查核報告是會計師簽證業務的最終產品，為會計師就該公司財務報表是否允當表達其實際經濟情況的專家意見，其主要功能為提供投資人與債權人作為投資授信決策參考。而其中保留意見的簽發則表示該公司的財務報表有受到限制，未能允當表示公司財務與經營狀況。然而，會計師查核意見是否受到投資人，令人懷疑。過去研究者亦多針對保留意見是否具有資訊內涵進行研究，但因所使用的研究方法不同，研究結果亦多有分歧。本文擬應用Ohlson（1995）之會計基礎評價模型（accounting based valuation model ），並加入保留意見虛擬變數，嘗試從價值攸關性的角度，對台灣資本市場近十年之上市公司，驗證會計師查核保留意見和股價之攸關性，進而探討保留意見是否如同財務報表附註揭露一般對投資人具有參考價值。

　　本研究選取民國80年至89年共10年之上市公司共2249家為樣本，將其分為1.長期投資、2.違反一致性基礎、3.違反一般公認會計原則、4.繼續經營疑慮、5.其他未確定事項，分別驗證1.整體保留意見是否對股價造成負的影響。2.個別類型保留意見對股價是否有影響。3.首次出現保留意見，是否對股價有影響。
　　本研究獲得結論如下；
一、 整體保留意見會對股價造成負的影響
二、 違反一致性保留意見不會對股價產生負的反應
三、 長期投資、違反一般公認會計原則、繼續經營及其他未確定事項會對股價產生負的影響。
四、 首次出現保留意見樣本具有負的反應。

　　Previous research regarding whether the announcements of qualified audit opinions impact stock returns is inconclusive.　With Ohlon(1995) Accounting based valuation model, this paper examines the effect of qualified audit opinions on stock prices in Taiwan. There are totally 2249 qualified and nonqualified audit opinions collected during 1991 to 2000.　To further investigate the relationship between the announcements of any specific type of qualified audit opinions and stock returns, qualified audit opinions are classified into various groups.　The major findings are:
1. Significant negative stock price are observed at the dates of issuing qualified audit opinions on an overall basis.
2. When the observed company has qualified audit opinions on a continuous basis, the impact on stock price is insignificant.
3. The impact on the stock price of the other four kinds of qualified audit opinions is significantly negative.
When the observed company has qualified audit opinions at its first time, the stock price are significantly negative.

一、 中文部分：
1. 林蕙真，”保留意見審計報告對股價影響之研究”，會計研究月刊，民國八十二年六月。

2. 林耿步，” 台灣證券市場上市公司保留意見審計報告所含資訊內容之研究”，私立輔仁大學管理科學研究所未出版碩士論文，民國七十八年六月。

3. 李煥堂，”由累積異常報酬探討保留意見之資訊內涵”，私立東吳大學會計學研究所未出版碩士論文，民國八十三年六月。

4. 吳碩然，”由累積異常報酬率探討修正式無保留意見之資訊內涵”，國立台北大學會計學研究所未出版碩士論文，民國九十一年六月。

5. 沈中華、李建然，” 審計保留意見之資訊內涵考慮股價漲跌幅限制之事件研究法”， 證券櫃檯，民國八十八年五月。

6. 陳玫慧，”會計師簽發保留意見與股票報酬-台灣市場的實證”，私立逢甲大學會計學研究所未出版碩士論文，民國八十九年六月。

7. 楊孟萍，”審計品質對交易量影響之研究”，國立台灣大學會計學研究所未出版碩士論文，民國八十三年六月。

8. 楊孟萍，” 會計師查核對半年報資訊價值影響之研究”，國立台灣大學會計學研究所未出版博士論文，民國八十八年六月。

9. 項政，” 會計師查核意見、財務危機與股價反應之研究”，國立中央大學企業管理研究所未出版碩士論文，民國八十八年六月。

10. 張青霞，” 兩稅合一制度下「股東可扣抵稅額」於企業評價之角色-Ohlson模型之應用”，國立政治大學會計學研究所為出版碩士論文，民國九十年六月。

11. 賴永發，” 由盈餘反應係數探討保留意見之資訊內涵”，私立東吳大學會計學研究所未出版碩士論文，民國八十五年六月。

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17. Jones, F., 1996, “The information Content of the Auditor’s Going-Concern Evaluation”, Journal of Accounting and Public Policy 15, pp.1-27.

18. Loudder, M. L., I. K. Khurana, R. B. Swyers, C. Cordery, C. Johnson, J. Lowe, and R. Wunderle, 1993, “The Information Content of Audit Qualifications”, Auditing : A Journal of Practice and Theory (Spring), pp.612-634.

19. Melumad, Nahum, D. and Amir Ziv, 1997, “A Theoretical Examination of the Market Reaction to Auditors’ Qualifications”, Journal of Accounting Research 35, pp.239-259.

20. Ohlson, J.A., 1995, “Earnings, Book Values, and Dividends in Equity valuation”, Contemporary Accounting Research (Spring), pp.661-687.