本研究主要探討財務報表重編前後會計穩健性是否有顯著差異，以瞭解財務報表重編對會計穩健性之影響。本研究以1998年至2007年發生年報重編公司為研究樣本，以T檢定檢測重編前後財務報表穩健性是否具顯著差異，研究結果顯示，重編前財務報表穩健性顯著低於重編後財務報表，證實重編公司重編前財務報表採用較不穩健之會計。此外，本研究進一步探討公司治理與重編前後穩健性之關聯，發現經理人持股比愈高及總經理異動次數愈多，重編前財務報表穩健性顯著低於重編後財務報表。 / This study examines the effect of financial restatements on conservatism. I collect restatement samples from listed companies in Taiwan between 1998 and 2007 and use T-test to validate the hypothesis. The empirical results find that conservatism is significantly lower before the restatement. In addition, this study suggest that the higher managerial ownership and CEO change, the lower conservatism before the restatement.

本研究針對台灣財務報表重編情形進行分類並對重編事件日調查資本市場的反應。就分類整理的調查而言，本論文彙總台灣1999年至2009年所有上市櫃公司發生財務報表重編的情形，依重編年度、重編原因、公司所屬產業、報表重編類型等方向予以分類。其次，本研究採用事件研究法，以對外公告之重編事件日為基準，計算該事件日之異常報酬及市值的變化，進一步依重編原因、重編類型、財報所屬季別、公司所屬產業等因素對異常報酬進行迴歸分析。 本研究參考美國政府會計責信局(GAO)在2002及2006年報告之研究架構，對台灣上市櫃公司進行研究。實證結果發現重編事件日前後一日的累計異常報酬為負數。進一步的迴歸分析顯示，企業的財務危機情況以及財務報表誤述日至重編公告日的長度均與異常報酬有關。此外，針對不同重編原因檢視重編事件對異常報酬的進一步分析顯示，造成異常報酬下降最多的原因是虛增(漏列)交易，其次是轉投資相關與會計估計及評價，使異常報酬下降最少的原因則為損益期間的歸屬。 關鍵字：財務報表重編、事件研究法、異常報酬。 / This research employs both case study and empirical approaches to investigate the causes, demeanors and economic consequences of a sample of firms that were enforced by the Securities and future Bureau to restate their financial statements over the period of year 1999 to year 2009. This study was referred to the method mentioned in U.S. Government Accounting Accountability Office (GAO) 2002 and 2006 to conduct a research in Taiwan’s capital market. Empirical results indicate that event date the cumulative abnormal return is negative. Further regression analysis showed that enterprise as well as the financial crisis in the financial statements of misrepresentation to the length of the announcement date of restatement are related to abnormal returns. In addition, different reasons restated events on the further analysis showed that abnormal returns, resulting in the largest decline in abnormal returns due to inflated (the omission of) transactions, followed by the transfer and accounting estimates related to the investments and evaluation of abnormal returns decline cause the least loss was attributable to the period. Keywords: financial restatement; event study; abnormal return

本研究旨在探討家族公司與非家族公司在財務報表重編及法人說明會上之差異；其次，考慮家族公司本身亦存在差異性，因此進一步將家族公司按其聲譽或誠信之好壞予以分群，以檢測聲譽或誠信較差(好)之公司相較於其他家族公司在財務報表重編及法人說明會上是否具有差異。另外，本研究也探討過去受到高度重視的兩種代理問題（管理階層與股東間的傳統代理問題，控制股東與小股東間的核心代理問題）對於公司財務報表重編及召開法人說明會可能性之相對影響程度。在財務報表重編之衡量上，除了考慮發生重編的可能性外，更進一步衡量重編之嚴重程度。相較於其他家族企業之研究將家族公司視為同一族群，本研究之最大貢獻在於考慮家族公司可能具有聲譽上之異質性，而此一異質性會造成家族公司在財務報表品質及自願性揭露上之差異。本研究有下列發現：(1)相較於非家族公司而言，家族公司發生財務報表重編事件之可能性並未較高，然而誠信或社會觀感較差之家族公司相較於其他家族公司比較容易發生財務報表重編事件；(2)雖然家族公司召開法人說明會可能性較高、召開頻率也較多，然而進一步將家族公司分組後，發現聲譽或誠信較差之家族公司較其他家族公司傾向不召開法人說明會且召開頻率亦較低；(3)當公司存在兩種代理問題時，不論是單獨存在或是同時存在，皆會增加財務報表重編之可能性；(4)單獨存在傳統代理問題並不影響公司自願性揭露之意願，然而當公司採用控制權擴增機制時，則會降低公司召開法人說明會之意願與召開之頻率。

