Abstract: On the basis of the opinions published on the stock bar platform by the small and medium investors(SMI), this paper empirically tests the responses of auditors towards the negative emotions of SMI groups. The results show that the more intense the negative sentiment of SMI groups is, the higher the auditors' auditing fee will be, and they will be more inclined to issue non-standard audit opinions without reserve. The result of a mechanism analysis shows that the stronger the negative sentiment of SMI groups are, the higher the probability of forming public opinion issues through network news media, thus more risks of listed companies being punished by administrative penalty and more risks of accounting firms being tied up in lawsuits will be seen; ultimately, the auditors' auditing fee will be affected and the probability of issuing non-standard audit opinions without reserve will be higher. The result of a regulating effect test shows that the relationship between the negative sentiment of SMI groups and auditors' audit fee and the probability of issuing non-standard audit opinions without reserve will be affected by the negative reports of news media and the professional

Key words: negative emotion of small and medium investor group, audit time investment, auditing fee, audit opinion