Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/118393
|
| Title: | 關鍵查核事項與信用評等等級之關聯性研究
An empirical study of key audit matters and credit ratings |
| Authors: | 蔣宗元
Chiang, Tsung-Yuan |
| Contributors: | 張祐慈
蔣宗元
Chiang, Tsung-Yuan |
| Keywords: | 關鍵查核事項
信用評等
Key audit matters (KAMs)
Credit ratings |
| Date: | 2018 |
| Issue Date: | 2018-07-05 16:49:33 (UTC+8) |
| Abstract: | 我國上市櫃企業自2016年度起，開始適用新式查核報告。其中最大的變革為會計師必須於查核報告中揭露關鍵查核事項，有助於提升查核報告的透明度及溝通價值，並提高揭露品質。而根據過去文獻研究之結果，增加資訊揭露對信用評等等級有正面之效果；然而關鍵查核事項普遍被認為是揭露企業風險較高之處，亦可能因此而對信用評等產生負面的效果。本研究探討關鍵查核事項之揭露與否、揭露數目、會計師所使用之平均字數以及內容之類別與信用評等之關係。實證結果顯示，關鍵查核事項的揭露與企業的信用評等等級呈顯著正相關，即信評機構將揭露關鍵查核事項視為一種風險的揭露，因此對企業的信用評等等級產生負面的效果。此外，本研究亦發現，當會計師揭露與訴訟之負債準備、金融投資、營運能力相關的關鍵事項，能確實反應出高查核風險之處，信用評等機構亦因此給予較低的評等等級。
Since 2016, the expanded auditor’s report requirements have been applicable to the publicly listed companies at stock exchange market and at over-the-counter market in Taiwan. The most important part for this regulation reform is that auditors need to disclose Key Audit Matters (KAMs) in audit reports, which not only elevates the transparency and the communicative value of the reports but also strengthens the disclosure quality. According to the past research, high information disclosure quality has positive influence on credit ratings. Thus, the disclosure of KAMs could positively affect credit ratings as a result of increasing disclosure quality. On the other hand, KAMs are generally considered to disclose high-risk areas for companies, which could probably generate negative effect on credit ratings. This study examines the relationship between credit ratings and the disclosure of KAMs (i.e., number, length, and content). The empirical results show that the disclosure of KAMs is positively associated with the credit ratings, which means that the credit rating agency views the disclosure of KAMs as the disclosure of risks. Furthermore, this study also finds that credit rating agency would give a lower credit rating when the auditors disclose the KAMs related to legal provisions, investment and going concern issues. Overall, the findings suggest that auditors’ reporting of KAMs is informative in terms of risk disclosure. |
| Reference: | 一、中文部分
呂素蓮、李國榮與謝聖涵，2014，公司治理對企業信用評等之影響與預測，東吳經濟商學學報，第87期(12月)：97-133。
李冠皓與黃聖茵，2008，關係人交易與TCRI之關係，貨幣觀測與信用評等，第74期(11月)：89-94。
李朝緯，2017，揭露關鍵查核事項與會計師訴訟風險之初步探討，稅務旬刊，第2368期(7月)：11-19。
李建然，2017，新式會計師查核報告實施後會計師應注意事項及其可能之衝，會計師季刊，第270期(3月)：8-13。
吳朝烱與周建新，2014，信用評等與公司特性對負債融資決策之選擇，臺灣企業績效學刊，第8期(12月)：1-33。
吳欣佩，2017，關鍵查核事項與權益資金成本之關聯性研究，國立政治大學會計學系碩士論文。
林宛瑩、許崇源、戚務君與陳宜伶，2009，公司治理與信用風險，臺大管理論叢，第19卷，第S2期：71-98。
林美鳳、金成隆與林良楓，2009，股權結構、會計保守性與信用評等關係之研究，臺大管理論叢，第20卷，第1期：289-329。
高蘭芬與邱正仁，2002，董監事股權質押對會計盈餘與股票報酬相關性之影響，臺大管理論叢，第13卷，第1期：127-162。
徐永堅，2016，審計準則公報第五十八號「查核報告中關鍵查核事項之溝通」之內容、影響與建議，證券暨期貨月刊，第34卷，第9期：30-41。
張元與葉清雄，2014，忙碌董事、風險承擔與債務資金成本，兩岸金融季刊，第2卷，第3期：1-54。
戚務君，2017，如何解讀財報之關鍵查核事項，貨幣觀測與信用評等，第124期(1月)：28-42。
邱文昌，1999，我國建立信用評等制度之規劃與檢討，證交資料，第442期(8月)：1-24。
黃劭彥、李宗霖與林陣蒼，2016，淺析新式會計師查核報告之「關鍵查核事項」，會計師季刊，第268期(9月)：18-28。
黃仲豪，2016，推動我國採用新式會計師查核報告-由英國實施經驗論起，證券暨期貨月刊，第34卷，第9期：5-14。
陳瑞斌與許崇源，2008，資訊揭露水準對於權益資金成本之影響，東吳經濟商學學報，第61期(6月)：67-108。
陳瑞斌、翁慈青與朱全斌，2009，揭露水準對於信用評等與負債資金成本之影響，財務金融學刊，第17期(6月)：71-110。
鄭桂蕙、林宛瑩與許崇源，2006，董監事持股高低對庫藏股買回誘因之影響，東吳經濟商學學報，第54期(9月)：1-26。
二、英文部分
Ahmed, A. S., B. K. Billings, R. M. Morton, and M. Stanford-Harris. 2002. The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review 77 (October): 867-890.
Andersen, A. 1996. What`s the story? a survey of narrative reporting in annual reports. London: Arthur Andersen.
