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題名 審計委員會會計專家、盈餘品質與聯貸利差
Audit committee with accounting experts, earnings quality and syndicated loan spread
作者 王譯萱
貢獻者 詹凌菁
王譯萱
關鍵詞 審計委員會
盈餘品質
聯合貸款
Audit Committee
Earnings Quality
Syndication Loan
日期 2015
上傳時間 13-Jul-2015 11:05:24 (UTC+8)
摘要 董事會是公司治理之核心，設置審計委員會為其職能，確保盈餘品質與財務報導。因此，為了解審計委員會的專業性對盈餘品質與聯合貸款之影響，本研究選取2000年至2012年美國上市非金融業公司作為研究樣本，以聯貸利差作為衡量聯合貸款契約特性之變數。首先探討盈餘品質對貸款利差的影響，再進一步考量審計委員會的會計專業對於盈餘品質與聯合貸款有何影響。研究結果發現，企業的盈餘品質與貸款利差呈負向關係，顯示當公司的盈餘品質好的時候好，能取得較低的聯貸利差，且當審計委員會成員具有會計專業時，其現象會更加明顯。
Board of directors is the core of corporate governance, and one of the main functions of board of directors is to establish audit committee to ensure the company’s earnings quality and financial reporting. Therefore, the purpose of this study is to examine the effect of audit committee with accounting experts on the loan spread in the syndication loan market.
This study is based on a sample of US companies during 2000-2012. The results show that earnings quality is negatively associated with loan spread, and this is more pronounced when the proportion of accounting experts on the audit committee is higher.
Keyword: Audit
參考文獻 劉威廷，2006，獨立董事及監察人之設置與債務資金成本關聯性之研究，國立政治大學會計研究所碩士論文
朱倩瑩，2007，應計品質和獨立董監事專業知識背景的關係，國立台灣大學會計研究所碩士論文
An, S. T., and Jin, H. S. 2004. Interlocking of newspaper companies with financial institutions and leading advertisers. Journalism & Mass Communication Quarterly, 81: 578-600.
Anderson, R. C., S. A. Mansi, and D. M. Reeb. 2003. Founding family ownership and the agency cost of debt. Journal of Financial Economics 68: 263-285.
Anderson, K. L., and Yohn, T. L. 2002. The Effect of 10‐K Restatements on Firm Value, Information Asymmetries, and Investors’ Reliance on Earnings. Working paper. Washington, D.C.: Georgetown University.
Bae, K. H., & Goyal, V. K. 2009. Creditor rights, enforcement and bank loans. Journal of Finance 64: 823–860.
Beasley, M. S. 1996. An empirical analysis between the board of director composition and financial statement fraud. The Accounting Reviews 71: 443-366.
Bertsch, K., 2011, The rise of shareholder voice and the increased role of boards, 25 for 25: Observations on the Past, Present, and Future of Corporate Governance – In Celebration of ISS’ 25th Anniversary.
Blue Ribbon Committee. 1999. Report on Improving the Effectiveness of Corporate Audit Committee. Business Lawyer 54: 1067-1096.
Bolton, P., D. S. Scharfstein. 1996. Optimal debt structure and the number of creditors. Journal of Political Economy 104: 1–25.
Booth, J. M., M. Cornett, and H. Tehranian. 2002. Boards of Directors, Ownership, and Regulation. Journal of Banking and Finance 26: 1973-1996.
Booth, J., and D. Deli. 1999. On executives of financial institutions as outside directors. Journal of Corporate Finance 5(3): 227-250
Cadbury, A. 1999. What are the trends in corporate governance? How will they impact your company? Long Range Planning Journal 32: 12-19.
Callahan, W. T., J. A. Miller, and C. Schulman. 2003. An analysis of the effect of management participation in director selection on the long-term performance of the firm. Journal of Corporate Finance 9: 169-181.
Carcello, J., D. R. Hermanson, and Z. Ye. 2011b. Corporate governance research in accounting and auditing: Insights, practice implications, and future research directions. Auditing: A Journal of Practice & Theory 30 (3): 1–31.
Carpenter, M. A., Geletkanycz, M. A., & Sanders, W. G. 2004. Upper echelons research revisited: Antecedents, elements, and consequences of top management team composition. Journal of Management, 30: 749-778.
