Auditors and Internal Capital Market Efficiency

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基本資料

Project title

Code/計畫編號

MOST107-2410-H424-001

Translated Name/計畫中文名

會計師與內部資本市場效率性

Project Coordinator/計畫主持人

Shu-Miao Lai

Funding Organization/主管機關

National Science and Technology Center for Disaster Reduction

Department/Unit

Department of Accounting, KNU

Website

https://www.grb.gov.tw/search/planDetail?id=12621242

Year

2018

Start date/計畫起

01-08-2018

Expected Completion/計畫迄

31-07-2019

Bugetid/研究經費

650千元

ResearchField/研究領域

財政（含金融，保險）

本研究探討會計師具產業專精是否影響多角化公司的內部資金分配效率性。由於產業專精會計師致力於投入實體與人力資本以獲取特定產業的查核知識與經驗，本研究假設產業專精會計師比較無法透過監督多角化公司促使其揭露高品質的部門別資訊給投資人，進而降低代理問題。依據此推論，本研究預期會計師具產業專精與內部資金分配效率性呈現負相關。本研究進一步檢測會計師任期是否影響會計師具產業專精與內部資金分配效率性間的關係。本研究預期會計師任期的愈長，可以顯著降低會計師具產業專精對內部資金分配效率性的負面影響效果。此外，本研究檢測會計師具產業專精是否影響多角化公司的部門別揭露品質。本研究預期，會計師具產業專精與部門別揭露品質呈現負相關，但會計師任期的愈長可以顯著降低會計師具產業專精對部門別資訊揭露品質的負面影響。整體而言，本研究預期隨著具產業專精會計師的查核年資愈長，愈能提高部門別資訊的揭露品質，透過提高投資人的監督力來降低代理問題，進而改善多角化公司的內部資金分配無效率問題。 This study attempts to investigate whether auditors’ industry specialization affects internal capital allocating decisions within diversified firms. As auditors with industry expertise devote physical and human capital to obtain certain industry experience and knowledge, I argue that auditors’ industry specialization is less likely to mitigate diversified firms’ agency costs by monitoring the diversified firms to disclose better segment reporting to investors. Consistent with this argument, I predict that auditors’ industry specialization is negatively associated with internal capital market efficiency. I further examine whether that auditor tenure affects the association between auditors’ industry specialization and diversified firms’ internal capital efficiency. I predict that the negative association between auditors’ industry specialization and internal capital efficiency is weaker for diversified firms audited by long-tenured auditors than short-tenured auditors. Finally, I predict that diversified firms audited by industry expertise are likely to have lower quality of segment disclosure. This association is weaker for diversified firms audited by long-tenured auditors than short-tenured auditors. Overall, this study implies that industry specialist with longer client-auditor relationship improves the quality of segment disclosure, which mitigates agency problems, leading to improvement in internal capital market efficiency for diversified firms.

Keyword(s)

產業專精會計師
會計師任期
內部資金分配效率性
多角化
auditors’ industry specialization
auditor tenure
internal capital efficiency
diversification

DSpace CRIS

Auditors and Internal Capital Market Efficiency

基本資料

Description