修正式無保留意見之資訊內涵－－控制同步資訊下

The Information Contents of Modified Unqualified Audit Opinions under the Control of Concurrent Information: The Case of Taiwan

This paper addresses this type of opinions as the “modified unqualified audit opinion.” SAS 33 lets the auditor issue a modified audit opinion for situations where a qualified audit opinion is called for traditionally before the SAS 33 era. It attempts to assess the valuation impact of SAS 33 on the Taiwan stock market under the control of concurrent information by applying the Ohlson model. This study found that a significant negative association existed between stock price and the modified unqualified audit opinion issued under any one of the following five scenarios or circumstances: (1) going concern consideration, (2) change in the application of accounting principles for financial reporting as required under the law, (3) change in the application of accounting principles for financial reporting on a voluntary basis, (4) uncertainty of events that may have significant impact on the future financial condition of the firm, and (5) the adoption of another auditor’s audit report for the current year audit. Of the five circumstances mentioned above, the one based on the going concern consideration had the highest significant impact on stock prices and the application of different accounting principles between two reporting periods and the uncertainty of events that may affect the future financial condition of the firm is the next. 本研究旨在探討修正式無保留意見是否具有資訊內涵，本研究採用Ohlson（1995）會計評價模型來解決事件研究法有關同步資訊的問題。本研究實證結果顯示，整體修正式無保留意見與股價呈顯著負向關係，亦即整體修正式無保留意見具有資訊內涵。不同類型修正式無保留意見具有不同資訊內涵包括其他會計師意見類型，繼續經營有疑慮、強調重大事項、和會計原則變動。而且不同類型之修正式無保留意見對股價影響程度亦不同，繼續經營有疑慮類型影響最大，其次為強調重大事項和會計原則變動這兩類也具有資訊內涵。