審計公費係影響審計品質之一大因素，且中國事務所家數眾多，更易產生低價攬客的惡性競爭行為，再者，中國上市公司重編狀況近來層出不窮，因此本文以2004-2008年中國大陸A股上市公司為研究對象，欲研究重編事件對中國企業審計公費之影響。財務報表重編事件可以分為三個時間點：財務報表錯誤年度、財務報表執行重編年度以及重編後的次一年度。就財務報表發生錯誤年度而言，本研究發現該事件會伴隨較高的審計公費，但是無論是執行重編年度或次一年度，均未發現顯著提高公費的證據。除此之外，本研究也未能獲得審計委員會之設立與審計公費有統計關聯性的證據。具體而言，除了傳統審計公費的解釋變數之外，本文未能發現財務報表重編及審計委員會與審計公費有關之證據。 / Audit fees is one of the major factors affecting quality, and there are many audit firms in China, so it is easier to produce vicious competition . Furthermore, the number of Chinese listed company which has restated financial report is increasing in recent years. So, with a sample of A-share listed corporations in China from 2004 to 2008 , this dissertation develops a conceptual model for studying the relationship between financial restatement and audit fees. Financial restatement can be divided into three time points: the year when an error occurred in the financial report , the year when the financial report is restated ,and the year after the financial report is restated .In terms of the year when an error occurred in the financial report , this dissertation find the event associated with higher audit fees ,but in other two time point , this dissertation doesn’ t find the evidence of significantly increased audit fees. Moreover ,there is no statistical significant relationship between setting up an audit committee and audit fees. Specifically, in addition to the traditional explanatory variables, this dissertation can’t find the evidence that financial restatement and setting up an audit committee are related to audit fees.

This study first examines whether equity-based compensation (i.e., stocks and options) is associated with audit committees’ oversight failures. I then examine whether this association between equity-based compensation and oversight failures is affected when firms initiate the clawback provisions in their compensation contracts. I use the likelihood of restatements, the incidence of internal control weaknesses (ICW), and earnings management measures to proxy for audit committees’ oversight failures. Based on a sample of 129 firms that voluntarily adopt the clawback provisions during 2003-09 and a matched sample created from the propensity score matching technique, I find several important results. First, larger amounts and portions of stocks and options are associated with higher restatement and ICW likelihood and greater earnings management. Second, equity-based compensation appears to harm audit committees' oversight effectiveness. However, the adoption of the clawback provisions significantly mitigates such negative effect. Finally, the clawback provisions are effective in reducing restatements, ICW, and earnings management only when these provisions are triggered by "bad faith" rather than restatements. Overall, my empirical results bear policy implications on audit committees’ compensation practice and the mandatory adoption of the clawback provisions.

