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題名 我國審計委員會之會計、法律專家對債務條款及債務信用評等之影響
The Impact of Audit Committee Accounting and Legal Expertise on the Corporate Loan Terms and Credit Rating in Taiwan
作者 林孟璇
Lin, Meng Hsuan
貢獻者 金成隆
林孟璇
Lin, Meng Hsuan
關鍵詞 審計委員會專家
債務條款
債務信用評等
Audit Committee Expertise
loan terms
credit rating
日期 2015
上傳時間 2-Dec-2015 16:07:57 (UTC+8)
摘要 本研究主要探討我國審計委員會中具備會計以及法律專家對債務條款及債務信用評等的影響。本研究發現結果如下：第一、審計委員會具備會計專家時，公司債票面利率會較低，且較不會發行可轉換公司債。第二、審計委員會具備法律專家時，公司債較不會被要求提供擔保條款、亦較少發行可轉換公司債，且票面利率較低，債務信用評等也較好。第三、就經濟顯著性而言，審計委員會只具備法律專家，較只具備會計專家的情況，債務條款條件較有利。第四、審計委員會只具備法律專家，較只具備會計專家時債務信用評等明顯較好。
然而，國內外皆無審計委員會須聘任法律專家的相關規範，故公司自願納入法律專家的理由可能係因其具有兩種角色：監督與信號功能，但本研究未探討這兩種角色的關係，因此本研究之實證結果可解釋為公司自願聘任法律專家為審計委員會成員的結果，使得公開市場債權人認為其能有效監督公司之財務報表品質，可降低資訊不對稱風險，而較願意降低借款風險溢酬。
The objective of this thesis is to examine the effect of accounting expertise and legal expertise on corporate audit committees on loan terms and credit rating in Taiwan. The findings can be summarized as follows. First, accounting expertise on audit committee is negatively associated with the coupon interest rate of bonds, and lower likelihood of issuing convertible bonds. Second, legal expertise on audit committee is negatively related to the coupon interest rate of bonds, lower probability of issuing secured corporate bonds and convertible bonds, and the better credit rating. Third, in terms of economic significance, I find that the magnitude of the positive effect of audit committee legal-only expertise on loan terms is larger than that of accounting-only expertise alone. Finally, the empirical results indicate that the effect of audit committee legal-only expertise on credit rating is more pronounced than that of accounting-only expertise.
So far, there are no rules or provisions for mandatorily engaging legal experts in audit committee at home and abroad. As a result, engaging legal experts can serve two roles: monitoring and signal functions. However, I cannot disentangle between the two in this paper. As a result, the alternative explanation for my findings is that creditors on the public market may perceive the presence of legal experts in audit committee to be an effective monitoring mechanism for decreasing the risk of information asymmetry, and thus offer lower risk premium to these borrowers with legal experts.
參考文獻 中文部分

余駿展，2006，資產減損會計揭露準則之實證研究，國立政治大學會計學系未出版碩士論文
吳慧玲，2013年，淺談我國審計委員會制度發展沿革及相關規範，證券暨期貨月刊，第31卷，第5期：5-17
戚務君，2011年，高等審計學：實證視野下的審計研究，台北：指南書局
許永聲、陳俊合與曾奕菱，2013，企業社會責任與信用風險評等，會計學報，第 5卷，第1期：1-26
郭敏華，1996，資訊不對稱對負債資金成本之影響─以銀行借款為實證，國立政治大學企業管理研究所未出版博士論文
陳麗娟，2007，從美國Sarbanes-Oxley法探討獨立董事制度，兼論我國引進獨立董事制度之成效，二零零七現代會計論壇學術研討會論文集，逢甲大學財經法律研究所
廖聖慧，2004，公司治理與負債資金成本之關係，國立政治大學會計學系未出版碩士論文
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，國立政治大學會計學系未出版碩士論文
簡俱揚與陳玉梅，2009，產業審計專家與獨立董監事對新發行公司債資金成本的影響，當代會計，第十卷，第1期：99-130

