| 摘要Abstract | 本研究旨在探討企業海外投資盈餘匯回與公司價值的關聯性，並進一步考量前述關聯性在不同事務所任期及會計師個人任期下是否有所差異。採用2008年至2016年的臺灣上市櫃公司為樣本，並以大陸投資盈餘匯回的資料進行檢測，本研究的實證結果發現：平均而言，當企業大陸投資盈餘匯回金額越高時，公司價值越高。本文亦進一步採用分量迴歸（quantile regression）檢測，發現公司價值位於高分量值時，其企業大陸投資盈餘匯回對公司價值之影響更明顯。本文並發現，相較於事務所任期，會計師個人之任期越長，越能提高企業大陸投資盈餘匯回與公司價值的正向關聯性，尤其是四大事務所查核的公司，會計師任期的效果更明顯。
This study investigates the effects of the repatriation of foreign earnings on firm valuation, and further investigates whether audit partner tenure affects the relationship between the repatriation of foreign earnings and firm value. Using a sample of companies listed on the Taiwan Stock Exchange and Taipei Exchange from 2008 to 2016, this study empirically shows that, in general, there is a positive relationship between the repatriation of foreign earnings and firm value. In addition, quantile regression tests showed that the magnitude of the increase was significant for the higher quantiles of firm valuation, that is for firms with high growth opportunities. Moreover, the effect of repatriated foreign earnings on firm value is more pronounced if the auditor partner tenure is longer, particularly for, firms audited by the Big 4 firms.
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