-452.Khan, A., S. Tanveer , and U. Malik. 2016. An empirical analysis of corporate governance and firm value: Evidence from KSE-100 Index. Accounting 3 (2): 119-130.Lipton, M., and J. W. Lorsch. 1992. A Modest Proposal for Improved Corporate Governance. The Business Lawyer 48 (1): 59-77.Lukas, Y. S. 2009. Governance Mechanisms and Firm Value: The Impact of Ownership Concentration and Dividends. Corporate Governance: An International Review 17 (6): 694-709.Menon, K., and J. D. Williams. 1994. The use of audit committees for monitoring. Journal of Accounting and Public Policy 13 (2): 121-139.Raghunandan, K., and D. V. Rama. 2007. Determinants of audit committee diligence. Accounting Horizons 21 (3): 265-279.Rainsbury, E. A., M. E. Bradbury, and S. F. Cahan. 2008. Firm characteristics and audit committees complying with “best practice” membership guidelines. Accounting and Business Research 38 (5): 393-408.Sharma, V., V. Naiker, and B. Lee. 2009. Determinants of audit committee meeting frequency: Evidence from a voluntary governance system. Accounting Horizons 23 (3): 245-263.Sharma, V. D., and E. R. Iselin. 2012. The association between audit committee multipledirectorships, tenure, and financial misstatements. Auditing: A Journal of Practice & Theory 31 (3): 149-175.Tanyi, P. N., and D.B. Smith. 2015. Busyness, Expertise, and Financial Reporting Quality of Audit Committee Chairs and Financial Experts. Auditing: A Journal of Practice & Theory 34 (2): 59-89.Trotman, A. J., and K. R. Duncan. 2018. Internal Audit Quality: Insights from Audit Committee Members, Senior Management, and Internal Auditors. Auditing: A Journal of Practice & Theory 37 (4): 235-259.Yermack, D. 1996. Higher market valuation of companies with a small board of directors. Journal of Financial Economics 40 (2): 185-211.Yin, F., S. Gao, W. Li, and H. Lv. 2012. Determinants of audit committee meeting frequency: Evidence from Chinese listed companies. Managerial Auditing Journal 27 (4): 425-444.Yang S., and X. Ren. 2017. Qualified Foreign Institutional Investor Shareholdings and Corporate Operating. Canadian Public Policy 43 (2): 99-106. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU201900524 en_US
