訴訟風險與簽證會計師特質對審計意見購買的影響 - 政大學術集成

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(1)The Impact of Litigation Risk and Auditor Characteristic on Opinion Shopping. 立. 政治大. ‧. ‧ 國. 學 y. Nat. n. er. io. al. sit. Ch. engchi. i n U. v. 109. 6. DOI:10.6814/NCCU202000640.

(2) 目句. 小. 化. 及. 付. 付. 市. 小「. 七. 立. ！. sit. n. 反. ：. Ch. 文. er. io. 了. 牙. y. Nat. 付 . ‧. 大. 「. al. 大. 已. 學. ‧ 國. 止. 大. 女支. 付. 政治大. 付 . 右. 用. 付. 內. （. 入. 己（. v ni. 付小 . e n g c h i U. 了. 句. 了. 允. 他. DOI:10.6814/NCCU202000640.

(3) Chen, Peng, Xue, Yang, and Ye (2016). 」. 之. （. 代. 已. ）予. 去. 心大. 已「. 去. 立已. 心已. 日 . 學. 方士. 付. 方. 交. ‧. io. sit. y. Nat. n. al. er. 充. ‧ 國. 方. 代去政治大. Ch. engchi. i n U. v. DOI:10.6814/NCCU202000640.

(4) Abstract. Chen, Peng, Xue, Yang, and Ye (2016) show the evidence that audit clients successfully engage in partner-level opinion shopping (by switching engagement partner within an audit firm) in the audit market of China. However, another studies using the data from the different countries, such as Spanish, find no evidence of partner-level opinion shopping. Through the special data from Taiwan, this article observes the litigation risk and the degree of competition play the key role in partner-level opinion shopping, and attempts to reconcile the conflict of past literature on engaging partner-level audit opinions. First, in the full and listed sample, I find no evidence of partner-level opinion shopping. Second, taking unlisted market that accompanies with lower litigation risk. 政治大. and higher degree of competition as a sample, I find the evidence that audit clients. 立. successfully engage in partner-level opinion shopping. Finally, using unlisted market. ‧ 國. 學. as a sample, I establish the independent index of the individual partner that is measured by the rate of auditor's clients who has been successfully opinion shopping. I find that. ‧. the independent index is associated with partner’s education field, generation, and industry expertise.. io. sit. y. Nat. al. n. auditor.. er. Keywords: Opinion shopping, individual auditor, independence, Characteristics of. Ch. engchi. i n U. v. DOI:10.6814/NCCU202000640.

(5) ................................................................................................................................. i ............................................................................................................................ii .......................................................................................................................... iii ................................................................................................................ 1 充.................................................................................... 1 ................................................................................................ 4 ................................................................................................ 6 .................................................................................... 7 ........................................................................................ 7 ...................................................... 11 .............................................. 18 ...................................................................................................... 22 日 ...................................................................................... 22 日 .................................................................................. 24 日 .............................................................................. 26 .......................................................................................... 28 .......................................................................................... 31 .......................................................................... 31 .................................................................................. 36 」 .............................. 40 方 .................. 44 .................................................................................................. 47 .......................................................................................... 47 ）.............................................................................................. 49 ...................................................................................................................... 50 方公.............................................................................. 55. 立. 政治大. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. i. i n U. v. DOI:10.6814/NCCU202000640.

(6) 1 2. ......................................................................................... 6 ............................................... 35. 立. 政治大. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. ii. i n U. v. DOI:10.6814/NCCU202000640.

(7) 立. 政治大. 學 ‧ y. Nat. io. sit. 出. 民 ....................................................................... 16 ............................................................................................... 17 ................................................................................................... 28 ........................................................................... 29 ........................................................................... 30 已」 34 ............................................................................................... 39 ........................................................... 41 ... 43 ....................... 46. n. al. er. 五. ‧ 國. 2-1 2-2 3-1 3-1 3-1 4-1 4-2 4-2 4-3 4-4. Ch. engchi. iii. i n U. v. DOI:10.6814/NCCU202000640.

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(10) 代 Chen et al. (2016). García Osma et al. (2019) 代 García Osma et al. (2019). 」. 本. 去. 立. 政治大. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. 3. i n U. v. DOI:10.6814/NCCU202000640.

