市場對涉及重編會計師負面反應之傳染效果

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姓名

黃郁如(Yu-Ju Huang) 查詢紙本館藏

畢業系所

會計研究所

論文名稱

市場對涉及重編會計師負面反應之傳染效果
(The Contagion Effect of Market’s Negative Response to Accountants Involved in Financial Restatement)

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至系統瀏覽論文 (2026-6-30以後開放)

摘要(中)

本研究以 2011 年至 2019 年涉及重編之會計師查核的重編及非重編客戶客戶為樣本，探討市場於重編宣告後產生之負面反應，是否會傳染給涉及重編會計師查核的未重編公司，導致非重編公司產生負向累計異常報酬，並且進一步探討會計師具備之特質是否會對傳染效果帶來的負面反應造成影響。
實證結果證實市場對於重編宣告之負面反應具有傳染效果，會導致涉及重編會計師查核之其他非重編公司股價產生負向累計異常報酬。本研究更進一步發現，若會計師具備四大會計師事務所、產業專家或任期較長的特質，具備愈多特質的會計師，市場對其查核之非重編公司的負面反應會更加嚴重。

摘要(英)

This study examines the market’s contagion effect on non-restatement companies audited by accountants involved in financial restatements, utilizing a sample consisting of all clients audited by accountants engaged in financial restatements from 2011 to 2019. The study investigates whether the negative reactions observed in the market following restatement announcements spread to non-restatement companies, resulting in negative cumulative abnormal returns for these non-restatement companies. Furthermore, our study investigates whether the accountants’ characteristics will impact the severity of the investors’ negative reactions induced by the contagion effect.
Empirical results confirm the contagion effect of the markets’ negative reaction to restatement announcement, causing non-restatement companies audited by accountants involved in restatements to incur negative cumulative abnormal returns. Our study further finds that accountants with characteristics such as being from Big 4 accounting firms, industry experts, or having longer tenures, their non-restatement clients experience more severe negative reactions from the market.

關鍵字(中)

★ 財務報表重編
★ 傳染效果
★ 累計異常報酬
★ 會計師特質

關鍵字(英)

★ Financial restatement
★ Contagion effect
★ Cumulative abnormal returns
★ Account′s characteristics

論文目次

中文摘要 i
英文摘要 ii
目錄 iii
表目錄 v
壹、緒論 1
貳、文獻回顧 5
2-1 財務報表重編之因素及其影響 5
2-2 財務報表重編對會計師之影響 7
2-3 財務報表重編與會計師特質的關聯 8
參、研究設計 10
3-1 資料來源與樣本 10
3-2 實證模型與變數定義 11
肆、實證結果 17
4-1 樣本之敘述性統計 17
4-2 事件研究法t檢定 21
4-3 迴歸分析 22
4-4 額外分析 26
伍、敏感性分析 28
5-1 疫情期間樣本 28
5-2 排除導因於「原則及會計變更」之樣本 29
5-3 加入「會計師2查核之非重編公司」樣本 31
陸、結論、研究限制與建議 33
6-1 研究結論 33
6-2 研究限制 34
6-3 研究建議 35
參考文獻 37

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指導教授

劉乃熒(Nai-Yng Liu)

審核日期

2024-7-16

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