本研究旨在由傳統財務指標及公司治理角度分析近年來我國因財務報表舞弊遭一審判決有罪之公司發生的舞弊警訊(Red Flags)，建立財務報表舞弊預警模型，作為會計師執行舞弊偵測時的參考，降低因查核舞弊所產生的審計失敗，並可作為主管機關實質審查選案標準及投資人選擇投資標的之參考。 本文以民國85年至95年因財務報表舞弊遭法院一審判決有罪之27家公司為樣本，分別使用財務及公司治理變數建立財務報表舞弊預警模型，再以Cascade Logistic迴歸分析結合財務及公司治理模型，檢視Cascadev Logistic模型的正確判別率。實證結果顯示，財務變數中舞弊當期應付帳款成長率、舞弊當期存貨成長率、應收帳款收現天數對前期同一比率與財務報表舞弊呈顯著正相關；舞弊當期資產報酬率對前期同一比率、舞弊當期銷貨成長率與財務報表舞弊呈顯著負相關。公司治理變數中董監持股、控制持股、外部個人監事席次與財務報表舞弊顯著負相關；財報重編次數呈顯著正相關，良善的公司治理機制與財務舞弊具負向關連性。而整合的Cascade Logistic模型，財務及公司治理變數均與財務報表舞弊呈顯著相關，且均具增額解釋。 / Presented are a profile of a sample of fraud companies in Taiwan from 1996 to 2006, their financial and corporate governance characteristics, suggested fincial and corporate governance logistic models for detecting fraud and a final combine cascade logistic model. The results suggest both systematic relationships between the probability of fraud and financial and corporate governance characteristic variables. This evidence is consistent with the usefulness of accounting data in detecting fraud and the effectiveness of proper corporate governance in protecting fraud happening. Because the cascade logistic model correctly identifies approximately 90% of the companies involved or not invleved in fraud, the model can be a useful screening device for auditors to detect fraud, low down the propobility of audit failure and the cost of lawsuit due to fraud.

2007年，力霸集團掏空案轟動社會，其中，舞弊者掏空友聯產險將近48億元，其所採用之手法即利用房地產評價困難之特性。近二年來，台灣部分地區房地產價格飆漲，情況嚴重。聯想二事，有心人趁此時機再利用房地產進行舞弊可能性不低，不禁令人憂慮。好在查核人員可能可以防堵該舞弊之發生，而其學識背景可能不同。 本研究彙總相關之個案，試圖探討該種舞弊手段，並企圖瞭解對此種手段之了解程度，包括不同學識背景之查核人員了解程度是否不同。本研究以學生代替查核人員，所探討之二種不同學識背景為會計與地政；本研究透過問卷測量會計科系出身之查核人員對房地產評價與以房地產為工具之舞弊了解程度，是否與地政背景之查核人員存在差異。 本研究透過個案研析，找出14項舞弊風險因子，並將其分為四類。在實證結果部分則發現，會計背景之查核人員在以房地產為工具之舞弊風險因子的了解程度上，不如地政背景之查核人員。不過，只有當情境高度涉及地政相關專業時，二種背景之查核人員所評估之該種舞弊風險差異才顯著，一般情境下，二者評估之能力沒有明顯差異。因此，本研究建議會計背景之查核人員應該多了解以房地產為工具之舞弊個案。另外，出於會計背景之查核人員在以房地產為工具之舞弊風險因子的了解程度上，仍有部分較佳；故本研究亦建議實務上如遇處理涉及房地產之案件或查核時，應同時指派地政背景與會計背景之查核人員。 / The case of Rebar Group in 2007 was a serious case in Taiwan. As one part of the case, the fraud in Union Insurance Co. was committed by using real estate as tools, because real estate is difficult in evaluation. In recent two years, there has been a situation that the real estate’s price goes very high in some areas of Taiwan. If we associate these two things, there may be a chance for someone to commit the fraud by using real estate as tools. Fortunately, auditors could prevent the occurrence of this kind of fraud; auditors might have different major. This research summarized all the cases related, discussed about the tricks of this kind of fraud, and tried to know whether the levels of the auditors in different major fields on these tricks are different or not. Trough the poll(which is aimed at students of accounting and land economics departments), the research measured auditors’ level of comprehending the fraud by using real estate as tools, and tried to find out whether the levels are different or not between auditors majoring in accounting and in land economics. Trough the cases, this research found 14 fraud risk factors, and classified them into 4 categories. On the other hand, the empirical results show auditors majoring in accounting are not as good as auditors majoring in land economics on comprehending this kind of fraud’s risk factors. Nevertheless, about the ability to evaluate the risk of this kind of fraud, there is no significant difference between auditors major in accounting and in land economics but in the situation highly involved the specialty of land economics. Thus, this research suggests auditors majoring in accounting should get more comprehending on the fraud cases committed by using real estate as tools. Additionally, due to auditors majoring in accounting perform better than whom majoring in land economics on some part of comprehending this kind of fraud’s risk factors, this research also suggests the one who dealing with the cases related to real estate should appoint auditors majoring in land economics and in accounting at the same time.

