Through the study of different types of market reaction to going concern audit opinions and the examination of the influence of institutional ownership on the market reaction to going-concern opinions, this paper discovers that CAR of the company issued by the going-concern audit opinion is significantly negative and CAR of the company issued by disclaimer of opinion is significantly stronger than modified audit reports without qualified opinion and qualified opinion, but there are no significant differences in the influence of the latter two audit opinions on CAR. We also find that institutional investors increase the differences of market reaction to different types of going-concern opinion. The results show that the going-concern audit opinion has information content and the institutional investors may increase the information content.