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題名 審計失敗傳染效果與債務市場反應：事務所分所層級之證據
The Contagion Effect of Audit Failure and Loan Contracting: Evidence from Office-level
作者 林書賢
Lin, Shu-Hsien
貢獻者 戚務君<br>顧凱文
Chi, Wu-Chun<br>Koh, Kevin
林書賢
Lin, Shu-Hsien
關鍵詞 傳染效應
重編
債務締約
事務所分所
Contagion effects
Restatement
Loan contracting
Audit office level
日期 2022
上傳時間 1-Aug-2022 17:05:39 (UTC+8)
摘要 本研究以重編事件作為審計失敗的定義，並檢驗債務市場參與者對事務所分所層級審計失敗傳染效果的反應。本研究利用 PSM-DID 的研究設計並記錄：在重編事件之後，審計失敗的事務所分所查核的非重編客戶所發起的銀行貸款之貸款利率加碼增加30%(32 個基點)。本研究還發現銀行減少使用財務契約條款，反映債權人對低審計品質所致的資訊風險之考量。本研究進一步發現低資訊品質、誤述報表被重編的偵查時間越長及非審計公費支付較多的公司，其貸款利率加碼顯著增加。總之，本研究強調事務所分所層級審計失敗傳染效果所致的聲譽損害與資訊風險增加將用於債務市場訂價。
I use restatement events as a definition of audit failure and examine the response of loan market participants to its informational signal. Using PSM-DID research designs, I document that loan spreads increase by 30 percent (32 bps) on bank loans initiated after restatement. I also find a significant decrease in financial covenant, consistent with lenders’ consideration of information risk due to low audit quality. The increase in spreads is significant for client firms with low information quality, longer detection time for misstatement, and more non-audit public fees paid. Collectively, these results suggest that the reputational damage and increased information risk due to the contagion effect of audit failures at the audit office level is priced in loan markets.
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描述 博士
國立政治大學
會計學系
106353502
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106353502
資料類型 thesis
dc.contributor.advisor 戚務君<br>顧凱文zh_TW
dc.contributor.advisor Chi, Wu-Chun<br>Koh, Kevinen_US
dc.contributor.author (Authors) 林書賢zh_TW
dc.contributor.author (Authors) Lin, Shu-Hsienen_US
dc.creator (作者) 林書賢zh_TW
dc.creator (作者) Lin, Shu-Hsienen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Aug-2022 17:05:39 (UTC+8)-
dc.date.available 1-Aug-2022 17:05:39 (UTC+8)-
dc.date.issued (上傳時間) 1-Aug-2022 17:05:39 (UTC+8)-
dc.identifier (Other Identifiers) G0106353502en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140976-
dc.description (描述) 博士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) 106353502zh_TW
dc.description.abstract (摘要) 本研究以重編事件作為審計失敗的定義，並檢驗債務市場參與者對事務所分所層級審計失敗傳染效果的反應。本研究利用 PSM-DID 的研究設計並記錄：在重編事件之後，審計失敗的事務所分所查核的非重編客戶所發起的銀行貸款之貸款利率加碼增加30%(32 個基點)。本研究還發現銀行減少使用財務契約條款，反映債權人對低審計品質所致的資訊風險之考量。本研究進一步發現低資訊品質、誤述報表被重編的偵查時間越長及非審計公費支付較多的公司，其貸款利率加碼顯著增加。總之，本研究強調事務所分所層級審計失敗傳染效果所致的聲譽損害與資訊風險增加將用於債務市場訂價。zh_TW
dc.description.abstract (摘要) I use restatement events as a definition of audit failure and examine the response of loan market participants to its informational signal. Using PSM-DID research designs, I document that loan spreads increase by 30 percent (32 bps) on bank loans initiated after restatement. I also find a significant decrease in financial covenant, consistent with lenders’ consideration of information risk due to low audit quality. The increase in spreads is significant for client firms with low information quality, longer detection time for misstatement, and more non-audit public fees paid. Collectively, these results suggest that the reputational damage and increased information risk due to the contagion effect of audit failures at the audit office level is priced in loan markets.en_US
dc.description.tableofcontents Contents
I. Introduction 1
II. Literature Review and Hypotheses Development 7
1. Contagious Effect 7
2. Role of Audit in the Loan Market 9
3. Role of Restatement Events in Loan Contracting 11
4. Hypotheses Development 11
III. Sample Selection, Research Design, and Univariate Analysis 14
1. Sample Selection 14
(1). Restatement Data 14
(2). Loan Data 15
(3). Financial Data and Audit Data 15
(4). Sample Selection Procedure 15
2. Research Design 18
3. Propensity-score Matching and Difference-in-differences (PSM-DID) 22
4. Univariate Analysis 25
(1). Treatment Firms and Control Firms 25
(2). Loan Characteristics the Treatment Firms and Control Firms 26
IV. Empirical Results of Loan on Price Contracting Items 27
V. Empirical Results of Loan on Non-price Contracting Items 28
VI. Cross-sectional Tests 30
1. Role of an Information Environment 30
2. Time Required for Firms to Restate Misstated Financial Statements 31
3. Independence of Audit Offices 31
VII. Summary and Conclusion 33
Reference 36
Appendix 42		zh_TW
dc.format.extent 1613324 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106353502en_US
dc.subject (關鍵詞) 傳染效應zh_TW
dc.subject (關鍵詞) 重編zh_TW
dc.subject (關鍵詞) 債務締約zh_TW
dc.subject (關鍵詞) 事務所分所zh_TW
dc.subject (關鍵詞) Contagion effectsen_US
dc.subject (關鍵詞) Restatementen_US
dc.subject (關鍵詞) Loan contractingen_US
dc.subject (關鍵詞) Audit office levelen_US
dc.title (題名) 審計失敗傳染效果與債務市場反應：事務所分所層級之證據zh_TW
dc.title (題名) The Contagion Effect of Audit Failure and Loan Contracting: Evidence from Office-levelen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Reference
Aobdia, D. 2019. Do Practitioner Assessments Agree with Academic Proxies for Audit Quality? Evidence from PCAOB and Internal Inspections. Journal of Accounting and Economics 67(1): 144-174.