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(19) . Initial Public Offerings 句. IPO. ；. 2006. 士. 2010. 1995. 2005. 予. et al. (2013). 本. 」. 2006. 立入. 政治大. ；已. y. sit 日 . n. al. Ch. 3.38% 交. 」. engchi. i n U. v. ）. 交 R2 . 日. 手. 日. Gul et al. (2013). 心. er. io. 日. 0.89%. ‧. Nat. 」」. 另. Aobdia et al. (2015). 2006. 學. ‧ 國. ）. 大. Gul. 方三. 士. 代. 公. 予 Aobdia et al. (2015). 交」. 代. Chen et al. (2016). 12. DOI:10.6814/NCCU202000640.

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(24) 士. 士. 三. 去. 交. ；」. 2-2. 1.102. 方. 0.716 0.977 0.386*** 0.029***. 政去治大. 立. 升. ‧ 國. ‧ y. Nat. io. n. al. sit. 」. er. 2. 學. 去. 1.006. Ch. engchi. 17. i n U. v. DOI:10.6814/NCCU202000640.

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(28) 去 Hsieh and Lin (2016). 已. 」. 去「. 去. 充. 「四示. 手. Chin and Chi (2009). 市. 代. 」. 九. 予. 下. 立. 政治大. ‧ y. sit. n. al. er. io. 3. 。. 學. Nat. 士. ‧ 國. 四示. 士. 心. Ch. engchi. 21. i n U. v. 方. DOI:10.6814/NCCU202000640.

(29) . （ MAO. 內士（. 士. （. Lennox, 2000. Lennox (2000). 半. 九. 日政治大立（ MAO 充 . 日. 日 Probit 日. 日. ‧. 日. 予. 學. ‧ 國. 方. 士日. Nat. io. sit. y. 」. er. MAOit = "0 + "1 PTRSwitchit + "2 PTRSwitchit ∗ MAOLagit + "3 MAOLagit + γ4 ROAit. n. al. Ch. i n U. v. + " 5 OCFit + " 6 Levit + " 7 Sizeit + " 8 ARInvit +" 9 Ageit + " 10 CRit + " 11. engchi. RPTLendit + "12 DIRSit + "13 Lossit +∑!" #$%& γj InteractionTerms it + Year + Industry +εit .............................................................................................. (1). Probit 日. （ MAO i. t. 充. Probit 日 i. （. PTRswitchit =0 交. MAOLagit. PTRswitchit MAOLagit 心. t. 「 MAOit =1. （ MAO MAOit =0. PTRswitchit =1. （ MAO. PTRswitchit. MAOLagit. 充 22. DOI:10.6814/NCCU202000640.

(30) 心 . 交. （ MAO. 充. 日（ MAO. ＝. t. 公（ MAO. 充. &'()*+'() ). 充. n. t. （ MAO. MAO. % &'()*+'( ). 充. &'()*+'(* ). 充. （ MAO. 士 % [&'()*+'( ) − &'()*+'(* )]. 內. 充. OpnShopit. 方. 1 OpnShopit. 「 2 OpnShopit. 政治大. 立. ‧ 國. 學. DeFond et al. (2000) Chen, Chen, and Su (2001) DeFond, Raghunandan, and Subramanyam (2002) Chan et al. (2006) 心. ）. 台. 今. sit. y. 「. Nat. 。. ‧. ）. Chen et al. (2016). io. （ MAO 失. n. al. er. ROA 句. ） Size. 日. Ch. 句. n 去 engchi U. iv. OCF 句方 Lev. ）. ARInv. Age. ）. 句. 去. 父未. ）. CR. RPTLend. 去去 Jiang, Lee and Yue, 2010. RPTLendit. （ MAO. 代 Lennox (2000). PTRSwitch. ）. ） Industry. 心 . 日. Year. ）于. Cluster. 一句 23. DOI:10.6814/NCCU202000640.

