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題名 公允價值評價與會計師產業專家之關聯性
The Association between Fair Value Measurement and Auditor Industry Specialization作者 蔡晴文
Tsai, Ching-Wen貢獻者 金成隆
Chin, Chen-Lung
蔡晴文
Tsai, Ching-Wen關鍵詞 公允價值評價
產業專家
財務報表重述
Fair value measurement
Auditor industry specialization
Financial statements restatements日期 2023 上傳時間 2-Aug-2023 13:26:56 (UTC+8) 摘要 公允價值評價原先是為了更好的反映出公司真實價值，卻因其涉及較多主觀性，使管理階層得以藉此操縱盈餘，故會計師是否具備公允價值相關知識便扮演著關鍵的角色。又過往研究多著重於事務所層級及地方層級之產業專家與財務報導品質之關聯性，鮮少提及個人層級之產業專家。但因臺灣特有之「雙簽制度」，導致承擔相關風險的為會計師個人，而非事務所。有鑑於此，本研究旨在探討具備公允價值相關知識之個人層級產業專家與財務報導品質間之關聯性，並以臺灣上市櫃公司為樣本。實證結果顯示，個人層級之公允價值產業專家，較不易發生與公允價值相關之財務報表重述，且當其係屬於四大事務所時，財務報表越不易發生與公允價值相關之重述。
The fair value measurement was originally intended to better reflect the intrinsic value of a company. However, due to its subjectivity, it has provided an opportunity for management to manipulate earnings. Therefore, the expertise of auditor in fair value-related knowledge plays an important role. Previous research has predominantly focused on the association between industry specialization at the national and office level and the financial reporting quality, but it has rarely mentioned partner-level industry specialization. However, due to the unique "dual-signature system" in Taiwan, the risk is borne by individual accountants rather than the accounting firms. In view of this, this thesis aims to examines the relationship between partner-level industry specialization with fair value-related knowledge and the quality of financial reporting, using a sample of listed companies in Taiwan. My results show that the extent of auditor fair value industry specialization at the partner-level is associated with a lower likelihood of fair value-related restatements. Furthermore, when industry specialization belongs to the Big Four accounting firms, financial statements are even less likely to have fair value-related restatements.參考文獻 黃金澤，2011，談公允價值衡量新基準（一），會計研究月刊，第308期：100-113。黃德芬與陳秀婷，2011，雙簽制度下會計師產業專精及查核任期對商業銀行盈餘管理之影響，會計審計論叢，第1卷，第1期：25-60。Acharya, V. V., and B. M. Lambrecht, 2015, A theory of income smoothing when insiders know more than outsiders, The Review of Financial Studies 28, 2534-2574.Ahn, J., R. Hoitash, and U. Hoitash, 2020, Auditor task-specific expertise: The case of fair value accounting, The Accounting Review 95, 1-32.Akerlof, G. A., 1970, The market for “lemons”: Quality uncertainty and the market mechanism, The quarterly journal of economics 84, 488-500.Balsam, S., J. Krishnan, and J. S. Yang, 2003, Auditor industry specialization and earnings quality, Auditing: A Journal of Practice & Theory 22, 71-97.Barth, M. E., and G. Clinch, 1998, Revalued financial, tangible, and intangible assets: Associations with share prices and non-market-based value estimates, Journal of Accounting Research 36, 199-233.Becker, C. L., M. L. Defond, J. Jiambalvo, and K. R. Subramanyam, 1998, The effect of audit quality on earnings management, Contemporary Accounting Research 15, 1-24.Bens, D. A., M. Cheng, and M. Neamtiu, 2016, The impact of sec disclosure monitoring on the uncertainty of fair value estimates, The Accounting Review 91, 349-375.Bergstresser, D., and T. Philippon, 2006, Ceo incentives and earnings management, Journal of Financial Economics 80, 511-529.Bonner, S. E., and B. L. Lewis, 1990, Determinants of auditor expertise, Journal of Accounting Research 28, 1-20.Cheffers, M., D. Whalen, and O. Usvyatsky, 2011, 2010 financial restatements: A ten year comparison (Audit Analytics.Chen, C. Y., C. J. Lin, and Y. C. Lin, 2008, Audit partner tenure, audit firm tenure, and discretionary accruals: Does long auditor tenure impair earnings quality? Contemporary Accounting Research 25, 415-+.Chen, K. Y., G. Vinten, K. L. Lin, and J. Zhou, 2005, Audit quality and earnings management for taiwan ipo firms, Managerial Auditing Journal 20, 86-104.Cheng, Q., and T. D. Warfield, 2005, Equity incentives and earnings management, The Accounting Review 80, 441-476.Chi, H.-Y., and C.