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題名：現金資產管理與審計品質
作者：溫宜潔 引用關係
作者(外文)：Yi-ChiehWen
校院名稱：國立成功大學
系所名稱：會計學系
指導教授：黃炳勳
陳政芳
學位類別：博士
出版日期：2015
主題關鍵詞：代理成本；審計品質；現金持有；超額現金；傾向分數；Agency costs；Audit quality；Cash holdings；Excess cash；Propensity score
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根據公司資產侵占或移轉行為與自由現金之代理問題的理論觀念而言，鞏固自身利益的經理人透過現金資產的可控制性及裁量權，可能從事某些對公司價值毀損的活動。因此，監督現金資產的有效使用與瞭解現金持有對公司價值的影響是非常重要。本研究針對1991年到2010年在美國公開交易的公司，調查不同的審計品質或特性對現金資產邊際價值的影響。現金資產管理的有效性不僅可透過內部治理程序來反映公司價值，亦可藉由外部審計功能來影響公司市場價值。高品質的審計提供較可靠的資訊及增加審計的確信價值。研究結果發現公司若由四大(Big4)審計人員所查核，現金資產的邊際價值相較於公司由非四大(non-Big4)或由中型事務所審計人員(Second-tier)所查核而呈現較高的價值溢酬。除此之外，公司若由四大(Big4)具有產業專精的審計人員所查核，公司額外$1現金資產的市場價值顯示大幅高於公司由其他不具產業專精的審計人員所查核。當考量審計人員選擇的內生性問題而執行傾向分數配對樣本之方法及控制沙賓法案後期環境、公司有審計人員之更換情形及公司治理因素後，研究結果仍維持相同的推論。研究證據建議現金資產管理的有效性及代理成本的減少可藉由高品質的外部審計貢獻於公司價值。因此，外部審計人員亦扮演公司現金資產的財務守門員。
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