本研究以監管主體（包括證監會、深、滬兩所證券交易所、財政部）於2007年至2014年間發佈的行政處罰公告為素材，對中國深、滬交易所上市公司為研究樣本。本研究旨在探討公司CFO相對於審計委員會的影響力大小，是否會影響到監管主體的處罰。其次，本研究亦進一步研究公司CFO相對審計委員會的影響力大小，與監管主體處罰的嚴重程度之關係。 本研究之實證結果顯示，公司CFO相對審計委員會的影響力越大，越可能因財務違規行為受到監管主體處罰。此外，本研究也發現，公司CFO相對審計委員會的影響力越大，公司因財務違規行為受到監管主體的處罰就越嚴重。

我國從2002年引進獨立董事制度，並於2007年引進審計委員會制度;且要求公開發行股票之證券投資信託事業、綜合證券商、上市（櫃）期貨商及實收資本額達新臺幣100億元以上未滿500億元之非屬金融業之上市（櫃）公司應於104至106年間完成審計委員會之設置。實收資本額達新臺幣20億元以上未滿100億元之非屬金融業上市（櫃）公司應於106至108年間完成審計委員會之設置。本研究將針對已施行近10年的審計委員會制度做一檢視。 本研究採用朱德芳（2013，2014）關於審計委員會制度之研究理念與作法。邀請五位獨立董事做訪談並將訪談內容作整理分析，初步了解臺灣審計委員會實施概況。本研究發現：宜強化審計委員會的功能，以及調整雙軌制漸漸趨向單軌制。 / The Independent Director System was imported into Taiwan in 2002 and subsequently the audit committee system started in 2007. Public companies, brokerages, listed futures firms and securities firms were then required to establish an audit committee. This new regulation also applied to non-securities firms who has capital between NTD $10Bn and NTD $50Bn. It was stipulated that the changes must be implemented between 2015 and 2017. Furthermore, listed firms whose capital exceeds NTD $2Bn but less than NTD $10Bn must establish audit committees in the period 2017-2019. This thesis intends to review and analyze the implementation of these audit committees. This study adopts concepts put forward by distinguished professor Te-Fang Chu (2013-2014) as well as uses the process she developed to verify the effectiveness of the legislation in the business world. We invited five independent directors to interview and helped us gain a surface-level understanding of the audit committee process.This analysis resulted in two specific recommendations. First, some functions within the audit committee must be strengthened. Second, the two-tier corporate governance system should be flattened to a single tier.

董事會是公司治理之核心，設置審計委員會為其職能，確保盈餘品質與財務報導。因此，為了解審計委員會的專業性對盈餘品質與聯合貸款之影響，本研究選取2000年至2012年美國上市非金融業公司作為研究樣本，以聯貸利差作為衡量聯合貸款契約特性之變數。首先探討盈餘品質對貸款利差的影響，再進一步考量審計委員會的會計專業對於盈餘品質與聯合貸款有何影響。研究結果發現，企業的盈餘品質與貸款利差呈負向關係，顯示當公司的盈餘品質好的時候好，能取得較低的聯貸利差，且當審計委員會成員具有會計專業時，其現象會更加明顯。 / Board of directors is the core of corporate governance, and one of the main functions of board of directors is to establish audit committee to ensure the company’s earnings quality and financial reporting. Therefore, the purpose of this study is to examine the effect of audit committee with accounting experts on the loan spread in the syndication loan market. This study is based on a sample of US companies during 2000-2012. The results show that earnings quality is negatively associated with loan spread, and this is more pronounced when the proportion of accounting experts on the audit committee is higher. Keyword: Audit

本文以2005年至2014年間中華人民共和國上海及深圳上市公司為研究對象，參照Beck and Mauldin (2014)衡量審計委員會與財務長之間相對影響力之模式，從公司治理觀點分析選任個人層級及事務所層級之產業專家會計師，是否與審計委員會相較於財務主管較具有影響力有關聯性，並參考過去發展的文獻，以多種衡量產業專家之方法執行敏感性分析。本研究結果顯示，當企業之審計委員會相較於財務主管之相對影響力較大時，與個人層級之產業專家及同時為個人層級及事務所層級之產業專家會計師具有顯著正相關、與會計師事務所層級之產業專家呈現不顯著相關，故可推論，審計委員會相對較有影響力時會傾向選擇會計師個人產業專家。 / The primary objective of this thesis is to examine whether and how the relative power of the CFOs to audit committee affects the choice of auditor’s industry specialization, measured as firm level and partner level. We focus my analyses on a sample of listed firms in China during 2005-2014. We follow the measure of the relative power of CFO and audit committee by Beck and Mauldin (2014) to test my predictions. My main findings can be summarized as follows. First, the thesis finds evidence that firms are more likely to choice firm-level audit experts when its CFO is less powerful than audit committee. Second, it also finds that firms are more likely to hire partner-level audit experts when audit committee is relatively powerful than the CFO. The results are robust to other proxies for audit experts.

