本研究主要是在探討新式查核報告書之實施，是否能提供投資人資訊，進而影響股價崩盤風險。實證結果發現採用新式查核報告後，股價崩盤風險降低，此外也發現當新式查核報告書當中的關鍵查核事項揭露數量越多，股價崩盤風險降低。本研究之結果顯示關鍵查核事項提醒投資人潛在風險，使投資人於更謹慎做出投資決策，因而降低股價崩盤風險。另外，若新式查核報告書是由產業專家會計師出具，則關鍵查核事項之數量與股價崩盤風險之負向關係會更顯著。

This research adapts U.K. data from year 2001 to 2006 to examine whether the enactment of expanded audit report could provide investors more useful information, and therefore affects crash risk. The empirical results indicate that crash risk decreases after the adoption the newly expanded audit report. Further, I find that more key audit matters (KAMs) disclosed in an expanded report, crash risk will more likely to decrease. This shows that KAMs alerts investors noticing underlying risks and when they are making investment decisions. In addition, the negative relation between the amount of the key audit matters and crash risk will be more pronounced if they are disclosed by an industry specialist auditor.

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