本研究採用Lundholm and Myers (2002)的未來盈餘反應係數(Future Earnings Response Coefficient)之實證模型來檢測公司的審計品質是否可以提供台灣股票市場投資人有關未來盈餘的訊息進而反應在當年的股票報酬上。關於審計品質的衡量是以公司財務報表的簽證是否由四大會計師事務所來從事做爲其代理變數。研究樣本取自台灣經濟新報社(Taiwan Economic Journal)，從2000到2006年間在台灣證券交易所之上市公司或證券櫃檯買賣中心之上櫃公司，共4,154個公司－年觀察值。研究結果顯示審計品質增進了股票報酬與未來盈餘之關係。

This paper employs future response coefficient (FERC) methodology developed by Lundholm and Myers (2002) to investigate whether audit quality improves the informativeness of stock returns on future earnings. I use the choice of Big 4 CPA firms to proxy for audit quality. Using 4,154 firm-year observations collected from the Taiwan Economic Journal (TEJ) database for companies listed on Taiwan Stock Exchange or Gre Tai Securities Market, for the period of 2000-2006, I find evidence that the informativeness of stock returns on future earnings, measured as the future earnings response coefficient, increase with the audit quality.