獨立董事特徵對財務報表品質之影響

Abstract

本研究主要從獨立董事設立歷程探討獨立董事對財務報表品質之影響。透過台灣資本市場,2002 年到 2016 年研究資料,本研究發現相較於強制性設立獨立董事,自願性設立獨立董事能夠改善財務報表品質;獨立董事任期與財務報表品質衡量變數呈現 U 型非線性關係,亦即獨立董事任期與財務報表品質具備反 U 型非線性之關聯性,當獨立董事任期長於 10 年後,因其獨立性受損造成財務報表品質變差。此結果在使用不同財務報表品質衡量、考量遺漏變數、橫斷面估計、排除強制性設立獨董期間、採用兩階段估計模式、納入家族企業以及考量核心代理問題調節變數後,皆呈現一致性結果。

This study investigates the effects of the characteristics of independent directors on financial reporting quality using data from the Taiwan capital market between 2002 and 2016. This study found that the voluntary appointment of independent directors can improve the quality of financial reports compared to the mandatory appointment of independent directors. In addition, results also show a U-shaped non-linear relationship between independent directors' tenure and financial reporting quality measurement. In other words, the results indicate a reverse U-shaped non-linear relationship between the tenure of independent directors and financial reporting quality. It means that once the term of independent directors exceeds ten years, it may reduce the quality of financial reporting due to the erosion of the director's independence. The study results are robust to the situation through implementing sensitivity tests.