本研究探討審計委員會、企業社會責任及企業價值間之關聯性。將研究分為兩部分：針對審計委員會及企業社會責任之關聯性，實證結果顯示，設置審計委員會之企業對於企業社會責任之影響為顯著正相關，表示審計委員會能夠監督企業之運作，使得企業投入較多的心力在企業社會責任中。另外，針對審計委員會、企業社會責任及企業價值之關聯性，實證結果顯示，企業社會責任與企業價值間為顯著正相關，然而審計委員會與企業價值間無顯著關係，表示企業投入較多心力在社會活動中，其企業價值也會相對地提高。 / The purpose of the study is to examine the connection between audit committee , corporate social responsibility (CSR) and firm’s value.The conclusions of this study are divided into two parts. First part is that audit committee has a positive impact on corporate social responsibility. It means that audit committee oversee the operations of the companies, allowing companies to invest more effort in corporate social responsibility. Second part is that corporate social responsibility has a positive impact on firm’s value, however audit committee has no impact on it. It means when companies put much more effort on social activities, therefore firm’s value will relatively increased.

本研究欲探討我國公司治理相關法規文字及其運作之解讀可能產生之問題，從95 年度證券交易法之修正條文中，辨認以下釋例來檢視問題： 1.「會計主管」與「主辦會計」之意義是否相同？ 2.審計委員會之組成究應包括全部或部分之獨立董事？ 3.獨立董事究應參加一個或多個委員會？ 4.審計委員會及其成員行使職權之方式是否不同？ 5.獨立董事針對證交法第十四之三條之事項所表示之保留意見是否為反對意見？ 此外，本研究另外探討法規閱讀者對以上問題的認知是否因其學業背景而有不同？ 本研究以政治大學法律系、會計系、法律所、會計所、EMBA 學生為受測者，發放問卷，結果發現法規閱讀者對於這些法規用字認知很分歧。立法者在起草這些法規時，應考慮到法規適用者，將法規文字訂定得更加明確，且合理，自然可讀性可提高。 / This research is to discuss about some possible problems in perceiving the law wording in the articles in the Securities and Exchange Act revised in 2006. It examines problems by identifying the following examples: 1. Do ”accounting officer” and “in-charge accountant” mean the same? 2. Shall the audit committees be composed of the entire number of independent directors or just some independent directors? 3. Shall independent directors attend only one or more than one committees? 4. Is there any difference between audit committees and independent directors in the modes of exercise? 5. Does the qualified opinion of independent directors on the Article 14-3 in the Securities and Exchange Act mean dissenting opinion? This research will study if the perceptions of readers differ because of their academic backgrounds. This research uses questionnaires to obtain opinions of students from the Departments of Accounting, Law, and EMBA. The analysis in this research shows that readers have large differences in the perceptions of the laws and regulations. When drafting the laws and regulations, legislators should think about the users. They should make the laws and regulations more definite and reasonable, which will enhance the readability.

我國為改善公司治理制度，於2005年12月20日立法院三讀通過大幅修正證券交易法，引進審計委員會制度。審計委員會較獨立董事更專注於財務面之監督，故本研究之研究期間為1998年至2010年，以設置審計委員會之企業為樣本，進行配對，以探討審計委員會與企業財務報表品質之關聯性。 研究結果顯示，假說一：設置審計委員會或準審計委員會之企業財務報表品質優於未設置者；及假說二：設置審計委員會或準審計委員會後之企業財務報表品質優於設置前，二者皆不成立。 設置審計委員會目前已是公司治理發展的趨勢，我國既已立法引進審計委員會制度，主管機關應評估企業設置審計委員會後實際之運作情形，是否達到預期之效果，並做必要之修改或配套措施，以使審計委員會之設置不流於形式。 / In Taiwan, for the purpose of improving the corporate governance and introducing regulation of the audit committee, the Securities and Exchange Act was revised and passed by the Legislative Yuan for the Third Reading on 20 December, 2005. This study takes companies had established the audit committee between 1998 and 2010 as a sample so as to discuss the relation between the audit committee and the quality of financial reporting. The result of our research revealed that, the first hypothesis: “the quality of the financial reporting of the company with the audit committee is superior” and the second hypothesis: ” the quality of the financial reporting of the company after establishing the audit committee is superior” were both not sustained. Establishing the audit committee has become the trend in the development of corporate governance. Besides the regulations enacted, it’s of greater importance to evaluate the substantive effectiveness than the surficial form of the audit committee in companies.

