本文採用2008年至2016年共九年之上市櫃公司資料測試簽證會計師查核負擔與其是否為該產業查核專家及其任期之價值攸關性。本文研究結果顯示在會計師為產業專家的情況下，會計師查核負擔和任期之交乘向與股價呈現顯著正相關，代表產業專家能消除投資人認為查核負擔對查核人員造成之負面影響。因此投資人會認為在會計師為該產業之專家時查核負擔高及任期長顯示該公司之財務報表相對可靠，會計師對該公司之查核品質也相對較高，因而使該公司股價上升。此外，本文使用另一方法計算會計師查核負擔及區分產業專家，亦發現在此種衡量方式下，其結果也與前述相同。

This study uses information from listed companies for a total of nine years, 2008 to 2016 to investigate whether auditors audit burden is relevant to industry experts and auditor tenure. 
The results of this study show that under the circumstance that the accountant is an industry expert, the auditor’s audit burden and the auditor tenure are positively and significantly related to the stock price. This suggests that investors tend to associate auditor experts with high auditing efficiency. Furthermore, investors believe longer auditor tenure indicate that the company’s financial statements are relatively reliable. The audit quality of the auditors are relatively high which results in an increase in the stock price. In addition, this paper uses two methods to calculate the burden of audit checks and to define industry experts. We find that when the accountant is an industry expert, the results are consistent with the above results.

目錄
第壹章、緒論	1
第一節 研究背景與動機	1
第二節 研究目的	3
第三節 研究架構與流程	4
第貳章、文獻探討與研究假說	6
第一節 影響審計品質及效率因素	6
第二節 審計品質與價值攸關性	7
第三節 任期（Tenure）	8
第四節 產業專家	9
第參章、研究方法	11
第一節 研究架構	11
第二節 研究模型與變數之定義	11
第三節 研究對象資料	15
第肆章、實證結果與分析	17
第一節 敘述性統計	17
第二節 相關係數分析	18
第三節 回歸結果分析	22
第四節 敏感性測試	28
第伍章 結論與建議	30
參考文獻	32
圖目錄
圖 1 - 1 研究流程圖	5
表目錄
表3- 1產業分布	15
表4 - 1 敘述統計量	17
表4 - 2 變數之相關係數分析	20
表4 - 3 會計師查核效率之價值攸關性	24
表4 - 4 會計師查核效率之價值攸關性(不分專家)	25
表4 - 5產業專家下任期與效率之價值攸關性	26
表4 - 6 非產業專家下任期與效率之價值攸關性	27
表4 - 7 產業專家下任期與效率之價值攸關性	29

參考文獻
李建然與高惠松，2007，會計師事務所人力資本與審計品質之關連性研究。	人力資源管理學報，第 7 卷第 3 期：45-64。
徐志順，孔繁華與賴谷芳，2016，人力槓桿，在職訓練，與經營績效之關聯性	研究：以台灣會計師事務所為實證。全球科技管理與教育期刊，5(1)：	25-43。
劉嘉雯與王泰昌，2008，會計師任期與審計品質之關連性研究。管理評論，	第 27卷第4期：1-28。
賴春田，2000，會計師的業務，責任及會計師事務所組織的演變，國立臺灣	大學會計研究所碩士論文。
范宏書，陳慶隆與廖英任，2008，盈餘管理對會計資訊的相對價值攸關性之	影響。管理與系統，15(1)， 93-136。
陳英得，蔡嘉妮與黃彩婷，2010，會計師執業年資與審計品質關係之研究。	海峽兩岸會計學術研討會。
廖秀梅，王貞靜與戚務君，2012，一套臺灣完整的審計公費資訊告訴我們什	麼? 。中華會計學刊，第8卷第1期：49-87。
Barth, M. E., Beaver, W. H., & Landsman, W. R. (1998). Relative valuation roles 	of equity book value and net income as a function of financial 	health. Journal of Accounting and Economics, 25(1): 1-34.
