股價崩盤風險是否影響審計公費的定價?

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姓名

陳威廷(Wei-Ting Chen) 查詢紙本館藏

畢業系所

會計研究所

論文名稱

股價崩盤風險是否影響審計公費的定價?
(Does Stock Price Crash Risk Influence Audit Fees?)

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摘要(中)

過去股價崩盤風險研究通常將股價崩盤風險做為因變數，以捕捉影響股價崩盤風險的重大因子。本篇將股價崩盤風險視為自變數並探討股價崩盤風險是否為審計公費訂價的考量因素之一。使用美國的資料做為樣本，期間為2002-2013，在控制會計師及受查者特性的變數的前提下，本篇發現股價崩盤風險與未來審計公費呈現顯著正相關，說明會計師事務所對上試公司訂立審計公費的水準時，會將股價崩盤風險列為考慮因素之一。本篇穩健性測試為White’s測試。

摘要(英)

Previous researches usually define crash risk as dependent variable to find the important explanatory variables. We examine the association between stock price crash risk as independent variable and further pricing of audit fees. Using a sample of U.S. stocks spanning the period 2002-2013, our main finding is a statistically significant and positively association between further audit fees and stock price crash risk after controlling for audit and client characteristics. We find that as the characteristics of clients, stock price crash risk will influence future audit fees. Our findings are robust to White’s tests.

關鍵字(中)

★ 股價崩盤風險
★ 未來審計公費
★ 審計公費訂價

關鍵字(英)

★ stock price crash risk
★ future audit fees
★ audit pricing

論文目次

摘要………………………………………………………………………… i
Abstract……………………………………………………………………... ii
誌謝…………………………………………………………………………. iii
Contents……………………………………………………………………… iv
List of Tables………………………………………………………………… vi
1. Introduction ………….…………………………………… 1
2. Related literature and research questions………………..................... 4
2.1 Tail risk and crash risk…………4
2.2 Opaque and crash risk…………………5
2.3 Determinants of audit fees….5
2.4 Auditee characteristics and audit fees……6
2.5 Agency problems and audit fees……………………7
2.6 Hypotheses development………………………………………8
3. Research design……………………………………………………… 9
3 3.1 The sample……………………………………………………. 9
3 3.2 Measuring firm-specific crash risk.10
3.3 Audit fees and control variables………12
3.4 Baseline regression methodology…………12
4. Empirical results.......................13
4.1 Descriptive statistics…………………………………13
4.2 Correlation matrix……………………………………………14
4.3 Baseline regression results……………………14
5. Additional tests and robustness checks……19
6. Conclusions……………………………………………………………... 21
References…………………………………………………………………….. 22

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指導教授

盧佳琪

審核日期

2017-7-13

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