-L. Chin, 2011, Firm versus partner measures of auditor industry expertise and effects on auditor quality, Auditing: A Journal of Practice & Theory 30, 201-229.Chin, C. L., and H. Y. Chi, 2009, Reducing restatements with increased industry expertise, Contemporary Accounting Research 26, 729-+.Christensen, B. E., S. M. Glover, T. C. Omer, and M. K. Shelley, 2016, Understanding audit quality: Insights from audit professionals and investors, Contemporary Accounting Research 33, 1648-1684.Dechow, P. M., W. L. Ge, C. R. Larson, and R. G. Sloan, 2011, Predicting material accounting misstatements, Contemporary Accounting Research 28, 17-82.Dechow, P. M., L. A. Myers, and C. Shakespeare, 2010, Fair value accounting and gains from asset securitizations: A convenient earnings management tool with compensation side-benefits, Journal of accounting and economics 49, 2-25.Dechow, P. M., R. G. Sloan, and A. P. Sweeney, 1995, Detecting earnings management, The Accounting Review, 193-225.DeFond, M., and J. Zhang, 2014, A review of archival auditing research, Journal of Accounting and Economics 58, 275-326.DeFond, M. L., J. R. Francis, and T. J. Wong, 2000, Auditor industry specialization and market segmentation: Evidence from hong kong, AUDITING: A Journal of Practice & Theory 19, 49-66.Dietrich, J. R., M. S. Harris, and K. A. Muller III, 2000, The reliability of investment property fair value estimates, Journal of accounting and economics 30, 125-158.Du, N., J. E. McEnroe, and K. Stevens, 2014, The joint effects of management incentive and information precision on perceived reliability in fair value estimates, Accounting Research Journal 27, 188-206.Ferguson, A., J. R. Francis, and D. J. Stokes, 2003, The effects of firm‐wide and office‐level industry expertise on audit pricing, The Accounting Review 78, 429-448.Francis, J. R., P. N. Michas, and M. D. Yu, 2013, Office size of big 4 auditors and client restatements, Contemporary Accounting Research 30, 1626-1661.Francis, J. R., K. Reichelt, and D. Wang, 2005, The pricing of national and city‐specific reputations for industry expertise in the us audit market, The Accounting Review 80, 113-136.Hammersley, J. S., 2006, Pattern identification and industry‐specialist auditors, The Accounting Review 81, 309-336.International Accounting Standards Board (IASB). 2011. IFRS 13 Fair Value Measurement. London, UK: IASB.Jensen, M. C., and W. H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.Kinney Jr, W. R., Z. V. Palmrose, and S. Scholz, 2004, Auditor independence, non‐audit services, and restatements: Was the us government right?, Journal of Accounting Research 42, 561-588.Kinney, W. R., and L. S. McDaniel, 1989, Characteristics of firms correcting previously reported quarterly earnings, Journal of Accounting & Economics 11, 71-93.Krishnan, G. V., 2003, Does big 6 auditor industry expertise constrain earnings management?, Accounting Horizons 17, 1-16.Kubick, T. R., D. P. Lynch, M. A. Mayberry, and T. C. Omer, 2016, The effects of regulatory scrutiny on tax avoidance: An examination of sec comment letters, The Accounting Review 91, 1751-1780.Landsman, W. R., 2007, Is fair value accounting information relevant and reliable? Evidence from capital market research, Accounting and business research 37, 19-30.Lennox, C., and B. Li, 2014, Accounting misstatements following lawsuits against auditors, Journal of Accounting & Economics 57, 58-75.Lobo, G. J., and Y. P. Zhao, 2013, Relation between audit effort and financial report misstatements: Evidence from quarterly and annual restatements, Accounting Review 88, 1385-1412.Low, K. Y., 2004, The effects of industry specialization on audit risk assessments and audit‐planning decisions, The Accounting Review 79, 201-219.Neal, T. L., and R. R. Riley Jr, 2004, Auditor industry specialist research design, Auditing: A Journal of Practice & Theory 23, 169-177.Palea, V., 2014, Fair value accounting and its usefulness to financial statement users, Journal of Financial Reporting and Accounting 12, 102-116.Public Company Accounting Oversight Board (PCAOB). 