本研究主要針對2014年至2017年上市（櫃）公司探討新式查核報告書與股價崩跌風險之關聯性。實證結果發現新式查核報告書與股價崩盤風險之間是呈現負向關係，換句話說，採用新式查核報告會降低股票報酬負偏斜度及漲幅波動率，說明在新式查核報告中的揭露提供投資者額外資訊，增加投資者對公司財務風險項目的關注，讓財務報導中可能隱匿訊息的風險性項目較易被投資者注意，有助其及早反應，搭配後續的資訊蒐集，可及早將風險或不確定項目訂價，使得管理者隱匿不利消息的效果降低，進而減輕未來股價發生崩跌的風險。

This research investigates the relationship between the extended audit reports and the stock price crash risk in listed companies from 2014 to 2017. It has been found in the positive analysis results that the extended audit report and the stock price crash risk are in a negative relationship. In other words, the adoption of extended audit reports will reduce negative skewness of stock remuneration and fluctuation rate of the price rise. This tells us that the disclosure in the extended audit reports provides additional information for the investors and increase the attention of the potential hidden message of the risk items in the financial statements, which could be noticed by the investors more easily and respond earlier. By combining with the subsequent information collection, they can establish price on the risks or undetermined items earlier such that the effect of hiding adverse messages by the controllers can be reduced. Furthermore, stock price crash risk can be reduced in the future.

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