本研究主要探討企業年報中風險事項段揭露程度對其自身的投資效率之影響，以法規開始強制要求於年報中揭露風險事項段之2003年至2020年166間臺灣上市櫃半導體公司作為研究對象。由於國外與國內皆有對年報中風險資訊揭露的法規規範，可見風險資訊的重要性，且鮮少國內文獻對年報中風險資訊的揭露進行研究，因此本研究從與以往不同的角度切入年報中的資訊揭露，著重於研究年報中風險資訊揭露對投資效率的影響。經實證結果發現，當企業於年報中風險事項段揭露其存在越多風險事項所述之情形，或該等事項對公司有影響時，可能會提高投資人的風險認知，造成投資人的恐慌，導致該企業資金成本過高或資金不足，最終降低其投資效率，且經過加入自願揭露之風險事項及替換投資效率模型的敏感性分析後，皆不影響實證結果。除此之外，本研究進一步發現，只有企業明確寫出其存在該風險事項所述之情形，或該等情形對公司有影響時，才會對投資人風險認知產生影響，進而降低投資效率。;This research mainly examines the impact of risk disclosure in annual reports on investment efficiency in firms, and takes 166 listed companies in Taiwan semiconductor industry from 2003, when firms are mandatory to disclose risk information in annual reports according to regulations, to 2020 as the sample for our study. Since there are laws and regulations of risk information disclosure in annual reports both at home and abroad, the importance of risk information can be seen, and there are few domestic literatures studying on risk information disclosure in annual reports. Therefore, this study cuts into information in annual reports from a different angle which focuses on studying the impact of risk information disclosure in the annual report on investment efficiency. The empirical results find that the more a company discloses the existence of the situations described by the risk matters or such situations have impacts on the company in the section on risks in annual report, the higher investors′ risk perception and will cause investors′ panic. As a result, the company′s capital cost will be too high or its capital will be insufficient, which ultimately reduces its investment efficiency. The empirical result is not affected adding the voluntary risk information disclosure and replacing the investment efficiency model. In addition, this study further finds that only when a company clearly explains that the situations described by the risk matters exist or such situations have impacts on the company will affect the investors′ risk perception, thereby reducing the firm’s investment efficiency.