(31) . 」 . OpnShopit. PTRSwitchit. 日 PTRSwitchit = 0 0 + 0 1 OpnShopit + 0 2 ROAit + 0 3 OCFit + 0 4 Levit + 0 5 Sizeit + 0 6 ARInvit + 0 7 Ageit + 0 8 Growthit + 0 9 Lossit + 0 10 SEOit + 0 11 FTenureit-1 + 0 12 PTenureit-1+ 0 13 PExpertit + Year + Industry +εit (2). OpnShopit. 政治大. 交. 立Chan et al. (2006) Blouin, Grein, and Roundtree (2007). 交 . ）. al. n. 父未 Chan et al., 2006. y. 去. sit. 方 Loss . Ch. 由. engchi. i n U. ）. v. SEOit. 心. ）. 日 Size Age. er. io. Growth. ）. ARInv. 句. 台. ROA. ） Lev . ）. ‧. Nat. OCF. 學. ‧ 國. Landsman, Nelson, and Rountree (2009). 去. 方 Blouin et al., 2007 FTenureit-1. 」 PTenureit-1. 」. 」. 」. 本. 」. 亦. 」. 24. DOI:10.6814/NCCU202000640.

(32) . ；. PExpert. Chi and Chin, 2011 心 . Year. ）. 日. 立. cluster. 于. 政治大. 學 ‧. ‧ 國 io. sit. y. Nat. n. al. er. Industry. Ch. engchi. 25. i n U. v. DOI:10.6814/NCCU202000640.

(33) . POpnShopit. 大. 十. 士士 POpnShopit. 予. 心. 方「. 士. 方. 公 POpnShopit. 句：. OpnShopit. （ 1%. 「(2). 政治大 Chen et al. (2016). （. 立. OpnShopit. 學. 充. ‧ 國. 1%. (1). 內. 予（. 心. ‧. 日. sit. y. Nat. al. er. io. POpnShopit = 1 0 + 1 1 Accounting it+ 1 2 Masterit + 1 3 Foreignit + 1 4 Oldit + 1 5. v. n. Youngit + 16 Femaleit + 17 PExpertit + 18 ROAit + 19 OCFit + 110 Levit. Ch. engchi. i n U. + 1 11 Sizeit + 1 12 ARInvit + 1 13 Ageit + 1 14 Lossit + 1 15 CRit RPTLendit. + 1 16. + 117 DIRSit + 118 PROAit + 119 POCFit + 120 PLevit + 121. PSizeit + 1 22 PARInvit + 1 23 PAgeit + 1 24 PLossit + 1 25 PCRit + 1 26 PRPTLendit + 127 PDIRSit + CPA + Year + Industry +εit ................. (3). 3. 日. 已. (3). 大升. Accounting Foreign 及. Master (. (. 付付 50 力. 40 力 26. ). 付. ) Old. 「. Young. DOI:10.6814/NCCU202000640.

(34) Female. PExpert 方. 予. 心. 亦 ROA. 日）. OCF Lev Size ARInv Age Loss CR. RPTLend. DIRS. PROA POCF. 」. 」. PLev. PSize. 」. 」. PARInv. 日 PAge PLoss. PCR. 」 PRPTLend. 政治 PDIRS 大）. 」. 立. CPA. ‧ 國. ）. 」予. Year. Industry. 學. 于. ‧. io. sit. y. Nat. n. al. er. 」. 」. 」. 心. ）. Ch. engchi. 27. i n U. v. DOI:10.6814/NCCU202000640.

(35) . 日. （. ） 3-1. 一句. 3-1. 日 MAO 1. （方三 Duh wt al. (2020). 0 內入. (1) 主. 立. PTRSwitch. (3). 1. 0. （方三. 1 代. 0 日. （. 充. Nat. y. sit. er. al. n. Loss SEO FTenure PTenure. （充. &'()*+'( |&345678ℎ = 1) − &'()*+'( |&345678ℎ = 0) /句 /句句 /句日句 > + @/句. io. ROA OCF Lev Size ARInv Age CR RPTLend DIRS Growth. ‧. OpnShop. ‧ 國. MAOLag. 「 (2) 政治大. 學. 日. 方三. Ch. engchi. i n U. v. / /句 =>. − 0 1 」. 1. @/ 0. 0. 28. DOI:10.6814/NCCU202000640.

(36) 3-1. PExpert. 1 「. 士. 0. 日 POpnShop( 句：. (1) OpnShopit. 內. （ -1%. 「(2) OpnShopit Chen et al. (2016) 充 . 1 1. 1 「. y. 0. 0 0. 0. er. a l」」C h. sit. ‧ 國. 士. 0 0 0 (50力) (40力). ‧. 1. 內. 學. 付. n. PLev PSize PARInv PAge PLoss. 1 1 1. 付. io. PROA POCF. 立付. 政治入大. Nat. Accounting Master Foreign Old Young Female PExpert. （ 1%. engchi. 」」」」」. i n U. v. 日. 29. DOI:10.6814/NCCU202000640.

