皇統科技事件對上市櫃公司股價之影響
Date Issued
2005
Date
2005
Author(s)
郭于瑛
DOI
zh-TW
Abstract
On September 15, 2004, the chairman of Summit Computer Technology Co. confessed to the Bureau of Investigation that he had been falsifying the sales account by setting up nominal enterprises since 2001. The sales account had been expanded by the amount of $3,700,000,000. On December 16, 2004, furthermore, the Financial Supervisory Commission penalized 4 CPAs who are responsible for the attestation of Summit Computer Technology Co.’s financial statements from 2001 to 2003. This study intends to investigate the effects of the Summit Computer Technology Co. scandal on listed companies’ stock prices based on the agency and insurance hypotheses.
The empirical results reveal that the stock prices of the Summit attesting CPAs’ clients showed statistically negative cumulative abnormal returns during the event period, which is consistent with the inference of the agency and insurance hypotheses. This study also finds that the clients’ stock prices of the Summit attesting CPA firms didn’t show considerable abnormal returns during the event period, suggesting that investors didn’t downgrade the audit quality of these CPA firms and that investors thought the Summit attesting CPAs should mainly be responsible for the liability to pay compensation. The results of multiple regression model indicate that the cumulative abnormal returns were related to the agency problems and financial conditions of the listed companies. Moreover, companies with more serious agency problems or bad financial conditions experienced a statistically negative market reaction.
Subjects
審計品質
異常報酬
代理假說
保險假說
Audit quality
Abnormal returns
Agency hypothesis
Insurance hypothesis
Type
other
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