過去研究多以財務資訊偵測風險，少以非財務資訊進行探討，目前僅有美國有相關之研究，而我國目前並無相關研究，因此本論文欲探討不同財務狀況公司於致股東報告書特性的影響，蒐集曾經發生舞弊之9間公司、發生危機之7間公司，並依其產業搜尋同規模、龍頭公司進行配對後，最終樣本數共53間公司，由於樣本數較小，因此也更聚焦於產業特性及差異，且能更深入分析，年度則取t-2至t+2共五年為一區間進行比較，配合學者Beneish(1999)提出之M-Score與Altman(1968)提出之Z-Score模型進行輔助偵測舞弊、危機公司，觀察是否能發現當公司面臨不同財務狀況時，致股東報告書之內容是否有所變化。 透過將龍頭公司之致股東報報告書訓練成模組後，再將其他公司之連續五年致股東報告書段放入模組中，進行向量化得出餘弦及歐式距離，並繪製成散佈圖以利於觀察，結果顯示出舞弊公司及危機公司在餘弦的變化上比起龍頭、同規模公司還大，或者是餘弦與歐式幾乎無變化，也就是內容幾乎是複製貼上，這兩種極端情形發生，且意外也發現了龍頭公司比起其他不同財務狀況的公司，歐式距離變化較大，但餘弦變化不大。 ;In the past, most of the research was to detect risks with financial information, and less to explore with non-financial information. At present, there is a few relevant research in the United States, and there is no relevant research in Taiwan, so this paper intends to explore the influence of different financial status companies on the characteristics of shareholder reports. After collecting 9 companies with fraud and 7 companies with crisis, and matching them with the same size and leading companies according to their industry search, the final sample number is a total of 53 companies. Take t-2 to t+2 for a total of five years for a comparison. The M-Score proposed by the Beneish (1999) and the Z-Score model proposed by Altman (1968) are used to assist in the detection of fraud and crisis companies, and observe whether the content of the shareholders’ report has changed when the company is facing different financial conditions. After training the shareholder report of the leading company into a module, the five consecutive years of the shareholder report of other companies are put into the module, the cosine and European distance are quantified, and is drawn as a scatter map for observation. The results show two extreme cases that one is the change of cosine of fraudulent companies and crisis companies is larger than that of leading companies and the other is companies of the same size, the other is the cosine and European are almost unchanged, that is, the content is almost copied and pasted. Unexpectedly , it is also found that leading company’s European distance changes more , compared with other companies with different financial status.