(37) 3-1. PCR PRPTLend PDIRS. 」」」. 立. 政治大. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. 30. i n U. v. DOI:10.6814/NCCU202000640.

(38) . 1996. 士. 62. 入 3. 2016. 士入. 予 2016. 予 2016. 入. 2015. 政治大. ‧ 國. io. 予. n. al. 太. 手. 本. TEJ. 去）. 士. 745. 予. ‧. Nat. ）. Taiwan Economic Journal. 45,249 去. 另入. 學. 另入. 立. 士. 4,975. y. 主. 三. 士. sit. 2017. 3,688. er. 57. 2015. Ch. engchi. i n U. v. 去. 升. 內士內. 1,721. 「士. 164 太 . 日. 父未. 士」. 3. 1,924. 予. 予. 」. 33 、 2018. 7. (Modified Opinion) 2016. 1. 31. 2017. DOI:10.6814/NCCU202000640.

(39) 」. 」「 299. 」 10. 」. 1,353. 57.66%. 42.34%. 出. 千：「. 九. 士. 4-1. 已. 立. 已. 令」. 充」. 去. Ch. 布. engchi. 日母 . sit. y. al. n ）. 士. er. io. 予. 」. 充. 」. 」. 10. Nat. 10. 」. ‧. 」. ：. ‧ 國. 」. Panel B. 學. 充. 4. 政」治大. 令. 10,519. Panel A. 10. 」. 予. 」. 予. 」. 」. ）. 24,847. 句. 句. 千. 14,328. 5,510. 23. 予. 」. i n U. v. 士. 心. 4. 90%. -. 10. 1-2. (1). 、. (2) (. ) 90%. ， 10. -. 11. 32. 、 12. DOI:10.6814/NCCU202000640.

(40) 4-1. Panel C. Panel D. 內（ MAO. （ MAO. 予（ MAO. 士. 二. (A). 士 0.003. (B) 內. -0.006. (C). 0.004. （ MAO. （ MAO. 交予. (C). (B). 1 . 立. 2015. 平 2008. io 主. al. 九. C h. engchi U. y. v i n. 人予. 交. n. 2015. （ MAO. sit. er. 另. ‧. 心. Nat. 學. ‧ 國. 2008. 政治大. 王. 入. ）. 33. DOI:10.6814/NCCU202000640.

(41) 4-1. 出. 已. 」：. Panel A: 1996. 2015. 45,249 (4,975) (3,688) (745) (1,721) (164) (1,924) (299) (5,510) (23) (1,353) 24,847. ─ ，：. ： 10. ─. ： Panel B: ( (. 9,079 (86.31%) 1,440 (13.69%) 10,519 (100.00%). 12,709 (88.70%) 1,619 (11.30%) 14,328 (100.00%). 21,788 (87.69%) 3,059 (12.31%) 24,847 (100.00%). ‧ (C). io. (A) MAO MAO 0.000 0.051 0.028 -0.020 0.090 0.120 -0.014 0.049 0.069 -0.026 0.021 0.059 0.002 0.021 0.059 -0.041 0.023 0.062 0.007 0.067 0.069 -0.055 0.000 0.037 -0.036 0.120 0.206 0.072 0.164 0.122 -0.066 0.022 0.122 0.059 0.171 0.146 -0.036 0.128 0.130 0.000 0.181 0.161 0.079 0.281 0.117 0.021 0.084 0.137 -0.035 0.136 0.143 0.000 0.080 0.094 -0.019 0.056 0.091 0.023 0.136 0.069 0.027 0.139 0.095 -0.003 0.096 0.102. n. al. Ch. (B) MAO MAO 0.023 0.043 0.054 -0.030 0.063 0.086 -0.019 0.053 0.064 -0.038 0.050 0.065 -0.037 0.096 0.058 -0.039 0.000 0.048 -0.003 0.065 0.048 -0.037 0.000 0.064 -0.086 0.147 0.154 0.041 0.216 0.102 -0.100 0.087 0.091 0.026 0.212 0.108 -0.002 0.036 0.118 0.019 0.091 0.111 0.164 0.091 0.062 -0.052 0.218 0.105 -0.007 0.046 0.099 -0.014 0.071 0.038 -0.036 0.063 0.048 0.066 0.053 0.080 0.044 0.118 0.130 -0.006 0.087 0.083. engchi. 34. sit. y. Nat. 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mean. MAO MAO 0.047 0.047 0.075 0.094 0.051 0.066 0.037 0.063 0.061 0.058 0.013 0.054 0.066 0.059 0.000 0.055 0.136 0.171 0.185 0.113 0.044 0.110 0.191 0.132 0.090 0.126 0.147 0.147 0.179 0.100 0.149 0.128 0.096 0.131 0.078 0.078 0.059 0.078 0.095 0.072 0.132 0.104 0.092 0.095. 14,328 (57.66%) 10,519 (42.34%). 政治大. 學. Chi2 =32.094 p-value<0.001 Panel D:. 立. ‧ 國. Panel C:. ) ). er. ：：、. i n U. v. (C) -0.011 -0.023 -0.011 -0.014 0.038 -0.048 0.017 -0.064 -0.007 0.114 -0.004 0.104 -0.082 -0.021 0.029 0.113 -0.053 0.032 0.015 -0.027 -0.013 0.004. (B) -0.034 0.007 0.008 0.024 0.076 -0.009 0.019 -0.027 0.079 0.073 0.095 0.078 -0.080 -0.040 -0.135 0.166 -0.046 0.046 0.050 -0.093 -0.057 0.010. DOI:10.6814/NCCU202000640.