2001. Auditing Accounting Estimates. PCAOB Interim Auditing Standard (AS) 2501. Washington, DC: PCAOB.Public Company Accounting Oversight Board (PCAOB). 2002. Auditing Fair Value Measurements and Disclosures. PCAOB Interim Auditing Standard (AS) 2502. Washington, DC: PCAOB.Public Company Accounting Oversight Board (PCAOB). 2009. Docket 029: Concept Release on Requiring the Engagement Partner to Sign the Audit Report. Washington, DC: PCAOB.Penman, S. H., 2007, Financial reporting quality: Is fair value a plus or a minus?, Accounting and business research 37, 33-44.Reichelt, K. J., and D. Wang, 2010, National and office-specific measures of auditor industry expertise and effects on audit quality, Journal of Accounting Research 48, 647-686.Romanus, R. N., J. J. Maher, and D. M. Fleming, 2008, Auditor industry specialization, auditor changes, and accounting restatements, Accounting Horizons 22, 389-413.Solomon, I., M. D. Shields, and O. R. Whittington, 1999, What do industry-specialist auditors know?, Journal of Accounting Research 37, 191-208.Song, C. J., W. B. Thomas, and H. Yi, 2010, Value relevance of fas no. 157 fair value hierarchy information and the impact of corporate governance mechanisms, The Accounting Review 85, 1375-1410. 描述 碩士
國立政治大學
會計學系
110353040資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353040 資料類型 thesis dc.contributor.advisor 金成隆 zh_TW dc.contributor.advisor Chin, Chen-Lung en_US dc.contributor.author (Authors) 蔡晴文 zh_TW dc.contributor.author (Authors) Tsai, Ching-Wen en_US dc.creator (作者) 蔡晴文 zh_TW dc.creator (作者) Tsai, Ching-Wen en_US dc.date (日期) 2023 en_US dc.date.accessioned 2-Aug-2023 13:26:56 (UTC+8) - dc.date.available 2-Aug-2023 13:26:56 (UTC+8) - dc.date.issued (上傳時間) 2-Aug-2023 13:26:56 (UTC+8) - dc.identifier (Other Identifiers) G0110353040 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146404 - 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) 110353040 zh_TW dc.description.abstract (摘要) 公允價值評價原先是為了更好的反映出公司真實價值，卻因其涉及較多主觀性，使管理階層得以藉此操縱盈餘，故會計師是否具備公允價值相關知識便扮演著關鍵的角色。又過往研究多著重於事務所層級及地方層級之產業專家與財務報導品質之關聯性，鮮少提及個人層級之產業專家。但因臺灣特有之「雙簽制度」，導致承擔相關風險的為會計師個人，而非事務所。有鑑於此，本研究旨在探討具備公允價值相關知識之個人層級產業專家與財務報導品質間之關聯性，並以臺灣上市櫃公司為樣本。實證結果顯示，個人層級之公允價值產業專家，較不易發生與公允價值相關之財務報表重述，且當其係屬於四大事務所時，財務報表越不易發生與公允價值相關之重述。 zh_TW dc.description.abstract (摘要) The fair value measurement was originally intended to better reflect the intrinsic value of a company. However, due to its subjectivity, it has provided an opportunity for management to manipulate earnings. Therefore, the expertise of auditor in fair value-related knowledge plays an important role. Previous research has predominantly focused on the association between industry specialization at the national and office level and the financial reporting quality, but it has rarely mentioned partner-level industry specialization. However, due to the unique "dual-signature system" in Taiwan, the risk is borne by individual accountants rather than the accounting firms. In view of this, this thesis aims to examines the relationship between partner-level industry specialization with fair value-related knowledge and the quality of financial reporting, using a sample of listed companies in Taiwan. My results show that the extent of auditor fair value industry specialization at the partner-level is associated with a lower likelihood of fair value-related restatements. Furthermore, when industry specialization belongs to the Big Four accounting firms, financial statements are even less likely to have fair value-related restatements. en_US dc.description.tableofcontents 摘要 iAbstract ii目錄 iii表目錄 v第一章 緒論 1第二章 文獻探討 3第一節 代理問題與資訊不對稱 3第二節 公允價值會計相關文獻 4第三節 IFRS 13「公允價值衡量」 5第四節 產業專家與財務報表品質之關聯性 6第三章 研究設計 9第一節 研究假說 9第二節 研究模型 10第四章 實證分析 20第一節 樣本與資料 20第二節 敘述性統計 24第三節 相關係數分析 29第四節 迴歸結果分析 32第五章 額外測試 35第一節 控制時間及產業影響 35第二節 大型事務所之產業專家 38第三節 樣本限制 40第六章 結論與建議 44第一節 研究結論 44第二節 研究建議 46參考文獻 47附錄一 51 zh_TW dc.format.extent 2019930 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353040 en_US dc.subject (關鍵詞) 公允價值評價 zh_TW dc.subject (關鍵詞) 產業專家 zh_TW dc.subject (關鍵詞) 財務報表重述 zh_TW dc.subject (關鍵詞) Fair value measurement en_US dc.subject (關鍵詞) Auditor industry specialization en_US dc.subject (關鍵詞) Financial statements restatements en_US dc.title (題名) 公允價值評價與會計師產業專家之關聯性 zh_TW dc.title (題名) The Association between Fair Value Measurement and Auditor Industry Specialization en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 黃金澤，2011，談公允價值衡量新基準（一），會計研究月刊，第308期：100-113。