本研究探討內部控制缺失與金融分析師預測間之關連性，並同時以產業專家會計師作為調節變數，深入了解產業專家會計師之價值。以2010年至2017年臺灣上市、上櫃及興櫃公司為對象之實證結果顯示，當公司有內部控制缺失時，對於分析師預測之準確性、離散程度皆為負向關係而分析師跟隨人數則為正向關係，但皆未達顯著。若由產業專家會計師查核具內部控制缺失的公司，皆能顯著增加分析師預測之準確性、離散程度及跟隨人數。本研究額外分析發現，可能因為產業專家會計師較為保守，致使部分分析師也做出較保守且悲觀的預測，進而使得由產業專家會計師查核具內部控制缺失的公司其盈餘預測較為分歧。

This study examines the association between the internal control deficiencies and the quality of financial analysts’ forecasts and further employs industry specialist auditors as a moderator. Using listed, OTC and ROTC companies in Taiwan from 2010 to 2017 as our samples, the empirical results indicate that when companies are under internal control deficiencies, analysts provide less accurate forecasts, smaller forecast dispersion, and greater analyst coverage insignificantly. After taking industry specialist auditors into consideration, we provide the evidence that significantly shows that analysts provide more accurate forecasts, greater forecast dispersion, and greater analyst coverage when companies are under internal control deficiencies and audited by industry specialist auditors. In an additional test, we find that the earning forecast become pessimistic from optimistic for companies with internal control deficiencies and audited by specialist auditors. The possible cause is that the industry specialist auditor is conservative, and leads to the greater forecast dispersion of earning forecasts.

目錄
第壹章 緒論 1
第一節 前言與研究背景 1
第二節 研究動機與目的 2
第三節 研究架構與流程 4
第貳章 文獻探討與假說發展 6
第一節 內部控制 6
第二節 金融分析師 10
第三節 產業專家會計師 14
第四節 假說發展 18
第參章 研究方法 22
第一節 樣本選取與資料來源 22
第二節 實證模型與變數定義 28
第肆章 實證結果 38
第ㄧ節 敘述統計分析 38
第二節 單變量分析 42
第三節 相關係數分析 48
第四節 迴歸分析結果 53
第五節 敏感性分析 60
第六節 額外分析 68
第伍章 結論與建議 71
第一節 研究結論 71
第二節 研究貢獻 71
第三節 研究限制與建議 71
參考文獻 73

表目錄
表1 樣本篩選表 22
表2 樣本分布表 24
表3 敘述性統計 39
表4 樣本T檢定 44
表5 各變數相關係數表 49
表6 假說一(H1)之多元迴歸分析結果 55
表7 假說二(H2)之多元迴歸分析結果（產專變數為EXP_PS_INDIV） 56
表8 假說二(H2)之多元迴歸分析結果（產專變數為EXP_PS_FIRM）57
表9 假說二(H2)之多元迴歸分析結果（產專變數為EXP_IMS_FIRM）58
表10 假說二(H2)之多元迴歸分析結果（產專變數為EXP_IMS_INDIV）59
表11 假說一(H1)之敏感性分析結果 62
表12 假說二(H2)之敏感性分析結果（產專變數為EXP_PS_INDIV）	63
表13 假說二(H2)之敏感性分析結果（產專變數為EXP_PS_FIRM）64
表14 假說二(H2)之敏感性分析結果（產專變數為EXP_IMS_FIRM）65
表15 假說二(H2)之敏感性分析結果（產專變數為EXP_IMS_INDIV）66
表16 假說一(H1)之敏感性分析結果（內生性二階段結果）67
表17 以SIGNACCY為應變數進行額外分析結果 69

圖目錄
圖1 研究流程圖 5

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