(42) 立. 政治大. ‧ 國. 學. 2. ‧. n. er. io. sit. y. Nat. al. Ch. engchi. 35. i n U. v. DOI:10.6814/NCCU202000640.

(43) . 4-2. 12.3. MAO. （. 13.7. MAO. （. 11.3. MAO. （. ；. （ MAO. 9.3 7.8 10.4. PTRSwitch . 立. ‧ 國. （. y. Nat. ROA . n 46.8. Ch. engchi. Lev 31.2. 句 Age. i n U. v. 4.2. 句. 14.203. 日. Size 14. CR. 句. 2.3. 46.185 DIRS 工 136.6. （. 日. 22.1. 28.4. SEO. 28.4. 26. 5.667. 」」. Growth . Loss . 失. OCF. ARInv. 2.588 句. 4.8. er. io. 2.8. sit. al. MAOLag. ‧. （. RPTLend. MAOLag. MAOLag. （. 2.. 可. 學. ；. ；. 政）治大（. 16.4. 13.7. PTRSwitch. 工（. 14.8. PTRSwitch. 11.138 36. 交. 失. 干 FTenure. 」 DOI:10.6814/NCCU202000640.

(44) 5. 交. 3.776. 」 PTenure . 12.2 句. ；. 」交. 戶. 4.8. ROA . 4. 6.5. 句. OCF. 42.3. Size. Lev 32.5. 句 24. Age RPTLend. 立. DIRS. 15.9. 干. 11.138. FTenure. Nat. PTenure . 戶. Ch. engchi. 4.0. i n U. Lev. 句戶. 日. 14.896. Size. 句. ARInv. 19. 33.47. Age RPTLend. 句. 1.7. 日. 日. 2.597 CR. 74.7. 交. OCF. 32. ；. v. 5.5. 句 44.2. 3.776. 」交. n. al. 失. SEO. 12.6. io. 4-2 」交. Loss . ‧. 」. y. 失. Growth. sit. 22.1. 29.3. CR. 學. ‧ 國. 24.129. 治 2.603 政大句 1.3. ARInv. er. 句. 15.405. 日. 句. DIRS . Growth . 37. 24.8. 失. DOI:10.6814/NCCU202000640.

(45) Loss . 20.1. （. 8.82. 」 3.78 句. PTenure. ；. Myers, Omer and Xie, 2017 代. SEO. 干. FTenure 12.5. 4-2 」交. Chi,. 已. Hsieh and Lin, 2016. 比. 去. 交. 交. 代. 立. 政治大. 學 ‧. ‧ 國 io. sit. y. Nat. n. al. er. 代交. Ch. engchi. 38. i n U. v. DOI:10.6814/NCCU202000640.

