Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/34270
|
| Title: | 負債、代理問題與審計公費關聯性之探討 |
| Authors: | 黃勝平
Huang,Sheng Ping |
| Contributors: | 陳錦烽
黃勝平
Huang,Sheng Ping |
| Keywords: | 代理問題
審計公費
負債
公司治理
agency problem
audit fee
debt
corporate governance |
| Date: | 2004 |
| Issue Date: | 2009-09-18 09:11:44 (UTC+8) |
| Abstract: | Jensen(1998)認為，當公司有過多的自由現金流量時，經理人基於自利動機，較有可能從事非最大化主理人的行為，加劇代理問題的產生。Jensen也認為，發行長期負債可以降低公司多餘的自由現金流量，進而減緩代理問題的產生。因此，本研究即由此一觀點出發，探討是否可藉由長期負債的發行，減緩代理問題的產生？以及當經理人持股比例低，代理問題較嚴重時，負債可否做為監督機制，以減緩代理問題？
本研究以審計公費做為衡量代理問題之替代變數。當代理問題愈嚴重，即意味著公司有較高的固有風險，因此將增加查核努力，進而收取較高的審計公費。換句話說，當代理問題愈嚴重，審計公費將愈高。實證結果發現，低成長高自由現金流量的公司，發行長期負債可以降低自由現金流量，進而減緩代理問題。而在經理人低持股比例時，長期負債可做為替代的監督機制，以減緩代理問題的產生。故本研究認為，負債確實可做為減緩代理問題之機制。
Jensen(1986)argued that when company own more free cash flow, based on the self-serving motivation, managers will tend to pursue his benefit rather than principal’s. In such situation, agency problem will become more serious. Jensen also point out that issuing long-term debt can reduce the free cash flow in the company, therefore, ease the agency problem. This study is based on the free cash flow theory, examining whether issuing long-term debt can reducing the free cash flow, therefore reducing the agency problem? Besides, we will examine when managers hold fewer stocks, whether issuing long-term debt can be a substitute monitor mechanism or not?
Using audit fee as a variable to measure the agency problem. In auditing, serious agency problem means higher inherent risk and, in turn, audit fees. In other words, more serious agency problem means higher audit fee. The result finds that in low growth firm with higher free cash flow, issuing long-term debt can reduce free cash flow and, in turn, mitigate agency problem. Besides, when managers hold fewer stocks, long-term debt can be a substitute monitor mechanism. As a conclusion, debt can be a mechanism to mitigate agency problem. |
| Reference: | 一、中文部分
丁立平，2003，公司治理、會計資訊與公司價值關係之研究，國立台灣大學會計研究所未出版碩士論文。
王惠昕，2001，代理問題對公司股權結構與財務決策之影響，國立中正大學財務金融學系未出版碩士論文。
李欣怡，2002，宣告股市自由化的財富效果：投資機會假說與自由現金流量理論所扮演的角色，私立元智大學管理學系未出版碩士論文。
李珍瑩，2004，公司治理的價值攸關性，國立政治大學會計學系所未出版碩士論文。
林佳穎，2002，財務危機公司特性與公司治理之探討，國立台灣大學會計研究所未出版碩士論文。
高蘭芬，2002，董監事股權質押之代理問題對會計資訊與公司績效之影響，國立成功大學會計學系未出版博士論文。
許加昂，2000，董監質押比率與公司經營績效、融資政策、股利政策關聯性之研究，國立台灣大學會計研究所未出版碩士論文。
陳迪，2003，董事會、監察人特性與公司績效關聯性之再探討，國立政治大學會計學系未出版碩士論文。
張秋雄，2000，成長機會與可支配現金流量對對融資宣告效果影響之研究，朝陽科技大學財務金融學系未出版碩士論文。
黃裕光，1993，我國上市公司董事會特性與經營績效之研究，台灣大學會計研究所碩士論文。
楊世英，1999，自由現金流量對企業價值影響之相關實證研究—以台灣半導體產業上市公司為例，交通大學資訊管理學系未出版碩士論文。
溫士賢，2002，研發、廣告與人力支出和企業價值之關聯性探討—以台灣上市上櫃企業為例，台灣大學會計學系未出版碩士論文。
葉珮穎、鄧博遠、潘思翰，2003，我國審計準則第39號公報 + 公司治理，未出版文稿。
劉綠萍，2003，董監事股權質押的代理問題與公司價值關聯性之研究，國立台北大學企業管理學系未出版博士論文。
謝文馨，1999，家族企業管制機制與盈餘管理之關聯性研究，私立東吳大學會計研究所未出版碩士論文。
財團法人中華民國證券櫃檯買賣中心，2002，上市上櫃公司治理實務守則。
二、英文部分
Anderson, R. C., T. W. Bates, and M. L. Lemmon. 2000. Corporate governance and firm diversification. Financial Management. (Spring): 5-22.
