本研究以美國存託憑證(American Depositary Receipts)為樣本，探討採用新式查核報告對美國資本市場之影響。實證結果顯示採用新式查核報告前後資訊不對稱沒有顯著不同。本研究進一步探討公司資訊環境是否影響採用新式查核報告之效果，發現資訊環境較差的公司（分析師追隨人數較少或ADR層級較低的公司）相較於資訊環境較佳者，採用新式查核報告後資訊不對稱下降幅度較大，顯示投資人於分析資訊少之公司時會更加依賴新式查核報告。在額外測試中，本研究針對強制採用新式查核報告的子樣本做測試，迴歸結果與全樣本一致。此外，本研究另探討公司之資本結構是否影響採用新式查核報告之效果，結果發現長期債務比率較低的公司，採用新式查核報告後資訊不對稱下降幅度大於長期債務比率較高的公司，顯示長期債務比率較低的公司所受債權人之監督較少，透過新式查核報告之採用使公司資訊更加透明。

This paper uses American depositary receipts as sample to investigate the impact of adopting expanded audit report on American capital market. The result shows that the information asymmetry does not change after the adoption of expanded audit report. We then investigate whether the company’s information environment influences the effect of adopting expanded audit report. The result shows that the information asymmetry decrease more as the weaker information environment the company (i.e. low analyst coverage and low ADR level) has. This implies that the investors would rely more on the expanded audit report when analyzing company with less information. In additional test, we focus on the subsample of companies which mandatory adopt expanded audit report and the result is the same as the full sample. Furthermore, we investigate whether the company’s capital structure influences the effect of adopting expanded audit report. The result shows that the company with higher long-term debt ratio decreases information asymmetry more. This implies that company with lower long-term debt ratio has less subject to supervision by creditors and the adoption of new audit reports has made their information more transparent.

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