(46) 表 4-2、敘述性統計表一般公開發行公一般公開發行公司上市櫃公司司減上市櫃公司全部樣本平均數中位數標準差平均數中位數標準差平均數檢定中位數檢定平均數中位數 MAO 0.137 0.000 0.344 0.113 0.000 0.317 0.024*** 0.000*** 0.123 0.000 PTRSwitch 0.078 0.000 0.268 0.104 0.000 0.305 -0.026*** 0.000*** 0.093 0.000 MAOLag 0.164 0.000 0.370 0.137 0.000 0.344 0.027*** 0.000*** 0.148 0.000 ROA 0.028 0.035 0.147 0.048 0.048 0.102 -0.021*** -0.013*** 0.040 0.043 OCF 0.042 0.052 0.147 0.065 0.064 0.109 -0.023*** -0.012*** 0.055 0.060 Lev 0.468 0.451 0.410 0.423 0.422 0.182 0.046*** 0.029*** 0.442 0.432 Size 14.203 14.031 1.232 15.405 15.223 1.395 -1.202*** -1.192*** 14.896 14.703 ARInv 0.312 0.295 0.213 0.325 0.309 0.185 -0.013*** -0.014*** 0.320 0.304 Age 16.965 14.000 11.386 25.514 24.000 12.638 -8.549*** -10.000*** 21.895 19.000 CR 2.588 1.560 8.862 2.603 1.793 4.492 -0.015 -0.233*** 2.597 1.706 RPTLend 0.023 0.001 0.056 0.013 0.000 0.035 0.010*** 0.001*** 0.017 0.001 DIRS 46.185 40.100 26.007 24.129 20.690 14.747 22.056*** 19.410*** 33.466 27.000 Growth 1.366 0.086 23.628 0.293 0.042 18.241 1.073*** 0.044*** 0.747 0.058 Loss 0.284 0.000 0.451 0.221 0.000 0.415 0.063*** 0.000*** 0.248 0.000 SEO 0.260 0.000 0.438 0.159 0.000 0.365 0.101*** 0.002*** 0.201 0.000 FTenure 5.667 5.000 4.318 11.138 10.000 6.651 -5.471*** -5.000*** 8.822 7.000 al v0.011 i PTenure 3.787 3.000 2.618 3.776 3.000 2.831 0.000*** 3.781 3.000 n C PExpert 0.122 0.000 0.328 0.126 0.000 h e n0.332 0.003 0.125 0.000 g c h i U -0.004 N 10,519 14,328 24,847 備註：所有連續變數均經過 Winsorize 1%與 99%處理。平均數檢定與中位數檢定之上標*、**、***分別表示檢定的顯著水準 p-value < 0.1、< 0.05 與. 立. 政治大. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. 39 DOI:10.6814/NCCU202000640. 標準差 0.329 0.290 0.356 0.124 0.127 0.302 1.455 0.198 12.838 6.699 0.046 23.032 20.700 0.432 0.401 6.380 2.743 0.330 < 0.01。.

(47) 4-2. PTRSwitchit. MAOLagit. -0.091. ； Chen et al. (2016). García Osma et al. (2019). ，. ）：. 政治大. ‧. ，. ‧. n. al. er. io. sit. y. Nat. 「. ，. 學. ‧ 國. 立. ：. Ch. engchi. 40. i n U. v. DOI:10.6814/NCCU202000640.

(48) 4-2 MAO -0.340 -0.091 1.466*** -0.562* 0.324** 1.323*** 0.010 -0.666*** 0.001 0.003** 0.226 -0.001*. (-1.81) (2.02) (12.32) (0.79) (-6.69) (0.44) (2.19) (0.72) (-1.71). 0.201***. (3.79). 政治 (0.33) 大 (-0.30). 0.000 0.008 -0.095*** 0.018*** -0.003 -0.140***. (0.42) (0.21) (-3.01) (7.78) (-0.58) (-3.89). (-7.45). y. -1.691*** Fixed Fixed cluster 24,847 0.367 0.000. sit. io. n. Ch. (-0.76) (-1.23) (-0.06) (-0.87) (0.57) (-0.97) (-1.91). er. ‧ 國. Nat. al. (0.43) (0.59) (-0.37) (-0.52) (0.43) (-1.14) (0.66) (0.57) (-2.58). -0.572 -0.189 -0.008 -0.034 0.005 -0.070 -0.002*. ‧. 0.241 -0.138 0.114 0.021 -0.095 -0.002 0.005 -1.309 0.001 0.078 -0.597*** Fixed Fixed cluster 24,847 0.367 0.000 Winsorize 1% 99% p-value < 0.1 < 0.05 < 0.01. 立. PTRSwitch z. 學. PTRSwitch PTRSwitch* MAOLag MAOLag OpnShop ROA OCF Lev Size ARInv Age CR RPTLend DIRS Growth Loss SEO FTenure PTenure PExpert PTRSwitch* ROA PTRSwitch* OCF PTRSwitch* Lev PTRSwitch* Size PTRSwitch* ARInv PTRSwitch* Age PTRSwitch* CR PTRSwitch* RPTLend PTRSwitch* DIRS PTRSwitch* Loss Intercept Year Industry Firm N pseudo R2 p. z (-0.67) (-0.93) (39.79). engchi. iv n U z. * ** ***. 4-3 1 PTRSwitchit. MAOLagit. -0.293. ；. MAO 2 PTRSwitchit. MAOLagit. 0.14 MAO. 41. DOI:10.6814/NCCU202000640.

