Empirical Research of Taiwan Audit Committee under Securities and Exchange Act
|審計委員會;實證研究;台灣獨立董事;Audit Committee;Empirical Research;Independent Director in Taiwan
Article 14-4 of Securities and Exchange Act was passed and ‘Regulations Governing the Exercise of Powers by Audit Committees of Public Companies’ became effective since 2007. After four years’ implementation, only 75 companies have been switched from original dual board to single board system. The low switch rate reflects questions within Taiwanese companies and its legal system and requires further careful reading thereof. In this view, a comprehensive empirical research is needed to understand the actual situation of audit committee and measure its impact to the capital market in Taiwan. This thesis starts with a comparison between the legal systems of audit committee in Taiwan and United States. After a brief introduction of legal rules involed, quantitative data analysis which includes the date of establishment, members, capital structure, control structure, and profitability is employed to represent the actual operating situations of audit committee in Taiwan. Later it discusses the relationship of this introduction of audit committee to the performance of implementing/non-implementing companies. Beside quantitative data, qualitative interviews with several audit committees’ members are used to provide a better understanding about the details about the operation of audit committee and the actual benefit this new design can achieve. Finally, conclusion will briefly summarize and discuss possible points of observation for the development of audit committee in Taiwan in the future.
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