關鍵查核事項特性之資訊內涵

本研究以盈餘反應係數及評價攸關性兩角度，探討關鍵查核事項（Key Audit Matters，簡稱KAM）三項資訊特性（獨特性、更新性及明確性）之資訊內涵。根據我國2016至2021年不含金融業之上市櫃公司研究資料，本文發現投資者視KAM為一風險資訊，自盈餘反應係數之角度，KAM之獨特性及明確性會降低投資人對財報盈餘資訊之信任程度；自股價評價角度，KAM之獨特性與更新性會使投資者於決策時降低盈餘資訊之權重，轉而依賴淨值資訊。本文額外探討KAM所提及之財報附註與明確性之關係，發現該附註會使淨值之價值攸關性下降。此外，本研究將研究期間區分為新式查核報告實施初期(2016-2018)與近期(2019-2021)，發現KAM對盈餘反應係數之影響，會隨時間由獨特性轉為明確性；且KAM之三項資訊特性皆在初期對會計資訊之價值攸關性存在影響，然而，僅獨特性及更新性之影響延續至近期。最後，本研究發現關鍵查核事項特性確實與企業風險指標具有一定關聯性。

This study examines the information content of three information characteristics (uniqueness, changes, and specificity) of key audit matters (KAMs) from the perspective of the earnings response coefficient (ERC) and value relevance. Based on data from Taiwan-listed company from 2016 to 2021, excluding the finance industry, we find that investors regard KAMs as a type of risk. From the perspective of the ERC, the uniqueness and specificity of KAMs reduce the amount of trust that investors have in earnings information. From the perspective of stock price valuation, the uniqueness of and changes in KAMs cause investors to give less weight to earnings information and turn rather to equity book value information. We also find that the footnotes mentioned in KAMs reduce the value relevance of the book value of equity per share. Dividing the study into the early period in the implementation of extended audit reports (2016-2018) and the recent period (2019-2021), we find that the impact of KAMs on the ERC will change from uniqueness to specificity over time. In the early period, all three KAMs information characteristics influence the value relevance of accounting information. However, only uniqueness and changes are influential in the recent period. Finally, we find that KAMs characteristics do have a certain level of correlation with firm risk variables.