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題名:中國審計公費與盈餘管理風險之關聯性
作者:劉沂佩
作者(外文):Yi-Pei Liu
校院名稱:國立臺北大學
系所名稱:會計學系
指導教授:薛敏正
學位類別:博士
出版日期:2009
主題關鍵詞:盈餘管理證券管制審計公費Earnings ManagementRegulation of Stock MarketAudit Fee
原始連結:連回原系統網址new window
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審計公費是客戶與會計師之間重要的經濟聯繫,同時也是審計研究的重要研究對象。為了提高資訊資訊揭露品質、保障投資人合法權益以及健全資本市場之發展,中國證券監督管理委員會(以下簡稱中國證監會)於2001年12月24日發佈了「開發行證券的公司信息披露規範問答第6號-支付會計師事務所報酬及其披露」(以下簡稱揭露)。該「揭露」對上市公司在年度報告中揭露支付給會計師事務所的審計公費內容和形式作了具體規定,使中國成為繼美國、英國、澳洲、香港等國家與地區之後又一個強制要求上市公司揭露審計公費的國家,為研究中國審計公費提供了契機。
為了解決國有企業嚴重赤字與提高生產效率,中國自1979年開始實施一連串的經濟改革。90年代初期,中國自成立了上海及深圳兩個交易所後,大型國有企業紛紛「脫鉤改制」上市。中國政府希望市場機制這股活水的注入,能夠有效解決國有企業的弊病。
「宏觀調控」係中國「社會主義市場經濟體」之重要手段。具體的表現在中國證監會及中國國務院證券委員會(簡稱中國證券委)對於新股上市、配股、下市等審核決策,主要以會計數字(股東權益報酬率)來最為審核的依據。例如連續二年虧損的上市公司,股票須實施特別處理(Special Treatment);而連續三年虧損的上市公司,股票須實施特別轉讓(Particular Transfer),更甚嚴重者,則處以下市(delist)。此外上市公司欲進行配股者,則其最近三個會計年度之加權平均股東權益報酬率不得低於6%。主管機關仰賴會計資訊作為審核的依據,使得上市公司有強烈的動機將盈餘操弄至某一門檻之上(Pistor and Xu, 2005)。
回顧過去審計公費與盈餘管理關係之研究,大多數研究係以美、英、澳、新加坡、香港等已開發國家或地區作為研究對象,對於開發中國家之研究卻付之闕如。有鑑於此,本研究以中國證券市場為例,探討證券管制之下,企業盈餘管理風險與審計公費之關聯性。本研究以2001至2006年4,594家中國上市公司為樣本,實證結果顯示,審計公費與盈餘管理風險呈正相關,同時本研究亦發現審計公費會受證券管制的影響。本研究結果對主管機關、會計師、企業主與投資人具有重要的政策及管理意涵。
Numerous studies have been conducted on the market for audit services in developed countries, but so far, few studies have focused on developing countries. This study singles out China, a developing country, to examine the association between audit fees and the earnings management risk induced by security regulation. The hypothesis is that the audit fee increases as the earnings management risk increases. A sample of 4,594 firm-year Chinese firms that had been publicly listed from 2001 to 2006 was used to test the hypothesis.We found a positive association between audit fees and earnings management risk. We also encountered the different types of security regulations that affect the audit fee. The results were equally robust in various model specifications and alternative samples. Apart from providing pioneering data on audit fees in China, this study also reveals interesting implications for auditors, regulators, entrepreneurs, and investors.
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