[[alternative]]Does Audit Quality Mitigate Information Risk ?Evidence from Taiwan and China

計畫編號：NSC100-2410-H032-021 研究期間：20110801~20120731 研究經費：255,000[[abstract]]近年來知名企業的財報錯誤與舞弊受到廣泛的關注，獨立會計師在財務市場與資本 市場的功能性角色也因此受到產官學界的放大檢視。商業與經濟活動不只充斥著不確定 性，也使得企業股東、經理人、債權人、潛在利益關係人之間存有先天的利益衝突；會 計師的角色因而產生重要的影響與價值。台灣與中國都有一些特殊的資本市場特性值得 探討，藉由兩者的數據庫資料發展越來越成熟，本文得以探討下列三項議題:(1)審計是 否存有資訊功能得以降低企業的資訊風險(採用能擷取企業私有資訊交易的頻率的優勢 資訊交易機率衡量,簡稱PIN)並進而影響其債務與權益資金成本?(2)而上述的經濟影響 是否在資訊風險較高的企業更為顯現? (3)台灣與中國大陸的資本市場同時存有相似與 相異之處，透過比較海峽兩岸市場的特性，檢視上述兩項議題的實證結論，得以補充相 關文獻。[[abstract]]Financial misstatements and frauds by noted companies have been noticed in recent years, the role that independent auditors play in financial and capital markets is under the scrutiny of the public. Business and economic activities are not only surrounded by uncertainty but also existed the potential conflicts of interests among business founders, managers, creditors, and other stakeholders, accordingly there is a place for outside/independent auditors who may contribute substantial value (ie., mitigate information asymmetry) to those interested parties. Taiwan and China both have some unique capital market characteristics and those offer a further reason to use them for research samples. Using Taiwanese and China listed companies to be research sample, this study examines the role of auditors from stakeholders perspective and the borrowers perspective. Hence, this study raises following questions: Do audit quality affect the firm’s information risk (proxied by probability of information-based trading, PIN) and cost of capital? Are the economic consequences of different audit quality for riskier firms? Does the difference in institutional setting of Taiwan and China may affect the audit quality, firms’ information risk, and the relationship between the two?[[sponsorship]]行政院國家科學委員