Certo, S. T. 2003. Influencing initial public offering investors with prestige: Signaling with board structures. Academy of Management Review 28: 432-446.
Chava, S., & Roberts, M. R. 2008. How does financing impact investment? The role of debt covenants. Journal of Finance 63: 2085–2121.
Chtourou, S., Bédard, J., Courteau, L., 2001. Corporate governance and earnings management. Working paper, Université Laval, Canada.
Chung, H., and S. Kallapur. 2003. Client Importance, Nonaudit Services, and Abnorml Accruals. The Accounting Review 78(4): 931-955
Cohen, J., Hoitash, U., Krishnamoorthy, G., Wright, A.. 2014. The effect of audit committee industry expertise on monitoring the financial reporting process, The Accounting Review 89 (1): 243-273.
Daily, C. M., & Dalton, D. R. 1994. Bankruptcy and corporate governance: The impact of board composition and structure. Academy of Management Journal, 37: 1603-1617.
Dalziel, T., Gentry, R. J., & Bowerman, M. 2011. An integrated agency-resource dependence view of the influence of directors’ human and relational capital on firms’ R&D spending. Journal of Management Studies, 48: 1217-1242.
DeAngelo, Linda E. 1986. Accounting Numbers as Market Valuation Substitutes: A Study of Management Buyouts of Public Stockholders. The Accounting Review 61(3): 400-420.
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DeFond, M. L., R. N. Hann, and X. Hu. 2005. Does the market value financial expertise on audit committees of board of directors? Journal of Accounting Research 43 (Febuary): 153–193.
Dennis, S. and Mullineaux, D. J.,. 2000. Syndicated loans. Journal of Financial Intermediation 9: 404–426.
Dhaliwal, D. 2010. The association between accruals quality and the characteristics of accounting experts and mix of expertise on audit committees. Contemporary Accounting Research 27 (3): 787-827.
Diamond, D. 1984. Financial intermediation and delegated monitoring. Review of Economic Studies 51, 393–414.
Diamond, D. W. and R. E.Verrecchia. 1991. Disclosure, liquidity, and the cost.
Fama, E. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88: 288-307.
Fama, E. F., and M. C. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 43: 153-193.
Fanto, J. A., L. M. Solan, and J. M. Darley. 2011. Justifying board diversity. Brooklyn Law School Legal Studies Research Paper Series 224 (March)
Felo, A. J.,S. Krishnaurthy, and S. A. Solieri. 2003. Audit Committee Characteristics and the Perceived Quality of Financial Reporting: An Empirical Analysis. Working paper, PennState Great Valley.
Fields, L. P., D. R. Fraser, A. Subrahmanyam. 2012. Board quality and the cost of debt capital: The case of bank loans. Journal of Banking & Finance 36 (May): 1536-1547.
Finkelstein, S., & Mooney, A. C. 2003. Not the usual suspects: How to use board process to make boards better. Academy of Management Executive 17(2): 101-113.
Forbes, D. P., & Milliken, F. J. 1999. Cognition and corporate governance: Understanding boards of directors as strategic decision-making group. The Academy of Management Review 24: 489-505.
Francis, J., R. LaFond, P. Olsson and K. Schipper. 2005. The market pricing od accruals quality. Journal of Accounting and Economics 39: 295-327.
Graham, J. R., Li, S., & Qiu, J. 2008. Corporate misreporting and bank loan contracting. Journal of Financial Economics 89: 44–61.
Guner, A. B., U. Malmendier, and G. Tate. 2008. Financial expertise of directors. Journal of Financial Economics 88: 323-354.
Healy, Paul M. 1985. The Effect of Bonus Schemes on Accounting Decisions. Journal of Accounting and Economics 7(1-3): 85-107.
Hillman A. J. , Dalziel T. 2003. Boards of directors and firm performance: integrating agency and resource dependence perspectives. Academy of Management Review 39: 383–396.
Holmstrom, B., Tirole, J., 1997. Financial intermediation, loanable funds, and the real sector. Quarterly Journal of Economics 112: 663–691.
Ivashina, V., 2009. Asymmetric information effects on loan spreads. Journal of Financial Economics 92: 300–319.
