淡江大學覺生紀念圖書館 (TKU Library)
進階搜尋


下載電子全文限經由淡江IP使用) 
系統識別號 U0002-2806201703103800
中文論文名稱 會計師產業之競爭度與經營效率分析:台灣與中國之證據
英文論文名稱 A Study of Competition Conditions and Operation Efficiencies in Public Accounting Firms: Evidence from Taiwan and China
校院名稱 淡江大學
系所名稱(中) 管理科學學系博士班
系所名稱(英) Doctoral Program, Department of Management Sciences
學年度 105
學期 2
出版年 106
研究生中文姓名 王秀美
研究生英文姓名 Hsiu-Mei Wang
學號 897620430
學位類別 博士
語文別 英文
口試日期 2017-06-27
論文頁數 69頁
口試委員 指導教授-張寶光
共同指導教授-黃台心
委員-陳燕錫
委員-陳心田
委員-黃振豊
委員-顏信輝
委員-黃台心
中文關鍵字 會計師產業  競爭度  PR非結構法檢定  切齊隨機邊界法  中國會計師事務所  投入面距離函數  技術效率  規模報酬 
英文關鍵字 public accounting industry  degrees of competition  Panzar-Rosse model  censored stochastic frontier model  Chinese public accounting firms  input distance function  technical efficiency  returns to scale 
學科別分類
中文摘要 本研究探討會計師產業的市場競爭程度及其經營效率。研究對象在市場競爭程度面係以台灣會計師產業,在1992至2008年間的市場競爭度及競爭型態,以非結構法之 PR 檢定法 (Panzar and Rosse,1987) 進行研究,除探討管制變革中競爭程度的變化外,再與結構性指標諸如前五大會計師的市場集中度 (CR5) 和 Herfindahl-Hirschman index (HHI) 進行比較,除瞭解我國會計師產業之市場競爭度及競爭型態外,並期一窺結構法與非結構法之差異;在經營效率面則以中國百大會計師事務在2008至 2009年間200個樣本的投入與產出資料,以投入面距離函數分析中國政府實施擴展會計師事務所規模政策下,對中國會計師事務所技術效率與規模經濟之影響。主要實證結果如下:首先,在市場競爭程度方面,實證結果發現我國會計師產業無論是全期間或各個次期間,皆為獨占性競爭之型態,且隨時間經過有朝向完全競爭型態之趨勢。運用切齊隨機邊界模型,發現我國會計師產業在各個次期間均達到長期均衡狀態;唯若使用傳統方法,卻出現未達到長期均衡狀態,顯示傳統方法容易導致迴歸係數估計式缺乏一致性。其次,在經營效率方面,實證結果發現,中國百大會計師事務所的規模愈大其技術效率愈高,顯現中國政府做大做強政策獲致預期之效果。再者,在樣本期間百大會計師事務所仍處在規模報酬遞增階段,隱含現階段大型會計師事務所採取擴大營運規模策略,仍可享有降低長期平均成本及強化競爭力之優勢。最後,採合併方式擴大營運規模之中國百大會計師事務所其技術效率並未高於未採合併者,推測可能係合併綜效未能在短期內發揮所致。
英文摘要 This dissertation explores two interrelated subjects.The first subjects investigates the degree of market competition in the public accounting industry of Taiwan over the period 1992-2008, using the ‘H statistic’ proposed by Panzar & Rosse (1987). Differing from previous works, this paper applies a newly developed model, i.e., the censored stochastic frontier (CSF) model, to test whether the audit market has achieved its long-run equilibrium. The model is superior to the conventional model that requires researchers adding a unity to the dependent variable of returns on assets (ROA) for all observations, forcing the transformed dependent variable to be non-negative. One can then take the natural logarithm of this dependent variable. The second subjects investigates the effect of a China’s government policy, which forces a public accounting firm to expand its production scale, on firms’ technical efficiency and economies of scale. We apply and estimate a standard input distance frontier using data on the top 100 Chinese accounting firms covering 2008-2009. The first subjects Evidence shows that Taiwan’s accounting industry is characterized as monopolistic competition with a trend towards perfect competition. The result will help to build up the empirical model for public accounting industry.The CSF model confirms that this industry is already in a long-run equilibrium in the second half of the sample, which validates the use of the Panzar-Rosse model. Conversely, the employment of the conventional approach leads to a rejection of the long-run equilibrium over the entire sample period. The second subjects Evidence shows that the larger the firm size is, the more technically efficient it is, thus justifying policy enforcement. Further more, economies of scale prevail in the top 100 accounting firms and are not exhausted, supporting that these firms keep extending their production scale to reduce their long-run average costs.
