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系統識別號 U0026-2807201523313900
論文名稱(中文) 現金資產管理與審計品質
論文名稱(英文) Cash Asset Management and Audit Quality
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 103
學期 2
出版年 104
研究生(中文) 溫宜潔
研究生(英文) Yi-Chieh Wen
學號 R18951040
學位類別 博士
語文別 英文
論文頁數 71頁
口試委員 指導教授-黃炳勳
指導教授-陳政芳
口試委員-楊朝旭
口試委員-許永聲
口試委員-詹凌菁
中文關鍵字 代理成本  審計品質  現金持有  超額現金  傾向分數 
英文關鍵字 Agency costs  Audit quality  Cash holdings  Excess cash  Propensity score 
學科別分類
中文摘要 根據公司資產侵占或移轉行為與自由現金之代理問題的理論觀念而言,鞏固自身利益的經理人透過現金資產的可控制性及裁量權,可能從事某些對公司價值毀損的活動。因此,監督現金資產的有效使用與瞭解現金持有對公司價值的影響是非常重要。本研究針對1991年到2010年在美國公開交易的公司,調查不同的審計品質或特性對現金資產邊際價值的影響。現金資產管理的有效性不僅可透過內部治理程序來反映公司價值,亦可藉由外部審計功能來影響公司市場價值。高品質的審計提供較可靠的資訊及增加審計的確信價值。研究結果發現公司若由四大(Big4)審計人員所查核,現金資產的邊際價值相較於公司由非四大(non-Big4)或由中型事務所審計人員(Second-tier)所查核而呈現較高的價值溢酬。除此之外,公司若由四大(Big4)具有產業專精的審計人員所查核,公司額外$1現金資產的市場價值顯示大幅高於公司由其他不具產業專精的審計人員所查核。當考量審計人員選擇的內生性問題而執行傾向分數配對樣本之方法及控制沙賓法案後期環境、公司有審計人員之更換情形及公司治理因素後,研究結果仍維持相同的推論。研究證據建議現金資產管理的有效性及代理成本的減少可藉由高品質的外部審計貢獻於公司價值。因此,外部審計人員亦扮演公司現金資產的財務守門員。
英文摘要 According to the theoretical concepts for tunneling behaviors and free-cash-flow agency problems, the entrenched managers may engage in value-destroying activities through the accessibility and discretion of cash holdings. Thus, it is extremely important to monitor the efficient use of cash assets and to understand the impact of cash holdings on firm value. This study examines the effect of different audit quality or characteristics on the marginal value of cash assets for U.S. publicly traded firms during the period from 1991 to 2010. Not only does the efficiency of cash asset management reflect firm value through internal governance process, but it may also affect market value through external monitoring function. Higher audit quality provides more credible financial information and enhances the assurance value of the audit. The empirical results find that the marginal value of cash assets is higher for firms with Big 4 auditors than firms with non-Big4 or only Second-tier auditors. Moreover, firms with industry specialist auditors exhibit a greater premium for an extra dollar of cash assets compared to non-specialist auditors. The conclusions hold after performing propensity score matching to alleviate the endogenity of auditor selection and are robust after controlling for the post-SOX period, auditor switches, and corporate governance. This evidence suggests that the efficiency of cash asset management and the reduction of agency costs can contribute to firm value through higher quality audits. Thus, external auditors also serve as the financial gatekeepers of firms’ cash assets.
論文目次 ABSTRACT ii
中文摘要 iii
ACKNOWLEDGEMENTS iv
TABLE OF CONTENTS v
LIST OF TABLES vi

1. Introduction 1
2. Literature Review and Hypothesis Development 8
2.1 Main Theories of Cash Holdings 8
2.2 Cash Holdings and Agency Problems 9
2.3 The Marginal Value of Cash Holdings 12
2.4 The Role of External Auditors in Cash Asset Management 14
2.5 Differentiated Audit Quality 16
2.6 Hypothesis Development 18
3. Data and Methodology 20
3.1 Sample Selection 20
3.2 Main Empirical Model and Variable Definition 21
3.3 Descriptive Statistics 24
4. Main Empirical Results 25
4.1. Change in Cash Holdings Analysis 25
4.2. Excess Cash Assets Analysis 27
5. Robustness Checks 29
5.1 The impact of the post-SOX environment 29
5.2 The Potential Effect of Auditor Switches on the Value of Cash Assets 30
5.3 Corporate Governance and the Market Value of Cash Assets 33
5.4 Propensity Score Matching for Endogeneity 35
6. Conclusions 38
References 40
APPENDIX: Variable Definitions 68
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