企業之股價崩跌對企業本身以及投資人都會造成嚴重的影響，企業之經理人可能因為了私人利益而暫時延後揭露壞消息。在此情況下若企業財務報表品質較差、資訊透明度不佳，於公司有壞消息時管理階層便同時具有動機及機會隱藏或延後公布此壞消息使企業之股價短暫的被高估，當過了某特定時點企業發布壞消息或壞消息累積至一定的程度無法再隱瞞而突然公開時，企業之股價就會有較高的崩跌風險。 財務報表中存有重大錯誤時，代表較差的財報品質且資訊透明度不佳，因此本研究針對財務報表中存有重大錯誤與股價崩跌風險之關係進行探討。由於過去在政治關聯性企業與股價崩跌風險之文獻呈現不一致的研究結果，因此本研究採用與過去研究不同的政治關聯性定義研究其與股價崩跌風險之關係，期望能得出進一步的結論。最後，本研究欲探討重大會計錯誤與政治關聯性之交互影響，以企業當財務報表中存有重大錯誤，且該企業具有政治關聯性時，是否會有較高之股價崩跌風險進行研究。 研究結果發現，以NCSKEW_F1作為股價崩跌風險之衡量時，企業財報中存有重大錯誤時股價崩跌風險較高，表示當財務報表中有重大錯誤時代表財務報表品質較差，無法有效地降低內部人與一般投資人之資訊不對稱問題，財務資訊透明度較差，企業會有較高之股價崩跌風險。在企業之政治關聯性方面結果顯示，以NCSKEW_F1作為股價崩跌風險之衡量時，具政治關聯性企業可能有較高之股價崩跌風險。最後，本研究未發現當企業財務報表存有重大錯誤且此企業具政治關聯性與股價崩跌風險之關係。

本研究以財務長與審計委員會相對任期作為財務長與審計委員會相對影響力之指標，探討財務長與審計委員會相對影響力對財務報表重編之影響。利用2007至2014年間中國滬深A股為樣本，本研究發現，財務長之任期較審計委員會長時，財務報表越有可能重編，顯示財務長相對於審計委員會影響力較大時，會降低財務報表品質。本研究亦發現，前述情況並不因為客戶重要性較高而更加明顯，顯示財務長與審計委員會相對影響力與財務報表重編之關係，不會受到客戶重要性的影響。 / This thesis uses the relative tenures of CFO and audit committee as an indicator of the relative power between CFO and audit committee, and examines the relation between the relative power of CFO versus audit committee and the probability of financial restatement. Based on a sample of A-share stocks listed in Shanghai and Shenzhen during 2007-2014, the empirical result shows that when CFO has relative higher tenure than audit committee, the incidence of financial restatement increases. This result suggests that CFO who has more power than audit committee tends to compromise the quality of financial statement, at least in terms of financial restatement. The empirical result also shows that the effect of the relative power of CFO and audit committee does not vary among clients’ importance.

財務報表重編雖不若財務報表詐欺舞弊，但對於財務報表使用者而言，仍代表財務報表資訊品質不佳。因此公司應建立有效的監督治理機制，以防止財務報表重編情形發生，提高財務報表資訊品質。 本研究針對35家財務報表重編公司及35家財務報表未重編公司之董事會、監察人之獨立性、專業性進行研究，獲得以下結論： 一、發生財務報表重編的公司董事會中外部董事比率低於未發生財務報表 重編公司董事會外部董事比率 二、發生財務報表重編的公司董事會中獨立董事比率低於未發生財務報表 重編公司董事會獨立董事比率。 三、發生財務報表重編的公司董事會中法人董事席次比率高於未發生財務 報表重編公司法人董事席次比率。 四、發生財務報表重編的公司法人監察人席次比率高於未發生財務報表重 編公司法人監察人席次比率。 五、發生財務報表重編的公司董事會中關聯性法人董事比率高於未發生財 務報表重編公司關聯性法人董事比率。 / The restatement of financial statements does not equal to a financial statement fraud. However, it can reflect inferior quality of information disclosed in financial statements. Consequently, companies should establish an effective mechanism for supervision and governance in order to prevent the occurrence of financial statements restatements and to improve the quality of information disclosed in financial statement. The Organization for Economic Co-operation and Development（OECD） proposed five principles of corporate governance including strengthening the responsibility of the board of directors. It also required that the board of directors should function effectively. Independent and professional outside directors should be engaged to protect the interest of all shareholders. The study was conducted to investigate the independence and professionalism of the board of directors and supervisors. The sample included 35 companies which restated their financial statements at the time. Another 35 companies of comparative sizes were selected as the comparison group. The following results were conducted. 1.Firms that restated financial statements had significantly lower percentages of outside directors on the board than those which did not restate their financial statements. 2.Firms that restated financial statements had significantly lower percentages of independent directors on the board than those which did not restate their financial statements. 3.Firms that restated financial statements had significantly higher percentages of institutional directors on the board than those which did not restate their financial statements. 4.Firms that restated financial statements had significantly higher percentages of institutional supervisors than those which did not restate their financial statements. 5.Firms that restated financial statements had significantly higher percentages of affiliated institutional directors on the board than those which did not restate their financial statements.