過去研究均指出審計委員會成員若具有財務或會計專才可以提升審計委員會執行效率與效果，降低公司異常交易與內空缺失的風險，進而提升財務報表品質，並降低外部財務報表使用者與公司內部之資訊不對稱情況。本研究探討在公開發行債券過程中，若發行公司審計委員會具有財務或會計專長，債務條款是否會改變。研究結果發現，債券投資人於選擇投資債券時，確實會考量到債券發行公司審計委員會成員之會計專長，然而，沒有證據顯示財務專長在其考量範圍內，因會計專長可提高財務報表可信度，降低資訊不對稱問題，減少債券投資人所面臨的投資風險，因此，若債券發行公司之審計委員會成員具備會計專才，債券市場將給予較低的債券利率以及較優惠的條件。 / The extant literature reveals that audit committee (AC) members with financial or accounting expertise can enhance the effectiveness of AC in monitoring the financial reporting quality. In this study, I focus on the effects of financial and accounting experts on the effectiveness of AC from bondholders’ point of view, respectively. First, I find no evidence that the presence of financial experts on AC, either alone or jointly with accounting experts, are significantly related to loan terms. Second, I find that bondholders charge lower interest rate, offer longer maturity, and are less likely to require convertible bonds issuance or require collateral to firms whose AC have at least one accounting expert or only accounting experts. Third, I further find that the association between AC experts and loan terms is driven more by accounting experts than by financial experts. Given the prior results of a negative relationship between accounting experts and loan terms, firms could enhance their financial reporting quality by appropriately structuring AC with accounting experts, thereby rewarding better loan terms.

本文主要探討權益薪酬對審計委員會監督關係人交易效果之影響。本研究從美國證券交易所公開資訊EDGAR資料庫以手動蒐集關係人交易資訊，以2010年至2013年間之中小企業為樣本進行實證分析。實證結果發現關係人交易與權益薪酬交乘項與企業價值呈現顯著負相關，意即發放權益薪酬使得審計委員會極大化個人利益而過度注重短期財務績效，選擇默許管理階層不當之關係人交易安排，進而造成企業價值不利之影響。額外分析亦指出審計委員會之權益薪酬對其監督關係人交易效果有負面影響，但未發現證據指出審計委員會之現金薪酬與其監督關係人交易效果有關聯性。 / This study investigates whether equity-based compensation for audit committee members is associated with the effectiveness of their supervision on related party transactions. We hand collect the data of related party transactions for small and medium-size firms from EDGAR database for the period 2010-2013. We find that the interaction effect between related party transactions and stock compensation for audit committee members is negatively associated with firm value. It suggests that in order to maximize short-term benefits, audit committee members with stock compensation are inclined to be more tolerable to earnings management through related party transactions that are unfavorable to shareholders. Additionally, we do not find any evidence indicating that cash compensation is associated with the effectiveness of audit committee’s oversight on related party transactions.

有鑑於近年來伴隨著金融風暴，許多公司因經營不善而倒閉，加 上美國接二連三發生財報不實之弊案，例如：安隆案、美林證券案、 世界通訊案，以及2008 年發生的美國第4 大投資銀行雷曼兄弟因其 自行打造之衍生性金融商品－次級房貸證券風暴，而申請破產保護案 件所引發的全球金融海嘯，使得投資人為之卻步，對於證券市場信心 全失，國際組織及世界各國再度對於公司治理制度之推動，加以重 視，公司治理領域最受矚目的國際組織國際合作暨經濟發展組織陸續 提出公司治理原則。在我國亦發生有博達公司財報不實的弊案，因 此，我國也不落人後，除了已有學者探討公司治理制度之文獻，政府 及相關機構亦積極參與推動公司治理制度，初始係由台灣證券交易所 及櫃檯買賣中心經由其與上市、上櫃公司間之契約，要求公司設置獨 立董事及監察人之席次；其後經由證券交易法之修正，賦予主管機關 發佈相關命令，使得獨立董事有其法律上的地位，繼而引進審計委員 會制度，亦使我國公司法制進入另一個里程盃。 又因近年國內金融機構結構的變化，為了提高個別銀行的市佔 率，達到規模經濟，以具世界競爭力，出現金融控股公司之型態，以 及公司法等相關金融法制之發展，主要係於民國90 年制定之金融控 股公司法，亦使得傳統公司法制面臨改革與挑戰，如股東會、董事會 及監察人三權分立之原狀，為因應金融控股公司之控股性質，及多角 化經營，對於由其百分之百持股之子公司，因該子公司為一人公司， 僅有一個股東，即金融控股公司，因而由董事會代行股東會職權，似 乎瓦解了原三權分立之制衡設計；且一人公司之存在，對於其債權人 或相關利害關係人權益之保護是否足夠，亦有討論空間。 因此，擬從我國金融控股公司及其子公司之經營模式及組成結 構，論及一人公司治理相關議題，期能對於一人公司之債權人或相關 利害關係人權益之維護更佳周延。 關鍵字： 公司治理、獨立董事、審計委員會、金融控股公司、一人公司