過去有關審計品質與盈餘管理議題之文獻，大多將總應計數區分為裁決性應計數及非裁決性應計數兩部分，再以裁決性應計數 (或裁決性應計數絕對值) 之高低，作為衡量管理者盈餘管理行為之代理變數。雖然大多數的文獻發現，事務所 (會計師) 審計品質，有助於減少管理者的盈餘管理行為，但是卻少有文獻，直接站在投資人資訊風險之觀點，來探討事務所 (會計師) 審計品質，是否也有助於降低投資人所面對的資訊風險。裁決性應計數屬於管理者在其裁量權下，利用會計上的選擇對盈餘所做的調整，而相對於裁決性應計數，應計品質則是代表應計數在未來年度轉成實質現金流入的程度，當應計品質越高 (低) 時，即代表公司的流動性應計數與現金流量的契合程度越高 (低)。
本研究以應計品質為資訊風險之代理變數，主要目的在於探討會計師事務所品牌聲譽 (以事務所是否屬於四大會計師事務所為代理變數)、事務所任期、會計師任期及產業專家等審計品質衡量變數，是否有助於降低投資人使用公司盈餘資訊時，所面對的資訊風險。實證結果發現：(1)受查公司之簽證會計師屬於四大事務所，將有助於降低投資人所面對之投資風險。(2)事務所任期越長，投資人所面對的資訊風險越低。(3)受查公司之簽證事務所若為產業專家，則投資人所面對的投資風險較低。(4)會計師任期之長短，對投資人所面對的資訊風險並無顯著的影響。最後，本研究也發現，當公司控制股東擁有之投票權與盈餘分配權偏離程度越大時，將減弱事務所品牌聲譽及事務所任期與投資人資訊風險之間的負向關係，但並不影響產業專家與資訊風險之間的負向關係，顯示產業專家事務所比非產業專家事務所更能抵禦控制股東的壓力，而有助於降低投資人所面對的資訊風險。

Prior studies that examine audit quality and earnings management mostly separate discretionary accruals from total accruals and use discretionary accruals (or absolute value of discretionary accruals) to measure the magnitude of earnings management. Although most of those studies find audit quality is able to restrain the degree of earnings manipulation, few evaluate whether audit quality is capable of reducing the information risk faced by investors. Compared to discretionary accruals, accruals quality measured by the extent to which current accruals map into operating cash flow realization is more directly related to information risk.
The purpose of this study is to examine the association between audit quality and information risk faced by investors, using accruals quality to proxy for information risk and adopting auditor brand name, audit-firm tenure, CPA tenure and auditor industry specialization as measures of audit quality. The study hypothesizes that auditor brand name, audit-firm tenure, CPA tenure and auditor industry specialization will contribute positively to reduce information risk faced by investors. The empirical results indicate (1) higher quality auditors (Big 4 auditors) are able to lower the information risk faced by investors, (2) the longer the audit-firm tenure, the lower the information risk faced by investors, (3) clients of industry specialist auditors have lower information risk than clients of non-specialist auditors, and (4) the relationship between audit-partner tenure and information risk is yet insignificant. Finally, the results further show that the divergence between control rights and cash flow rights will weaken the negative relationship between auditor brand name and information risk as well as the negative relationship between audit-firm tenure and information risk. However, it does not affect the negative relationship between auditor industry specialization and information risk; it may be because the industry specialist auditors can better resist the pressure from the controlling shareholders that can help alleviate the information risk faced by investors.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究貢獻 7
第四節 研究流程與內容 10
第二章 文獻探討與假說發展 11
第一節 盈餘品質、應計品質與資訊風險 11
第二節 審計品質 16
第三節 品牌聲譽與審計品質 19
第四節 事務所任期、會計師任期與審計品質 23
第五節 產業專家與審計品質 28
第六節 假說發展 31
第三章 研究設計 38
第一節 研究架構 38
第二節 資訊風險之衡量 41
第三節 審計品質之衡量 43
第四節 公司治理變數之衡量 45
第五節 其他影響資訊風險之控制變數 46
第六節 研究模型 48
第七節 資料來源與樣本選擇 53
第四章 實證結果 58
第一節 敘述性統計分析 58
第二節 多元迴歸分析 65
第三節 敏感性測試與其他分析 80
第五章 研究結論、限制與建議 89
第一節 研究結論 89
第二節 研究限制 91
第三節 研究建議 92
參考文獻 93

李建然、林秀鳳，2005，會計師任期與異常應計數之關聯性研究，管理評論，第24卷第4期：103-126.
