题名

會計師簽證、法人持股與資訊不對稱對多頭市場股票報酬影響之研究

并列篇名

The Impacts of the CPA's Opinion, Institutional Ownership and Information Asymmetry on Stock Return in Bull Market

DOI

10.29698/FJMR.200505.0004

作者

黃旭輝(Hsu-Huei Huang)；丁世儒(Shr-Ru Ding)

关键词

公司治理 ； 會計師 ； 資訊不對稱 ； 法人持股 ； corporate goveemance ； CPA ； information asymmetry ； institutional ownership

期刊名称

輔仁管理評論

卷期/出版年月

12卷2期（2005 / 05 / 01）

页次

99 - 125

内容语文

繁體中文
中文摘要

LLSV(2000)及Mitton(2002)均指出完善的公司治理機制是對抗金融危機的最佳方法，意謂公司治理有助於抵抗外的不利環境，我們認爲良好的公司治理，即使處於多頭市場之下與有助於公司提升其價值，本文探討的公司治理機制包括會計師的簽證意見、公司是否更換會計師事務所、會計師事務所的規模與法人持股比率。實證結果發現：在多頭市場之下，若公司更換會計師事務所或出現負面的簽證意見以及法人持股較低的公司，其股價上漲幅度較小。另外，我們也發現資訊不對稱愈大的公司，若有更換會計師事務所或會計師簽證呈現負面的意見，其多頭市場的股價漲幅愈小，顯示資訊不對稱愈大的公司，愈需要完善的公司治理機制。
英文摘要

