收入關鍵查核事項之首年價值攸關性

The Value Relevance of the First Year’s Revenue Key Audit Matter

本文由價值攸關性角度，探討首年報導收入關鍵查核事項對投資決策之影響。於控制內生性效果後，發現2016年收入關鍵查核事項對我國上市櫃公司每股營收資訊具提升價值攸關性之效果，支持我國查核報告關鍵查核事項新制，於首年即提升財報資訊之決策有用性。進一步分析發現前述收入關鍵查核事項之價值攸關性係出現於公司規模大組、財報品質佳組、企業財務風險低組，會計師對客戶經濟依存度低組，顯示我國投資人對於收入關鍵查核事項之使用並非全盤接受，而具有過濾之理性能力。然而，本研究發現收入關鍵查核事項之價值攸關性呈現遞減之趨勢。本文除對目前研究結論尚分歧的關鍵查核事項議題，提出本土性實證證據外，也基於研究發現提出後續之研究建議。

From the perspective of value relevance, this study explores whether sales revenue key audit matter of the first year have an impact on investment decisions. After controlling the endogenous effects, this study finds that the key audit matter of 2016 sales revenue had a incremental positive value relevance on stock price of listed companies in Taiwan, supporting the new KAM audit-reporting system in Taiwan, presenting the expected results of standards institutions in the first year, and improving the decision-making usefulness of financial reporting information. This study further analyzes and finds that the value relevance of sales revenue key audit matter appears in large-scale corporate groups, groups with quality financial reporting, groups with low corporate financial risk, and groups whose auditors have low financial dependence on clients--showing that domestic investors overall do not accept use of sales revenue KAM while seeming to have the rational ability to filter. However, this study finds that the value-relevant impact of key audit matters for sales revenue shows a decreasing trend. In addition to presenting local empirical evidence on the topic of key audit matters with divergent research conclusions, this study also provides follow-up research recommendations based on research findings.