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修正式無保留意見是否預告了公司不佳的經營績效?

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表 4  修正式無保留意見公司的經營績效  經營績效  平均數  t 值  中位數  Mann-Whitney U  檢定 P 值  RROE1 -3.239  -4.293***  -0.25  0.000***  RROE2 -7.843  -3.926***  -0.56  0.000***  RROE3 -12.629  -3.500***  -2.36 0.002***  RROA1 -0.889  -2.454**  -0.25  0.007***  RROA2 -1.711  -2.141**
表 6  修正式無保留意見原因與經營績效  部分採用其他會計師的查核報告  會計原則變動  經營績效  平均數  t 值  經營績效  平均數  t 值  RROE1 -1.859 -2.270**  RROE1 -2.934  -0.906  RROE2 -3.707 -2.332**  RROE2 -6.021  -1.384  RROE3 -8.604 -2.736***  RROE3 -13.032  -2.035**  RROA1 -0.277  -0.643 RROA1 -1.585  -0.7
表 9 的上半部係以董監事持股作為內部人持股的代理變數,對於董監事持股較低的公司而 言,由表中我們可看出公司在被出具修正式無保留意見之後的經營績效,不管是相對權益報酬 率或相對資產報酬率均顯著為負,而且觀察的時間越長,相對經營績效的表現越差,以累積三 年的經營績效而言,相對權益報酬率為-17.63%,相對資產報酬率為-7%,顯示出修正式無保留 意見對此一類公司經營績效的重大不利影響。然而,董監事持股較高的公司,其經營績效則呈 現不顯著為正或不顯著為負,顯示董監事持股比率的增加有助於改善修正式無保留意見後的經
表 10  法人持股比率對修正式無保留意見公司經營績效的影響  所有法人持股低  所有法人持股高  平均數差之 t 檢定  經營績效  平均數  t 值  平均數  t 值  平均數差  t 值  RROE1 -6.682 -4.929***  -2.633  -1.803*  -4.048 -2.031**  RROE2 -13.561 -4.054***  -6.060  -1.381  -7.500  -1.361  RROE3 -20.615 -3.171***  -6.936  -0.947  -
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