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系統識別號 U0026-2307201401331000
論文名稱(中文) 審計委員會之設立及其品質對分析師預測之影響
論文名稱(英文) The Impact of Audit Committee Adoption and Quality on Analyst Earnings Forecasts.
校院名稱 成功大學
系所名稱(中) 會計學系
系所名稱(英) Department of Accountancy
學年度 102
學期 2
出版年 103
研究生(中文) 洪芳潔
研究生(英文) Fang-Chieh Hung
學號 R16011056
學位類別 碩士
語文別 中文
論文頁數 100頁
口試委員 指導教授-林囿成
口試委員-黃炳勳
口試委員-陳政芳
中文關鍵字 審計委員會  分析師追隨度  預測精準度  預測離散度  自我選擇偏誤 
英文關鍵字 Audit Committee  Analyst Coverage  Self-Selection 
學科別分類
中文摘要 我國自西元2006年於證券交易法第14-4條規定:「已依證交法發行股票之公司,應擇一設置審計委員會或監察人。」然而,審計委員會與監察人之職務是否重疊,以及將審計委員會直接取代監察人是否適當,一直是近期的爭議話題。本文試圖將財務分析師與審計委員會的設置及品質作連結,以探討自願設置審計委員會之公司,相較於設置監察人之公司所提供之公開資訊對於財務分析師的影響,以瞭解何者所提供的財務資訊更能幫助投資者合理的評估企業的價值。
本文以西元2008-2013的台灣上市(櫃)公司為研究對象,探討審計委員會的設置及其品質對於分析師盈餘預測行為的影響。考慮審計委員會之設立非為一隨機變數,可能產生自我選擇偏誤之疑慮,故本研究利用HECKMAN兩階段估計法處理審計委員會的內生性問題。在考量了自我選擇偏誤後,實證結果發現,自願設置審計委員會者之公司,相較於未設置審計委員會而設置監察人者,其分析師追隨程度較低(預測意願)、預測精準度較高,但卻不影響分析師的預測離散度。而在有設置審計委員會之公司中,屬於自願設置審計委員會者,其審計委員會之品質越佳,會減少分析師追隨度(預測意願),增加分析師的預測精準度,但亦不影響分析師的預測離散度。
英文摘要 The Securities and Exchange Act, section 14-4, requested the following: “A company that has issued stock in accordance with this Act shall establish either an audit committee or a supervisor’’ since 2006. However, it is of concern whether or not the functions between the supervisor and the audit committee may overlap and whether it is suitable to replace the supervisor with the audit committee. This research attempts to connect financial analysts with the audit committee system in order to provide evidence that companies voluntarily setting up an audit committee could enhance financial reporting quality and information transparency more as compared to companies that setting up supervisors. The results can thus help investors reasonably evaluate the value of firms.

Using Taiwan publicly traded companies as the sample from 2008 to 2013, this study examines the impact of audit committee adoption and quality on financial analyst forecasting behavior. This study uses the two-stage procedure proposed by Heckman (1979) to examine whether self-selection problems will affect the adoption of an audit committee. After considering self-selection, the evidence shows that analyst coverage is smaller and that analysts’ earnings forecast accuracy is higher in the case of firms that voluntarily adopt an audit committee. However, voluntary adoption of an audit committee is not significantly related to analysts’ earnings forecast dispersion. We further find that the quality of an audit committee is significantly associated with lower analyst coverage and higher forecast accuracy, but we find no correlation with forecast dispersion in firms that voluntarily have adopted an audit committee.
論文目次 第ㄧ章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的與問題 4
第三節 研究貢獻 6
第二章 文獻探討與假說發展 7
第一節 審計委員會制度介紹 7
第二節 文獻回顧與假說建立 12
第參章 研究設計及方法 19
第一節 實證模型與變數定義 19
第二節 樣本描述與資料來源 36
第四章 實證結果 38
第一節 敘述性統計分析 38
第二節 相關性統計分析 54
第三節 多元迴歸模型分析 64
第四節 穩健性測試 80
第五章 結論與建議 89
第一節 研究結論 89
第二節 研究建議與限制 92
參考文獻 94
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