新式查核報告、審計品質與會計資訊價值攸關性

Extended Audit Report, Audit Quality, and Value Relevance of Accounting Information

本文的目的在檢視適用新式查核報告對會計資訊價值攸關性的影響，以及審計品質對兩者關係之調節效果。首先，結果發現適用新式查核報告後盈餘之價值攸關性顯著增加。我們進一步使用Oaxaca-Blinder分解模型將採用前後期股價的差異拆解為能被特徵效果解釋的部分以及能被係數效果解釋的部分。結果顯示股價的增加主要是源於權益帳面價值與盈餘數字的增加以及盈餘迴歸估計係數的增加。我們也發現審計品質對股價和會計資訊之正向關係具有調節效果。

The purpose of this study is to investigate the impact of the expanded audit report adoption on the value relevance of accounting information and the moderating effect of audit quality on this relationship. The results first suggest that the value relevance of earnings was significantly increased after the expanded audit report adoption. We further utilize the Oaxaca-Blinder decomposition model to decompose the difference in stock prices between the pre- and post-adoption periods into the part that can be explained by the endowment effect and the part that can be explained by the coefficient effect. The results show that the stock prices' increase is primarily due to an increase in equity book value and earnings and an increase in the regression coefficient of earnings. We also find that the positive relationship between stock prices and accounting information is mitigated by audit quality.