Beasley, M. S. 1996. An empirical analysis of the relation between the board of directors composition and financial statement fraud. The Accounting Review.
Berle, A. A. and C. G. Means. 1932. The modern corporation and private property. New York：Macmillan.
Claessens, S., S. Djankov, and L. H. P. Lang. 2000. The separation of ownership and control in East Asian Corporations. Journal of Financial
Economics 58: 81-112.
Crawell, A., F. J., and S. Taylor. 1995. Auditor brand name reputation and industry specialization. Journal of Accounting and Economics 20: 297-322.
DeAngelo, H. and E. Rice. 1983. Antitakeover Charter Amendments and Stockholder Wealth. Journal of Financial Economics 11: 329-361.
Dechow, P. M., R. G.. Sloan, and A. P. Sweeney. 1996. Causes and Consequences of Earning Manipulation: An Analysis of Firms Subject to Enforcement Actions by the SEC. Contemporary Accounting Research 13：1-36.
Fama, E.F. 1980. Agency problem and the theory of the firm. Journal of Political Economy 88: 288-308.
Frankel, R., M. Johnson, and K. Nelson. 2002. The relation between auditors’ fees for nonaudit services and earnings management. The Accounting Review 77( Supplement): 71-105.
Firth, M. 1997. The provision of nonaudit services by accounting firms to their audit clients. Contemporary Accounting Research 14(2): 1-21.
Fluck, Z. 1999. The dynamics of management-shareholder conflict. Review of Financial Studies 12: 347-377.
Francis, J. 1984. The effect of audit firm size on audit prices: a study of Australian market. Journal of Accounting and Economics 6: 133-151.
Gaver, J.J. and K. M. Gaver. 1993. Additional evidence on the association between the investment opportunity set and corporate financing, dividend and compensation policies. Journal of Accounting and Economics 16: 125-160.
Gomes, A. 2000. Going public without governance: Managerial reputation effects. Journal of Finance 55: 615-646.
Gul, F. and J. Tsui. 1998. A test of the free cash flow and debt monitoring hypotheses: evidence from audit pricing. Journal of Accounting and Economics 24: 219-237.
Gul, F. and J. Tsui, 2001. Free cash flow, debt monitoring, and audit pricing: Further evidence on the role of director equity ownership. Auditing 20：71-86.
Jensen, M. C. and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics October : 305-360.
Jensen, M. 1986. Agency costs of free cash flow, corporate finance, and takeover. American Economic Review 76: 323-329.
Kesner, I. 1987. Directors’ stock ownership and organizational performance: An investigation of Fortune 500 companies. Journal of Management 13: 499-508.
Klock, M. and C. F. Thies. 1995. A test of Stulz`s overinvestment hypothesis. The Financial Review 30: 387-398.
Lang, L. H. P., R. M. Stulz., and R. A. Walking. 1991. A test of free cash flow hypothesis, the case of bidder returns. Journal of Financial Economics 29: 315-335.
Lang, L. H. P., R. M. Stulz, and R. H. Litzenberger. 1989. Dividend announcement: cash flow signaling vs. free cash flow hypothesis? Journal of Financial Economics 24: 181-191.
La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 1999. Corporate ownership around the world. Journal of Finance 54: 471-517.
Lehn, K. and A. Poulsen. 1989. Free cash flow and stockholder gains in going private transactions. Journal of Finance 44: 771-787.
Leland, H. and D. Pyle. 1977. Informational asymmetrics, financial structure, and financial intermediation. Journal of Finance 32: 371-389.
Morck, R., A. Shleifer, and R.W. Vishny. 1988. Management ownership and market valuation: an empirical analysis. Journal of Financial Economics 20: 293-315.
Myers, S. 1977. Determinants of corporate borrowing, Journal of Financial Economics 5: 147-176.
Oswald, S and J. Jahera. 1991. The influence of ownership on performance: An empirical study. Strategic Management Journal 12: 321-326.
Shleifer, A. and R. Vishny . 1997. A survey of corporate governance. Journal of Finance 52: 117-142.
Simunic, D. A. 1980. The pricing of audit service: Theory and evidence. Journal of Accounting Research 18: 161-190
Skinner, D. 1993. The investment opportunity set and accounting procedure choice: Preliminary evidence. Journal of Accounting and Economics 16: 407-445.
Stulz, R M. 1988. Management control of voting right: Financing policies and the market for corporate control. Journal of Financial Economics 20: 431-460.
三、網站資料
世界銀行網站：http://www.worldbank.org |
| Description: | 碩士
國立政治大學
會計研究所
92353020
93 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0923530201 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