每當重大舞弊案件發生時，社會大眾常將矛頭指向負責財務報表查核的會計師，認為會計師並沒有負起他（她）應負的責任，在國際上，如安隆案(Enron)、世界通訊（Worldcom）的隱瞞虧損、線上時代華納（AOL Time Warner）的虛報廣告營收等等事件皆是如此；在我國，也有赫赫有名的博達等案。 會計師的專業與超然獨立的立場，使得簽證功能得到資訊使用者的信任，對投資大眾而言，亦提供一層重要的保障。然而，會計師所提供之合理確信並非絕對之保證，一旦因為某些無法控制之因素造成企業失敗，相關利害關係人無可避免地會將矛頭指向會計師，因此跟隨而來的訴訟將對會計師造成相當大的損失，而利害關係人與會計師的認知差距即為造成訴訟的關鍵因素。 本研究先探討會計師查核舞弊的責任為何?再進一步研究財務報表使用者與會計師間，對於會計師執行財務報表查核時，偵測舞弊責任的認知，同時研究不同人之間，是否存有認知差距。 本研究採透鏡模型觀念，針對學過及未學過審計學的人進行問卷調查，研究結果發現：受試者皆認為會計師負有偵測管理舞弊的責任，財務報表使用者與會計師之間的認知，雖然使用的線索相同，但線索使用的程度仍有不同。 關鍵字：舞弊、會計師責任、透鏡模型 / Every time when there is serious fraud, the public will accuse the audit accountant for not taking the responsibility he/she should take. Internationally, there are Enron and Worldcom concealed their loses, AOL Time Warner overstated their commercial revenues. In Taiwan, there are also cases like procomp. Due to the profession and independence of accountants, the public trusts the opinion they issued toward the financial statements. However, the assurance that the audit accountant provides is highly but not absolute guarantee. Once there is some incontrollable factors lead to business failure, the interested party will blame the audit accountants. Therefore, the follow-up lawsuit will cause a lot loses to the accountant. The gap between interested party and accountant will be the key point to the lawsuit. The study tries to analyze the viewpoints of the interested party and accountants toward the accountant duty of inspecting fraud when auditing financial statements. The study uses questionnaire, taking national university graduated and college students as objects, and discuss by the framework of lens model. The study concluded that all the interviewee think that the audit accountant has the responsibility to examine the fraud. As to the perception of interested party and accountants, on the other hand, though the interest party and accountant own the same clues, they use them to different extent.