本研究針對國內1996至2003年68筆受證期局強制重編財報事件為研究對象，採個案與實證兼具之研究方法，探討財報強制重編之成因、外顯徵兆與經濟後果。 就財報強制重編之成因而言，本研究發現盈餘管理誘因亦適用於財報強制重編之情形；公司治理機制中控制權與所有權偏離程度的縮小、外部審計品質的提升與關係人交易之透明與簡單化，皆可以降低財報強制重編之機率。就財報強制重編之外顯徵兆，則發現會計師出具無保留以外之意見與損益品質的下降，為公司錯誤報導財務報表之重要指標。就財報強制重編之經濟後果，實證顯示財報強制重編與財務困難間具有顯著的關聯性。此外，本研究並發現財報重編影響的報表數愈多、金額幅度愈大、涉及業外非核心盈餘與投資損益之重編時，公司發生財務困難的可能性將顯著增加。 / This research employs both case study and empirical approaches to investigate the causes, demeanors and economic consequences of a sample of firms that were enforced by the Securities and future Bureau to restate their financial statements over the period of year 1996 to year 2003. The analysis of the causes of mandatory restatements shows that the motivations of earnings management also apply to the context of financial restatements. The firms with smaller deviation of control rights from the cash flow rights, higher audit quality and more transparency in related-party transactions help alleviate the probability of restatements. The results also indicate that unclean audit opinions and decrease in quality of earnings are important demeanors of misstatement of financial statements. In addition, firms are enforced to restate their financial statements are found to be significantly related to the occurrence of financial difficulties in the future. The findings show that the severer the materiality of the restatement in terms of the length of period, dollars, and the nature of the restatements, the higher the possibility of firms will experience financial difficulties.

本研究以台灣上市櫃公司及分析師投資報告為研究對象，探討會計師忙碌程度與審計品質之關聯性，以及產生學習或互斥效果。審計品質以裁決性應計項目、財務報表重編及迎合或擊敗分析師預期三種特性進行分析。 研究結果發現，會計師忙碌程度與裁決性應計項目、財務報表重編及迎合或擊敗分析師預期皆呈現顯著負相關。此結果表示，會計師忙碌程度愈高，受查公司管理當局進行盈餘管理之可能性愈低。本研究藉此結果推論，會計師忙碌程度愈高，透過累積查核經驗，促進知識改善，產生正向的學習效果，進而提高審計品質。 / This thesis examines the association between the busyness of auditors at partner level and audit quality and whether the association stems from learning effect or crowding-out effect, by using the listed firms’ data and the analysts’ reports in Taiwan. I use the following three measures of audit quality to examine my hypotheses: discretionary accruals, financial restatement, and meet or beat analyst forecast. The empirical results indicate that firms experience lower discretionary accruals, are less likely to restate financial statements and have lower likelihood of meeting or beating analysts’ expectations when auditors are busier. The results are consistent with the notion that auditor busyness is positively related to audit quality. Taken together, the findings provide strong evidence in favor for learning effect rather than crowding-out effect of auditor busyness. Further analyses reveal that the results remain unchanged, regardless of lead auditor busyness or concurring auditor busyness.