本文旨在探討關鍵查核事項是否對公司提列資產減損的市場反應造成影響，以事件研究法進行研究，計算出累積異常報酬衡量市場反應。利用台灣 2016 年至 2019 年上市櫃公司的資料，檢驗關鍵查核事項、資產減損與市場反應的關聯性。實證結果發現，當關鍵查核事項中提及資產減損時，會降低市場對公司提列資產減損的反應，進一步探討關鍵查核事項的特徵—內容長度與數量，發現關鍵查核事項的特徵會降低市場對公司提列資產減損的反應。上述結論可證明當關鍵查核事項提及資產減損科目時，有助於傳達資產減損所代表的意涵，進而降低市場反應，達到關鍵查核事項實施的目的，讓查核報告擁有更高的透明度，俾增進查核報告之溝通價值。

This study uses Taiwan-listed firms in nonfinancial industries during 2016-2019 to examine the mediation effect of key audit matters (KAMs) on the association between asset impairment and market reaction. This study uses the event study method to calculate the cumulative abnormal returns (CARs) as the proxy for market reaction. The results indicate that the market reaction to the asset impairment will reduce when asset impairment is referred to in the KAMs. We further consider the effect of the length of KAM content and the numbers of disclosure KAM items and find the features of KAMs will reduce the market
reaction to the asset impairment. Disclosure of asset impairment in KAMs can help convey the meaning of asset impairment more clearly, thereby reducing market reaction. To summarize, the results show that the aims at implementing KAMs, such as making the audit report more transparent and enhancing the communication value of the audit report, are achieved.

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