臺灣博碩士論文加值系統

股價與財務報告揭露之基本訊息的關聯性，是許多財務領域學者熱門的相關研究主題，希望藉由找出影響股價之攸關資訊內涵，供投資人評估決策使用。本文藉由迴歸分析檢視台灣證券市場近五年內，每股盈餘、每股淨值、重復出現關鍵查核事項對股價的關聯性，均呈現顯著的正相關，自變數對影響股價解釋程度高，進一步分析台灣證券市場中，各財報資訊對於股價解釋能力之影響。由迴歸分析結果顯示，假說4.3-1「重複出現關鍵查核事項會降低企業盈餘的相對價值攸關性，對企業股價產生調節作用｣，重復揭露關鍵查核事項對股價無明顯產生影響，較不會降低企業盈餘的相對價值攸關性，每股盈餘、每股淨值及揭露關鍵查核事項則會對股價產生調節作用影響；假說4.3-2「重複出現關鍵查核事項會提升其權益帳面價值的相對價值攸關性｣，結果顯示重復揭露關鍵查核事項與權益帳面價值交乘項對股價無明顯影響，較不會提升權益帳面價值的相對價值攸關性，每股盈餘、每股淨值及重復揭露關鍵查核事項與每股盈餘交乘項則會對股價產生影響。
鑒於以上的研究結果，因為研究樣本期間太短，資訊揭露品質可能不是短短幾年就會顯示出重復揭露關鍵查核事項使用在新式查核報告中會對股價產生影響，若樣本期間延長可能更可以確認資訊揭露的影響。
關鍵字：關鍵查核事項、權益帳面價值、每股盈餘、每股淨值

The correlation between the stock price and the basic information disclosed in the financial report is a popular research topic for many financial scholars. It is hoped that by identifying the relevant information content that affects the stock price, it can be used by investors to evaluate and make decisions. This article examines Taiwan’s securities market through regression analysis. In the past five years, the correlation between earnings per share, net value per share, and recurring key audit matters on stock prices has shown a significant positive correlation. The independent variable has a high degree of impact on the interpretation of stock prices. Analyze the impact of various financial reports on the interpretation of stock prices in the Taiwan securities market. The results of regression analysis show that Hypothesis 4.3-1 "Repetitive key audit matters will reduce the relative value of the company's surplus and have a regulatory effect on the company's stock price." Repeated disclosure of key audit matters will have no significant impact on stock prices, and it will Reduce the relative value of corporate earnings. Earnings per share, net value per share, and disclosure of key audit matters will have a regulatory effect on stock prices; Hypothesis 4.3-2 "Recurring key audit matters will increase the relative value of their equity book value Relevance”, the results show that the repeated disclosure of key audit matters and the equity book value multiplier have no significant impact on the stock price, and it will not increase the relative value of the equity book value. The check item and the multiplication of earnings per share will have an impact on the stock price.
In view of the above research results, because the sample period of the study is too short, the quality of information disclosure may not be just a few years. It will show that repeated disclosure of key audit matters will affect the stock price in the new type of audit report. Confirm the impact of information disclosure.