論文目次 Table of Content
Chapter 1 Introduction 1
1.1 Research Background and Motivation 1
1.2 Research Purpose 2
1.3 Research Contribution 3
1.4 Flow Chart of Research 5
1.5 Glossary 7
Chapter 2 Competition Conditions in Taiwan’s
Public Accounting Industry 9
2.1 Introduction 9
2.2 Literature Review 11
2.2.1 Market competition 11
2.2.2 Taiwan’s CPA industry 13
2.3 Empirical Model 15
2.3.1 The PR test 15
2.3.2 Test for long-run equilibrium 20
2.4 Data Sources 22
2.5 Empirical Results 27
2.5.1 Test of market competition 27
2.5.2 Test of long-run equilibrium 30
2.6 Conclusions 34
Chapter 3 An Evaluation of Technical
Efficiencies for the Top 100 Public
Accounting Firms in China 37
3.1 Introduction 37
3.2 Literature Review and Hypotheses’
Development 40
3.2.1 Development of China’s
CPA industry 40
3.2.2 Hypotheses’ development 42
3.3 Empirical Model 44
3.4 Variables’ Definition and Research Data 47
3.4.1 Data source 47
3.4.2 Variables’ definition 48
3.4.3 Descriptive statistics 50
3.5 Empirical Results 56
3.5.1 Results based on the
entire sample 56
3.5.2 Results based on the sample
excluding the Big Four 59
3.6 Conclusions 60
Appendix Stochastic input distance frontier
estimation results 62
Chapter 4 Conclusions and Recommendations 63
References 65

List of Tables
Table 2-1 Meanings of the H statistic 16
Table 2-2 Variable definition 19
Table 2-3 Descriptive statistics of the
structure of Taiwan’s public
accounting market 24
Table 2-4 Descriptive statistics 26
Table 2-5 Estimation result of the PR
model during 1992-2008:lnCR5 28
Table 2-6 Testing results of long-run
equilibrium 31
Table 2-7 Test for long-run equilibrium of
Taiwan’s public accounting
industry during 1992-2008 (CSF) 32
Table 3-1 Descriptive statistics of the
research variables (2008~2009) 52
Table 3-2 Variables’ descriptive statistics
compared by merger status and
firm size 53
Table 3-3 Testing results for differences
in technical efficiency across
different firm sizes 57
Table 3-4 Testing results for differences
in technical efficiency between
merged and unmerged CPA firms 58
Table 3-5 Testing results for the differences
in the economies of scale measures 59

List of Figures
Figure 1-1 Flow chart of research 6
Figure 2-1 Trend of concentration ratios
based on CR5 and CR10 25
Figure 2-2 Trend of market concentration
based on HHI 25
Figure 3-1 Trends in service revenue among
the top 100 CPA firms
during 2002~2009 48
Figure 3-2 Average measure of scale economies
for different firm sizes 58

參考文獻 Al-Muharrami, S., Matthew, K. and Khabari, Y., 2006. Market Structure and Competitive Conditions in the Arab GCC Banking System. Journal of Banking and Finance, 30 (12), 3487-3501.
Banker, R. D., Chang, H. and Cunningham, R., 2003. The Public Accounting Industry Production Function. Journal of Accounting & Economics, 35 (2), 255-281.
Banker, R. D., H. Chang, and R. Natarajan, 2005. Productivity Change, Technical Progress, and Relative Efficiency Change in the Public Accounting Industry. Management Science 51 (2), 291-304.
Battese, G. E. and T. J. Coelli, 1992. Frontier Production Functions, Technical Efficiency and Panel Data: With Application to Paddy Farmers in India. Journal of Productivity Analysis 3, 153‐169.
