本篇研究欲了解會計師新式查核報告（Extended audit report）是否影響公司股價捕捉公司個體資訊之程度，利用財務股價同步性（Stock Price Synchronicity）衡量市場對公司個體資訊之反應，另外本研究探討公司原始資訊環境是否影響新式查核報告與股價同步性之間的關係，最後本文檢測了新式查核報告之資訊量多寡影響股價同步性的程度。由於目前僅有英國強制要求特定公司採用新式查核報告，因此本文使用於英國倫敦證券交易所上市之公開發行公司資料。實證結果發現有採用新式查核報告之公司（Premium公司）較未採用者（AIM公司），以及採用新式查核報告前後相比，股價同步性均有顯著的下降，且下降的效果具有時間持續性，此研究支持了會計師新式查核報告能提供投資人增額的公司個體資訊；此外筆者發現公司原始資訊環境越差（好），股價同步性下降的效果越顯著（不顯著）；最後本文也證實了新式查核報告中的資訊揭露量越多，股價越能反映公司個體資訊。

This study examines whether the extended audit reports influence the stock price with regard to capturing firm-specific information. We use stock price synchronicity to measure the mix of information available about a firm, with lower synchronicity indicating more firm-specific information (or less industry and market-wide information). Because the United Kingdom was the first country mandating specific public companies to adopt extended audit reports, we take premium listed companies on the London Stock Exchange as our main treatment sample. The results indicate that firms which adopt extended audit reports have lower synchronicity, suggesting that extended audit reports encourage more firm-specific information to be released to the market. Furthermore, we find evidence that this effect persists for subsequent periods and is more pronounced for firms which originally had poorer information environment. Finally, our study verifies that the greater the disclosure of key audit matters, the greater the firm-specific information that can be capitalized into stock prices. In conclusion, our findings indicate that extended audit reports can truly provide more firm-specific information to investors.

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