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| Title: | 我國審計委員會之會計、法律專家對債務條款及債務信用評等之影響
The Impact of Audit Committee Accounting and Legal Expertise on the Corporate Loan Terms and Credit Rating in Taiwan |
| Authors: | 林孟璇
Lin, Meng Hsuan |
| Contributors: | 金成隆
林孟璇
Lin, Meng Hsuan |
| Keywords: | 審計委員會專家
債務條款
債務信用評等
Audit Committee Expertise
loan terms
credit rating |
| Date: | 2015 |
| Issue Date: | 2015-12-02 16:07:57 (UTC+8) |
| Abstract: | 本研究主要探討我國審計委員會中具備會計以及法律專家對債務條款及債務信用評等的影響。本研究發現結果如下：第一、審計委員會具備會計專家時，公司債票面利率會較低，且較不會發行可轉換公司債。第二、審計委員會具備法律專家時，公司債較不會被要求提供擔保條款、亦較少發行可轉換公司債，且票面利率較低，債務信用評等也較好。第三、就經濟顯著性而言，審計委員會只具備法律專家，較只具備會計專家的情況，債務條款條件較有利。第四、審計委員會只具備法律專家，較只具備會計專家時債務信用評等明顯較好。
然而，國內外皆無審計委員會須聘任法律專家的相關規範，故公司自願納入法律專家的理由可能係因其具有兩種角色：監督與信號功能，但本研究未探討這兩種角色的關係，因此本研究之實證結果可解釋為公司自願聘任法律專家為審計委員會成員的結果，使得公開市場債權人認為其能有效監督公司之財務報表品質，可降低資訊不對稱風險，而較願意降低借款風險溢酬。
The objective of this thesis is to examine the effect of accounting expertise and legal expertise on corporate audit committees on loan terms and credit rating in Taiwan. The findings can be summarized as follows. First, accounting expertise on audit committee is negatively associated with the coupon interest rate of bonds, and lower likelihood of issuing convertible bonds. Second, legal expertise on audit committee is negatively related to the coupon interest rate of bonds, lower probability of issuing secured corporate bonds and convertible bonds, and the better credit rating. Third, in terms of economic significance, I find that the magnitude of the positive effect of audit committee legal-only expertise on loan terms is larger than that of accounting-only expertise alone. Finally, the empirical results indicate that the effect of audit committee legal-only expertise on credit rating is more pronounced than that of accounting-only expertise.
So far, there are no rules or provisions for mandatorily engaging legal experts in audit committee at home and abroad. As a result, engaging legal experts can serve two roles: monitoring and signal functions. However, I cannot disentangle between the two in this paper. As a result, the alternative explanation for my findings is that creditors on the public market may perceive the presence of legal experts in audit committee to be an effective monitoring mechanism for decreasing the risk of information asymmetry, and thus offer lower risk premium to these borrowers with legal experts. |
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| Description: | 碩士
國立政治大學
會計學系
101353039 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0101353039 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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