審計委員會之主要職責為強化公司治理，監督公司的財務報表品質。近年來，我國政府也積極推廣公司設置審計委員會，期望能藉此減少企業舞弊問題的發生。本研究旨在探討審計委員會與資金成本之關聯，藉此確定是否審計委員會能改善公司治理之有效性，降低與債權人或是投資人之間資訊不對稱，以提高投資人、債權人及利害關係人對公司之信賴。本文以我國2009年至2017年上市櫃公司為研究對象，並分別以債務資金成本、權益資金成本及加權平均資金成本衡量企業之資金成本。實證結果顯示，審計委員會之設置、審計委員會開會次數及審計委員會規模皆與資金成本呈顯著負向關係，表示審計委員會確實能提升公司治理，提高財務報導之可信度，減少資訊不對稱問題，故資金提供者願意給予較低之資金成本。最後，本研究進行四項敏感性測試，皆顯示實證結果具穩健性。

The main function of the audit committee is to enhance the quality of corporate governance and monitor corporate financial reporting. Recently ,the government encourages companies to set up an audit committee actively and expects to reduce the occurrence of corporate frauds. This study investigates the association between audit committee and cost of capital in order to assure the effectiveness of audit committee on improving corporate governance, decreasing the problem of information asymmetry between creditors or investors, and increasing their confidence in the company. Using a sample of Taiwanese listed firms over the period 2009 to 2017, we measure the cost of capital by debt capital cost, equity capital cost and weighted average cost of capital. Empirical results show that setting an audit committee, the frequency of audit committee meetings and size of audit committee are all negatively associated with cost of capital, indicating that setting an audit committee can improve corporate governance and the credibility of financial reporting, reduce information asymmetry; therefore the fund providers are willing to give lower costs of capital. Finally, we implement four sensitivity tests and the results still remain robust.

第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 4
第二章 文獻回顧及假說建立 5
第一節 審計委員會 5
第二節 資金成本 8
第三節 審計委員會與資金成本 11
第三章 研究設計 15
第一節 實證模型與變數定義 15
第二節 資料來源與樣本選取 26
第四章 實證結果與分析 27
第一節 敘述性統計 27
第二節 相關係數分析 34
第三節 實證結果 42
第四節 敏感性分析 47
第五章 結論與建議 61
第一節 研究結論 61
第二節 研究限制與建議 62
參考文獻 63

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