查詢結果分析
來源資料
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題 名 | 會計師事務所合併案宣告對簽證客戶之股價效應--以大陸上海及深圳上市公司為例=The Audit Clients' Stock Price Reactions to the CPA-Firm Merger in China |
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作 者 | 倪伯煌; 蔡玉琴; | 書刊名 | 中國技術學院學報 |
卷 期 | 27 2005.07[民94.07] |
頁 次 | 頁23-37 |
分類號 | 495.9 |
關鍵詞 | 事件研究; 保險假說; 審計失敗; 品質假說; Event study; Insurance hypothesis; Audit failure; Quality hypothesis; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究基於保險假設及審計品質假說,以事件研究法探討中大陸安會計師事務所(Arthur Anderson)及普華中天永道(Price Waterhouse)會計師事務所合併對簽證客戶股價之影響。Wallace(1980,1987)基於保險假說,認為合併後會計師事務所之賠償能力增加,簽證客戶之股票應有正的異常報酬。DeAngelo (1981)依據審計品質假說,認為會計師事務所規模愈大,會針師獨立性愈高,其審計品質愈高,簽證客戶之股票應有正的異常報酬。本研究使用修正式風險調整模式(modified risk-adjusted returns model)、市場指數調整模式(market-adjusted returns model)來衡量股票異常報酬。本研究所採用之樣本乃兩家會計師事務所在上海及深圳之上市簽證公司。實證結果發現,安達信會計師事務所及普華中天永道會計師事務所在合併之事件期間,其簽證客戶之股剝在不同的市場,及不同的衡量異常報酬模式下,有的實證結果出現顯著正的異常報酬,但也有的出現顯著負的異常報酬,有的則並無顯著正或負的異常報酬,表示實證結果並無獲得一致之結果,故就整體而言並不支持本研究假說。換言之,本研究結果顯示在這次的會計師事務所合併事件中,並未如保險假說所預期的-保險價值增加會反映在股價當中,也未能符合審計假說所主張:會計師事務所合併所導致的品質提高亦會反映在股價當中。 |
英文摘要 | Based on the insurance hypothesis and the quality hypothesis, the paper examines how audit clients react to the Arthur Anderson CPA-firm and Price Waterhouse CAP-firm merger in China by event study. The insurance hypothesis proposed by Wallance (1980, 1987) indicates that the join-up will raise an expected compensation to shareholders; therefore, the stock price of the audit clients will have a positive abnormal return. Meanwhile, the quality hypothesis proposed by DeAngelo (1981) indicates that join-up will raise the CPA independence, increase audit quality, and then have a positive abnormal returns to the stock price of the audit clients. In this paper, we measure abnormal return of audit clients of the two firms in Shanghai and Shenzhen by a modified risk-adjusted returns model and a market-adjusted returns model. Results do not show consistency of considerable positive abnormal return in the event period while Arthur Anderson CPA-FIRM and Price Waterhouse CPA-firm merger in China. The analysis is not consistent with the insurance hypothesis and the quality hypothesis. |
本系統中英文摘要資訊取自各篇刊載內容。