Keywords: Key Audit Matter, Equity Book Value, EPS, Net Value Per Share

摘要 i
Abstract ii
誌謝 iv
目錄 v
表目錄 vii
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第二章 文獻探討及假說設立 4
第一節 文獻探討 4
第二節 假說設立 7
第三章 研究方法 10
第一節 實證模型建立與變數衡量 10
第二節 資料來源與樣本選樣 12
第四章 實證結果與分析 17
第一節 敘述性統計 17
第二節 相關係數分析 21
第三節 迴歸分析 26
第五章結論與建議 31
參考文獻 33

戚務君，2018，關鍵查核事項與尷尬的簽證會計師--成分標示還是產品警語，月旦會計實務研究，56-67
李建然，2016，新式會計師查核報告之簡介及其衝擊，主計月刊，第732期，27-36
曾家璿、史雅男，2019，會計師產業專精與關鍵查核事項揭露之關聯中華會計學刊第 15 卷 第 1 期，37-76 頁
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，268 期：頁 18-28。
李揚，2018，新式查核報告之關鍵查核事項與盈餘管理，中原大學會計碩士班學位論文
林耿良，2019，關鍵查核事項與盈餘保守性之關聯性，中原大學會計碩士班學位論文
郭宇婷，2018，查核報告之關鍵查核事項與盈餘穩健性，中原大學會計碩士班學位論文
吳嘉倩，2018，關鍵查核事項與盈餘管理之關聯性，中原大學會計碩士班學位論文
鄭智中，2018，揭露關鍵查核事項與盈餘品質之關聯性研究，臺灣大學會計學碩士班學位論文
何菊英，2019，關鍵查核事項之變動與盈餘管理，中原大學會計碩士班學位論文
王靖為，2019，關鍵查核事項對財務報表盈餘品質及審計公費之影響-以銀行業為例中原大學會計研究所碩士班學位論文
羅瑞騏，2018，投資人對新式查核報告書之反應，臺灣實證成功大學會計學系碩士班學位論文
莊志誠，2019，新式查核報告中關鍵查核事項揭露之探討，中興大學會計學碩士班學位論文
曾瀞儀，2019，公司治理評鑑結果與關鍵查核事項關係之研究，台中科技大學會計資訊系碩士班學位論文
楊舒為，2019，會計基本資訊與股價關聯性之研究，國立臺灣大學國際企業學研究所碩士班學位論文
劉繼方，2009，集團企業會計資訊價值攸關性之研究，國立中興大學會計學研究所碩士班學位論文
翁慈璟，2017，採用IFRSs公允價值衡量對股價的影響，國立中正大學會計與資訊科技學系碩士在職專班學位論文
黃瀞誼，2009，負盈餘公司價值動因之研究，國立臺北大學碩士班學位論文
彭火樹，2005，股價與盈餘關係之研究：盈餘與權益帳面價值定式問題之再考量，會計評論， 40期，69–90
吳德宏，2008，每股盈餘稀釋效果與股價之研究，成功大學會計學系碩士班學位論文
曾揚森，2018，台灣製造業財務指標與股價關聯性之實證分析，國立中央大學產業經濟研究所碩士在職專班論文
張瑀珊, 2014, 存貨財會準則公報修訂對財報價值攸關性之影響,管理與系 統,21(4), 641-666
Arce, M. and Mora, A., 2002, “Empirical Evidence of the Effect of European Accounting Differences on the Stock Market Valuation of Earnings and Book Value,” European Accounting Review, Vol. 11, No. 3, 573-599.
Balachandran, S. and Mohanram, P., 2011, “Is the Decline in the Value Relevance of Accounting Driven by Increased Conservatism?” Review of Accounting Studies, Vol. 16, No. 2, 272-301
Ball, R.,Kothari, S. P.,Robin, A. 2000, The effect of international institutional factors on properties of accounting earnings.Journal of Accounting and Economics,29,1-51
Banimahd, B., Poorzamani, Z., and Ahmadi, S. A., 2013, “The Value Relevance of Audit report, Auditor Type and Auditor Tenure: Evidence from Iran,” Asian Journal of Finance & Accounting, Vol. 5, No. 1, 89-103.
Bandyopadhyay, S. P., Chen, C., Huang, A. G., and Jha, R., 2010, “Accounting Conservatism and the Temporal Trends in Current Earnings’ Ability to Predict Future Cash Flows versus Future Earnings: Evidence on the Trade-off between Relevance and Reliability,” Contemporary Accounting Research, Vol. 27, No. 2, 413-460.
Barton, J., Hansen, T. B., and Pownall, G., 2010, “Which Performance Measures Do Investors around the World Value the Most - and Why?” Accounting Review, Vol. 85, No. 3, 753-789
Barth, M. E., Beaver, W. H., and Landsman, W. R., 1998, “Relative Valuation Roles of Equity Book Value and Net Income as a Function of Financial Health,” Journal of Accounting & Economics, Vol. 25, No. 1, 1-34.
Barth, M. E., Beaver, W. H., and Landsman, W. R., 2001, “The Relevance of the Value Relevance Literature for Financial Accounting Standard Setting: Another View,” Journal of Accounting & Economics, Vol. 31, No. 1-3, 77-104.
