本研究主要探討繼續經營疑慮意見於期中報表發佈是否如同年報一樣讓市場產生負面反應,並進一步探討期中報表收到繼續經營疑慮意見及繼續經營意見內容對年報發出繼續經營疑慮意見時市場反應之影響效果。此外也探討機構投資人是否對會計師出具繼續經營疑慮意見擁有較佳的預測能力。本研究樣本為1999年至2010之首次收到繼續經營疑慮公司,研究結果發現,首次收到繼續經營疑慮意見不管發生於期中報表或年報,其對股價均造成負面影響。若期中第三季季報為公司首次收到繼續經營疑慮意見,其隨後年報再次收到繼續經營疑慮意見時,市場負面反應將有所減緩。若繼續經營疑慮意見中,會計師有強調或補充公司發出繼續經營疑慮之原因或財務狀況會使市場的負面反應更大。另外隨著機構投資人持股比例越高,財務報表宣告日前之股價有更嚴重負面反應。
This research aims to examine whether the announcements of going concern opinion in interim financial reports generate negative market reactions as annual financial reports, and to further investigate the effect of initial going concern opinion in interim financial reports and the content of going concern opinion on market reactions for companies which receive a going concern opinion in annual financial reports. Additionally, we also examine whether institutional investors possess information advantages. The research samples are the companies which receive an initial going concern opinion during 1999 to 2010. The empirical results show that, no matter annual financial reports or interim financial reports, we find significantly negative market reactions to companies initially receive a going concern opinion. In addition, if a company initially receives a going concern opinion in Q3 financial reports, and subsequently receives the same type of opinion in annual financial reports, the negative market reactions would be more moderate. We find that the reaction is more negative if the going concern opinion cites a financing problem or a specific reason of going concern. Furthermore, the market reaction gets more negative as the level of institutional ownership increases before the date of earnings announcements.