更換會計師事務所對受查公司向銀行借款利率之影響

Abstract

本研究主要探討國內上市、櫃公司更換會計師事務所對次一年度銀行借款之效果。本研究以2011年至2016年台灣上市、櫃公司為對象，將六年間的借款區分為無擔保及有擔保兩種樣本，以研究更換會計師事務所對該兩種借款之影響。研究結果顯示，在無擔保借款之狀況下，公司更換會計師事務所對次一年度銀行借款利率有正向的顯著影響，即銀行因資訊風險的增加而提高借款利率；而在有擔保借款時，因銀行已將增加之資訊風險以擔保品作為該風險溢酬，公司更換會計師事務所對次一年度銀行借款利率並無顯著影響。

This study mainly concerns about the response of the interest rate of bank debt to the signal of audit firm changes. The study includes the listed companies from year 2011 to 2016 in Taiwan and classifies the sample of bank loans to two categories, backed by collateral and not backed by collateral. The empirical results show that audit firm changes significantly increase the interest rate of the bank debts that are not backed by collateral because the financial reporting quality decreases and the information risk increases. In contrast, audit firm changes do not have significant effect on the interest rate of the bank debts that are backed by collateral because of the compensation effect of collateral.