李建然、林秀鳳，2007，大型會計師事務所之審計品質真的比非大型會計師事務所好嗎？從盈餘管理的角度探討－內生性二元處理模型之應用，2007 會計理論與實務研討會，中華會計教育學會，國立台北大學會計系。
張文瀞、吳幸螢，2005，品牌聲譽、產業專業化與審計人員市場佔有率關連性：取消審計公費下限分析，會計評論，第40期：91-118。
蘇裕惠，1999，會計師品牌聲譽、產業專家與審計品質之研究，1999 AAA/TAA Global Conference，台北。
陳耀宗、劉若蘭與林坤霖，2003，產業專家、客戶滿意度與審計公費關連性之研究，會計評論，第37期：31-52。
Adams, H. 1987. Factors affecting the use of performance variables in executive compensation contracts. Working paper, Evanston, IL: Northwestern University.
American Institution of Certified Public Accountants (AICPA), 1978. The Commission on Auditors Responsibilities: Report, Conclusions and Recommendations: New York, NY: AICPA.
Ang, J., R. Cole, and J. Lin. 2000. Agency costs and ownership structure. The Journal of Finance, 55(1): 81-106.
Anilowski, C., M. Feng, and D. Skinner. 2007. Does earnings guidance affect market returns? the nature and information content of aggregate earnings guidance. Journal of Accounting and Economics, 44(1-2): 36-63.
Arrunada, B., and C. Paz-Ares. 1997. Mandatory rotation of company auditors: a critical examination. International Review of Law and Economics, 17(1):31-61.
Ashbaugh, H., R. LaFond, and B. Mayhew. 2003. Do nonaudit services compromise auditor independence? further evidence. The Accounting Review, 78(3): 611-639.
Ball, R., and L. Shivakumar. 2005. Earnings quality in UK private firms: comparative loss recognition timeliness. Journal of Accounting and Economics, 39(1): 83-128.
Balsam, S., J. Krishnan, and J. Yang. 2003. Auditor industry specialization and earnings quality. Auditing: A Journal of Practice & Theory, 22(2): 71-97.
Balvers, R., B. McDonald, and R. Miller. 1988. Underpricing of new issues and the choice of auditor as a signal of investment banker reputation. The Accounting Review, 63(4): 605-622.
Bamber, L., and Y. Cheon. 1995. Differential price and volume reactions to accounting earnings announcements. The Accounting Reviews, 70(3): 417-441.
Barry, C., and S. Brown. 1985. Differential information and security market equilibrium. Journal of Financial & Quantitative Analysis, 20(4): 407-422.
Beasley, M., and K. Petroni. 1996. Errors in accounting estimates and their relation to audit firm type. Journal of Accounting Research, 34(1): 151-171.
Beasley, M., and K. Petroni. 2001. Board independence and audit firm type. Auditing: A Journal of Practice & Theory, 20(1): 97-114.
Beatty, R. 1989. Auditor reputation and the pricing of initial public offerings. The Accounting Review, 64(4): 693-709.
Beaver, W. 1968. The information content of annual earnings announcements. Journal of Accounting Research, 6(3): 67-92.
Becker, C., M. DeFond, J. Jiambalvo, and K. Subramanyam. 1998. The effect of audit quality on earnings management. Contemporary Accounting Research, 15(1): 1-24.
Behn, B.K., S.E. Kaplan, and K.R. Krumwiede. 2001. Further evidence on the auditor’s going-concern report: the influence of management plans. Auditing: A Journal of Practice & Theory, 20(1): 13-28.
Bernard, V., and D. Skinner. 1996. What motivates managers’ choice of discretionary accruals? Journal of Accounting and Economics, 22(1): 313-325.
