129 /302
129
臺大管理論叢
2018/8
第
28
卷第
2
期
129-164
DOI:10.6226/NTUMR.201808_28(2).0005
查核品質屬性、財務報表可比性與投資效率
Auditor Quality Attributes, the Comparability of Financial
Statements and Investment Efficiency
摘 要
本文旨在探討查核品質屬性（事務所任期與會計師經驗）是否會影響可比性的幅度與
可比性是否會影響投資效率，參照
De Franco, Kothari, and Verdi (2011)
衡量可比性，並
以
2005
年到
2011
年間台灣上市櫃公司資料進行實證分析。實證結果發現當會計師事
務所任期愈長或會計師個人簽證年資愈長者，公司之可比性愈高。再者，本文亦發現
僅在事務所查核初期與中期時，會計師個人簽證年資才有助於可比性的提升。最後，
在可比性的經濟後果方面，本文發現當公司可比性愈高時，可減少投資不效率的情形，
但僅限於投資不足的改善。而進一步分析結果顯示可減少資本支出過度投資與投資不
足的情形，但對於非資本支出之投資效率無顯著影響。
【關鍵字】
可比性、查核品質、投資效率
Abstract
The aim of this paper is twofold: to investigate the impact of audit quality attributes,
namely audit firm tenure and auditor partner experience on firm-level comparability,
which was developed by De Franco, Kothari, and Verdi (2011), and to analyze the
economic consequences of comparability by examining its effect on investment efficiency.
After analyzing these aspects of Taiwanese publicly traded firms throughout 2005 to 2011,
the empirical evidence shows that comparability increases with the level of audit firm
tenure and audit partner experience. Furthermore, for short and middle tenure
engagements, this paper finds that audit partner experiences are positively related to the
level of comparability. Alternatively, the long tenure results indicate an insignificant
relation between audit partner experience and the level of comparability. Finally, this
paper provides evidence that documents a conditional positive association between the
level of comparability and investment for firms operating in settings more prone to
underinvestment. After decomposing total investments into two components, namely
capital and non-capital expenditures, this paper finds that a higher level of comparability
can mitigate investment inefficiency, including both under- and overinvestment in capital
expenditures; however, it has no effect on investment inefficiency in non-capital
expenditures.
【
Keywords
】
comparability, audit quality, investment efficiency
李貴富
/
國立屏東大學會計學系副教授
Kuei-Fu Li
, Associate Professor, Department of Accounting, National Pingtung University
Received 2014/11, Final revision received 2016/2