本研究欲從資本市場股價崩跌風險之角度，瞭解新式查核報告(Extended audit report)是否為投資人提供資訊價值，利用企業報酬條件負偏態(Negative conditional return skewness)以及報酬波動度比(Down-to-up volatility of returns)兩種方式衡量股價崩跌風險，檢視其於新式查核報告發布前後之變化。另外，探討在不同資訊環境下，新式查核報告與股價崩跌風險之間的關聯性是否受到影響，最後藉由檢視報告揭露之資訊量以及文字語調，觀察影響投資人對於企業評價之報告內容。實證結果顯示，採用新式查核報告之公司相較於未採用之公司，其降低股價崩跌風險之效果更為明顯；而降低股價崩跌風險之效果，主要來自於新式報告適用前資訊環境較弱之公司，證實了新式報告對於投資人之價值，並且對於相較處於資訊不對稱環境之投資人更為有助益，結果支持假說。最後，研究發現公司之查核報告內揭露關鍵查核事項數量愈多，更能降低股價崩跌風險，而此效果會被報告內所使用之不明確語調用詞減弱。

This paper investigates whether audit reports could provide investors with useful information from the aspect of crash risk. Using the difference-in-difference method, the empirical results show that compared to firms listed on the Alternative Investment Market, the degree of reducing crash risk is more pronounced for companies with a premium listing that have adopted extended audit reports. Further, the effect of transferring extended-audit information is especially favorable for investors in weak information environments. In addition, we inspect the content of extended audit reports and provide evidence that with more key audit matters disclosed, the significance degree of reducing crash risk increases. However, this result is mitigated with increases in uncertain words.

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