從美國安隆、世界通訊、雷曼兄弟等知名企業發生財務危機或舞弊事件，對全球經濟產生重大影響，各國監理機關紛紛提出因應對策，目的即改善查核報告資訊透明度。我國為了與國際審計準則接軌，於2016年正式實施新式查核報告，期望藉由實施新式查核報告提供更多攸關、個別化資訊予投資者。
本研究以2016年各間上市、上櫃公司的盈餘公告日作為事件日，並採用市場研究法中的市場模式，檢驗事件日前後是否存在顯著平均異常報酬、累積平均異常報酬，並以關鍵查核事項項目種類、產業關鍵查核事項報導、個數多寡、字數、可讀性等五種因素，探討新式查核報告中揭露關鍵查核事項對市場之影響。實證結果發現關鍵查核事項的不同項目種類會使累積平均異常報酬呈現顯著現象，有列出產業關鍵查核事項報導的公司及可讀性較高的公司，市場給予正向反應，最後關鍵查核事項個數及字數愈多的公司，其市場給予的累積平均異常報酬愈低。

Financial frauds usually had impacts on global economy, such as Enron, Worldcom, Lehman Brothers, etc. Supervision agencies in various countries attempt to improve the information transparency of audit report. In Taiwan, Financial Supervisory Commission formally implemented extended audit report in 2016. This study investigates the market reaction to key audit matters in extended audit report.
More specifically, this paper utilizes five characteristics as proxies for key audit matters, including the types of key audit matter items, critical key audit matter in specific industry, the quantities of key audit matters, the number of words for key audit matters, and the readability of key audit matters. The empirical result indicates that most of key audit matter items will cause significant cumulative average abnormal returns; the companies had reported the critical key audit matter in the industry and the companies had reported readable key audit matter they belongs to will have higher cumulative average abnormal returns; the more the quantities of key audit matters and the number of words for key audit matters reported, the lower the cumulative average abnormal returns.

第壹章 緒論1
第一節 研究背景與動機1
第二節 研究目的2
第三節 研究架構與流程3
第貳章 文獻探討5
第一節 新式查核報告與舊式查核報告之差異5
第二節 查核報告市場相關研究6
第三節 假說發展10
第參章 研究方法14
第一節 變數定義14
第二節 檢定方法15
第三節 各研究假說之檢定17
第肆章 實證結果21
第一節 研究期間及樣本選取21
第二節 單變量檢定22
第三節 敘述性統計分析40
第四節 相關係數分析41
第伍章 結論與建議45
第一節 研究結論45
第二節 研究限制46
第三節 未來研究建議46
第四節 研究貢獻47
參考文獻48
附錄54

表目錄
表2-1我國新舊查核報告格式之差異5
表2-3-1英國新式查核報告重大不實表達風險平均個數12
表2-3-2英國新式查核報告風險部分的平均字數12
表4-1全體樣本公司民國105年度產業分布21
表4-2-1收入相關與非收入相關CAR之比較22
表4-2-2收入舞弊與非收入舞弊CAR之比較23
表4-2-3應收帳款評價與減損與非應收帳款評價與減損CAR之比較23	
表4-2-4營運相關與非營運相關CAR之比較24
表4-2-5或有、負債、訴訟準備相關與非或有、負債、訴訟準備相關CAR之比較24
表4-2-6退休金與非退休金CAR之比較25
表4-2-7資產相關與非資產相關CAR之比較25
表4-2-8現金及約當現金與非現金及約當現金CAR之比較26
表4-2-9投資及金融工具相關與非投資及金融工具相關CAR之比較26	
表4-2-10股份基礎給付與非股份基礎給付CAR之比較27
表4-2-11內部控制相關與非內部控制相關CAR之比較27
表4-2-12商譽與非商譽CAR之比較28
表4-2-13存貨評價與減損及非存貨評價與減損CAR之比較28
表4-2-14其他資產評價與減損及其他資產評價與減損CAR之比較29
表4-2-15礦產、油產、瓦斯會計處理與非礦產、油產、瓦斯會計處理CAR之比較29
表4-2-16營建相關與非營建相關CAR之比較30
表4-2-17保險會計與非保險會計CAR之比較30
表4-2-18企業併購與非企業併購CAR之比較31
表4-2-19稅務相關與非稅務相關CAR之比較31
表4-2-20繼續經營假設與非繼續經營假設CAR之比較32
表4-2-21關係人交易與非關係人交易CAR之比較32
表4-2-22其他與非其他CAR之比較33
表4-2-23有列出產業關鍵查核事項報導的公司與無列出產業關鍵查核事項報導的公司AR之比較34
表4-2-24有列出產業關鍵查核事項報導的公司與無列出產業關鍵查核事項報導的公司CAR之比較35
表4-2-25個數多的公司與個數少的公司AR之比較	36
表4-2-26個數多的公司與個數少的公司CAR之比較36
表4-2-27字數多的公司與字數少的公司AR之比較37
表4-2-28字數多的公司與字數少的公司CAR之比較38
表4-2-29可讀性高的公司與可讀性低的公司AR之比較39
表4-2-30可讀性高的公司與可讀性低的公司CAR之比較40
表4-3敘述性統計分析(N=1,472)40
表4-4-1 CAR(-1,0)相關係數分析42
表4-4-2 CAR(0,1)相關係數分析42
表4-4-3 CAR(-1,1)相關係數分析43
表4-4-4 CAR(-2,2)相關係數分析43
表4-4-5 CAR(-5,5)相關係數分析44
表4-4-6 CAR(-10,-10)相關係數分析44
表5-1單變量檢定-呈現顯著累積平均異常報酬的關鍵查核事項項目種類	45

圖目錄
圖1-1論文流程圖4

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