Boonlert-U-Thai, K., G. Meek, and S. Nabar. 2006. Earnings attributes and investor- protection: international evidence. The International Journal of Accounting, 41(4): 327-357.
Boynton, C., P. Dobbins, and G. Plesko. 1992. Earnings management and the corporate alternative minimum tax. Journal of Accounting Research, 30(3): 131-153.
Brav, A., J. Graham, C. Harvey, and R. Michaely. 2005. Payout policy in the 21st century. Journal of Financial Economics, 77(3): 483-527.
Carcello, J., and A. Nagy. 2004. Audit firm tenure and fraudulent financial reporting. Auditing: A Journal of Practice & Theory, 23(2): 55-69.
Carey P., and R. Simnett. 2006. Audit partner tenure and audit quality. The Accounting Review, 81(3): 653-676.
Carpenter, C., and R. Strawser. 1971. Displacement of auditors when clients go public. Journal of Accountancy, 131(6): 55-58.
Casterella, J., J. Francis, B. Lewis, and P. Walker. 2004. Auditor industry specialization, client bargaining power, and audit pricing. Auditing: A Journal of Practice & Theory, 23(1):123-140.
Chen, D., and C. Lin, and Y. Lin. 2004. Audit partner tenure, audit-firm tenure, and discretional accruals: does long auditor tenure impact earning quality. 2004 AAA Annual Midyear Auditing Section Conference, Clearwater, USA.
Chi, W., and H. Huang. 2005. Discretionary accruals, audit-firm tenure and audit-partner tenure: empirical evidence from Taiwan. Journal of Contemporary Accounting & Economics, 1: 65-92.
Chow, C., and S. Rice. 1982. Qualified audit opinions and auditor switching. The Accounting Review, 57(2): 326-336.
Citron, D., and R. Taffler. 1992. The audit report under going concern uncertainties: an empirical analysis. Accounting and Business Research, 22(88): 337-346.
Clarkson, P.M. 2000. Auditor quality and the accuracy of management earnings forecasts. Contemporary Accounting Research, 17(4): 595-622.
Collins, D., and P. Hribar. 2000. Earnings-based and accrual based market anomalies: one effect or two? Journal of Accounting and Economics, 29(1):101-123.
Collins, D., and S. Kothari. 1989. An analysis of intertemporal and cross-sectional determinants of earnings coefficients. Journal of Accounting and Economics, 11(2-3): 143-181.
Craswell, A.T., J.R. Francis, and S.L. Taylor. 1995. Auditor brand name reputation and industry specializations. Journal of Accounting and Economics, 20(3): 297-322.
Datar, S.M., G.A. Feltham, and J.S. Hughes. 1991. The role of audits and audit quality in valuing new issues. Journal of Accounting and Economics, 14(1): 3-49.
Davis, L., B. Soo, and G. Trompeter. 2002. Auditor tenure, auditor independence and earnings management. Working paper, Boston College, Boston, MA.
DeAngelo, L.E. 1981a. Auditor independence, ‘low balling’, and disclosure regulation. Journal of Accounting and Economics, 3(2): 113-127.
DeAngelo, L.E. 1981b. Auditor size and audit quality. Journal of Accounting and Economics, 3(3): 183-199.
DeAngelo, L.E. 1986. Accounting numbers as market valuation substitutes: a study of management buyouts of public stockholders. The Accounting Review, 61(3): 400-420.
Dechow, P., and I. Dichev. 2002. The quality of accruals and earnings: the role of accrual estimation errors. The Accounting Review, 77(4): 35-59.
Dechow, P., R. Sloan, and A. Sweeney. 1995. Detecting earnings management. The Accounting Review, 70(2): 193-225.
DeFond, M. 1992. The association between changes in client firm agency costs and auditor switching. Auditing: A Journal of Practice & Theory, 11(1): 16-31.
DeFond, M., and C. Park. 1997. Smoothing income in anticipation of future earnings. Journal of Accounting and Economics, 23(2): 115-139.
DeFond, M., and J. Jiambalvo. 1994. Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics, 17(1-2): 145-176.
