海外來臺上市櫃企業財務報表可比較性之探討：考量董事連結與舞弊案件之影響

The Financial Statement Comparability of Listed Foreign Firms in Taiwan: The Effect of Board Interlocks and Financial Statement Fraud

本研究探討海外來臺上市櫃企業（KY公司）與非KY公司在康友案前後財務報表可比較性之變化。本研究發現，整體而言，KY公司之財務報表可比較性較非KY公司差，而與KY公司有董事連結之非KY公司財務報表可比較性又較無連結者差。申言之，在康友案後，無論是否與KY公司具有董事連結，非KY公司之財務報表可比較性皆獲得改善，惟KY公司之財務報表可比較性，相較非KY公司並無改善，甚至有惡化之跡象。可能原因為查核人員受限於疫情，無法對營運地點於海外之KY公司進行實地查核，導致其財務報表可比較性無法於短期內獲得改善，甚至因無法查核而惡化。此結果顯示在疫情影響下，公司營運地點成為影響財務報表可比較性之重要因素。

The paper examines the changes in the financial statements comparability (Comparability) of listed foreign firms in Taiwan (i.e. KY companies; KY) and non-KY companies (NKY) surrounded by the case of Pharmally scandal in 2020. We find that, as a whole, the comparability of KY is worse than NKY, and the comparability of NKY with board interlocks to KY is also worse than NKY without board interlocks. More elaborately, after the case of Pharmally scandal, the comparability of NKY has improved, regardless of whether they are with board interlocks or not; however, the comparability of KY has not improved and has even deteriorated compared to that of NKY. The possible reason is that due to COVID-19, the auditors cannot conduct on-site audits of KY whose operating locations are overseas, which has resulted in the inability to improve their comparability in the short term and may even worsen it by not being able to conduct on-site audits. This finding shows that under COVID-19, the company's operating location helps explain the comparability of the financial statements.