本篇研究旨在探討投資者情緒與查核報告日延遲之間關係。根據Baker and Wurgler（2006, 2007）建構的投資者情緒指數，研究結果發現，投資者情緒高漲時，查核報告日延遲較長；此結果反映投資者情緒高漲時期，管理階層為符合投資者及分析師預期，具有管理盈餘的動機，當會計師懷疑公司進行較高盈餘管理，為了提升審計品質降低查核風險，將增加查核工時，此時將導致查核報告日延遲。此外，本研究亦發現，在情緒高漲時期，大型會計師事務所基於風險及損失趨避，相較於小型會計師事務所，查核報告日延遲將較長。本文穩健性測試結果發現，在投資者情緒高漲期間，不論公司規模大小或產業訴訟風險高低，皆不會改變投資者情緒與查核報告日延遲間的正向關係。

Prior studies show that investors are often affected by the market sentiment and have irrational investment behavior when the capital market faces large price fluctuations. Therefore, investor sentiment plays a very critical role in the capital market. This paper focuses on the relationship between investor sentiment and audit report lag, and the results show that when investor sentiment is higher, the audit report lag is longer. It shows the auditor increases the audit work when the auditor suspects that managers has higher incentive to conduct earnings management. In addition, the results show that Big 4 auditors tend to avoid risks and losses, so Big 4 auditors have longer audit report lag than Non-Big 4 auditors in the high sentiment period. The robustness test results find that no matter the company size or the risk of industrial litigation, the positive relationship between investor sentiment and audit report lag does not change.

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