Beaver, W. H. and Engel, E. E., 1996, “Discretionary Behavior with Respect to Allowances for Loan Losses and the Behavior of Security Prices,” Journal of Accounting and Economics, Vol. 22, No. 1-3, 177-206
Black, E. L. and White, J. J., 2003, “An International Comparison of Income Statement and Balance Sheet Information: Germany, Japan and the US,” European Accounting Review, Vol. 12, No. 1, 29-46.
Stanley B. Block and Timothy J. Gallagher, 1986, The use of interest rate futures and options by corporate financial managers, Financial Management, vol. 15, No.3, 73-78.
Bartov, E., and P. Mohanram. 2004. Private information, earnings manipulations, and executive stock-option exercises, The Accounting Review 79 (4): 889-920.
Bartov, E. 1993, The timing of asset sales and earnings manipulation, The Accounting Review, 68 (4): 840-855.
Browen, R. M., L. DuCharme, and S. D. Larry, 1995, Stakeholders’ implicit claims and accounting method choice, Journal of Accounting and Economics, 20, 255-295.
Burgstahler, D. and I. Dichev., 1997, Earnings management to avoid earnings decreases and losses, Journal of Accounting and Economics, 24, 99-12
Cai, Lei and Rahman, Asheq Razaur Razaur and Courtenay, Stephen M., 2008, The Effect of IFRS and its Enforcement on Earnings Management: An International Comparison., working paper.
Chtourou, S. M., J. Bedard and L. Courteau, 2001, Corporate governance and earnings management, Working paper, University of Laval.
Collins, D. W., Pincus, M., and Xie, H., 1999, “Equity Valuation and Negative Earnings: The Role of Book Value of Equity,” Accounting Review, Vol. 74, No.1, 29-61
Dechow, P. M., G. S. Richard and A. P. Sweeney. 1995. Detecting earnings
management. The Accounting Review 70 (2): 193-225.
Dechow, P. M., R. G. Sloan, and A. P. Sweeney, 1996, Causes and consequences of earnings manipulation: an analysis of firms subject to enforcement actions by the SEC, Contemporary Accounting Research, Vol. 13, 1-36
DeFond, M. L., and J. Jiambalvo,1994, Debt covenant violation and manipulation of accruals， Journal of Accounting and Economics 17: 145-176.
Doyle, J. T., Ge, W., McVay, S., 2007, Accruals quality and internal control over financial reporting, The Accounting Review, 82(5), 1141-1170
Feltham G. A. and Ohlson, J. A., 1995, “Valuation and Clean Surplus Accounting for Operating and Financial Activities,” Contemporary Accounting Research, Vol. 11, No 2, 689-732
Frankel, R., M. Johnson, and K. Nelson. 2002. The relation between auditors’ feees for nonaudit services and earnings management. The Accounting Review 77: 71-105
J. Francis, J. Hanna, L. Vincent, 1996,“Cause and effects of discretionary asset writeoffs”, Journal of Accounting Research, 34, 117-134
Ge, W. and McVay, S. E., 2005, The disclosure of material weaknesses in internal control after the Sarbanes-Oxley Act, Accounting Horizons, 19(3), 137-158
John Goodwin, Kamran Ahmed, and Richard Heaney, 2008, The Effects of International Financial Reporting Standards on the Accounts and Accounting Quality of Australian Firms: A Retrospective Study, Journal of Contemporary Accounting & Economics, 4(2), 89-119
Heflin, F. and T. Wakfield, 1997, Managerial discretion in accounting for asset write-offs, working paper, University of Wisconssin-Madison.
Hendriksen, E. S., 1982, Intangible and Noncurrent Investment, Accounting theory, 4th ed., Illinois,
Hirst, D.,Hopkins, P. 1998, Comprehensive income reporting and analysts' valuation judgments.Journal of Accounting Research, 36, 47-74.
Hunton, J.E., R. Libby and L.M. Mazza. 2006, Financial Reporting Transparency and Earnings Management. The Accounting Review 81 (1):135-157.