Asthana, S. C., Kalelkar, R., and Raman, K. K. 2021. Does Client Cyber-Breach Have Reputational Consequences for the Local Audit Office?. Accounting Horizons 35(4): 1-22.
Beardsley, E. L., Imdieke, A. J., and Omer, T. C. 2021. The Distraction Effect of Non-Audit Services on Audit Quality. Journal of Accounting and Economics 71(2-3): 101380.
Becker, C. L., DeFond, M. L., Jiambalvo, J., & Subramanyam, K. R. 1998. The Effect of Audit Quality on Earnings Management. Contemporary Accounting Research. 15(1): 1-24.
Berg, T., Saunders, A., and Steffen, S. 2021. Trends in Corporate Borrowing. Annual Review of Financial Economics 13: 321-340.
Bharath, S. T., Sunder, J., and Sunder, S. V. 2008. Accounting Quality and Debt Contracting. The Accounting Review 83(1): 1-28.
Bird, A., Ertan, A., Karolyi, S. A., and Ruchti, T. 2018. Short-termism Spillovers from the Financial Industry. Available at SSRN 2859169.
Blackwell, D. W., Noland, T. R., and Winters, D. B. 1998. The Value of Auditor Assurance: Evidence from Loan Pricing. Journal of Accounting Research 36(1): 57-70.
Bozanic, Z., Cheng, L., and Zach, T. 2018. Soft Information in Loan Agreements. Journal of Accounting, Auditing & Finance. 33 (1): 40-71.
Cai, G., Ge, R., Pittman, J., and Zolotoy, L. 2022. The Spillover Effects of Accounting Scandals in Business Groups. Available at SSRN 4003327.
Callahan, C. M., Peters, G. F., and Zhang, J. H. 2019. Debt Contract Strictness and Auditor Specialization. Journal of Business Finance & Accounting 46(5-6): 686-711.
Campbell, D., Loumioti, M., and Wittenberg-Moerman, R. 2019. Making Sense of Soft Information: Interpretation Bias and Loan Quality. Journal of Accounting and Economics. 68(2-3): 101240.
Chen, P. C. 2016. Banks` Acquisition of Private Information about Financial Misreporting. The Accounting Review 91(3): 835-857.
Chen, X., Cheng, Q., and Lo, A. K. 2013. Accounting Restatements and External Financing Choices. Contemporary Accounting Research 30(2): 750-779.
Chen, P. F., He, S., Ma, Z., and Stice, D. 2016. The Information Role of Audit Opinions in Debt Contracting. Journal of Accounting and Economics 61(1): 121-144.
Chi, W., Myers, L. A., Omer, T. C., & Xie, H. 2017. The Effects of Audit Partner Pre-client and Client-specific Experience on Audit Quality and on Perceptions of Audit Quality. Review of Accounting Studies. 22 (1): 361-391.
Choi, J. H., Ha, W., Lee, H., and Song, B. Y. 2020. Auditors` Reputation Damage and the Cost of Bank Debt: Evidence from Litigation against Auditors. Available at SSRN 3223582.
Choi, J. H., Kim, C., Kim, J. B., and Zang, Y. 2010. Audit Office Size, Audit Quality, and Audit Pricing. Auditing: A Journal of practice & theory 29(1): 73-97.
Costello, A. M., and Wienberg-Moerman, R. 2011. The Impact of Financial Reporting Quality on Debt Contracting: Evidence from Internal Control Weakness Reports. Journal of Accounting Research 49(1): 97-136.
Coleman, D., Conley, M., and Hallas, N. 2021. 2020 Financial Restatements: A Twenty-Year Comparison. Audit Analytics Sales (November).
Czerney, K., Jang, D., and Omer, T. C. 2019. Client Deadline Concentration in Audit Offices and Audit Quality. Auditing: A Journal of Practice & Theory 38(4): 55-75.
DeAngelo, L. E. 1981. Auditor Size and Audit Quality. Journal of Accounting and Economics 3(3): 183-199.
Dechow, P. M. 1994. Accounting Earnings and Cash Flows as Measures of Firm Performance: The Role of Accounting Accruals. Journal of Accounting and Economics. 18(1): 3-42.
Dechow, P. M. and Dichev, I. D. 2002. The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors. The Accounting Review. 77(s-1): 35-59.
Dhaliwal, D. S., Gleason, C. A., Heitzman, S., and Melendrez, K. D. 2008. Auditor Fees and Cost of Debt. Journal of Accounting, Auditing & Finance 23(1): 1-22.
Diaz, J., Martin, G. W., & Thomas, W. B. 2017. Financial Reporting Quality and Auditor Locality Contagion. Auditing: A Journal of Practice & Theory 36(4): 71-87.
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dc.identifier.doi (DOI) 10.6814/NCCU202200722en_US