英文部分

Abbott, L., Park, Y., and Parker, S. 2000. The effect of audit committee activity and independence on corporate fraud. Managerial Finance 26: 55-67
Agrawal, A. and Chadha, S. 2005. Corporate governance and accounting scandals. Journal of Law and Economics 48(2): 371-406
Anderson, R., Mansi, S.A., and Reeb, D. 2004. Board characteristics, accounting report integrity, and the cost of debt. Journal of accounting and Economics 37: 315-342
Archambeault, D and Dezoort, F.T. 2001. Auditor opinion shopping and the audit committee: an analysis of suspicious auditor switches. International Journal of auditing (5): 33-52
Ashbaugh-Skaife, H., Collins, D., and LaFond, R. 2004. Corporate governance and the cost of equity capital. Working paper, University of Iowa.
Barr, S.1999. Watchdogs or Lapdogs? CFO Publishing Corporation, May1.
Bédard, J., S. M. Chtourou, and L. Courteau. 2004. The effect of audit committee expertise, independence, and activity on aggressive earings management. Auditing: A Journal of Practice & Theory 23(2): 13-35
Bédard, J., and Y. Gendron. 2010. Strengthening the Financial Reporting System: Can Audit Committees Deliver? International Journal of Auditing 14 (2):174-210
Bharath, S., J. Sunder, S. Sunder, 2004, Accounting quality and debt contracting, working paper, Northwestern University.
Bhattacharya, U., Daouk, H., and Welker, M. 2003. The world of earnings opacity. The Accounting Review 78(3): 641-678
Botosan, C. A. 1997. Disclosure level and the cost of equity capital. The Accounting Review 72: 323-349
Brennan, M.J., and Schwartz, E.S. 1977. Convertible bonds: valuation and optimal strategies for call and conversion. The Journal of Finance 32(5): 1699-1715
Brigham, EF. 1966. An analysis of convertible debentures: theory and some empirical evidence. Journal of Finance 21: 35-54
Carcello, J., Hollingsworth, C., Klein, A., and Neal, T. 2010. The Role of Audit Committee Financial Experts in the Post-Sox Era: Have Smaller Public Companies Benefited Disproportionately? Working paper, University of Tennessee.
Carcello, J., Hollingsworth, C., Klein, A., and Neal, T. 2006. Audit committee financial expertise, Competing governance mechanisms, and earnings management. Working paper, University of Tennessee.
Li, Xie, and Zhou. 2010. National level, city level auditor industry specialization and cost of debt. Accounting Horizons 24(3):395-417
Chin, and Liu. 2014. Audit Committee Member with Banking Expertise and the Cost of Bank Loan. Ph. D. dissertation, National Chengchi University
Chin, Yao, and Liu. 2014. Industry audit experts and ownership structure in syndicated loan market: at the firm and partner levels. Accoounting Horizons 28(4): 749-768
Cohen, Hoitash, Krishnamoorthy and Wright. 2014. The Effect of Audit Committee Industry Expertise on Monitoring the Financial Reporting Process. The Accounting Review 89(1):243-273
Cunningham, L. A. 2002. Sharing accounting’s burden: Business lawyers in Enron’s dark shadows. Business Lawyer 57(4): 1421-1462
Dhaliwal, Naiker, and Navissi. 2010. The association accruals quality and the characteristics of accounting experts and mix of expertise on audit committees. Contemporary Accounting Research Vol.27 No.3 (Fall): 787-827.
DeFond, M.L., Hann, R.N., and Hu, X. 2005. Does the market value financial expertise on audit committees of boards of directors? Journal of Accounting Research 43: 153-193
Dezoort, F.T., Hermansonm D.R., Archambeault, D.S., and Reed, S.A. 2002. Audit committee effectiveness: A synthesis of the empirical audit committee literature. Journal of Accounting Literature 21: 38-74
Eisenberg, Sundgren, and Wells. 1998. Larger board size and decreasing firm value in small firms. Cornell Law Faculty Publications. 393.
Farber, D.B. 2005. Restoring trust after fraud: Does corporate governance matter? The Accounting Review 80(2): 539-561
Felo, A.J., Krishnamurthy, S. and Solieri, S.A. 2003. Audit committee characteristics and the perceived quality of financial reporting: An empirical analysis. Unpublished Paper, Binghamton University.
Grinstein, and Hribar. 2004. CEO compensation and incentives: Evidence from M&A bonuses. Journal of Financial Economics 73(1): 119–143
Hoitash, U., R. Hoitash, and J. C. Bedard. 2009. Corporate governance and internal control over financial reporting: A comparison of regulatory regimes. The Accounting Review 84(3): 839-867
Jenny Stewart, and Lois Munro. 2007. The Impact of Audit Committee Existence and Audit Committee Meeting Frequency on the External Audit: Perceptions of Australian Auditors. International Journal of Auditing 11(1): 51–69
Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3(4): 305-360
Khairul Anuar Kamarudin, Wan Adibah Wan Ismail, and Alwi. 2014. The Effects of Audit Committee Attributes on Fraudulent Financial Reporting. Journal of Modern Accounting and Auditing Vol.10 No.5: 507-514
Krishnan, G. V., and G. Visvanathan. 2008. Does the SOX definition of an accounting expert matter? The association between audit committee director’s accounting expertise and accounting conservatism. Contemporary Accounting Research 25(3): 827-857.
Krishnan, J. 2005. Audit committee quality and internal control: An empirical analysis. The Accounting Review 80(2): 649-675
Krishnan, J., C. Li, and Q. Wang. 2009. National and city level auditor industry specialization and client cost of equity. Working paper, Temple University.
Krishnan, Wen, and Zhao. 2011. Legal expertise on corporate audit committees and financial reporting quality. The Accounting Review 86 (November): 2099-2130.