Jensen, M. C., & Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3: 305-360.
John, R. G., Si Li , Jiaping Qiu. 2008. Corporate misreporting and bank loan contracting. Journal of Financial Economics 89 (July): 44-61.
Joia, L. A. and Malheiros, R. 2009. Strategic alliances and the intellectual capital of firms. Journal of Intellectual Capital 10(4): 539-58.
Jones, Jennifer J. 1991. Earnings Management during Impor Relief Investigations. Journal of Accounting Research 29(2): 193-228
Joshi, A., Liao, H., & Roh, H. 2011. Bridging domains in workplace demography research: A review and reconceptualization. Journal of Management 37: 521-552.
Johnson, S. G., K. Schnatterly, and A. D. Hill. 2013. Board Composition Beyond Independence: Social Capital, Human Capital, and Demographics. Journal of Management 39 (January): 232-262.
Kassinis, G., & Vafeas, N. 2002. Corporate boards and outside stakeholders as determinants of environmental litiga- tion. Strategic Management Journal, 23: 399-415.
Kim, H., & Lim, C. 2010. Diversity, outsider directors’ and firm valuation: Korean evidence. Journal of Business Research 63: 284-291.
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描述 碩士
國立政治大學
會計研究所
102353020
103
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102353020
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.author (Authors) 王譯萱zh_TW
dc.creator (作者) 王譯萱zh_TW
dc.date (日期) 2015en_US
dc.date.accessioned 13-Jul-2015 11:05:24 (UTC+8)-
dc.date.available 13-Jul-2015 11:05:24 (UTC+8)-
dc.date.issued (上傳時間) 13-Jul-2015 11:05:24 (UTC+8)-
dc.identifier (Other Identifiers) G0102353020en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/76411-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 102353020zh_TW
dc.description (描述) 103zh_TW
dc.description.abstract (摘要) 董事會是公司治理之核心，設置審計委員會為其職能，確保盈餘品質與財務報導。因此，為了解審計委員會的專業性對盈餘品質與聯合貸款之影響，本研究選取2000年至2012年美國上市非金融業公司作為研究樣本，以聯貸利差作為衡量聯合貸款契約特性之變數。首先探討盈餘品質對貸款利差的影響，再進一步考量審計委員會的會計專業對於盈餘品質與聯合貸款有何影響。研究結果發現，企業的盈餘品質與貸款利差呈負向關係，顯示當公司的盈餘品質好的時候好，能取得較低的聯貸利差，且當審計委員會成員具有會計專業時，其現象會更加明顯。zh_TW
dc.description.abstract (摘要) Board of directors is the core of corporate governance, and one of the main functions of board of directors is to establish audit committee to ensure the company’s earnings quality and financial reporting. Therefore, the purpose of this study is to examine the effect of audit committee with accounting experts on the loan spread in the syndication loan market.
This study is based on a sample of US companies during 2000-2012. The results show that earnings quality is negatively associated with loan spread, and this is more pronounced when the proportion of accounting experts on the audit committee is higher.
Keyword: Audit		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 研究問題............................................................................................5
第三節 研究流程與論文架構........................................................................7
第二章 文獻探討........................................................................................................9
第一節 審計委員會特性與盈餘品質之關聯................................................9
第二節 聯合貸款..........................................................................................14
第三章 研究方法......................................................................................................19
第一節 研究假說..........................................................................................19
第二節 樣本選取與資料來源......................................................................21
第三節 研究變數設計..................................................................................21
第四節 實證模型與研究方法......................................................................29
第四章 實證結果與分析..........................................................................................31
第一節 敘述性統計分析..............................................................................31
第二節 相關係數分析..................................................................................34
第三節 迴歸結果與分析..............................................................................37
第四節 額外測試..........................................................................................43
第五章 研究結論與建議..........................................................................................52
第一節 研究結論..........................................................................................52
第二節 研究建議..........................................................................................53
參考文獻......................................................................................................................54		zh_TW
dc.format.extent 774363 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102353020en_US
dc.subject (關鍵詞) 審計委員會zh_TW
dc.subject (關鍵詞) 盈餘品質zh_TW
dc.subject (關鍵詞) 聯合貸款zh_TW
dc.subject (關鍵詞) Audit Committeeen_US
dc.subject (關鍵詞) Earnings Qualityen_US
dc.subject (關鍵詞) Syndication Loanen_US
dc.title (題名) 審計委員會會計專家、盈餘品質與聯貸利差zh_TW
dc.title (題名) Audit committee with accounting experts, earnings quality and syndicated loan spreaden_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 劉威廷，2006，獨立董事及監察人之設置與債務資金成本關聯性之研究，國立政治大學會計研究所碩士論文
朱倩瑩，2007，應計品質和獨立董監事專業知識背景的關係，國立台灣大學會計研究所碩士論文
An, S. T., and Jin, H. S. 2004. Interlocking of newspaper companies with financial institutions and leading advertisers. Journalism & Mass Communication Quarterly, 81: 578-600.