(49) MAO. ））. 學. ：. ‧. ‧ 國. 立. 政治大. n. IPO. Chen et al. (2016). Ch. er. io. sit. y. Nat. al. n engchi U. iv. ：. García Osma, et al. (2019). ）. 42. DOI:10.6814/NCCU202000640.

(50) 4-3 MAO. PTRSwitch. z -1.650** (-2.16) -0.293* (-1.83) 1.446*** (27.85). (0.51) (0.04) (1.16) (1.90) (0.04) (-1.15) (1.84) (-0.42) (-0.35) (1.16) (-2.12). ‧ 國. 立. io. n. al. -0.000 (-0.23) 0.051 (0.93) -0.068 (-1.47) 0.028*** (5.41) 0.001 (0.15) -0.131** (-2.33). -1.532*** 0.513** 1.425*** 0.005 -0.710*** -0.000 0.003 1.149** -0.004***. (-4.12) (2.26) (10.53) (0.30) (-5.02) (-0.03) (0.92) (2.55) (-3.27). 0.139**. (2.13). 政治大. -1.482*** (-4.37) Fixed Fixed cluster 10,519 0.041 0.000. Winsorize 1% 99% p-value < 0.1 < 0.05 < 0.01. Ch. engchi. 43. 0.962 -0.436 0.141 -0.043 -0.294 0.003 -0.012 -2.731 -0.003 0.019 -0.273 Fixed Fixed cluster 14,328 0.376 0.000. (1.03) (-0.77) (0.33) (-0.85) (-0.79) (0.58) (-1.50) (-1.13) (-0.66) (0.10) (-0.85). y. 0.519 0.031 0.408 0.108* 0.016 -0.007 0.041* -0.477 -0.001 0.225 -0.723** Fixed Fixed cluster 10,519 0.368 0.000. (-1.70) (-0.80) (0.60) (-0.89) (1.56) (-2.35) (-2.03). sit. (2.45). -0.599* -0.162 0.106 -0.033 0.029 -0.259** -0.005**. er. 0.153**. z. 0.665 (0.89) 0.140 (1.06) 1.456*** (26.22). ‧. (-1.11) (1.07) (8.48) (1.07) (-3.80) (0.18) (2.03) (-1.05) (-0.06). PTRSwitch. z. -0.414 -0.101 -0.105 0.045 -0.009 0.017 -0.002. (-0.72) (-0.45) (-0.62) (0.44) (-0.71) (0.16) (-1.29). -0.001 -0.017 -0.118** 0.013*** -0.005 -0.146***. (-0.57) (-0.35) (-2.57) (4.87) (-0.81) (-2.97). 學. -0.294 0.210 1.171*** 0.023 -0.537*** 0.000 0.003** -0.419 -0.000. Nat. PTRSwitch PTRSwitch* MAOLag MAOLag OpnShop ROA OCF Lev Size ARInv Age CR RPTLend DIRS Growth Loss SEO FTenure PTenure PExpert PTRSwitch* ROA PTRSwitch* OCF PTRSwitch* Lev PTRSwitch* Size PTRSwitch* ARInv PTRSwitch* Age PTRSwitch* CR PTRSwitch* RPTLend PTRSwitch* DIRS PTRSwitch* Loss Intercept Year Industry Firm N pseudo R2 p. MAO. z. i zv n U. -1.617*** (-5.24) Fixed Fixed cluster 14,328 0.033 0.000. * ** ***. DOI:10.6814/NCCU202000640.

