簽證客戶股價影響因素之實證研究

An Empirical Study on the Client Security Price

本文藉由探討會計師所查核客戶之股價反應情形，以了解其影響因素。主要研究發現有：當媒體披露與會計師聲譽有關之負面消息，受會計師查核之客戶股價普遍下跌。客戶中財務狀況較差或具有不利之會計師更換情形者，股價下跌幅度更大。再者，資訊觀察頻率越高者，客戶股價下跌幅度越大。以上結果顯示會計師聲譽代表審計品質，為公司價值之信號，而資訊觀察頻率越高，公司價值資訊之傳遞效果也越大，亦有助於市場規範審計品質，並降低資訊不對稱。 This study finds that client security price reacts negatively to news about auditordisrepute in Taiwan stock market. Furthermore, clients with unfavorable auditor changeand worse financial condition experience more negative abnormal returns. Consistent withChen (2008), I find that client security price reacts more to news with higher frequency.Hence, both the reputation effect and frequency effect are evidenced.