| Summary: | 碩士 === 中原大學 === 會計研究所 === 101 === In this study, the relationship between the effect of auditors' revolving door phenomenon and foreign ownership is explored. I further analyze the effect on foreign shareholding, while revolving doors are happened between family firms and non-family firms. The study samples used in this study are collected from Taiwan listed and over-the-counter(OTC) companies during the period 1998-2011. The results show that the main factors of six revolving door phenomena all have positive correlations with foreign shareholding. In addition to the relaxation of foreign ownership restrictions in Taiwan security market on July 9, 2003, this study confirms the positive correlation still remained by duration 2003-2011. Again, the positive results are revealed. It indicates that the quality of financial statements is improved when the revolving door phenomenon is occurred. Hence, the more shares are held in the portfolio of qualified foreign institutional investors (QFII).
The willingness holdings of QFII were declined when the revolving door phenomenon survived in a long time and the starting year of revolving door phenomenon happened on family firms. Otherwise, QFII held positive response on shareholders' willingness when the revolving door phenomenon produced on non-family firms.
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