過去台灣在實施自願性財務預測制度之後，企業揭露的數量逐年減少，因此本研究檢驗了企業另一種揭露管道：年報，期望能透過新的方式替代自願性財務預測來改善此問題。本研究主要探討的議題為公司治理對年報中前瞻性資訊揭露的影響，同時檢驗前瞻性資訊揭露對於未來盈餘的影響力。本研究採用台灣2012至2016年上下市(櫃)公司的年報做為樣本來源，研究發現公司治理會對前瞻性資訊揭露有影響，機構所有人持股、內部人持股、董事會規模、董事會組成、董事會會議頻率對前瞻性資訊揭露有影響。本研究進一步發現前瞻性資訊揭露會提升當前股價對於未來盈餘的影響力，並且擁有較好公司治理的企業所揭露的前瞻性資訊對未來盈餘影響力較強。;After Taiwan introduced the voluntary financial forecast disclosure system, enterprise declined their disclosure willingness year by year. Therefore, this paper examine annual report, the other way company may disclosure their private information, to improve this problem. The main topic in this study is whether the forward-looking statements driven by governance are informative about future earnings. We collect our data from annual report of company during 2012 to 2016. Our variables including institutional ownership, insider ownership, board size, board composition, and board meeting frequency. These results suggest that better corporate governance improves annual report. We further find that the forward-looking statements improve the stock market’s ability to anticipate future earnings and better corporate governance of well governed firms would strongly influence the ability to anticipate future earnings.
