影響會計師懲戒對簽證客戶資訊蔓延效果之因素

The Influential Elements of Contagion Effect of Auditor Sanction on Client Stock Price Reactions

本文透過事件研究法分析會計師受懲戒處分之後，該會計師個人之其他簽證客戶的資訊蔓延效果，主要深入探討懲戒特性的影響。實證結果顯示累積異常報酬顯著為負，支持會計師懲戒存在負向的資訊蔓延。而在宣告日與事件日的時間差為三年以內時，可進一步發現會計師屬於產業專精及四大會計師事務所時，對累積異常報酬之影響顯著為負，表示會計師的專業性及聲譽受懲戒而傷害時，連帶對其他簽證客戶的股價會有明顯的負面影響。同時，懲戒程度與懲戒次數也為負向顯著，表示懲戒的嚴重程度將會影響投資人對股價的評估。整體結果支持懲戒案件的公告具有資訊蔓延效果且受特定因素影響，此外本文進行多項敏感性測詴，同樣支持原本之推論。

This study adopts event study to explore the contagion effect on the audit clients’ value following the auditor sanction, and then further analyzes the consequences of sanction characteristics. The results show that four independent variables, including industry specialization, big-4 status, degrees of sanctions and number of sanctions, are negatively associated with cumulative abnormal returns, when the duration between event day and announcement day is shorter than three years. It suggests that the contagion effect of Auditor Sanction to others' client stock price is present in Taiwan. Finally, various sensitivity tests are conducted and the results are consistent.