DeFond, M., J. Francis, and T.J. Wong. 2000. Auditor industry specialization and market segmentation: evidence from Hong Kong. Auditing: A Journal of Practice & Theory, 19(1): 49-66.
Defond, M., K. Raghunandan, and K. Subramanyam. 2002. Do non-audit service fees impair auditor independence? evidence from going concern audit opinions. Journal of Accounting Research, 40(4): 1247-1274.
Deis Jr, D., and G. Giroux. 1992. Determinants of audit quality in the public sector. The Accounting Review, 67(3): 462-479.
Diamond, D., and R. Verrecchia. 1991. Disclousre, liquidity and the cost of capital. The Journal of Finance, 46(4): 1325-1360.
Dopuch, N., and D. Simunic. 1982. The competition in auditing: an assessment. Fourth Symposium on Auditing Research, Urbana, University of Illinois: 401-492.
Dunn, K., B. Mayhew, and S. Morsfield. 2000. Auditor industry specialization and client disclosure quality. Working paper, Baruch College of City University of New York, University of Wisconsin, and The Capital Markets Company.
Dye, R., and R. Verrecchia. 1995. Discretion vs. uniformity: choices among GAAP. The Accounting Review, 70(3): 389-415.
Easley, D., and M. O’Hara. 2004. Information and the cost of capital. The Journal of Finance, 59(4): 1553-1583.
Easley, D., S. Hvidkjaer, and M. O’Hara. 2002. Is information risk a determinant of asset returns? The Journal of Finance, 57(5): 2185-2221.
Elliott, R., and P. Jacobson. 1998. Audit independence concepts. CPA Journal, 68(12): 30-33.
Fan, J., and T.J. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings. Journal of Accounting and Economics, 33(3): 401-425.
Fan, J., and T.J. Wong. 2005. Do external auditors perform a corporate governance role in emerging markets? evidence from East Asia. Journal of Accounting Research, 43(1): 35-72.
Farmer, T., L. Rittenberg, and G. Trompeter. 1987. An investigation of the impact of economic and organizational factors in auditor independence. Auditing: A Journal of Practice & Theory, 7(1): 1-14.
Ferguson, A., and D. Stokes. 2002. Brand name audit pricing, industry specialization, and leadership premiums post-Big 8 and Big 6 mergers. Contemporary Accounting Research, 19(1): 77-110.
Francis, J. 2004. What do we know about audit quality? The British Accounting Review, 36(4): 345-368.
Francis, J. and J. Krishnan. 1999. Accounting accruals and auditor reporting conservatism. Contemporary Accounting Research, 16(1): 135-165.
Francis, J., and E. Wilson. 1988. Auditor change: a joint test of theories relating to agency costs and auditor differentiation. The Accounting Review, 63(4): 663-682.
Francis, J., E. Maydew, and H. Sparks. 1999. The role of Big 6 auditors in the credible reporting of accruals. Auditing: A Journal of Practice & Theory, 18(2): 17-34.
Francis, J., R. LaFond, P. Olsson, and K. Schipper. 2004. Costs of equity and earnings attributes. The Accounting Review, 79(4): 967-1010.
Francis, J., R. LaFond, P. Olsson, and K. Schipper. 2005. The market pricing of accruals quality. Journal of Accounting and Economics, 39(2): 295-327.
Frankel, R., M. Johnson, and K. Nelson. 2002. The relation between auditors’ fees for nonaudit services and earnings management. The Accounting Review, 77(4): 71-105.
Fudenberg, D., and J. Tirole. 1995. A theory of income and dividend smoothing based on incumbency rents. Journal of Political Economy, 103(1):75-93.
Gaver, J., K. Gaver, and J. Austin. 1995. Additional evidence on bonus plans and income management. Journal of Accounting and Economics, 19(1): 3-28.
Geiger M., and D. Rama. 2006. Audit firm size and going-concern reporting accuracy. Accounting Horizons, 20(1): 1-17.
Geiger, M., and K. Raghunandan. 2002. Going-concern opinions in the “new” legal environment. Accounting Horizons, 16(1): 17-26.
