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| Title: | 外部總經理與財務危機之關聯：論會計師產業專精度、審計經驗及任期之影響
The relationship between external CEO and financial distress: The impact of accountants` industry expertise, audit experience, and tenure |
| Authors: | 吳沛穎
Wu, Pei-Ying |
| Contributors: | 李佳玲
Lee, Chia-Ling
吳沛穎
Wu, Pei-Ying |
| Keywords: | 外部總經理
財務危機
會計師產業專精度
會計師審計經驗
會計師任期
External CEO
Financial distress
CPA industry specialist
CPA audit experience
CPA tenure |
| Date: | 2022 |
| Issue Date: | 2022-07-01 16:03:36 (UTC+8) |
| Abstract: | 過去研究多以財務會計層面的比率惡化作為財務危機的預警指標，然而有鑑於財務指標屬於事後指標，近年來更加入公司治理層面的指標，以使財務危機預警模型能達到更好的預測效果。CEO是公司的重要決策者，對公司營運風險有直接的影響，本研究探討若因擔任CEO前於樣本公司任職經理人年資資歷較淺，對公司發生財務危機的影響。本文以2006年至2020年台灣上市（櫃）公司作為研究樣本，實證結果表明，台灣市場證據顯示外部CEO與公司財務危機呈顯著正相關，反映聘僱外部CEO會導致營運風險增加，對公司發生財務危機的可能性有正向的影響，本研究為財務危機預警模型提供公司治理層面之預警指標。進一步分析發現，若公司的簽證會計師審計經驗愈豐富或簽證會計師任期愈長時，能負向調節外部CEO與財務危機間的正相關；非家族企業中公司簽證會計師產業專精度愈高時，能負向調節外部CEO與財務危機間的正相關，反映公司能借助外部審計的力量有效減少代理問題的發生。本研究亦透過敏感性分析及樣本選擇性偏誤測試，顯示本研究之實證結果具有穩健性。
In previous studies, the deterioration of financial accounting ratios has been used as an early warning indicator for financial distress. However, in view of the fact that financial indicators are lagging indicators, corporate governance indicators have been added in recent years to improve the early warning model for financial distress. As the top decision maker of a company, the CEO has a direct impact on the operational risk of the company. This study uses the characteristics of the CEO as the research target to investigate the impact of financial distress on the company if the manager has less years of experience in the sample company before becoming the CEO. The empirical results show that the market evidence in Taiwan shows a significant positive correlation between external CEOs and corporate financial distress, reflecting that the employment of external CEOs leads to an increase in operational risk and has a positive impact on the likelihood of financial distress. This study provides an early warning indicator at the corporate governance level for the financial distress early warning model. Further analysis revealed that the more experience the company`s CPA has in auditing or the longer the tenure of CPA, the more it can negatively adjust the positive correlation between external CEO and financial distress; the higher the industry expertise of CPA in non-family companies, the more it can negatively adjust the positive correlation between external CEO and financial distress, reflecting that the company can effectively reduce the occurrence of agency problems with the power of external audit. The sensitivity analysis and sample selectivity bias test also showed that the empirical results of this study were robust. |
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| Description: | 碩士
國立政治大學
會計學系
109353009 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109353009 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200662 |
| Appears in Collections: | [會計學系] 學位論文
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