黃德芬與陳秀婷，2011，雙簽制度下會計師產業專精及查核任期對商業銀行盈餘管理之影響，會計審計論叢，第1卷，第1期：25-60。Acharya, V. V., and B. M. Lambrecht, 2015, A theory of income smoothing when insiders know more than outsiders, The Review of Financial Studies 28, 2534-2574.Ahn, J., R. Hoitash, and U. Hoitash, 2020, Auditor task-specific expertise: The case of fair value accounting, The Accounting Review 95, 1-32.Akerlof, G. A., 1970, The market for “lemons”: Quality uncertainty and the market mechanism, The quarterly journal of economics 84, 488-500.Balsam, S., J. Krishnan, and J. S. Yang, 2003, Auditor industry specialization and earnings quality, Auditing: A Journal of Practice & Theory 22, 71-97.Barth, M. E., and G. Clinch, 1998, Revalued financial, tangible, and intangible assets: Associations with share prices and non-market-based value estimates, Journal of Accounting Research 36, 199-233.Becker, C. L., M. L. Defond, J. Jiambalvo, and K. R. Subramanyam, 1998, The effect of audit quality on earnings management, Contemporary Accounting Research 15, 1-24.Bens, D. A., M. Cheng, and M. Neamtiu, 2016, The impact of sec disclosure monitoring on the uncertainty of fair value estimates, The Accounting Review 91, 349-375.Bergstresser, D., and T. Philippon, 2006, Ceo incentives and earnings management, Journal of Financial Economics 80, 511-529.Bonner, S. E., and B. L. Lewis, 1990, Determinants of auditor expertise, Journal of Accounting Research 28, 1-20.Cheffers, M., D. Whalen, and O. Usvyatsky, 2011, 2010 financial restatements: A ten year comparison (Audit Analytics.Chen, C. Y., C. J. Lin, and Y. C. Lin, 2008, Audit partner tenure, audit firm tenure, and discretionary accruals: Does long auditor tenure impair earnings quality? Contemporary Accounting Research 25, 415-+.Chen, K. Y., G. Vinten, K. L. Lin, and J. Zhou, 2005, Audit quality and earnings management for taiwan ipo firms, Managerial Auditing Journal 20, 86-104.Cheng, Q., and T. D. Warfield, 2005, Equity incentives and earnings management, The Accounting Review 80, 441-476.Chi, H.-Y., and C.-L. Chin, 2011, Firm versus partner measures of auditor industry expertise and effects on auditor quality, Auditing: A Journal of Practice & Theory 30, 201-229.Chin, C. L., and H. Y. Chi, 2009, Reducing restatements with increased industry expertise, Contemporary Accounting Research 26, 729-+.Christensen, B. E., S. M. Glover, T. C. Omer, and M. K. Shelley, 2016, Understanding audit quality: Insights from audit professionals and investors, Contemporary Accounting Research 33, 1648-1684.Dechow, P. M., W. L. Ge, C. R. Larson, and R. G. Sloan, 2011, Predicting material accounting misstatements, Contemporary Accounting Research 28, 17-82.Dechow, P. M., L. A. Myers, and C. Shakespeare, 2010, Fair value accounting and gains from asset securitizations: A convenient earnings management tool with compensation side-benefits, Journal of accounting and economics 49, 2-25.Dechow, P. M., R. G. Sloan, and A. P. Sweeney, 1995, Detecting earnings management, The Accounting Review, 193-225.DeFond, M., and J. Zhang, 2014, A review of archival auditing research, Journal of Accounting and Economics 58, 275-326.DeFond, M. L., J. R. Francis, and T. J. Wong, 2000, Auditor industry specialization and market segmentation: Evidence from hong kong, AUDITING: A Journal of Practice & Theory 19, 49-66.Dietrich, J. R., M. S. Harris, and K. A. Muller III, 2000, The reliability of investment property