Hung, M.,Subramanyam, K. R. 2007, Financial statement effects of adopting international accounting standards: The case of Germany. Review of Accounting Studies,12(4),623-657
Ijiri, Y., Jaedicke, R. K., and Knight, K. E., 1966, “The Effects of Accounting Alternatives on Management Decisions,”, Research in Accounting Measurements, New York: American Accounting Association, 186-199
Kang, S. H. and Zhao, Y., 2010, “Information Content and Value Relevance of Depreciation: A Cross-industry Analysis,” Accounting Review, Vol. 85, No. 1, 227-260
Klein, A. 2002, Audit committee, board of director characteristics, and earnings management, Journal of Accounting and Economics, Vol. 33, 375-400.
Lang and Stulz 1994, “Tobin’s q, Corporate diversification, and firm performance”, Journal of Political Economic, 102, 1248-1280.
La Porta, R., F. Lopez-de-Silanes, A. Schleifer and R. Vishny. 1998. Law and
finance. Journal of Political Economy 106 (6): 1113-1155
Leuz, C., D. Nanda and P. D. Wysocki. 2003, Earnings management and investor protection: An international comparison. Journal of Financial Economics 69(3): 505-527
Maryam, Y., A. Ahmad & Z. Embong, 2017, Value Relevance of Other Comprehensive Income and Its Available-For-Sale Financial Instruments (AFS) and Revaluation Surplus of Property, Plant and Equipment (REV) Components, Asian Journal of Accounting and Governance 8: 133–143
Marquardt, C. A. and Wiedman, C. I., 2004, “The Effect of Earnings Management on the Value Relevance of Accounting Information,” Journal of Business Finance & Accounting, Vol. 31, No. 3-4, 297-329
Mayers, D., Shivdasani, A., & Smith, C. W., Jr., 1997,Board composition and corporate control: Evidence from the insurance industry. Journal of Business, 70, 33-62
Morck ,Randall, Andrei Shleifer, and Robert Vishny, 1988, “Management ownership and market valuation：An Empirical Analysis”, Journal of Financial Economics, 20, 293-316
Nwaeze, E. T., 1998, “Regulation and the Valuation Relevance of Book Value and Earnings: Evidence from the United States,” Contemporary Accounting Research, Vol. 15, No.4, 547-573
Ohlson, J. A., 1995, “Earnings, Book Value, and Dividends in Equity Valuation,” Contemporary Accounting Research, Vol. 11, No. 2, 661-687
Ou, J. A. and Sepe, J. F., 2002, “Analysts Earnings Forecasts and the Roles of Earnings and Book Value in Equity Valuation,” Journal of Business Finance & Accounting, Vol. 29, No. 3-4, 287-316
Palmrose, Z. V., 1986, Audit fees and auditor size: further evidence., Journal of Accounting Research, 24(1), 97-110
Rees, L. L & Shane, P. B.,2012, Academic research and standard-setting: The case of other comprehensive income. Accounting Horizons 26 (4), 789-815
Reynolds, J. K., and J. R. Francis. 2000. Does size matter? The influence of large clients on office-level auditor reporting decisions. Journal of Accounting and Economics 30(3): 375-400
Ronen, J., J. Tzur, and V. Yaari, 2006, The effect of directors’ equity incentives on earnings management, Journal of Accounting and Public Policy, 25 (4): 359-389.
Shahwali Khan, Michael E. Bradbury, Stephen M. Courtenay, 2017, Value Relevance of Comprehensive Income, Australian Accounting Review 28(2)
Steve Lin, Donel Martinez, Changjiang Wang and Ya-wen Yang. (2017) Is Other Comprehensive Income Reported in the Income Statement More Value Relevant? The Role of Financial Statement Presentation. Journal of Accounting, Auditing & Finance 87
Sweeney, A. P. 1994. Debt-covenant violations and managers' accounting responses. Journal of Accounting and Economics 17(3), 281-308
Wahlen, J. M., 1994, “The Nature of Information in Commercial Bank Loan Loss Disclosures,” Accounting Review, Vol. 69, No. 3, 455-478
Wu, S. H., Lin, S., Li, S. H., and Koo, M., 2012, “Impact of Market Segmentation on Value-relevance of Accounting Information: Evidence from China,” Asia-Pacific Journal of Accounting & Economics, Vol. 19, No. 1, 82-96
Xin Wang,, Haiyan Jiang, Meiting Lu, 2017,Does the Reporting Location of Other Comprehensive Income Matter? The Investor's Perspective, Australian Accounting Review