標題: 修正式無保留意見是否預告了公司不佳的經營績效?
Does Modified Unqualified Opinion Foresee a Poor Performance?
作者: 黃旭輝
林佳慧
黃一祥
張志向
Hsu-Huei Huang
Chia-Hui Lin
I-Hsiang Huang
Chih-Hsiang Chang
Institute of Business and Management
經營管理研究所
關鍵字: 修正式無保留意見;公司治理;董事會結構;股權結構;modified unqualified opinion;corporate governance;board structure;ownership structure
公開日期: 1-Apr-2011
摘要: 修正式無保留意見是否預告了公司不佳的經營績效?是一個重要且尚未有人討論過的議題。本文以2000至2003年間收到此一審計意見的535個台灣上市公司作爲研究對象。結果發現收到修正式無保留意見的公司,其未來的經營績效的確低於產業的平均水準。而且,在六種不同的修正式無保留意見原因中,被簽發對繼續經營假設存有疑慮的公司,其後續的經營績效表現最差。此外,我們還進一步發現公司治理較佳的公司,受到此一審計意見負面訊息的影響較低,本文所稱的公司治理機制較佳包括有聘任外部董事的公司、非家族企業、內部人以及法人持股比率較高的公司。
Does modified unqualified opinion foresee a poor performance is a central but never discussed issue. We explore this story using a sample of 535 event companies listed on Taiwan Stock Exchange during 2000-2003. Our results show that firms receiving this auditing report would experience poor performance relative to their industry peers, furthermore, the companies would get a worst performance when this auditing opinion comes from a reason of going-concern. In addition, we find those firms with better corporate governance, including companies with outside directors, higher insider shareholdings, higher institutional shareholdings and non-family-owned business, would suffer less negative impact from this gloomy opinion.
URI: http://hdl.handle.net/11536/107831
ISSN: 1023-9863
期刊: 管理與系統
Journal of Management and Systems
Volume: 18
Issue: 2
起始頁: 239
結束頁: 266
Appears in Collections:Journal of Management and System


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  1. 10239863-01802-178.pdf