跨境上市對企業審計公費之影響—以台灣上市櫃公司為例

Abstract

隨著全球資本市場逐漸朝向金融自由化與國際化發展，企業開始透過跨境上 市以提升國際知名度、擴大股東基礎並增加股票流動性。本研究旨在探討跨境上市 對台灣上市櫃公司審計公費的影響，研究對象為 2013 年至 2022 年之上市櫃公司， 其中跨境上市公司包含海外來台第一上市櫃公司(KY 公司)及發行海外存託憑證的 台灣上市櫃公司(GDR 公司)。 根據實證結果顯示，兩種跨境上市公司對審計公費皆呈現顯著正相關，表示跨 境上市公司會因為其特殊性質導致其審計複雜度與預期法律責任成本增加，進而 提高審計公費。而若依照法規嚴格程度與投資人保護程度將發行海外存託憑證之 地點劃分為不同層級，可以發現若企業於法規較嚴格或是投資人保護程度較高的 地區發行海外存託憑證時，其審計複雜度與預期法律責任成本均會增加，進而提升 審計公費溢價效果。另外，本研究發現若 KY 公司進一步發行海外存託憑證，其審 計公費會低於未發行海外存託憑證之 KY 公司，因為當 KY 公司在額外發行海外 存託憑證之後，可以降低 KY 公司部分的預期法律責任風險，進而減少審計公費溢 價效果。

As global capital markets progressively move towards financial liberalization and internationalization, companies have begun cross-border listings to enhance international visibility, expand shareholder base, and increase stock liquidity. This study aims to examine the effect of cross-listing on audit fees for Taiwanese listed companies. The research subjects are listed companies from 2013 to 2022. The cross-listing companies include Overseas Foreign Listed Companies in Taiwan (KY companies) and Taiwanese listed companies issuing Global Depositary Receipts (GDR companies). According to the empirical results, both types of cross-listing companies show a significant positive correlation with audit fees. This indicates that the unique nature of cross-listing companies increases the audit complexity and expected legal liability costs, thereby raising audit fees. Furthermore, if the locations where GDRs issued are classified based on the strictness of regulations and the level of investor protection, it can be observed that when companies issue GDRs in regions with stricter regulations or higher levels of investor protection, the audit complexity and expected legal liability costs increase. This, in turn, enhances the audit fee premium effect. Additionally, this study found that if KY companies further issue GDRs, their audit fees are lower than those of KY companies that have not issued GDRs. This is because the additional issuance of GDRs can reduce part of the expected legal liability risk for KY companies, thereby decreasing the audit fee premium effect.