LLSV (2000) and Mitton (2002) document that strong corporate governance is a good mechanism against financial crisis. We argue that corporate governance is also helpful for value enhancing in bull market, and we find that companies with CPA switch, negative CPA's opinion, or lower institutional ownership have lower return in bull market. Furthermore, our evidence demonstrates that firms with higher information asymmetry need more healthy governance mechanism.
主题分类 社會科學 > 管理學
参考文献
  1. Ameen, E. C.,Kam, C.,Guffey, D. M.(1994).Information Content of Qualified Audit Opinions for Over-the-Counter firms.Journal of Business Finance and Accounting,20,997-1011.
  2. Barnea, A.,Haugen, R.,Senbet, L.(1985).Agency Problems and Financial Contracting.Englewood Cliffs New Jersey:Prentice Hall Foundations of Finance Series.
  3. Burton, C. J.,Roberts, W.(1967).A Study of Auditor Changes.The Journal of Accountancy,123,31-36.
  4. Chow, C. W.,Rice, S. J.(1982).Qualified Audit Opinion and Auditor Switching.The Accounting Review,57,326-335.
  5. Datta, S.,Datta, M. I.,Patel, A.(2000).Some Evidence on the Uniqueness of Initial Public Debt Offerings.Journal of Finance,55,715-743.
  6. Deloitte, Haskins,Sells(1978).An Opinion Survey of the Public Accounting Profession: How the Profession is Viewed by Different Groups which Have Regular Contact with it.New York:Richman Research.
  7. Dodd, P.,Dopuch, N.,Holthausen, R.,Leftwich, R.(1984).Qualified Audit Opinions and Stock Price: Information Content, Announcement Dates, and Concurrent Disclosures.Journal of Accounting and Economics,6,3-36.
  8. Duggal, R.,Millar, J. A.(1999).Institutional Ownership and Firm Performance: The Case of Bidder Returns.Journal of Corporate Finance,5,103-117.
  9. Eichensheher, J. W.,Shieldsm, D.(1983).The Correlates of CPA_Firm Change for Publicly Held Corporations.Auditing: A Journal of Practice and Theory,23-37.
  10. Fabozzi, F. J.,Francis, J. C.(1979).Mutual Fund Systematic Risk for Bull and Bear Markets: An Empirical Examination.Journal of Finance,34,1243-1250.
  11. Fama, E. F.,French, K. R.(1993).Common Risk Factors in the Returns on Stocks and Bonds.Journal of Finance,33,3-56.
  12. Fried, D.,Schiff, A.(1981).CPA Switches and Associated Market Reactions.The Accounting Review,56,326-341.
  13. Hirshleifer, D.,Subrahmanyam, A.,Titman, S.(1994).Security Analysis and Trading Patterns When Some Investors Receive Information Before Others.Journal of finance,December,1665-1698.
  14. Jegadeesh, N.,Titman, S.(1993).Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency.Journal of Finance,48,65-91.
  15. Johnson, S.,Boone, P.,Breach, A.,Friedman, E.(2000).Corporate Governance in the Asian Financial Crisis.Journal of Financial Economics,58,141-186.
  16. Johnson, W. B.,Lys, T.(1990).The Market for Audit Services：Evidence from Voluntary Auditor Changes.Journal of Accounting and Economics,12,281-308.
  17. Krishnaswami S.,Spindt, P. A.,Subramaniam, V.(1999).Information Asymmetry, Monitoring, and the Placement Structure of Corporate Debt.Journal of Financial Economics,51,407-434.
  18. Krishnaswami S.,Subramaniam, V.(1999).Information Asymmetry, Valuation, and the Corporate Spin-off Decision.Journal of Financial Economics,53,73-112.
  19. La Porta, R.,Lopez-de-Silanes, F.,Shleifer, A.,Vishny, R.(2000).Investor Protection and Corporate Governance.Journal of Financial Economics,58,3-27.
  20. Lakonishok, J.,Shleifer, A.,Vishny, R.W.(1992).The Impact of Institutional Trading on Stock Prices.Journal of Financial Economics,32(August),23-43.
  21. Leland, H. E.,Pyle, D.(1977).Informational Asymmetries, Financial Structure, and Financial Intermediation.Journal of Finance,32,371-387.
  22. McConnell, J. J.,Servaes, H.(1990).Additional Evidence on Equity Ownership and Corporate Value.Journal of Financial Economics,27,595-612.
  23. Mitton, T.(2002).A Cross-Firm Analysis of The Impact of Corporate Governance on The East Asian Financial Crisis.Journal of Financial Economics,64,215-241.
  24. Pound, J.(1988).Proxy Contests and the Efficiency of Shareholders Oversight.Journal of Financial Economics,20,237-265.
  25. Reed, B.,Trombley, M.,Dhaliwal, D.(2000).Demand for Audit Quality: The Case of Laventhol and Horwath`s Auditees.Journal of Accounting, Auditing, and Finance,15,183-198.
  26. Scharfstein, D.S.,Stein, J.C.(1990).Herd Behavior and Investment.American Economic Review,80(June),465-479.
  27. Schwartz, K. B.(1982).Accounting Changes by Corporation Facing Possible Insolvency.Journal of Accounting, Auditing and Finance,6,32-43.
  28. Simunic, D. A.(1990).Discussion of External Audit and Asymmetric Information.Auditing: A Journal of Practice and Theory,243-248.
  29. Teoh, S. H.(1992).Auditor Independence Dismissal Threats, and the Market Reaction to Auditor Switches.Journal of Accounting Research,30,7-34.
  30. Titman, S.,Trueman, B.(1986).Information Quality and the Valuation of New Issues.Journal of Accounting and Economics,8,159-172.
  31. Wermers, R.(1999).Mutual Fund Herding and Impact on Stock Prices.Journal of Finance,54(April),581-621.
  32. Williams, D. D.(1988).The Potential Determinants of Auditor Changes.Journal of Business Finance ＆ Accounting,15,243-261.
  33. 吳頊然(2002)。台北大學會計學研究所。
  34. 李煥堂(1994)。東吳大學會計學研究所。
  35. 周行一、陳錦村、陳坤宏(1996)。家族企業、聯屬持股與公司價值之研究。中國財務學刊，4(1)，115-139。
  36. 周玲臺、王振東(1995)。上市公司會計師更換之實證研究。會計研究月刊，120，20-26。
  37. 林蕙真(1993)。保留意見書對股價的影響之研究（上）。會計研究月刊，93，137-141。
  38. 林蕙真(1993)。保留意見書對股價的影響之研究（下）。會計研究月刊，95，137-143。
  39. 林蕙真(1993)。保留意見書對股價的影響之研究（中）。會計研究月刊，94，75-77。
  40. 邱毅、張訓華(1991)。股權結構、董事會組成與企業財務績效。臺北市銀月刊，260，11-32。
  41. 張旭玲(1998)。成功大學會計學研究所。
  42. 陳玫慧(2000)。逢甲大學企業管理研究所。
  43. 陳鴻文(1995)。東吳大學會計學研究所。
  44. 溫世明(1987)。政治大學會計學研究所。
被引用次数
  1. 曾富敏、丁誌魰(2005)。以向量自我迴歸模式探討臺灣股價、成交量、融資融券與法人進出之關聯性。真理財經學報，13，43-74。
  2. 黃延辰(2016)。遺贈稅稅率調降對股價異常報酬之影響─公司治理的觀點。嶺東學報，40，143-163。
  3. 闕河士、黃旭輝、陳美惠(2006)。公司治理能在空頭市場下支撐股價嗎？。輔仁管理評論，13(2)，1-28。
  4. 魏妤珊、廖俊煌(2013)。租稅政策變動與市場反應—公司治理調節效果。當代會計，14(2)，205-232。
  5. (2016)。公司治理對期間報酬、經營績效之影響：以台灣「公司治理評量制度」授證公司為例。中華管理評論，19(1)，1-28。
print cancel