過去研究已經證實同產業公司之財務報表重編會造成汙染效果，重編激
起投資人對於會計品質的疑慮，進而修正對公司的評價，使得非重編公司股
價一併下跌，本研究將此概念套用至鄰近地區，探討財務報表重編之區域性
股價汙染效果，檢視公司宣告重編，鄰近地區之非重編公司股價是否會受影
響而下跌，結果顯示公司宣告重編確實影響鄰近公司股價下跌。此外，橫斷
面測試之結果顯示，與重編公司距離越近的公司或會計品質越低落的非重編
公司，股價下跌的幅度更大。當地市場壓力越大，公司選擇的會計方法會更
激進，而股價下跌的幅度也越大，這些結果都加強證實鄰近公司存在污染效
果。

This study examines whether there are local contagion effects of negative market reactions
using 2,383 accounting restatements announced during the years 2000-2018. The results
indicate that non-restating geographic peer firms experience market share price declines. We
also find that the magnitude of the contagion effects is negatively related to the distance
between restating firms and non-restating firms, where non-restating firms that are closer to
restating firms experience a larger negative market reaction. Moreover, accounting quality
and capital market pressure are also associated with the decline in share prices. Non-restating
firms with higher discretionary accruals and greater market pressure have a larger negative
market reaction. To summarize, these results provide some evidence for the existence of
local contagion effects.

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