本研究的目的在於深入分析與探討同業公司於年報中的文本揭露部分與公司次期績效的關聯性。以公司10-K年報中的MD&A部分作為文本揭露資料來源，並計算其財務正、負面詞彙出現頻率作為敘述語氣的情緒代理變數。研究樣本選自2001年至2021年於美國上市公司樣本。研究表明，當同業公司的MD&A敘述呈現更正面的語氣時，該公司的營運績效有望提升。同時，經過敏感性測試發現，公司績效可能不會根據新加入的同業MD&A敘述語氣而有所反應，以及公司的績效會受已發布一段時間的同業敘述語氣影響，但對於即時的敘述則不一定會反應。 此外，我們亦考慮產業環境帶來的影響，並證明在在資訊環境較差的產業環境中，MD&A對公司績效具有更顯著的影響。同時我們也發現在不同競爭型態的產業環境，公司如何使用同業敘述語氣方式也會有所不同。綜上所述，我們的實證結果提供了關於 MD&A揭露的訊息內容和企業同業效應的廣泛見解。;The purpose of this study is to deeply analyze and explore the correlation between the disclosure of text in annual reports and corporate performance. MD&A in the company′s 10-K annual report is used as the source of disclosure data, and the frequency of positive and negative financial words is calculated as the emotional proxy variable of narrative tone. The research sample was selected from the sample of listed companies in the United States from 2001 to 2021. Research has shown that when peer companies′ MD&A narratives take a more positive tone, the company′s operational performance is expected to improve. At the same time, the sensitivity test found that the company′s performance may not respond to the newly added MD&A narrative tone of the peer, and the company′s performance will be affected by the peer narrative tone that has been published for a period of time, but not necessarily respond to the immediate narrative. In addition, we also consider the impact of the industrial environment and show that MD&A has a more significant impact on company performance in an industrial environment with a poor information environment. At the same time, we also found that in different competitive industrial environments, how companies use peer narrative tone will be different. To sum up, our empirical results provide broad insights into the content of information uncovered by the MD&A and the corporate peer effects on firms.
