研究限制與後續研究建議

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濟顯著性來解釋，驗證本研究假說H3a 之結果。綜上，本研究假說除了 H1b 之外皆得到驗證。

承上，本研究依實證結果進一步解釋，審計委員會內會計專家以及法律專家的存在，可視為是為了降低潛在代理問題的成本效益分析結果，因此，債權人可能考量公司審計委員會成員是否有會計以及法律專家來幫助其降低潛在的資訊風險，其中又以法律專家的存在更具影響效果，這或許跟公司係自願聘任法律專家為其審計委員會成員有關，畢竟相較於財務(會計)專家，我國或是國外皆無強制規範公司需聘任法律專家為審計委員會成員，Krishnan et al.(2011)曾以信號理論(Engel 2005；Carcello et al. 2010)作為解釋其研究結果的理由之一：法律專家偏好工作於財務報導品質好的公司，故公司聘任法律專家來顯示其財務報導品質是好的。是以，若公開市場債權人發現公司之審計委員會成員有法律專家，可能會因上述信號理論的影響，認為其財務報導品質值得信賴，可降低資訊不對稱的風險，故較願意降低風險溢酬，進而有利於借款公司之債務條款或給予其較好的信用風險評等。

二、研究限制與後續研究建議

本研究所採用之資料，大部分來自次級資料庫，資料庫之資料提供限制與其是否正確無誤並非本研究所能控制。且因我國法規於2009 年至 2013 年間未強制規範所有上市櫃公司皆須設置審計委員會，因此審計委員會的設置與債務條款以及債務信用風險評等間可能存在內生性問題，又囿於最終樣本數僅93 筆，若再排除金融業之樣本數將會嚴重不足，因此考量雖有選樣偏誤之可能性，但本研究仍將金融業包含於研究樣本中，並將是否屬於金融業設為其中一項控制變數納入以票面利率為應變數之模型。

後續研究建議的部分，首先，本研究之選樣期間為2009 至 2013 年，可能係因我國針對上市(櫃)公司設置審計委員會之相關規範尚在推行階段，致使樣本數

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僅有93 筆，後續研究者可延長研究選樣期間，加強研究結果的代表性。其次，

囿於資料取得困難，本研究未加入董事會或審計委員會成員平均任職年資作為控制變數；亦因樣本數較少而未將年度設為虛擬變數(year dummy)加入實證模型中。

後續研究者可嘗試加入上述控制變數，更進一步分析其與債務條款以及債務信用評等的關聯性。最後，本研究之解釋變數部分皆採虛擬變數，後續研究者可採人數或百分比來衡量，非僅以該專家是否存在來探討其與債務條款以及債務信用風險評等的關係。

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附錄：變數定義及資料來源彙總表

變數縮寫 變數定義 資料來源

1.應變數

COLLATERAL 擔保與否：有擔保品或擔保機構則為1,否則為 0。 TEJ 債券發行暨交易市場資料庫 CHANGE 轉換與否：轉換為普通股則為1,否則為 0。 TEJ 債券發行暨交易市場資料庫 RATE 票面利率：公司債發行機構於發行公告上所揭露之票面利率。 TEJ 債券發行暨交易市場資料庫 TCRI 信用風險評等：TCRI 信用風險指標，風險由低至高分別設 1

至9 等級。 TEJ TCRI 信用風險資料庫

2.解釋變數

ACCEXP 審計委員會內具備會計專家：若審計委員會裡至少一人具備會計專長則為1，否則為 0

TEJ 獨立董監事經歷曁兼任

TEJ 上市櫃董監、經理人薪酬資料庫 TEJ 上市(櫃)董監事全體持股狀況 LEGEXP 審計委員會內具備法律專家：若審計委員會裡至少一人具備法

律專長則為1，否則為 0

ACCEXP_ONLY 審計委員會內只具備會計專家：若 ACCEXP=1 且 LEGEXP=0 則為1，否則為 0

LEGEXP_ONLY 審計委員會內只具備法律專家：若 LEGEXP=1 且 ACCEXP=0 則為1，否則為 0

3.控制變數

董事會控制變數(Board characteristics, BOAC)

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公司控制變數(Company characteristics, COMC)

SIZE 公司規模：資產總額的自然對數值 TEJ 上市(櫃)財務資料庫 LEVERAGE 槓桿比率：負債總額 /資產總額 *100% TEJ 上市(櫃)財務資料庫 EBITDA 稅前淨利率：稅前淨利 /營業收入淨額 *100% TEJ 上市(櫃)財務資料庫

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附錄：變數定義及資料來源彙總表 (續)

變數縮寫 變數定義 資料來源

TIE 利息保障倍數：(稅前淨利+利息支出)/利息支出。若本期利息

支出=0，則本比率不計算並建 0。 TEJ 上市(櫃)財務資料庫 ROA 資產報酬率：(繼續營業部門純益 +利息支出 *(1 -17%) /平均

資產總額 *100 TEJ 上市(櫃)財務資料庫

BIG4

四大會計師事務所客戶：若公司該年度年報之查核簽證會計師為四大會計師事務所者為 1，否則為 0。四大會計師事務所分別為勤業眾信、資誠、安侯建業及安永會計師事務所。

TEJ 台灣會計師簽證資料庫

DUALITY 董事長兼任總經理：若董事長兼任總經理則為1，否則為 0 TEJ 上市櫃董監、經理人薪酬資料庫 TEJ 上市(櫃)公司基本資料資料庫 FININD 金融產業：產業別屬於金融產業則為1，否則為 0 TEJ 上市(櫃)公司基本資料資料庫債券公司變數(Bond characteristics, BONC)

RF 無風險利率：中央銀行公布之五大銀行一年期定期存款的年底

平均利率中央銀行利率資訊

INTERESTPAY 付息次數：若為到期一次支付且發行期間大於一年者為 0，否

則為 1 (即一年內付息次數至少 1 次)。 TEJ 債券發行暨交易市場資料庫

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在文檔中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 - 政大學術集成 (頁 53-62)

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附錄：變數定義及資料來源彙總表

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附錄：變數定義及資料來源彙總表 (續)

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The Accounting Review 78(3): 641-678

Review 72: 323-349

Committee Financial Experts in the Post-Sox Era: Have Smaller Public Companies Benefited Disproportionately? Working paper, University of

Accounting Review 89(1):243-273

Contemporary Accounting Research Vol.27 No.3 (Fall): 787-827.

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Research 43: 153-193

Journal of Accounting Literature 21: 38-74

Accounting Review 80(2): 539-561

Accounting Review 84(3): 839-867

Modern Accounting and Auditing Vol.10 No.5: 507-514

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Financial Studies 22(8):3287-3328

Accounting Review Vol.77, Supplement: Quality of Earnings Conference

Working Paper Series No.04/25

A Journal of Practice & Theory: May 2015, Vol. 34, No. 2, pp. 59-89.

Review 73: 459-474

of Accounting Research 43(2): 291-334

Journal of Corporation Law 31: 1097-1123

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