2020年至2021年間，台灣資本市場上多家來台第一上市櫃公司（KY公司）發生了會計醜聞，讓投資人再次視KY股為地雷股，避之唯恐不及。金融監督管理委員會也因應做出了許多改變，其中，於110年修改的「公開發行公司財務報告及營運情形公告申報特殊適用範圍辦法」，規定第一上市櫃公司(KY公司)於2021年開始第二季財務報表需經會計師查核簽證。本研究以結構改變差異中之差異法（difference-in-difference method）的方式探討財務報表在法規強制下進行核閱或是查核所造成之差異，分別以異常應計數以及盈餘反應係數衡量財務報表的品質以及投資人對財務報表反應的變化，並進一步探討此法規的影響是由何項因素所驅動的。本研究發現半年報由核閱改成查核確信僅在短期的盈餘品質上有所改善，長期的盈餘品質則沒有變化，盈餘反應係數也並未因查核與核閱的差異而有所變化。此結果無論是在傾向分數配對或是不控制公司績效的情況下都並未改變，另外，從盈餘反應係數的變化趨勢可以觀察到法案的實施仍然有起到讓盈餘反應係數停止下降並微幅上升的效果。

In Taiwan, all listed firms are required to have their quarterly financial reports reviewed by external auditors. However, due to several accounting scandals involving foreign initial listed companies (KY firms) in Taiwan from 2020 to 2021, the Taiwan Financial Supervisory Commission mandated that KY firms must have their semi-annual financial reports audited by external auditors. This created a unique characteristic in the domestic capital market compared to other markets. This study investigates the differences between auditing and reviewing practices in Taiwan. We examine a sample of all listed firms in Taiwan from 2019 to 2022 and measure the differences using discretionary accruals and earnings response coefficients (ERC) as key variables. Our findings indicate that transitioning from reviewing to auditing semi-annual financial reports only improves short-term accrual-based earnings quality, while long-term accrual-based quality remains unaffected. Additionally, there is no significant impact on investor perception of earnings quality resulting from this change, but the policy still restore investor’s confident by mitigating the declining trend of ERC of KY firms. Our study holds relevance for regulators in Taiwan.

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