Bauwhede, H. V., & Willekens, M. (2004). Evidence on (the lack of) audit-quality 	differentiation in the private client segment of the Belgian audit				market. European	Accounting Review, 13(3): 501-522.
Bedard, J. C., & Biggs, S. F. (1991). Pattern recognition, hypotheses generation, 	and auditor performance in an analytical task. Accounting Review, 622-642.	Benston, G. (1975). Accountant’s integrity and financial reporting. Financial 	Executive, 43(8): 10-14.
Benston, G. J. (1980). The market for public accounting services: Demand, supply 	and regulation.
Beyer, A., & Sridhar, S. S. (2006). Effects of multiple clients on the reliability of 	audit reports. Journal of Accounting Research, 44(1): 29-51.
Bonner, S. E., & Lewis, B. L. (1990). Determinants of auditor expertise. Journal	 of accounting research, 1-20.
Burgstahler, D.C., & Dichev, I.D. (1997) Earnings, adaptation and equity  value. Accounting review, 187-215.
Burgstahler, D., & Dichev, I. (1997) Earnings management to avoid earnings decreases and losses. Journal of accounting and economics, 24(1): 99-126.
Carcello, J. V., & Nagy, A. L. (2004). Audit firm tenure and fraudulent financial reporting. Auditing: A Journal of Practice & Theory, 23(2): 55-69.
Chaney, P. K., & Philipich, K. L. (2002). Shredded reputation: The cost of audit failure. Journal of Accounting Research, 40(4): 1221-1245.
Chi, W., & Huang, H. (2005). Discretionary accruals, audit-firm tenure and audit-partner tenure: Empirical evidence from Taiwan. Journal of Contemporary Accounting & Economics, 1(1): 65-92
Collins, D. W., Maydew, E. L., & Weiss, I. S. (1997). Changes in the value-relevance of earnings and book values over the past forty years. Journal of accounting and economics, 24(1): 39-67.
DeAngelo, L. E. (1981). Auditor size and audit quality. Journal of accounting and economics, 3(3): 183-199.
Dopuch, N., & Simunic, D. (1982). Competition in auditing: An assessment. In Fourth Symposium on auditing research (Vol. 401, p. 50). Urbana, IL: University of Illinois.
Dunn, K. A., & Mayhew, B. W. (2004). Audit firm industry specialization and client disclosure quality. Review of Accounting Studies, 9(1): 35-58.
Francis, J. R., & Ke, B. (2006). Disclosure of fees paid to auditors and the market valuation of earnings surprises. Review of Accounting Studies, 11(4): 495-523.
Francis, J. R., & Wilson, E. R. (1988). Auditor changes: A joint test of theories relating to agency costs and auditor differentiation. Accounting Review, 663-682.
Francis, J. R., & Yu, M. D. (2009). Big 4 office size and audit quality. The Accounting Review, 84(5): 1521-1552.
Francis, J., & Schipper, K. (1999). Have financial statements lost their relevance? Journal of accounting Research, 37(2): 319-352.
Geiger, M. A., & Raghunandan, K. (2001). Bankruptcies, audit reports, and the reform act. Auditing: A Journal of Practice & Theory, 20(1): 187-195.
Gramling, A. A., & Stone, D.N. (2001). Audit firm industry expertise: A review and synthesis of the archival literature. Journal of accounting literature, 20: 1.
Hasher, L., & Zacks, R. T. (1988). Working memory, comprehension, and aging: A review and a new view. Psychology of learning and motivation, 22: 193-225.
Healy, P., & Lys, T. (1986). Auditor changes following Big Eight mergers with non-Big Eight audit firms. Journal of Accounting and Public Policy, 5(4): 251-265.
Hock, H. S., & Hasher, L. (1990). Judgments of frequency: A tool for the analysis of memory. Event related brain potentials: Basic issues and applications, 158-164.
Holthausen, R. W., & Watts, R. L. (2001). The relevance of the value-relevance literature for financial accounting standard setting. Journal of accounting and economics, 31(1): 3-75.
