本研究以 2011 年至 2019 年涉及重編之會計師查核的重編及非重編客戶客戶為樣本，探討市場於重編宣告後產生之負面反應，是否會傳染給涉及重編會計師查核的未重編公司，導致非重編公司產生負向累計異常報酬，並且進一步探討會計師具備之特質是否會對傳染效果帶來的負面反應造成影響。 實證結果證實市場對於重編宣告之負面反應具有傳染效果，會導致涉及重編會計師查核之其他非重編公司股價產生負向累計異常報酬。本研究更進一步發現，若會計師具備四大會計師事務所、產業專家或任期較長的特質，具備愈多特質的會計師，市場對其查核之非重編公司的負面反應會更加嚴重。;This study examines the market’s contagion effect on non-restatement companies audited by accountants involved in financial restatements, utilizing a sample consisting of all clients audited by accountants engaged in financial restatements from 2011 to 2019. The study investigates whether the negative reactions observed in the market following restatement announcements spread to non-restatement companies, resulting in negative cumulative abnormal returns for these non-restatement companies. Furthermore, our study investigates whether the accountants’ characteristics will impact the severity of the investors’ negative reactions induced by the contagion effect. Empirical results confirm the contagion effect of the markets’ negative reaction to restatement announcement, causing non-restatement companies audited by accountants involved in restatements to incur negative cumulative abnormal returns. Our study further finds that accountants with characteristics such as being from Big 4 accounting firms, industry experts, or having longer tenures, their non-restatement clients experience more severe negative reactions from the market.
