本研究以臺灣曾經上市櫃與上市櫃為樣本,比較分析被出具分擔式意見與標準式無保留意見的公司,其財報資訊對於資訊不對稱與權益資金成本之影響。由於在分擔式意見下,主查會計師可採用其他會計師的查核意見,因此主查會計師所負擔的查核責任較標準式無保留意見少,而財務報表資訊的可信度則會因此降低,造成投資人無法根據正確的資訊,做出投資決策。本研究企圖以實證資料分析,提出以下論述的佐證:被出具分擔式意見的公司,較被出具標準式無保留意見的公司,其資訊不對稱的程度較高,因而使權益資金成本增加。本研究首先以買賣價差與股票週轉率做為衡量資訊不對稱的指標,在控制其他影響兩指標的變數之後,分析財報資訊揭露程度對於股票市場的影響,並進一步探討分擔式意見與權益資金成本的關聯,再次驗證主查會計師制度對於資本市場的經濟結果是否具有影響力。研究結果支持,被出具分擔式意見的上櫃公司較上市公司明顯有資訊不對稱情形,而在主查會計師制度之下,會使財報資訊更透明,提升會計的資訊品質,降低投資人與企業之間訊息不一致的問題。
This research uses TSE & OTC has been listed and list company in Taiwan as samples, analysis the impact of shared audit opinion and standard unqualified opinion financial statement information on information asymmetry and cost of equity capital. As shared opinion, the principal auditor can use other accountants audit opinions, so the principal auditor responsibility less than standard unqualified opinion, therefore the credibility of financial statement information will be reduced, resulting investors can’t use correct information to make investment decisions. This study attempted to uses empirical data analysis, the following discussion of the evidence: the information asymmetry of the company be issued share opinions higher than the company be issued standard unqualified opinion, therefore increasing the cost of equity capital. In this study, use bid-ask spread and share turnover as a measure of information asymmetry index, after controlling for other variables affect the two indicators, analysis the information disclosure of financial statements, the impact on the stock market, and to further explore the shared opinion associated with the cost of equity capital, test and verify whether the system of the principal auditor cause eonomic results of the capital market.The results support, be issued shared opinions of the OTC companys are obviously more information asymmetry in the case, support the system of the principal auditor make the information of financial statement more transparent, improve accounting information quality, reduce information asymmetry between investors and enterprises.