本篇論文主要係為探討公司年報研發揭露可讀性及其會計穩健性與權益資金成本 之關聯，並檢測研發揭露可讀性是否具調節效果，亦即研發揭露可讀性越高是否能增強 會計穩健性對權益資金成本之負向關係，本研究推測年報研發揭露可讀性越佳、會計穩 健性越高之公司，將可有效降低公司與外部投資人之間的資訊不對稱，進而降低外部投 資人對公司要求之風險貼水，使公司籌資成本降低，因此，預期年報研發揭露可讀性、 會計穩健性對權益資金成本之關聯均為負向相關，而樣本選取方面，本篇論文以 2010 至 2019 年臺灣上市資訊電子業當年度有發布英文版年報之公司為樣本，共計公司家數為 162 家，有效之樣本筆數為 566 筆。 實證結果證明，公司年報研發活動之敘述性揭露可讀性越佳，將可有效降低公司之 權益資金成本，此外，公司之會計穩健性越高，亦將能有效降低公司之權益資金成本， 最後，檢驗研發揭露可讀性是否具調節效果方面，結果同樣顯示公司年報研發揭露可讀 性越佳，將可有效增強會計穩健性對權益資金成本之負向關係，因此，本篇論文所提出 之三項假說，均獲得支持。;This paper is mainly to explore the relationship between the readability of R&D disclosure and the cost of equity capital, and the relationship between accounting conservatism and the cost of equity capital. And then to test whether the readability of R&D disclosure has the moderating effect, that is, whether the higher the readability of R&D disclosure can enhance the negative relationship between accounting conservatism and the cost of equity capital. This paper speculates that the better the readability of the company’s R&D disclosure or the higher its accounting conservatism, it will effectively reduce the information asymmetry between the company and external investors, thereby reducing the risk premium required by external investors on the company and reduce the company’s financing costs. Therefore, this paper expects that the readability of R&D disclosure and accounting conservatism are negatively related to the cost of equity capital. The sample of this paper is based on the information and electronic industry listed in Taiwan from 2010 to 2019 and that company must issue the English version of the annual report in that year. The total number of companies is 162, and the number of valid samples is 566. The empirical results prove that the better readability of R&D disclosures will effectively reduce the company′s cost of equity capital. In addition, the higher the company’s accounting conservatism will also effectively reduce the company’s cost of equity capital. Finally, we test whether the readability of R&D disclosure has the moderating effect. The results also show that the better the readability of R&D disclosure, it will effectively enhance the negative relationship between accounting conservatism and the cost of equity capital. Therefore, the three hypotheses proposed in this paper are all supported.