人壽保險公司業務人員舞弊不但直接損及保戶權益，同時對於保險公司之形象及財物損失亦有所影響，尤其於清查舞弊過程所投入人力物力，另涵蓋該保單於發單前後所產生之銷售及後續保全服務成本，恐將對保險公司造成該保單呈現虧損狀態，因此如何設計完善之管控作業流程，創造重視法令及尊重客戶權益之企業文化，亦為人壽保險公司經營之重要議題。 本項研究較難取得公開完整資訊，故採以各人壽保險公司之業務人員舞弊個案綜合研究分析及與同業先進進行深入訪談方式進行，個案之篩選則以保險業務人員舞弊手法不同為主要考量。有關訪談對象，原先計畫涵蓋保險業務人員及業務主管，幾經初步與不同業務單位洽談，保險業務人員及業務主管之處理經驗多為單一個案。最後決定選擇以從事人壽保險產業達10年以上工作經歷，主要負責業務以處理業務人事及客戶服務功能等有關方面，包含分公司經理、業務發展主管、客戶服務主管及業務稽核主管等人員進行深入訪談，依其豐富閱歷，與業務人員及客戶直接接觸及較多舞弊個案處理經驗，以歸納較為完整客觀之結論。 由本研究歸納得知，業務人員進行舞弊主要是有機會經手客戶繳交之現金和支票，同時客戶過度信賴業務人員，不但將自己之保險單交付業務人員代為保管，甚或當保險公司通知保戶未繳納保險費時，仍然直接聯繫業務人員並相信其回覆說詞。除了保險公司應當加強建立健全控制制度，增加與客戶直接溝通之渠道，保戶應當多關注自身權益，不定期向保險公司查詢保單狀況。另外執行業務人員作業稽查應由獨立單位負責執行，以落實查控作業而達到查核之目的。 最後，建立紮實的舞弊控制計畫及控制制度，如何成功的防治業務人員舞弊，其關鍵在於有效的溝通。在舞弊控制計畫及控制制度中應明確劃分規範各單位及各人員之權責，然後有效的傳達至內勤人員及業務人員，遍及整個企業，所有人員必須知悉企業對舞弊防治之重視及決心，且保險公司應不斷的持續傳達正確的訊息，什麼行為是被預期的，即為公司可以接受的，反之，那些行為是不被接受的。更重要的是執行管理階層之態度，自身應樹立良好經營理念及行為模範，對於建置作業環境及有效防治業務人員舞弊，有更深遠之影響。 關鍵詞：人壽保險、業務人員、舞弊、控制制度、查核

University of Macau / Faculty of Law

University of Macau / Faculty of Law

本文主要內容係針對銀行舞弊問題, 分析其原因, 對此提出防範對策。第一章緒論: 敘述本文研究動機、目的、範圍限制、主要假設、邏輯網、及章節之安排。第二章銀 行舞弊問題剖析, 首就銀行舞弊下一定義, 次就銀行舞弊原因作一詳究, 再次敘述舞 弊之影響及型態。第三章銀行舞弊防範對策一--基本之防範方法、人事政策、會計制 度、﹙基本防範方法包括１﹒職務劃分, ２﹒雙重控制, ３﹒工作輪調, ４﹒強迫休 假; 會計制度包括內部牽制制度﹚分就此三者提出防範策略。第四章銀行舞弊防範對 策二--有效稽核及其他控制: 分從內部稽核、外部稽核及其他控制﹙如實體安全控制 系統、強調品格正直、加強董事會力量。外部牽制等﹚提出對策。第五章銀行電腦舞 弊控制策略: 內容有銀行電腦化之趨勢、電腦舞弊案例分析、電腦之一般控制、應用 控制、線上即時系統控制及電腦稽核人員訓練等, 逐一探討。第六章結論及建議。

由於財務報表舞弊往往足以震撼投資大眾，造成資本市場重大損失，各國監管單位無不盡力降低此事件之爆發，以維護資本市場秩序、保障投資人，是以本研究欲瞭解影響中國大陸上市公司舞弊之因素為何，以及如何建立舞弊預測模型提供財務報表使用者作為參考之用。本文利用2007年至2014年受懲罰之上市公司為研究對象，採Logistic迴歸進行實證分析，結果顯示裁決性收入與Z"-Score對於財務報表舞弊無顯著相關，相反的獨立董事比例、是否具ST壓力、存貨週轉率、應收帳款週轉率、主營業務利潤率與財務報表舞弊具顯著關係，另外利用迴歸結果中顯著變數建立財務報表舞弊模型，發現整體正確率為53.31％。 / Due to the severe impacts caused by fraudulent financial reporting, securities regulatory commissions in most countries put much emphasis on maintaining the order of the capital markets and protecting the investors’ interests. In order to realize the factors of financial statement fraud, especially for China listed companies, and build the detecting model for the financial statements users, I select some listed companies punished by the government during the period 2007-2014 as the samples in this dissertation. Then, I use logistic regression model to test which variables are significant to fraudulent financial reporting, and the results show that the discretionary revenue and Z"-Score do not have impact on it. On the contrary, the percentage of independent directors, pressure from avoiding being “ST”, inventory turnover, accounts receivable turnover, and percentage of income from main operation are significantly relevant to fraudulent financial reporting. Moreover, when including these significant variables in the detecting model, the accuracy of the model can up to 53.31 percent.

