責任分攤查核意見是否影響集團企業揭露關鍵查核事項之價值攸關性

本研究旨在探討會計師為集團企業出具責任分攤查核意見是否會對關鍵查核事項之價值攸關性產生影響。本研究以Feltham and Ohlson (1995)之股權評價模型進行研究，並進一步將樣本區分為水平整合或垂直整合、是否存在財務風險，以及是否採用責任分攤查核意見等進行區分，結果發現若採用責任分攤查核意見，由產業專家查核之關鍵查核事項揭露存貨評價具有負向之價值攸關性，但在未採用之情況下則不具價值攸關性，顯示採用責任分攤查核意見會有降低審計品質之疑慮，而使股價下降。若進一步依照水平整合或垂直整合區分後，發現由產業專家查核之關鍵查核事項揭露存貨評價及收入評價之公司，僅在採用責任分攤式查核意見且集團企業為水平整合之情況下，會有顯著為負之價值攸關性，顯示水平整合較容易受到公司無法控制之風險影響，進而降低股價。此外，依是否存有財務風險區分，發現僅在未採用責任分攤且無財務風險之情況下，由產業專家查核之關鍵查核事項揭露減損具有正向之價值攸關性，代表在此情況下較能獲得投資人的信賴。再者，本研究進一步探討同時揭露多項關鍵查核事項與僅考慮一項關鍵查核事項之差異，發現兩者之結果一致，顯示股價不會受揭露一項或多項關鍵查核事項而改變。透過本文實證結果，可知集團企業之經營模式及其財務風險也是投資人考量之重要因素之一。

關鍵字

關鍵查核事項；責任分攤查核意見；集團企業；價值攸關性；審計產業專家

並列摘要

This study aims to explore whether shared audit opinions issued by audit partners to affiliated business groups affect the value relevance of key audit matters. This study is conducted according to the valuation model of Feltham and Ohlson (1995), and further divides the samples according to criteria such as horizontal integration or vertical integration, whether financial risk exists, and whether shared audit opinions are used. Results show that if shared audit opinions are used through auditor industry specialization key audit matter disclosure, then stock valuation has a negative value relevance, but if shared audit opinions are not used then there is no value relevance, showing that the use of shared audit opinions carries with it concerns about lowering audit quality, thereby lowering stock price. Furthermore, after distinguishing horizontal integration from vertical integration, auditor industry specialization key audit matters reveal that companies with inventory evaluation and income evaluation have significant negative value relevance merely by using shared audit opinions and horizontally integrated affiliated business groups--demonstrating that horizontal integration is more susceptible to risks beyond the company’s control, thereby lowering stock price. In addition, depending on whether a distinction between financial risks exists, findings show that by merely not using shared audit opinions and having no financial risk, auditor industry specialization key audit matter disclosure impairment has positive value relevance, meaning that investor trust will be easier to earn under such circumstances. Moreover, this study further explored the difference between exposing multiple key audit matters at the same time and considering only one key audit matters, and found that the results of the two are consistent, indicating that the stock price will not be changed by the disclosure of one or more key audit matters. Through the empirical results of this study, we can see that the business model and financial risks of affiliate business groups are also one of the important factors considered by investors.