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標題: | 設置審計委員會對盈餘宣告資訊內涵影響之探討 An Empirical Examination of the effect of Audit Committee on the Informativeness of Earnings Announcement |
作者: | Run-Zong Kuo 郭潤宗 |
指導教授: | 葉疏 |
關鍵字: | 審計委員會,監察人,盈餘資訊內涵, audit committee,supervisors,the informativeness of earnings, |
出版年 : | 2016 |
學位: | 碩士 |
摘要: | 本研究主要探討從監察人制度轉換成審計委員會制度之公司,其盈餘資訊內涵是否提升。本研究參照Wild (1996)之研究設計,以盈餘宣告期間之股票報酬變異衡量盈餘資訊內涵,並比較:(1)採用審計委員會之公司前、後期間之盈餘報告於盈餘宣告期間之股票報酬變異;(2)採用審計委員會之公司前、後期間之盈餘報告於盈餘宣告期間之股票報酬變異,相對於維持監察人制度之公司二期間盈餘報告於盈餘宣告期間之股票報酬變異之變化。(3)最後以多元迴歸模型控制其他可能影響盈餘宣告期間股票報酬變異之因素。
實證結果發現:(1)採用審計委員會後期間之盈餘報告於盈餘宣告期間之股票報酬變異,並未顯著大於採用審計委員會前一期間之盈餘報告於盈餘宣告期間之股票報酬變異;(2)採用審計委員會之公司前、後期間之盈餘報告於盈餘宣告期間短窗期之股票報酬變異變化,並未顯著大於同期間維持監察人制度之公司二期間盈餘報告於盈餘宣告期間短窗期之股票報酬變異之變化;(3)其餘影響盈餘宣告期間股票報酬變異之因素並未影響本研究發現之現象。此發現顯示採用審計委員會制度之公司未能因而提升盈餘資訊內涵。 This study examines whether firms that are allowed to switch to the audit committee from the supervisors can improve the informativeness of earnings. Following Wild (1996), this study uses stock returns variability to measure the informativeness of earnings, then compares: (1) the stock returns variability to the release of earnings reports for firms that switch to the audit committee between adoption and post-adoption periods, and (2) the stock returns variability to the release of earnings reports for firms that switch to the audit committee between adoption and post-adoption periods, relative to the corresponding change for a matched samples that retain the supervisors. Finally, this study considers the impact of audit committee formation after simultaneously controlling for the joint effects of other determinants of stock returns variability at earnings report dates. Empirical results indicate that: (1) the stock returns variability to the release of earnings reports for firms that switch to the audit committee during post-adoption periods are not significantly greater than pre-adoption period, and (2) the change of short-window stock returns variability to the release of earnings reports for firms that switch to the audit committee between adoption and post-adoption periods, is not significantly greater than the corresponding change for a matched samples that retain the supervisors, and (3) other determinants of stock returns variability at earnings report dates do not influence this study’s findings. These findings indicate that firms can not improve the informativeness of earnings after they switch from the supervisors to the audit committee. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/3817 |
DOI: | 10.6342/NTU201601814 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 會計學系 |
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ntu-105-1.pdf | 1.05 MB | Adobe PDF | 檢視/開啟 |
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