自金融風暴發生以來,各國審計監理機關紛紛對審計準則進行檢討並作出改革,我國根據國際審計準則編製相關審計公報,其中規範之「關鍵查核事項(Key Audit Matter,KAM)」為本研究之主軸,探討台灣上市(櫃)公司實施KAM後,盈餘與權益帳面金額對於股價之價值攸關性之影響。此外,本研究進一步探討揭露關鍵查核事項後對機構投資人與權益帳面金額及綜合損益之價值攸關性。實證結果顯示,實施關鍵查核事項後,權益帳面金額更具價值攸關性;機構投資人持股較高之公司,可能更注重獲利以外之其他財務資訊。
Since the Financial Crisis, audit supervision institutions in many countries have reviewed and reformed auditing standards. Taiwan Auditing Standard Committee formulated new auditing standards according to International Standards on Auditing. This study focuses on key audit matter and explores the impact of the earnings and equity book value on the stock price after the implementation of key audit matter in Taiwan listed companies. In addition, this study further explores the impact of institutional investors and accounting information on value relevance after the disclosure of key audit matter. The empirical results show that after the implementation of key auditing matters, the equity book value is more value relevant; institutional investors may pay more attention to other financial information other than profit.