Anderson, R. C., S. A. Mansi, and D. M. Reeb. 2003. Founding family ownership and the agency cost of debt. Journal of Financial Economics 68: 263-285.
Anderson, K. L., and Yohn, T. L. 2002. The Effect of 10‐K Restatements on Firm Value, Information Asymmetries, and Investors’ Reliance on Earnings. Working paper. Washington, D.C.: Georgetown University.
Bae, K. H., & Goyal, V. K. 2009. Creditor rights, enforcement and bank loans. Journal of Finance 64: 823–860.
Beasley, M. S. 1996. An empirical analysis between the board of director composition and financial statement fraud. The Accounting Reviews 71: 443-366.
Bertsch, K., 2011, The rise of shareholder voice and the increased role of boards, 25 for 25: Observations on the Past, Present, and Future of Corporate Governance – In Celebration of ISS’ 25th Anniversary.
Blue Ribbon Committee. 1999. Report on Improving the Effectiveness of Corporate Audit Committee. Business Lawyer 54: 1067-1096.
Bolton, P., D. S. Scharfstein. 1996. Optimal debt structure and the number of creditors. Journal of Political Economy 104: 1–25.
Booth, J. M., M. Cornett, and H. Tehranian. 2002. Boards of Directors, Ownership, and Regulation. Journal of Banking and Finance 26: 1973-1996.
Booth, J., and D. Deli. 1999. On executives of financial institutions as outside directors. Journal of Corporate Finance 5(3): 227-250
Cadbury, A. 1999. What are the trends in corporate governance? How will they impact your company? Long Range Planning Journal 32: 12-19.
Callahan, W. T., J. A. Miller, and C. Schulman. 2003. An analysis of the effect of management participation in director selection on the long-term performance of the firm. Journal of Corporate Finance 9: 169-181.
Carcello, J., D. R. Hermanson, and Z. Ye. 2011b. Corporate governance research in accounting and auditing: Insights, practice implications, and future research directions. Auditing: A Journal of Practice & Theory 30 (3): 1–31.
Carpenter, M. A., Geletkanycz, M. A., & Sanders, W. G. 2004. Upper echelons research revisited: Antecedents, elements, and consequences of top management team composition. Journal of Management, 30: 749-778.
Certo, S. T. 2003. Influencing initial public offering investors with prestige: Signaling with board structures. Academy of Management Review 28: 432-446.
Chava, S., & Roberts, M. R. 2008. How does financing impact investment? The role of debt covenants. Journal of Finance 63: 2085–2121.
Chtourou, S., Bédard, J., Courteau, L., 2001. Corporate governance and earnings management. Working paper, Université Laval, Canada.
Chung, H., and S. Kallapur. 2003. Client Importance, Nonaudit Services, and Abnorml Accruals. The Accounting Review 78(4): 931-955
Cohen, J., Hoitash, U., Krishnamoorthy, G., Wright, A.. 2014. The effect of audit committee industry expertise on monitoring the financial reporting process, The Accounting Review 89 (1): 243-273.
Daily, C. M., & Dalton, D. R. 1994. Bankruptcy and corporate governance: The impact of board composition and structure. Academy of Management Journal, 37: 1603-1617.
Dalziel, T., Gentry, R. J., & Bowerman, M. 2011. An integrated agency-resource dependence view of the influence of directors’ human and relational capital on firms’ R&D spending. Journal of Management Studies, 48: 1217-1242.