Langevoort, D.C. 2007. The social construction of Sarbanes-Oxley. Michigan Law Review 105(8): 1817-1855\\
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描述 碩士
國立政治大學
會計學系
101353039
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101353039
資料類型 thesis
dc.contributor.advisor 金成隆zh_TW
dc.contributor.author (Authors) 林孟璇zh_TW
dc.contributor.author (Authors) Lin, Meng Hsuanen_US
dc.creator (作者) 林孟璇zh_TW
dc.creator (作者) Lin, Meng Hsuanen_US
dc.date (日期) 2015en_US
dc.date.accessioned 2-Dec-2015 16:07:57 (UTC+8)-
dc.date.available 2-Dec-2015 16:07:57 (UTC+8)-
dc.date.issued (上傳時間) 2-Dec-2015 16:07:57 (UTC+8)-
dc.identifier (Other Identifiers) G0101353039en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/79513-
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) 101353039zh_TW
dc.description.abstract (摘要) 本研究主要探討我國審計委員會中具備會計以及法律專家對債務條款及債務信用評等的影響。本研究發現結果如下：第一、審計委員會具備會計專家時，公司債票面利率會較低，且較不會發行可轉換公司債。第二、審計委員會具備法律專家時，公司債較不會被要求提供擔保條款、亦較少發行可轉換公司債，且票面利率較低，債務信用評等也較好。第三、就經濟顯著性而言，審計委員會只具備法律專家，較只具備會計專家的情況，債務條款條件較有利。第四、審計委員會只具備法律專家，較只具備會計專家時債務信用評等明顯較好。
然而，國內外皆無審計委員會須聘任法律專家的相關規範，故公司自願納入法律專家的理由可能係因其具有兩種角色：監督與信號功能，但本研究未探討這兩種角色的關係，因此本研究之實證結果可解釋為公司自願聘任法律專家為審計委員會成員的結果，使得公開市場債權人認為其能有效監督公司之財務報表品質，可降低資訊不對稱風險，而較願意降低借款風險溢酬。		zh_TW
dc.description.abstract (摘要) The objective of this thesis is to examine the effect of accounting expertise and legal expertise on corporate audit committees on loan terms and credit rating in Taiwan. The findings can be summarized as follows. First, accounting expertise on audit committee is negatively associated with the coupon interest rate of bonds, and lower likelihood of issuing convertible bonds. Second, legal expertise on audit committee is negatively related to the coupon interest rate of bonds, lower probability of issuing secured corporate bonds and convertible bonds, and the better credit rating. Third, in terms of economic significance, I find that the magnitude of the positive effect of audit committee legal-only expertise on loan terms is larger than that of accounting-only expertise alone. Finally, the empirical results indicate that the effect of audit committee legal-only expertise on credit rating is more pronounced than that of accounting-only expertise.
So far, there are no rules or provisions for mandatorily engaging legal experts in audit committee at home and abroad. As a result, engaging legal experts can serve two roles: monitoring and signal functions. However, I cannot disentangle between the two in this paper. As a result, the alternative explanation for my findings is that creditors on the public market may perceive the presence of legal experts in audit committee to be an effective monitoring mechanism for decreasing the risk of information asymmetry, and thus offer lower risk premium to these borrowers with legal experts.		en_US
dc.description.tableofcontents 壹、緒論 1
一、 研究動機與目的 1
二、 研究問題 3
三、 研究架構 4
貳、文獻探討 6
一、 我國審計委員會規範沿革 6
二、 審計委員會專家之機制背景 7
1. 審計委員會專家規範之探討 7
2. 審計委員會專家定義之探討 8
三、 審計委員會會計、法律專家與財務報導品質 10
1. 審計委員會會計專家與財務報導品質之文獻探討 10
2. 審計委員會法律專家與財務報導品質之文獻探討 11
四、 財務報導品質與債務條款以及信用風險評等之文獻探討 13
參、研究方法 15
一、 假說建立 15
二、 資料來源與樣本篩選 16
三、 實證模型建立 18
1. 公司債是否有擔保品或擔保機構(COLLATERAL) 19
2. 公司債是否可轉換(CHANGE) 20
3. 公司債票面利率(RATE) 22
4. TEJ信用風險評等(TCRI) 24
四、 變數衡量 26
1. 應變數 26
2. 解釋變數 26
3. 控制變數 27
肆、實證結果分析 30
一、 敘述性統計 30
二、 相關性分析 32
三、 迴歸分析 36
1. 審計委員會專家特性對公司債擔保與否之迴歸結果 36
2. 審計委員會專家特性對公司債可轉換與否之迴歸結果 38
3. 審計委員會專家特性對公司債票面利率之迴歸結果 40
4. 審計委員會專家特性對信用風險評等之迴歸結果 42
5. 小結 44
伍、研究結論與建議 45
一、 研究結論 45
二、 研究限制與後續研究建議 46
附錄：變數定義及資料來源彙總表 48
參考文獻 51		zh_TW
dc.format.extent 563274 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101353039en_US
dc.subject (關鍵詞) 審計委員會專家zh_TW
dc.subject (關鍵詞) 債務條款zh_TW
dc.subject (關鍵詞) 債務信用評等zh_TW
dc.subject (關鍵詞) Audit Committee Expertiseen_US
dc.subject (關鍵詞) loan termsen_US
dc.subject (關鍵詞) credit ratingen_US
dc.title (題名) 我國審計委員會之會計、法律專家對債務條款及債務信用評等之影響zh_TW
dc.title (題名) The Impact of Audit Committee Accounting and Legal Expertise on the Corporate Loan Terms and Credit Rating in Taiwanen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 中文部分

