SEC 意見書與會計師事務所規模：對揭露修訂及市場認知之影響

SEC Comment Letters and Audit Firm Size: Impacts on Disclosure Modification and Market Perception

本研究探討審計品質如何調節美國證券交易委員會（SEC）對公司財務報導及投資者對年報修訂認知之影響。SEC通過審查年報來確保公開公司遵守相關揭露法規。收到SEC意見書的公司（即被評論公司）必須在其現行及隨後的年報中納入必要之揭露。儘管現有文獻支持SEC審查提高揭露品質，但在會計師如何影響年報修訂的作用上仍未有相關深入研究。首先，本研究發現被評論公司較大程度修訂隨後的年報，此結果確認SEC意見書對財務報導實務存在實質影響。尤為重要的是，本研究觀察到被評論公司若由大型會計師事務所查核，則其對SEC意見做出的揭露修訂程度更為顯著。再者，市場反應分析顯示，投資者對四大會計師事務所查核之公司在經由SEC審查評論後有較大程度年報修訂者的盈餘品質認知較高。此研究提供會計師事務所調節作用及年報修訂程度對市場認知影響之實證證據，其貢獻為豐富SEC審查的相關文獻研究及增進對其提高年報揭露效力之理解。

This study investigates how audit quality moderates the effect of Securities and Exchange Commission (SEC) reviews on financial reporting and investors’perceptions of annual report modifications. The SEC ensures public companies’compliance with disclosure regulations by scrutinizing filings. Companies receiving SEC comment letters (commented firms) are mandated to incorporate essential disclosures in their current and subsequent filings. While existing literature supports the notion that SEC reviews enhance disclosure quality, the role of auditors in shaping disclosure modifications remains underexplored. First, I establish that commented firms are more prone to modifying annual reports, confirming the substantial influence of SEC comment letters on financial reporting practices. Importantly, I observe that commented firms audited by larger audit firms exhibit a greater degree of disclosure modification in response to SEC comments. Market reaction analysis reveals that investors perceive heightened earnings quality for commented firms audited by Big4 auditors with greater 10K disclosure modifications due to SEC reviews. This study contributes empirical evidence on audit firms' moderating role and the market implications of disclosure modifications, enhancing SEC review research and expanding the understanding of its effectiveness in improving qualitative disclosures.