Baumol, W., 1982. Contestable Markets: An Uprising in the Theory of Industry Structure. The American Economic Review, 72 (1), 1-15.
Bikker, J. A. and Haaf, K., 2002. Competition, Concentration and the Relationship: an Empirical Analysis of the Banking Industry. Journal of Banking and Finance, 26 (11), 2191-2214.
Bresnahan, T. F., 1982. The Oligopoly Solution is Identified. Economics Letters, 10, 87-92.
Brouwer, M. T., 2008. Horizontal mergers and efficiencies; Theory and Anti Trust Practice. European Journal of Law and Economics 26(1), 11-26.
Casu, B., and Girardone, C., 2006. Bank Competition, Concentration and Efficiency in the Single European Market. The Manchester School, 74 (4), 441-68.
Cavalluzzo, K., 2002. Competition, fee-for-service requirements, and government performance: evidence on the Federal Reserve. Journal of Accounting and Public Policy, 21 (4-5), 315-356.
Chang, Hsihui, Hiu L. Choy, William W. Cooper, Barnett R. Parker and Timothy W. Ruefli, 2009. Measuring Productivity Growth, Technical Progress, and Efficiency Changes of CPA Firms prior to, and following the Sarbanes-Oxley Act. Socio-Economic Planning Sciences 43(4), 221-228.
Chang, Hsihui, Hiu L. Choy, William W. Cooper and Timothy W. Ruefli, 2009. Using Malmquist Indexes to Measure Changes in the Productivity and Efficiency of US Accounting Firms before and after the Sarbanes-Oxley Act. Omega 37(5), 951-960.
Cheng, T. W., K. L. Wang, and C. C. Weng, 2000a. A Study of Technical Efficiencies of CPA Firms in Taiwan. Review of Pacific Basin Financial Markets and Policies 3(1), 27-44.
Cheng, T. W., K. L. Wang, and C. C. Weng, 2000b. Economies of Scale and Scope in Taiwan’s CPA Service Industry. Applied Economics Letters 7(6), 409-414.
Choné, P. and L. Linnemer, 2008. Assessing Horizontal Mergers under Uncertain Efficiency Gains. International Journal of Industrial Organization 26(4), 913-929.
Cuesta, R. A. and L. Orea, 2002. Mergers and Technical Efficiency in Spanish Savings Banks: A Stochastic Distance Function Approach. Journal of Banking & Finance 26(12), 2231-2247.
Cummins, J. D. and X. Xie, 2008. Mergers and Acquisitions in the US Property-Liability Insurance Industry: Productivity and Efficiency Effects. Journal of Banking & Finance 32(1), 30-55.
Demsetz, H., 1974. Two systems of belief about monopoly, in H. J. Goldschmid, H. M. Mann and J. F. Weston (eds.), Industrial Concentration: the New Learning, Boston, MA, Little Brown, 164-184.
Färe, R. and D. Primont, 1995. Multi-Output Production and Duality: Theory and Applications. New York: Kulwer Academic Publishers.
Gilbert, A. R., 1984. Bank market structure and competition: A survey. Journal of Money, Credit, and Banking, 16, 617-645.
Groff, J. E., D. Lien and J. Su, 2007. Measuring Efficiency Gains from Hospital Mergers. Research in Healthcare Financial Management 11(1), 77-90.
Gruben, W. C. and McComb, R. P., 2003. Privatization, competition, and supercompetition in the Mexican commercial banking system. Journal of Banking and Finance, 27 (2), 229-249.
Gul, F. A., H. Sami and H. Zhou, 2009. Auditor Disaffiliation Program in China and Auditor Independence. Auditing: A Journal OF Practice & Theory, 28(1), 29-51.
Hannan, H. T., 1991. Foundations of the structure-conduct-performance paradigm in banking. Journal of Money, Credit, and Banking, 23, 68-84.
Huang, T. H. and Liu, N. H., 2014. Bank Competition in Transition Countries: Are Those Markets Really in Equilibrium? Empirical Economics, 47, 1283-1316.
Karagiannis, G., P. Midmore, and V. Tzouvelekas, 2004. Parametric decomposition of output growth using a stochastic input distance function. American Journal of Agricultural Economics 86(4), 1044-1057.
