會計師產業專長與首次公開發行折價之關聯

Abstract

本研究以台灣2005年10月25日至2015年12月31日期間首次公開發行的公司作為研究樣本，觀察其公司首次掛牌交易當日、前三日與前五日之報酬與查核會計師產業專長之關聯。產業專長分為會計師層級與事務所層級，兩者係分別以查核會計師產業市佔率與查核事務所產業市佔率衡量。 本研究之實證結果顯示會計師產業市佔率越高，首次公開發行短期報酬亦越高；然而，事務所之產業市佔率對首次公開發行短期報酬之影響則未達顯著水準。此結果證實以產業市佔率衡量之審計品質與首次公開發行折價之關聯較接近傳訊理論(Signalling Theory)而非道德風險理論(Moral Hazard Theory)；本研究同時亦發現，在我國審計簽證制度下，產業專長與會計師個人特長較為攸關。

This thesis examined whether the short-term return of an initial public offering stock (IPO underpricing hereafter) is significantly affected by the industrial expertise of issuing company’s CPA or not. I segmented industrial expertise into firm-level and partner-level, the former is measured by CPA firm’s industrial market share and the latter is measured by partner’s industrial market share. Results of the examinations suggest that the positive relationship between partner-level industrial expertise and IPO underpricing exists. However, firm-level industrial expertise does not significantly affect IPO underpricing. Instead of Moral Hazard Theory, my empirical results are consistent with Signalling Theory, which stated that audit quality positively affect IPO underpricing.