DeAngelo, Linda E. 1986. Accounting Numbers as Market Valuation Substitutes: A Study of Management Buyouts of Public Stockholders. The Accounting Review 61(3): 400-420.
Dechow, P. M., R. G. Sloan, and A. P. Sweeney. 1995. Detecting earnings management. The Accounting Review 70(2): 193-225
DeFond, M. L., R. N. Hann, and X. Hu. 2005. Does the market value financial expertise on audit committees of board of directors? Journal of Accounting Research 43 (Febuary): 153–193.
Dennis, S. and Mullineaux, D. J.,. 2000. Syndicated loans. Journal of Financial Intermediation 9: 404–426.
Dhaliwal, D. 2010. The association between accruals quality and the characteristics of accounting experts and mix of expertise on audit committees. Contemporary Accounting Research 27 (3): 787-827.
Diamond, D. 1984. Financial intermediation and delegated monitoring. Review of Economic Studies 51, 393–414.
Diamond, D. W. and R. E.Verrecchia. 1991. Disclosure, liquidity, and the cost.
Fama, E. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88: 288-307.
Fama, E. F., and M. C. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 43: 153-193.
Fanto, J. A., L. M. Solan, and J. M. Darley. 2011. Justifying board diversity. Brooklyn Law School Legal Studies Research Paper Series 224 (March)
Felo, A. J.,S. Krishnaurthy, and S. A. Solieri. 2003. Audit Committee Characteristics and the Perceived Quality of Financial Reporting: An Empirical Analysis. Working paper, PennState Great Valley.
Fields, L. P., D. R. Fraser, A. Subrahmanyam. 2012. Board quality and the cost of debt capital: The case of bank loans. Journal of Banking & Finance 36 (May): 1536-1547.
Finkelstein, S., & Mooney, A. C. 2003. Not the usual suspects: How to use board process to make boards better. Academy of Management Executive 17(2): 101-113.
Forbes, D. P., & Milliken, F. J. 1999. Cognition and corporate governance: Understanding boards of directors as strategic decision-making group. The Academy of Management Review 24: 489-505.
Francis, J., R. LaFond, P. Olsson and K. Schipper. 2005. The market pricing od accruals quality. Journal of Accounting and Economics 39: 295-327.
Graham, J. R., Li, S., & Qiu, J. 2008. Corporate misreporting and bank loan contracting. Journal of Financial Economics 89: 44–61.
Guner, A. B., U. Malmendier, and G. Tate. 2008. Financial expertise of directors. Journal of Financial Economics 88: 323-354.
Healy, Paul M. 1985. The Effect of Bonus Schemes on Accounting Decisions. Journal of Accounting and Economics 7(1-3): 85-107.
Hillman A. J. , Dalziel T. 2003. Boards of directors and firm performance: integrating agency and resource dependence perspectives. Academy of Management Review 39: 383–396.
Holmstrom, B., Tirole, J., 1997. Financial intermediation, loanable funds, and the real sector. Quarterly Journal of Economics 112: 663–691.
Ivashina, V., 2009. Asymmetric information effects on loan spreads. Journal of Financial Economics 92: 300–319.
Jensen, M. C., & Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3: 305-360.
John, R. G., Si Li , Jiaping Qiu. 2008. Corporate misreporting and bank loan contracting. Journal of Financial Economics 89 (July): 44-61.
Joia, L. A. and Malheiros, R. 2009. Strategic alliances and the intellectual capital of firms. Journal of Intellectual Capital 10(4): 539-58.
Jones, Jennifer J. 1991. Earnings Management during Impor Relief Investigations. Journal of Accounting Research 29(2): 193-228
Joshi, A., Liao, H., & Roh, H. 2011. Bridging domains in workplace demography research: A review and reconceptualization. Journal of Management 37: 521-552.
Johnson, S. G., K. Schnatterly, and A. D. Hill. 2013. Board Composition Beyond Independence: Social Capital, Human Capital, and Demographics. Journal of Management 39 (January): 232-262.
Kassinis, G., & Vafeas, N. 2002. Corporate boards and outside stakeholders as determinants of environmental litiga- tion. Strategic Management Journal, 23: 399-415.
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