Ashbaugh-Skaife, H., D. W. Collins, and R. LaFond. 2006. The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics 42 (June): 203-243.
Bédard, J., P. Coram, R. Espahbodi, and T. J. Mock. 2016. Does recent academic research support changes to audit reporting standards? Accounting Horizons 30 (June): 255-275.
Bhojraj, S., and P. Sengupta. 2003. Effect of corporate governance on bond ratings and yields: the role of institutional investors and outside directors. The Journal of Business 76 (July): 455-475.
Botosan, C. A. 1997. Disclosure level and the cost of equity capital. The Accounting Review 72 (July): 323-349.
Brasel, K., M. M. Doxey, J. H. Grenier, and A. Reffett. 2016. Risk disclosure preceding negative outcomes: the effects of reporting critical audit matters on judgments of
auditor liability. The Accounting Review 91 (September): 1345-1362.
Carcello, J. V. 2012. What do investors want from the standard audit report? The CPA Journal 82 (January): 22-28.
Chava, S., D. Livdan, and A. Purnanandam. 2008. Do shareholder rights affect the cost of bank loans? Working paper, The University of Houston.
Christensen, B. E., S. M. Glover, and C. J. Wolfe. 2014.Do critical audit matter paragraphs in the audit report change nonprofessional investors’ decision to invest? Auditing: Journal of Practice & Theory 33 (November): 71-93.
Clatworthy, M., and M. J. Jones. 2001. The effect of thematic structure on the variability of annual report readability. Accounting, Auditing & Accountability Journal 14: 311-326.
Dhaliwal, D., C. Hogan, R. Trezevant, and M. Wilkins. 2011. Internal control disclosures, monitoring, and the cost of debt. The Accounting Review 86 (July): 1131-1156.
Financial Reporting Council (FRC). 2015. Extended auditor`s report-A review of experience in the first year.
Financial Reporting Council (FRC). 2016. Extended auditor`s report-A further review of experience.
Fung, W. K., and A. Rudd. 1986. Pricing new corporate bond issues: an analysis of issue cost and seasoning effects. The Journal of Finance 41 (July): 633-643.
Gimbar, C., B. Hansen, and M. E. Ozlanski. 2016. The effects of critical audit matter paragraphs and accounting standard precision on auditor liability. The Accounting Review 91 (November): 1629-1646.
Gutierrez, E. F., M. Minutti-Meza, K. W. Tatum, and M. Vulcheva. 2017. Consequences of adopting an expanded auditor`s report in the united kingdom. Working paper, Universidad de Chile, University of Miami, Florida International University.
Healy, P. M., and K. G Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: a review of the empirical disclosure literature. Journal of Accounting and Economics 31 (March): 405-440.
Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (July): 305-360.
Jensen, M. C. 1993. The modern industrial revolution, exit, and the failure of internal control systems. The Journal of Finance 48 (July): 831-880.
Jiang, J. 2008. Beating earnings benchmarks and the cost of debt. The Accounting Review 83 (March): 377-416.
Kaplan, R., and G. Urwitz. 1979. Statistical models of bond ratings: a methodological inquiry. The Journal of Business 52 (April): 231-261.
Kidwell, D. S., M. W. Marr, and G. R. Thompson. 1984. Sec rule 415: the ultimate competitive bid. Journal of Financial and Quantitative Analysis 19 (June): 183-195.
King, R., G. Pownall, and G. Waymire. 1990. Expectations adjustments via timely management forecasts: review, synthesis, and suggestions for future research. Journal of Accounting Literature 9: 113-144.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny. 2002. Investor protection and corporate valuation. The journal of finance 57 (June): 1147-1170.
Lennox, C. S., J. J. Schmidt, and A. Thompson. 2017. Is the expanded model of audit reporting informative to investors? evidence from the uk. Working paper, University of Southern California.
Li, S. 2010. Does mandatory adoption of international financial reporting standards in the european union reduce the cost of equity capital? The Accounting Review 85 (March): 607-636.
Pelzer, J. R. E. 2016. Understanding barriers to critical audit matter effectiveness: a qualitative and experimental approach. Ph. D. dissertation, The Florida State University.
Pittman, J. A., and S. Fortin. 2004. Auditor choice and the cost of debt capital for newly public firms. Journal of Accounting and Economics 37 (February): 113-136.
Pinches, G. E., and K. A. Mingo. 1973. A multivariate analysis of industrial bond ratings. The journal of Finance 28 (March): 1-18.
Pogue, T. F., and R. M. Soldofsky. 1969. What`s in a bond rating. Journal of Financial and Quantitative Analysis 4 (June): 201-228.
Reid, L. C. 2015. Are auditor and audit committee report changes useful to investors? evidence from the united kingdom. Ph. D .dissertation, The University of Tennessee, Knoxville.
Sengupta, P. 1998. Corporate Disclosure Quality and the Cost of Debt. The Accounting Review 73 (October): 459-474.
Shleifer, A., and R. W. Vishny. 1997. A survey of corporate governance. The Journal of Finance 52: 737-783.
Standard & Poor`s Corporation. 1982. Credit Overview: Corporate and International Ratings. New York: Standard & Poor`s Corporation.
Yu, F. 2005.Accounting transparency and the term structure of credit spreads. Journal of Financial Economics 75: 53-84.
Ziebart, D. A., and S. A. Reiter. 1992. Bond ratings, bond yields and financial information. Contemporary Accounting Research 9: 252-282. |
| Description: | 碩士
國立政治大學
會計學系
105353038 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0105353038 |
| Data Type: | thesis |
| DOI: | 10.6814/THE.NCCU.ACCT.012.2018.F07 |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
There are no files associated with this item.
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