余駿展，2006，資產減損會計揭露準則之實證研究，國立政治大學會計學系未出版碩士論文
吳慧玲，2013年，淺談我國審計委員會制度發展沿革及相關規範，證券暨期貨月刊，第31卷，第5期：5-17
戚務君，2011年，高等審計學：實證視野下的審計研究，台北：指南書局
許永聲、陳俊合與曾奕菱，2013，企業社會責任與信用風險評等，會計學報，第 5卷，第1期：1-26
郭敏華，1996，資訊不對稱對負債資金成本之影響─以銀行借款為實證，國立政治大學企業管理研究所未出版博士論文
陳麗娟，2007，從美國Sarbanes-Oxley法探討獨立董事制度，兼論我國引進獨立董事制度之成效，二零零七現代會計論壇學術研討會論文集，逢甲大學財經法律研究所
廖聖慧，2004，公司治理與負債資金成本之關係，國立政治大學會計學系未出版碩士論文
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，國立政治大學會計學系未出版碩士論文
簡俱揚與陳玉梅，2009，產業審計專家與獨立董監事對新發行公司債資金成本的影響，當代會計，第十卷，第1期：99-130

英文部分

Abbott, L., Park, Y., and Parker, S. 2000. The effect of audit committee activity and independence on corporate fraud. Managerial Finance 26: 55-67
Agrawal, A. and Chadha, S. 2005. Corporate governance and accounting scandals. Journal of Law and Economics 48(2): 371-406
Anderson, R., Mansi, S.A., and Reeb, D. 2004. Board characteristics, accounting report integrity, and the cost of debt. Journal of accounting and Economics 37: 315-342
Archambeault, D and Dezoort, F.T. 2001. Auditor opinion shopping and the audit committee: an analysis of suspicious auditor switches. International Journal of auditing (5): 33-52
Ashbaugh-Skaife, H., Collins, D., and LaFond, R. 2004. Corporate governance and the cost of equity capital. Working paper, University of Iowa.
Barr, S.1999. Watchdogs or Lapdogs? CFO Publishing Corporation, May1.
Bédard, J., S. M. Chtourou, and L. Courteau. 2004. The effect of audit committee expertise, independence, and activity on aggressive earings management. Auditing: A Journal of Practice & Theory 23(2): 13-35
Bédard, J., and Y. Gendron. 2010. Strengthening the Financial Reporting System: Can Audit Committees Deliver? International Journal of Auditing 14 (2):174-210
Bharath, S., J. Sunder, S. Sunder, 2004, Accounting quality and debt contracting, working paper, Northwestern University.
Bhattacharya, U., Daouk, H., and Welker, M. 2003. The world of earnings opacity. The Accounting Review 78(3): 641-678
Botosan, C. A. 1997. Disclosure level and the cost of equity capital. The Accounting Review 72: 323-349
Brennan, M.J., and Schwartz, E.S. 1977. Convertible bonds: valuation and optimal strategies for call and conversion. The Journal of Finance 32(5): 1699-1715
Brigham, EF. 1966. An analysis of convertible debentures: theory and some empirical evidence. Journal of Finance 21: 35-54
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