關鍵查核事項複雜度與股價崩跌風險

Textual Complexity of Key Audit Matters (KAM) and Future Stock Price Crash Risk

張祐慈(Yu-Tzu Chang) ； 謝安軒(Anxuan Xie) ； 陳美惠(Mei-Hui Chen) ； 戚務君(Wuchun Chi)

《會計審計論叢》 11卷1期 (2021/06) Pp. 1-31

摘要

本文檢視會計師查核報告中關鍵查核事項段（以下簡稱KAM）的文本複雜度與受查客戶未來股價崩跌風險的關聯性。實證結果顯示，KAM的文本複雜度（以可讀性為代理變數）與股價崩跌風險呈顯著正向關聯性，而進一步的分析顯示前述的影響係來自於異常文本複雜度而非正常文本複雜度。透過前述異常文本複雜度的實證證據，本研究提供KAM的撰寫具資訊內涵的實證證據。

關鍵字

關鍵查核事項 ； 文本複雜度 ； 可讀性 ； 股價崩跌風險

並列摘要

This study investigates the association between the textual complexity of key audit matters (KAM) and the future stock price crash risk of the audited client. Empirical results indicate that the textual complexity of KAM (proxied by readability) is positively associated with the crash risk. We further examine and find that this effect is mainly driven by the abnormal contextual complexity of KAM. Our findings provide empirical evidence for the informativeness of KAM.

並列關鍵字

Key audit matters (KAM) ； Textual complexity ； Readability ； Stock price crash risk

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