本研究主要探討未預期審計公費與公司股票崩盤風險之間之關係。從研究結果中，我們發現當會計師收受越高的未預期審計公費，受查公司在下一年度越有可能發生股票價格的崩盤。此實證結果反映了當資訊不透明的程度提高，將很可能造成公司未來股價崩盤。本篇論文之理論建構在整體資本市場角度，使用新的衡量方式──未預期審計公費，來定義會計師與受查客戶之關係，及其關係的變化，探討其造成股價崩盤的原因。本篇研究可以提供給所有市場參與者，包含利害關係人與監理機關作為參考，我們建議所有市場參與者應將未預期審計公費的資訊作為一項評估公司財務狀況和風險的指標。;In this study, we examine the unexpected audit fees on the future stock price crash with firm-level evidence. The results of our empirical research conjecture that with a higher level of unexpected audit fees, the company has a higher possibility of facing stock price crashes in the next year, reflecting that the extent of information opacity increases, and the possibility of the firm’s future stock price crash raises. We construct an inference including all market participants. Using a new measure, unexpected audit fees, to define the relationship between auditors and clients, we discuss and empirically test that unexpected audit fees and its changes resulting in future stock price crash. Our work suggest that stakeholders and regulators should be aware that the unexpected audit fees implies a negative indicator when evaluating a firm’s financial condition.
