| 摘要: | 本文從非大型事務所合併之角度切入，探討事務所於合併後，對其受查客戶之審計公費、審計品質以及客戶股價之影響。由於以往文獻多半集中在研究大型事務所合併案之影響，而探討非大型事務所合併案之影響則相當有限，本文有別以往，透過以往事務所合併既有之文獻，分析其影響是否同樣仍適用於非大型事務所合併案之中。
本研究以2009/06/01致遠聯合、2013/01/01以及2016/01/01國富浩華三起非大型事務所之合併案，依照各自之合併日前後三年做為研究期間，衡量事務所合併後對其受查客戶之審計公費、裁決性應計數以及客戶股價之影響。實證結果發現有二：一為非大型事務所合併之後，其受查客戶之審計公費呈現顯著地正相關；二則為非大型事務所合併之後，受查客戶裁決性應計數顯著地下降，代表著與審計品質呈現顯著地正相關，但並沒有觀察到一致之證據顯示客戶股價於事務所合併之事件期間，其受查客戶股價有顯著正向之異常報酬。
;This paper explores the impact of the mergers on audit fees, audit quality and stock price reactions from the perspective of non-Big N accounting firm mergers. In the past, most of the literature focused on the impact of Big N accounting firm mergers, while the impact of non-Big N accounting firm mergers is quite limited. This paper is different from the past, through the existing literature of accounting firm mergers, to analyze whether its impact is still used in non-Big N accounting firm mergers.
In this study, there are three non-Big N accounting firm mergers, DIWAN merges on June 1, 2009, Crowe Horwath merges on January 1, 2013 and January 1, 2016.And then measure the impact of the mergers on audit fees, discretionary accruals, and stock price reactions. The empirical results indicate that after the mergers of non-Big N accounting firm, there is a significant positive correlation with audit fees. Second, the results show that after the mergers of non-Big N accounting firm, the amount of audit clients discretionary accruals decreased significantly, representing a significant positive correlation with audit quality. However, there was no consistent evidence under investigation that the stock price of the audit clients had significantly positive abnormal returns during the event of mergers case. |