Kumbhakar, S. C. and D. Wang, 2007. Economic Reforms, Efficiency and Productivity in Chinese Banking. Journal of Regulatory Economics 32(2), 105-129.
Kumbhakar, S. C. and C. A. K. Lovell, 2000. Stochastic Frontiers Analysis. Cambridge University Press, Cambridge, U.K.
Kwoka, J. and M. Pollitt, 2010. Do Mergers Improve Efficiency? Evidence from Restructuring the US Electric Power Sector. International Journal of Industrial Organization 28(6), 645-656.
Lau, L. J., 1982. On identifying the degree of competitiveness from industry price and output data. Economics Letters, 10, 93-99.
Majumdar, S. K., R. Moussawi and U. Yaylacicegi, 2010. Is the Efficiency Doctrine Valid? An Evaluation of US Local Exchange Telecommunications Company Mergers. Info: the Journal of Policy, Regulation and Strategy for Telecommunications, Information and Media 12(5), 23-41.
Molyneux, P., Thornton, J. and Lloyd-Williams, D. M., 1996. Competition and Market Contestability in Japanese Commercial Banking. Journal of Economics and Business, 48, 33-45.
Nathan, A. and Neave, H., 1989. Competition and Contestability in Canada’s Financial System: Empirical Results. Canadian Journal of Economics, 22, 576-594.
Panzar, J. C., and Rosse, J. N., 1987. Testing for Monopoly Equilibrium. Journal of Industrial Economics, 35 (4), 443-456.
Peng, Y. H. and K. Wang, 2004. Cost Efficiency and the Effect of Mergers on the Taiwanese Banking Industry. The Service Industries Journal 24(4), 21-39.
Peristiani, S., 1997. Do Mergers Improve the X-efficiency and Scale Efficiency of U.S. Banks? Evidence from the 1980s. Journal of Money, Credit, and Banking 29(3), 326-337.
Rezitis, A. N., 2008. Efficiency and Productivity Effects of Bank Mergers: Evidence from the Greek Banking Industry. Economic Modeling 25(2), 236-254.
Rhoades, S. A., 1993. Efficiency Effects of Horizontal (in-market) Bank Mergers. Journal of Banking & Finance 17(2,3), 411-422.
Rosse, J. N. and Panzar, J. C., 1977. Chamberlin versus Robinson: An empirical test for monopoly rents. Studies in Industry Economics, Research Paper, 77.
Schaeck, K., Cihak, M. and Simon, W. , 2009. Are competitive banking systems more stable? Journal of Money, Credit, and Banking, 41, 711-734.
Shaffer, S., 1982. A Nonstructural Test for Competition in Financial Markets. Proceedings of a Conference, 225-243.
Shaffer, S., 1999. The competitive impact of disclosure requirements in the credit card industry. Journal of Regulatory Economics, 15, 183-198.
Shaffer, S., 2001. Banking conduct before the European single banking license: A cross-country comparison. North American Journal of Economics and Finance, 12, 79-104.
Shaffer, S., 2004. Patterns of competition in banking. Journal of Economics and Business, 56, 287-313.
Simunic, D. A., 1980. The Pricing of Audit Services: Theory and Evidence. Journal of Accounting Research, 18 (1), 161-190.
Sunder, S., 2002. Regulatory competition for low cost-of-capital accounting rules. Journal of Accounting and Public Policy, 21, 147-149.
Tsay, W. J., Huang, C. J., Fu, T. T., and Ho, I. L., 2013. A simple closed-form approximation for the cumulative distribution function of the composite error of stochastic frontier models. Journal of Productivity Analysis, 39, 259-269.
Worthington, A. C., 2001. Efficiency in Pre-merger and Post-merger Non-bank Financial Institutions. Managerial and Decision Economics 22(8), 439-452.
論文使用權限
  • 同意紙本無償授權給館內讀者為學術之目的重製使用,於2017-06-30公開。
  • 同意授權瀏覽/列印電子全文服務,於2017-06-30起公開。


  • 若您有任何疑問,請與我們聯絡!
    圖書館: 請來電 (02)2621-5656 轉 2486 或 來信