Jang, H. Y. J., & Lin, C. J. (1993). Audit quality and trading volume reaction: A study of initial public offering of stocks. Journal of Accounting and Public policy, 12(3): 263-287.
Johnson, P. E., Jamal, K., & Berryman, R. G. (1991). Effects of framing on auditor decisions. Organizational Behavior and Human Decision Processes, 50(1): 75-105.
Kaplan, M. L., Zack, J. W., Wong, V. C., & Tuccillo, J. J. (1982). Initial results from a mesoscale atmospheric simulation system and comparisons with the AVE-SESAME I data set. Monthly Weather Review, 110(11): 1564-1590.
Kim, M., & Kross, W. (2005). The ability of earnings to predict future operating cash flows has been increasing—not decreasing. Journal of Accounting Research, 43(5), 753-780.
Kim, O., & Verrecchia, R. E. (1991). Trading volume and price reactions to public announcements. Journal of accounting research, 302-321.
Klein, B., & Leffler, K. B. (1981). The role of market forces in assuring contractual performance. Journal of political Economy, 89(4): 615-641.
Kwon, S. (1996). The impact of competition within the client's industry on the auditor selection decision. Auditing, 15(1): 53.
Lev, B., & Zarowin, P. (1999). The boundaries of financial reporting and how to extend them. Journal of Accounting research, 37(2), 353-385.
Louis, J. F. (1979). A parametric model of vertical eddy fluxes in the atmosphere. Boundary-Layer Meteorology, 17(2): 187-202.
Maletta, M., & Wright, A. (1996). Audit evidence planning: An examination of industry error characteristics. Auditing, 15(1): 71.
Manson, S., McCartney, S., & Sherer, M. (2001). Audit automation as control within audit firms. Accounting, Auditing & Accountability Journal, 14(1): 109-130
Manson, S., McCartney, S., Sherer, M., & Wallace, W. A. (1998). Audit Automation in the UK and the US: A Comparative Study. International Journal of Auditing, 2(3): 233-246.
Marquardt, C. A., & Wiedman, C. I. (2004). How are earnings managed? An examination of specific accruals. Contemporary Accounting Research, 21(2): 461-491.
Moreland, K. A. (1995). Criticisms of auditors and the association between earnings and returns of client firms. Auditing, 14(1): 94.
Moroney, R., & Carey, P. (2011). Industry-versus task-based experience and auditor performance. Auditing: A journal of practice & theory, 30(2): 1-18.
Myers, J. N., Myers, L. A., & Omer, T. C. (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): 779-799
Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary accounting research, 11(2): 661-687.
O'Reilly, D. M., & Reisch, J. T. (2002). Industry specialization by audit firms: What does academic research tell us ?. Ohio CPA Journal, 61(3): 42-42.
Ou, J. A., & Sepe, J. F. (2002). Analysts earnings forecasts and the roles of earnings and book value in equity valuation. Journal of Business Finance & Accounting, 29(3‐4): 287-316.
Palmrose, Z. V. (1988). 1987 Competitive Manuscript Co-Winner: An analysis of auditor litigation and audit service quality. Accounting review: 55-73.
Palmrose, Z. V. (1991). Trials of legal disputes involving independent auditors: Some empirical evidence. Journal of Accounting Research: 149-185.
Peasnell, K. V. (1981). On capital budgeting and income measurement. Abacus, 17(1): 52-67.
Solomon, I., Shields, M. D., & Whittington, O. R. (1999). What do industry-specialist auditors know ? Journal of accounting research, 37(1): 191-208.
Teoh, S. H., & Wong, T. J. (1993). Perceived auditor quality and the earnings response coefficient. Accounting Review: 346-366.
Watts, R. L., & Zimmerman, J. L. (1986). Positive accounting theory.
Watts, R. L., & Zimmerman, J. L. (1990). Positive accounting theory: a ten year perspective. Accounting review: 131-156.
Whelan, C., & McNamara, R. (2004). The impact of earnings management on the value-relevance of financial statement information.