臺大管理論叢 NTU Management Review VOL.30 NO.2

175 DOI:10.6226/NTUMR.202008_30(2).0005 揭露內部控制缺失之效益：臺灣銀行業之實證 The Benefits of Disclosing Internal Control Weaknesses: Evidence from Taiwanese Banks Abstract This study uses financial data from banks in Taiwan from 2001 to 2014 to examine the benefits of reporting internal control weaknesses (ICWs). The study argues that reporting non-zero ICWs reveals the high effort undertaken by a firm in assessing its internal control effectiveness and that such effort may be positively valued by the market. The results indicate a strong positive correlation between disclosing non-zero ICWs and market value of equity after controlling endogeneity problems. The results are robust with respect to the additional tests, which include adding other proxies for internal audit quality and considering the effect of mergers and acquisitions. This study is innovative in documenting evidence of the benefits of disclosing ICWs. It contributes to research in this field by supporting regulator’s disclosure requirements and encouraging managers to diligently report ICWs. 【 Keywords 】 internal control weakness, Ohlson model, banks 摘 要 依據我國「金融控股公司及銀行業內部控制及稽核制度實施辦法」，銀行業應建立內 部控制制度，並確保該制度得以持續有效執行，本研究以 2001 年至 2014 年之銀行業 為觀察值，探討內部控制缺失揭露之效益。銀行揭露內部控制缺失雖然反映其營運流 程有所缺失，但同時也顯示其評估內部控制制度之努力，因而市場可能給予正面評價。 在控制內生性之後，內部控制缺失之揭露與銀行股權之市場價值呈現正向關聯，而考 量內部稽核品質或銀行併購等因素之可能影響後，實證結果維持不變。本文顯示當銀 行努力辨認與揭露內部控制缺失時，投資人認為其努力是有價值的，此結果不僅支持 主管機關之揭露政策，也鼓勵經理人誠實報導企業之內部控制缺失。 【關鍵字】 內部控制缺失、 Ohlson 模型、銀行業 Li-Chun Kuo , Department of Accountancy, National Taipei University 郭俐君 / 國立臺北大學會計學系 Yi-Ping Liao , Department of Accounting, Fu Jen Catholic University 廖懿屏 / 輔仁大學會計學系 Received 2017/8, Final revision received 2019/1 NTU Management Review Vol. 30 No. 2 Aug. 2020, 175-210 專刊主編：劉啟群教授