(51) 4-6 POpnShopit 1 ） Accounting Foreign. 立. Master. ；. -0.016. ；. 、. 政治大. ‧ 國. 學. Nat. io. Old. -0.023. n. al. ；. Ch. eng、 chi. sit. y. ‧. ）. Young. er. 0.123 ；. -0.157. i n U. 0.037. v. ）. ： 44. DOI:10.6814/NCCU202000640.

(52) Female. -0.065. ；. ）. Expert. 立. 政治；大. -0.016. ：. ‧ 國. 學. ‧. ）. ‧ ）. n. al. 「. er. io. sit. y. Nat 2. ）. Ch. engchi. i n U. v. ）. 45. DOI:10.6814/NCCU202000640.

(53) 4-4 t -0.157** (-2.27) -0.123 (-1.13) -0.016 (-0.16) -0.023* (-1.82) 0.037*** (3.25) -0.065 (-0.62) -0.016** (-2.39) 0.069*** (2.82) 0.030 (1.56) -0.010** (-2.39) 0.008*** (3.05) 0.031** (2.29) -0.000* (-1.73) 0.055*** (7.52) 0.000 (1.58) -0.051 (-1.16) -0.000 (-0.56) 0.001 (0.02) 0.143*** (3.20) 0.011** (2.57) 0.117*** (15.13) 0.107*** (3.54) -0.007*** (-12.36) 0.142*** (13.70) 0.012*** (7.47) -0.293** (-2.11) -0.001*** (-3.64) -1.526*** (-13.15) Fixed Fixed Fixed cluster 10,519 0.4953 Winsorize 1% 99% p-value < 0.1 < 0.05 < 0.01. engchi. 46. sit. y. (0.31) (-0.50) (1.16) (-1.46) (-1.21) (-0.26) (-1.17) (2.50) (-1.17) (1.56) (-1.98) (0.91) (-0.43) (0.65) (0.41) (0.16) (-3.18) (2.32) (0.94) (5.71) (-3.08) (-7.25) (4.97) (1.14) (0.51) (2.07) (0.33) (1.47). er. n. Ch. ‧. io. al. 學. ‧ 國. 立. t 0.054 -0.091 0.186 -0.010 -0.010 -0.014 -0.005 0.061** -0.021 0.024 -0.007** 0.015 -0.009 0.003 0.000 0.009 -0.001*** 0.136** 0.044 0.163*** -0.012*** -0.176*** 0.002*** 0.010 0.001 0.471** 0.000 0.427 Fixed Fixed Fixed cluster 14,328 0.244 t. 政治大. Nat. Accounting Master Foreign Old Young Female PExpert ROA OCF Lev Size ARInv Age Loss CR RPTLend DIRS PROA POCF PLev PSize PARInv PAge PLoss PCR PRPTLend PDIRS Intercept CPA Year Industry Firm N adj. R2. i n U. v. * ** ***. DOI:10.6814/NCCU202000640.

(54) Chen et al. (2016). García Osma et al. (2019). ：（ Chen et al. (2016). García Osma et al. (2019). 立. 政治大，. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Lennox (2000). Ch. engchi. i n U. v. ）：. 、. 、）. 「. 47. DOI:10.6814/NCCU202000640.

(55) 立. 政治大. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. 48. i n U. v. DOI:10.6814/NCCU202000640.

(56) Lennox (2000). ‧. 立. 」. 「政治大. ‧. ‧ 國. 學. n. al. er. io. sit. y. Nat. ：. ‧. Ch. MAO. engchi. i n U. v. 、 MAO ：. （. 49. DOI:10.6814/NCCU202000640.

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(62) OpnShopit ：. 100. 25. 75. OpnShopit. 25. OpnShopit 「. 、. 立. 1%. 政治大 75. OpnShopit 「. ：. ：. 、. ‧. 66. 學. ‧ 國. 15. -1%. ；. 15. 66. 81. v ni. 100. n. a l81 C -1% h. er. io. sit. y. Nat OpnShopit. 81. e n g1% chi U. 81. ： 81. ：：. 100. 0.81. 55. DOI:10.6814/NCCU202000640.

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