本研究探討2016至2019年間我國上市（櫃）公司關鍵查核事項之揭露(含項數、獨特性與更新性)與盈餘反應係數之關聯性。本研究亦納入機構法人持股比率與分析師追蹤人數做為調節變數，探討投資人特性是否影響關鍵查核事項與盈餘反應係數之關聯性。實證結果發現，具有獨特性之關鍵查核事項對盈餘反應係數具有顯著的正向影響，亦即當關鍵查核事項愈具獨特性時，會使盈餘反應係數愈高，關鍵查核事項之項數與更新性與盈餘反應係數未具有顯著關聯性。此外，機構法人持股比率越高或分析師追蹤人數越多，會強化關鍵查核事項與盈餘反應係數之關聯性。

The purpose of this study is to explores the association between key audit matters and earnings response coefficient based on the listed firms in Taiwan stock exchange and over the counter from 2016 to 2019. This study also incorporates the ratio of institutional holding and analyst following as moderator variables, and explores whether key audit matters have a more significant increase in the earnings response coefficient under the influence of investor characteristics. The result of the research the unique key auditor matters, information users will therefore incorporate them into the investment decision-making, and invest in the company, and then reflected in the stock price remuneration. In addition, the characteristics of key audit matters will be more prominent because companies have more the ratio of institutional holdings or more analyst following, which will be more easily highlighted and attracted the attention of the investment public, which will increase the cumulative abnormal return of stock prices more significantly.

目次
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 2
第三節 研究目的 3
第四節 研究流程 4
第二章 文獻回顧 5
第一節 關鍵查核事項 5
第二節 盈餘反應係數 8
第三節 機構投資人持股比率	10
第四節 分析師盈餘預測 11
第三章 研究設計 14
第一節 研究架構 14
第二節 研究假說 15
第三節 研究變數 19
第四節 估計模型 23
第五節 資料來源 24
第四章 實證結果 27
第一節 敘述統計分析 27
第二節 相關係數分析 31
第三節 迴歸分析結果 35
第四節 敏感性分析 41
第五節 其他分析 57
第五章 研究結論、貢獻與未來研究建議 61
第一節 研究結論 61
第二節 研究貢獻 61
第三節 研究限制與未來研究建議 61
參考文獻	63

表圖次
圖3-1 研究架構圖	15
表3-5-1全體樣本之樣本選樣表 26
表4-1-1敘述統計：全體樣本	28
表4-1-2敘述統計：分析師追蹤人數 30
表4-2-1相關係數分析：關鍵查核事項項數及獨特性之全體樣本 31
表4-2-2 相關係數分析：關鍵查核事項更新性之全體樣本 32
表4-2-3相關係數分析：關鍵查核事項項數及獨特性與分析師追蹤人數樣本 33
表4-2-4 相關係數分析：關鍵查核事項更新性與分析師追蹤人數樣本	34
表4-3-1 關鍵查核事項與盈餘反應係數之迴歸分析 35
表4-3-2 關鍵查核事項、機構法人持股比率與盈餘反應係數之迴歸分析	37
表4-3-3 關鍵查核事項、分析師追蹤人數與盈餘反應係數之迴歸分析	39
表4-4-1 關鍵查核事項與盈餘反應係數之迴歸分析-5天窗期 41
表4-4-2 關鍵查核事項、機構法人持股比率與盈餘反應係數之迴歸分析-5天窗期 43
表4-4-3 關鍵查核事項、分析師追蹤人數與盈餘反應係數之迴歸分析-5天窗期 45
表4-4-4 關鍵查核事項、機構法人持股比率與盈餘反應係數之迴歸分析-虛擬變數	47
表4-4-5 關鍵查核事項、分析師追蹤人數與盈餘反應係數之迴歸分析-虛擬變數 49
表4-4-6 關鍵查核事項與盈餘反應係數之迴歸分析 51
表4-4-7 關鍵查核事項、機構法人持股比率與盈餘反應係數之迴歸分析 53
表4-4-8 關鍵查核事項、分析師追蹤人數與盈餘反應係數之迴歸分析	55
圖4-5-1 TEJ之關鍵查核事項A-L分類 58
表4-5-3 變數定義	59
表4-5-4 關鍵查核事項12大類與盈餘反應係數 60

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