Ghosh, A., and D. Moon. 2005. Auditor tenure and perceptions of audit quality. The Accounting Review, 80(2): 585-612.
Goldman, A., and B. Barlev. 1974. The auditor-firm conflict of interests: its implications for independence. The Accounting Review, 49(4): 707-718.
Graham, J., C. Harvey, and S. Rajgopal. 2005. The economic implications of corporate financial reporting. Journal of Accounting and Economics, 40(1-3): 3-73.
Gramling, A., V. Johnson, and I. Kurana. 2001. Audit firm industry specialization and financial reporting quality. Working paper, Georgia State University and University of Missouri-Columbia.
Guay, W., S. Kothari, and R. Watts. 1996. A market-based evaluation of discretionary accruals models. Journal of Accounting Research, 34(3): 83-105.
Guenther, D. 1994. Earnings management in response to corporate tax rate change: evidence from the 1986 Tax Reform Act. The Accounting Review, 69(1): 230-243.
Hall, S. 1993. Political scrutiny and earnings management in the oil refining industry. Journal of Accounting and Public Policy, 12(4): 325-351.
Healy, P. 1985. The effect of bonus schemes on accounting decisions. Journal of Accounting and Economics, 7(1-3): 85-107.
Heckman, J. 1979. Sample selection bias as a specification error. Econometrica, 47(1): 153-161.
Hogan, C. 1997. Costs and benefits of audit quality in the IPO market: a self selection analysis. The Accounting Review, 72(1): 67-86.
Hogan, C., and D. Jeter. 1999. Industry specialization by auditors. Auditing: A Journal of Practice & Theory, 18(1): 1-17.
Holthausen, R., D. Larcker, and R. Sloan. 1995. Annual bonus schemes and the manipulation of earnings. Journal of Accounting and Economics, 19(1): 29-74.
Hoyle, J. 1978. Mandatory auditor rotation: the arguments and an alternative. Journal of Accountancy, 145(5): 69-78.
International Federation Accountants (IFAC). 2003. Rebuilding Public Confidence in Financial Reporting, New York, IFAC.
Jensen, M., and W. Meckling. 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4): 305-360.
Johnson, V., I. Khurana, and J. Reynolds. 2002. Audit-firm tenure and the quality of financial reports. Contemporary Accounting Research, 19(4): 637-660.
Jones, J. 1991. Earnings management during import relief investigations. Journal of Accounting Research, 29(2): 193-228.
Kasanen, E., J. Kinnunen, and J. Niskanen. 1996. Dividend-based earnings management: empirical evidence from Finland. Journal of Accounting and Economics, 22(1-3): 283-312.
Kim, O., and R. Verrecchia. 1994. Market liquidity and volume around earnings announcements. Journal of Accounting and Economics, 17(1-2): 41-67.
Krishnan, G. 2003. Does big 6 auditor industry expertise constrain earnings management? Accounting Horizons, 17(supplement): 1-16.
Krishnan, J., and J. Francis. 1999. Accounting accruals and auditor reporting conservatism. Contemporary Accounting Research, 16(1): 135-165.
La Porta, R., F. Lopez-De-Silanes, A. Shleifer, and R. Vishny. 2002. Investor protection and corporate valuation. The Journal of Finance, 57(3): 1147-1170.
Lambert, R., and D. Larcker. 1987. An analysis of the use of accounting and market measures of performance in executive compensation contracts. Journal of Accounting Research, 25(3): 85-125.
Lennox, C. 1999. Audit quality and auditor size: an evaluation of reputation and deep pocket hypotheses. Journal of Business Finance & Accounting, 26(7): 779-805.
Leuz, C., and R. Verrecchia. 2004. Firm’s capital allocation choices, information quality, and the cost of capital. Working paper, University of Pennsylvania.
Lev, B. 1989. On the usefulness of earnings and earnings research: lessons and directions from two decades of empirical research. Journal of Accounting Research, 27(3):153-192.
Louwers, T. 1998. The relation between going concern opinions and the auditor’s loss function. Journal of Accounting Research, 36(1): 143-156.