近年國內企業發生財務報表不實的舞弊，大多先涉及虛偽銷貨，爾後再透過各種手法加以掩飾。過去學者的研究指出，當財務報表舞弊為虛偽交易類型時，會計師被告之機會較大。當受查者的交易型態變得複雜，會計師查核財務報表之外在不確定性增加，審計失敗的機會增加；會計師面臨的審計風險變高，會計師事務所之營業風險提高。 因此，本研究為降低會計師未來因虛偽銷貨而冒之法律風險而分析我國上市櫃公司虛偽銷貨舞弊之手法及警訊，俾助會計師得評估虛偽銷貨之風險，規劃可偵出虛偽銷貨之查核程序。 本研究透過個案分析及問卷調查，歸納出以下結論： 1.目前企業進行虛偽銷貨之手法，皆以關係人為銷貨對象，可能以同一批貨在關係人間買賣（如勁永），或以假冒之商品出貨（如博達），亦可能根本沒出貨，以虛假之發票及資金的流動製造銷貨之假象（如皇統）。 2.企業於舞弊期間之警訊，則以營業項目及融資項目之變化最為明顯。前者包含企業於舞弊期間銷貨予關係人之比率異常增加，或外銷比率或外銷地區經年改變，亦可能主要客戶及供應商交易情形（如銷貨金額占總銷貨淨額百分比）變化大；後者則包含公司規模小，卻發行ECB，且發行條件異常（如閉鎖期過短），或該公司於舞弊期間之海外存款之比率異常增加。 3.針對虛偽銷貨會計師查核程序之規劃，則應先辨認出關係人，再規劃辨認異常物流狀況之查核程序。 / In recent years, management fraud in financial statements has been occurred in Taiwan. These reporting frauds were often related to fictitious sales, and then covered the frauds in other ways. Prior studies examined that auditors have higher risk of litigation when the fraud type is fictitious transactions. Auditors are more likely to be sued when the financial statement frauds are of a common variety, and then higher risk of managing the firms. The main purpose of this study is to investigate the patterns of fraud schemes used by management to perpetrate and conceal fraud and finds out the proper audit procedure of fictitious sales to decline the risk of litigation. After a series case-by-case analysis and questionnaire investigation, it can be concluded as follows: 1.The patterns of fraud schemes in fictitious sales used by management are selling the inventories to related parties. For instance, managements may transact the same inventories between related parties(勁永), sell the fake products(博達), or they might create fake documents such as fake purchase orders, fake invoices and fake shipping documents to conceal fictitious sales(皇統). 2.The most common implication of financial statement fraud is operating and financing activities. The former includes the increasing rate of transaction between the management and related party or varieties of overseas sales and areas with sales aboard; the latter contains the small-sized-firms issued ECB with abnormal conditions, and abnormal increasing ratio of overseas deposit during the fraud. 3.The audit procedure of fictitious sales, we should find out the related parties, and then draw up the audit procedure of indentifying abnormal transaction.

本研究以大陸市場為研究對象，希望探討女性董事之參與與公司舞弊之關聯性，並參考過去文獻，一併討論董事會特性、公司股權結構與審計人員品質與公司舞弊之關聯性。 實證結果發現，在考慮中國大陸各省區市場發展程度之差異後，女性董事之參與可以降低公司舞弊發生之可能性；同時也發現董事會特性（外部董事之比例和董事長是否兼任總經理）與公司股權結構（國有股比例、法人持股比例、流通股比例、是否存在外國股東和公司最大股東持股比例）皆與公司舞弊之發生有顯著關連性存在。 / My study examines whether female directors’ participation in boardroom have an effect on corporate financial fraud in China. Besides, referring to the past studies, it also examine whether boardroom characteristics, ownership structure and auditors’ quality have an effect on corporate financial fraud. The data come from CSMAR database. The results from original analysis show that female directors’ participation does not have an effect on corporate financial fraud. But after considering the regional market development differences between the provinces, female directors’ participation in boardroom will deter fraud. The results also demonstrate that boardroom characteristics and ownership structure are important in explaining fraud.