fair value estimates, Journal of accounting and economics 30, 125-158.Du, N., J. E. McEnroe, and K. Stevens, 2014, The joint effects of management incentive and information precision on perceived reliability in fair value estimates, Accounting Research Journal 27, 188-206.Ferguson, A., J. R. Francis, and D. J. Stokes, 2003, The effects of firm‐wide and office‐level industry expertise on audit pricing, The Accounting Review 78, 429-448.Francis, J. R., P. N. Michas, and M. D. Yu, 2013, Office size of big 4 auditors and client restatements, Contemporary Accounting Research 30, 1626-1661.Francis, J. R., K. Reichelt, and D. Wang, 2005, The pricing of national and city‐specific reputations for industry expertise in the us audit market, The Accounting Review 80, 113-136.Hammersley, J. S., 2006, Pattern identification and industry‐specialist auditors, The Accounting Review 81, 309-336.International Accounting Standards Board (IASB). 2011. IFRS 13 Fair Value Measurement. London, UK: IASB.Jensen, M. C., and W. H. Meckling, 1976, Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics 3, 305-360.Kinney Jr, W. R., Z. V. Palmrose, and S. Scholz, 2004, Auditor independence, non‐audit services, and restatements: Was the us government right?, Journal of Accounting Research 42, 561-588.Kinney, W. R., and L. S. McDaniel, 1989, Characteristics of firms correcting previously reported quarterly earnings, Journal of Accounting & Economics 11, 71-93.Krishnan, G. V., 2003, Does big 6 auditor industry expertise constrain earnings management?, Accounting Horizons 17, 1-16.Kubick, T. R., D. P. Lynch, M. A. Mayberry, and T. C. Omer, 2016, The effects of regulatory scrutiny on tax avoidance: An examination of sec comment letters, The Accounting Review 91, 1751-1780.Landsman, W. R., 2007, Is fair value accounting information relevant and reliable? Evidence from capital market research, Accounting and business research 37, 19-30.Lennox, C., and B. Li, 2014, Accounting misstatements following lawsuits against auditors, Journal of Accounting & Economics 57, 58-75.Lobo, G. J., and Y. P. Zhao, 2013, Relation between audit effort and financial report misstatements: Evidence from quarterly and annual restatements, Accounting Review 88, 1385-1412.Low, K. Y., 2004, The effects of industry specialization on audit risk assessments and audit‐planning decisions, The Accounting Review 79, 201-219.Neal, T. L., and R. R. Riley Jr, 2004, Auditor industry specialist research design, Auditing: A Journal of Practice & Theory 23, 169-177.Palea, V., 2014, Fair value accounting and its usefulness to financial statement users, Journal of Financial Reporting and Accounting 12, 102-116.Public Company Accounting Oversight Board (PCAOB). 2001. Auditing Accounting Estimates. PCAOB Interim Auditing Standard (AS) 2501. Washington, DC: PCAOB.Public Company Accounting Oversight Board (PCAOB). 2002. Auditing Fair Value Measurements and Disclosures. PCAOB Interim Auditing Standard (AS) 2502. Washington, DC: PCAOB.Public Company Accounting Oversight Board (PCAOB). 2009. Docket 029: Concept Release on Requiring the Engagement Partner to Sign the Audit Report. Washington, DC: PCAOB.Penman, S. H., 2007, Financial reporting quality: Is fair value a plus or a minus?, Accounting and business research 37, 33-44.Reichelt, K. J., and D. Wang, 2010, National and office-specific measures of auditor industry expertise and effects on audit quality, Journal of Accounting Research 48, 647-686.Romanus, R. N., J. J. Maher, and D. M. Fleming, 2008, Auditor industry specialization, auditor changes, and accounting restatements, Accounting Horizons 22, 389-413.Solomon, I., M. D. Shields, and O. R. Whittington, 1999, What do industry-specialist auditors know?, Journal of Accounting Research 37, 191-208.Song, C. J., W. B. Thomas, and H. Yi, 2010, Value relevance of fas no. 157 fair value hierarchy information and the impact of corporate governance mechanisms, The Accounting Review 85, 1375-1410. zh_TW
