• 沒有找到結果。

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第五章 結論與建議

本研究試圖探討給予審計委員會權益基礎報酬的比重,對於公司權益資金成 本及信用評等之影響。SOX 帶來的變革,使得審計委員會之成員,可能取得公司 給付之股票及認股權作為報酬。與現金基礎報酬不同處在於,公司給予權益基礎 報酬,能使審計委員會成員之利益與公司股東之利益相一致,促使審計委員會更 致力於其監督功能;另一方面,公司給予權益基礎報酬亦可能傷害審計委員會之 獨立性,損害其監督效果。審計委員會作為公司內部監督之主要角色,將直接影 響財務報導之品質,因此本研究預期,資本市場將因審計委員會監督效率之不同,

而做出不同回應。本研究以 2006 至 2010 年 S&P1500 之公司 (不含金融服務與 保險業) 為樣本,實證結果發現,若權益基礎報酬佔審計委員會薪酬比率越高,

其公司之權益資金成本越低,但該公司之信用評等卻越差。上述結果說明,權益 基礎報酬之比重在二種財報使用者眼中具有不同涵義。投資人認為給予審計委員 會較高的權益基礎報酬比重,可使監督更有效,投資人承擔之資訊風險降低,進 而願意降低其要求報酬;信用評等機構則認為,給予較高的權益基礎報酬比重將 傷害審計委員會獨立性,影響公司治理結構,並降低財務報導之品質,因而給予 此類公司較差之信用評等。

本研究進一步以 Dechow et al. (2011) 所建立之 F-score 來衡量公司的事前舞 弊風險,並以其中位數將樣本區分為高舞弊風險組與低舞弊風險組。實證結果發 現,不論事前舞弊風險之高低,審計委員會權益基礎報酬比重皆與權益資金成本 呈顯著負相關,顯示投資人對於收取權益基礎報酬比重較高之審計委員會具有強 大之信心,不因公司事前舞弊風險之高低而有所不同。而信用評等機構則認為相 較於低舞弊風險公司,高舞弊風險公司之審計委員會收取較高的權益基礎報酬比 重,較可能會損害其獨立性,進而影響其監督財務報表之效率。另一方面,事前 舞弊風險較高之公司,較需要外部監督機制如四大會計師事務所查核,方能提高 信用評等公司對其財務報導品質之信心。

本研究之主要貢獻有三。首先,本研究選擇以權益資金成本及信用評等兩個 市場認知 (market perception) 指標,而非過去研究所採用之財報重編、內控缺失、

應計項目品質、盈餘管理 (Archambeault et al. 2008; Bédard et al. 2004; Vafeas 2005)

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等檢測財務報表品質之指標,來衡量權益基礎報酬對審計委員會之影響。其次,

過去的文獻均以認股權的價值來衡量權益基礎報酬對審計委員會的影響 (如:

Archambeault et al. 2008; Bédard et al. 2004; Campbell et al. 2015; Keune and Johnstone 2015)。不同於過去文獻,本研究以權益基礎報酬占總報酬的比率來捕 捉 審計 委員 會薪 酬結 構 (compensation mix) 是否會影響其監督 的效率性。

Larcker and Tayan (2012) 指出薪酬結構對於負責公司治理人員 (包含審計委員會) 行為之影響是一個具有重大貢獻的研究領域,然而,目前對於這個議題的研究並 不多見。最後,本研究發現市場中的報表使用者,對於權益基礎報酬比重抱有截 然不同之看法。在安隆案後,信用評等機構如標準普爾,在信用評等給分上愈趨 保守,對公司治理之變數更加敏感,該等機構對於審計委員會收取較高之權益基 礎報酬比重持負面態度。相反的,投資人則對較高之權益基礎報酬比率抱持正面 的看法,由於過去研究顯示,給予審計委員會權益基礎報酬,可能有損公司財務 報表品質,本研究之結果似乎顯示投資人對於給付審計委員會權益基礎報酬有所 誤解。此研究結果具政策上之涵義,應可供主管機關未來在修訂相關規範時作為 參考。

本研究亦有其限制。首先,呼應本研究 Larcker and Tayan (2012),著眼於審 計委員會之整體薪酬結構,但無法得知權益基礎報酬對審計委員會個人之財富效 果,尚須進一步採用 delta、vega 等衡量指標,始有更精準之分析。最後,本研究 發現投資人與信用評等公司對權益基礎報酬具有不同之看法,但背後的真正原因 尚待進一步釐清。

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