權益值高估對具品牌聲譽會計師事務所之選擇與審計公費之影響

The Influence of Equity Overvaluation on the Brand Name Reputation of CPA Firms and Audit Fees

本研究旨在驗證權益值高估情形對具品牌聲譽會計師事務所之選擇與審計公費的影響。有關權益價值高估值之估計，係參考Rhodes-Kropf, Robinson, and Viswanathan (2005)與Chi and Gupta(2009)所採之估計模式。實證研究結果發現，前期權益價值高估公司，次期愈可能由具品聲譽會計師事務所查核簽證且會被收取較高之審計公費。

This study examines the effect of equity overvaluation on the brand name reputation of CPA firms and audit fees. Following Rhodes-Kropf, Robinson, and Viswanathan (2005) and Chi and Gupta (2009), we use a M/B decomposition model to estimate the overvaluation of prior equity value. Our empirical results show that overvalued companies are more likely to employ Big 4 accounting firms in the next period. We also find that overvalued companies incline to pay higher audit fees in the next period than non-overalued companies.