ESG 與市場競爭能否影響審計品質? 來自非審計公費與財務重編的證據

Abstract

本研究旨在探討台灣企業非審計公費對財務重編之影響，並分析企業 ESG 表現與市場集中度在其中的調節作用。研究選取 2002 年至 2024 年台灣上市櫃公司為對象，透過配對樣本法取得 452 筆觀察值，並運用羅吉斯迴歸進行實證分析 。 研究結果顯示，非審計公費比例與財務重編機率呈顯著正相關，顯示非審計服務佔比高可能損害審計獨立性。在調節效應方面，儘管 ESG 總分影響不顯著，但細分指標顯示：無論非審計公費之高低，治理（G）面能直接降低財報重編風險；環境（E）面向則能顯著弱化非審計公費對重編風險的負面衝擊。此外，在高度集中（寡占）的市場環境下，受限於外部監管與聲譽壓力，非審計公費的干擾效應亦會受到抑制。本研究證實，維持審計獨立性不僅仰賴健全的組織治理，亦需受到外部市場機制支持。

This study examines the impact of non-audit fees on financial statement restatements in Taiwan, with a focus on the moderating roles of ESG and external market concentration of companies. The empirical analysis employs a matched-sample design of 452 observations from Taiwan-listed and OTC-traded firms between 2002 and 2024, using Logistic regression. The findings indicate a significant positive correlation between the ratio of non-audit fees and the probability of financial restatements, suggesting that substantial non-audit services may compromise audit quality. However, the study identifies distinct moderating effects: while the aggregate ESG score shows no significant influence, the decomposed analysis reveals that the Environmental (E) dimension significantly weakens the positive relationship between non-audit fees and restatement risk. Furthermore, the adverse impact of non-audit fees is curtailed in highly concentrated oligopolistic markets due to external regulatory and reputational constraints. The research confirms that sustaining audit quality requires both robust organizational governance and supportive market environments.