台灣於2014年強制金融業設置審計委員會，本文旨在探討金融業自願及強制設置審計委員會之差別，以確實釐清強制或自願設置審計委員會及其特性對於金融業之影響。本研究以2007年至2016年之台灣金融業上市櫃公司為研究樣本，探討公司是否設置審計委員會與其特性與金融業公司之盈餘反應係數之關聯，其中特性包括審計委員會之規模、成員兼任公司數及開會次數等三項指標，以了解相較於自願設置，強制設置是否真的能夠產生增額之影響。實證結果顯示，在強制金融業設置審計委員會之期間內(2014年至2016年)，自願設置審計委員會之公司與盈餘反應係數在單尾檢定之下呈現顯著正相關；而其餘審計委員會之特性與盈餘反應係數，不論公司為自願或是強制設置，結果大致相同，審計委員會之規模及成員兼任公司數對於盈餘反應係數有正向之關聯性，審計委員會開會次數與審計產業專家對盈餘反應係數則有顯著負向影響。希冀透過本文之實證結果，提供主管機關及企業對於未來審計委員會政策規範及設置之參考依據。

In 2014, the government in Taiwan mandated companies in Taiwan’s financial industry to install audit committees. This study investigated the differences between voluntary and compulsory audit committees in Taiwan’s financial industry in order to explore the special characteristics and impact of each type of audit committee. The research sample comprised data of listed companies in Taiwan’s financial industry between 2007 and 2016. The study looked to see if there were correlations between a company’s installation of an audit committee, the special characteristics of an audit committee, and the company’s earnings response coefficient. The special characteristics of an audit committee include the following three indices: the size of the audit committee, the number of memberships in different companies’ audit committees held by a member, and the frequency of meetings. The results were analyzed to determine whether compulsory audit committees would be better able than voluntary audit committees to increase earnings.
In this empirical study, a one-tailed test revealed a significant positive correlation between companies with voluntary audit committees and their earnings response coefficient during the compulsory period between 2014 and 2016. The results were basically the same for the relationship between an audit committee’s special characteristics and the earnings response coefficient regardless of whether the audit committee was voluntary or compulsory. The audit committee size and the number of memberships in different companies’ audit committees held by a member were seen to have positive correlations with the earnings response coefficient.  However, the frequency of meetings and auditor industry specialization were seen to have a significant negative correlation with the earnings response coefficient. 
The researcher hopes that the results of this empirical study will serve as informative reference material for competent authorities and companies when they are installing and formulating policies about audit committees.

第壹章　緒論	1
第一節　研究背景與動機	1
第二節　研究目的	5
第三節　研究架構與流程	6
第貳章　文獻探討與假說建立	8
第一節　我國設置獨立董事、審計委員會之沿革及規範與功能	8
第二節　獨立董事之相關文獻	11
第三節　審計委員會之相關文獻	14
第參章　研究方法	19
第一節　研究模型	19
第二節　變數定義	20
第三節　資料來源與樣本選取	24
第肆章　實證結果與分析	26
第一節　敘述性統計	26
第二節　相關係數分析	31
第三節　迴歸分析	33
第四節　敏感性分析	37
第伍章　結論與建議	41
參考文獻	43

圖 目錄
圖 1-1 研究流程圖 7

表目錄
表 3-1 金融業分布表 ................................ .................................... 25
表 3-2 金融業各年度成立審計委員會之情形 ................................ ........ 25
表 4-1 敘述性統計 ................................ ................................ ... 29
表 4-2 各變數相關係表 ................................ .................................. 32
表 4-3 強制以前已自願設置審計委員會及其特性對標準化累積異常報酬之迴歸 結果影響 ........ 35
表 4-4 強制設置審計委員會及其特性對於標準化累積異常報酬之迴歸結果影響 ....... 36
表 4-5 強制以前已自願設置審計委員會及其特性對累積異常報酬之敏感分析 ..... 39
表 4-6 強制設置審計委員會及其特性對於累積異常報酬之敏感分析................. 40

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網路資料
台灣證券交易所法規分享知識：http://twse-regulation.twse.com.tw/TW
全國法規資料庫：http://law.moj.gov.tw
金融監督管理委員會：http://www.fsc.gov.tw/ch/index.jsp
證券暨期貨法令判解查詢系統：http://www.selaw.com.tw/Home.aspx
經濟部工商行政法規：http://gcis.nat.gov.tw/elaw/index.jsp
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