Mansi, S., W. Maxwell, and D. Miller. 2004. Does auditor quality and tenure matter to investors? Evidence from the bond market. Journal of Accounting Research, 42(4):755-793.
Manzon Jr., G. 1992. Earnings management of firms subject to the alternative minimum tax. Journal of the American Taxation Association, 14(2): 88-111.
Mautz, R., and H. Sharaf. 1961. The philosophy of Auditing. American Accounting Association Monograph No.6 Sarasota, FL: American Accounting Association.
Morck, R., A. Shleifer, and R. Vishny. 1988. Management ownership and market valuation: an empirical analysis. Journal of Financial Economics, 20(1-2): 293-315.
Myers, J., L. Myers, and T. Omer. 2003. Exploring the term of the auditor client relationship and the quality of earnings: a case for mandatory auditor rotation? The Accounting Review, 78(3): 779-800.
Owhoso, V., W. Messier, Jr., and J. Lynch, Jr. 2002. Error detection by industry-specialized teams during sequential audit review. Journal of Accounting Research, 40(3): 883-900.
Palmrose, Z. 1986. Audit fees and audit size: further evidence. Journal of Accounting Research, 24(1): 97-441.
Palmrose, Z. 1987. Litigation and independent auditors: the role of business failures and management fraud. Auditing: A Journal of Practice & Theory, 6(2): 90-103.
Palmrose, Z. 1988. An analysis of auditor litigation and audit service quality. The Accounting Review, 63(1): 55-73.
Piot, C. 2001. Agency costs and audit quality: evidence from France. The European Accounting Review, 10(3): 461-499.
Reynolds, J., and J. Francis. 2001. Does size matter? the influence of large clients on office-level auditor reporting decisions. Journal of Accounting and Economics, 30(3): 375-400.
Ryan, S., R. Herz, T. Iannaconi, L. Maines, K. Palepu, C. Schrand, D. Skinner, and L. Vincent. 2001. SEC auditor independence requirements. Accounting Horizons, 15(4): 373-386.
Schipper, K., and L. Vincent. 2003. Earnings management. Accounting Horizons, 17(Supplement): 97-110.
Securities Exchange Commission (SEC), 1994. Staff report on Auditor Independence. Washington, D.C.: Government Printing Office.
Simunic, D., and M.Stein. 1987. Product differentiation in auditing: a study of auditor choice in the market for unseasoned new issues. Vancouver, B.C.: Canadian Certified General Accountants’ Research Foundation.
Sloan, R. 1993. Accounting earnings and top executive compensation. Journal of Accounting and Economics, 16(1-3): 55-100.
Sloan, R. 1996. Do stock prices fully reflect information in accruals and cash flows about future earnings? The Accounting Review, 71(3): 289-315.
Solomon, I., M. Shields, and O. Whittington. 1999. What do industry-specialist auditors know? Journal of Accounting Research, 37(1): 191-208.
Srinidhi, B., and F. Gul. 2007. The differential effects of auditor’s nonaudit and audit fees on accrual quality. Contemporary Accounting Research, 24(2): 595-629.
St. Pierre, K., and J. Anderson. 1984. An analysis of factors associated with lawsuits against public accountants. The Accounting Review, 59(2): 242-263.
Teoh, S. and T.J. Wong. 1993. Perceived auditor quality and the earnings response coefficient. The Accounting Review, 68(2): 346-366.
Verdi, R. 2005. Information environment and the cost of equity capital. Working paper, Massachusetts Institute of Technology.
Warfield, T., J. Wild, and K. Wild. 1995. Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting Research, 20(1): 61-91.
Watt, R., and J. Zimmerman. 1986. Positive accounting theory. Englewood Cliffs, NJ: Prentice Hall.
Watts, R., and J. Zimmerman. 1981. The market for independence and independent auditors, Unpublished manuscript, University of Rochester, Rochester, NY.
Weber, J., and M. Willenborg. 2003. Do expert informational intermediaries add value? Evidence from auditors in microcap IPOs. Journal of Accounting Research, 41(4): 681-720.
Zhang, X. 2006. Information uncertainty and stock returns. The Journal of Finance, 61(1): 105-136.