本研究探討企業風險事項揭露程度與股價崩盤風險之關聯，並以2015 年至2021年台灣半導體上市上櫃公司作為研究樣本。實證結果顯示，年報風險事項揭露程度與股價崩盤呈顯著負相關，亦即當公司年報風險事項揭露程度越高時，可使外部關係人對於公司的經營狀況能有更全面了解，資訊不對稱之情形得以改善，進而使得未來股價崩盤風險降低。此外，本研究針對無明確揭露是否存在風險之事項與股價崩盤風險進行額外探討。結果顯示，當企業未明確揭露企業是否存在風險時並不會影響其股價崩盤之風險。綜上所述，本研究提供風險事項段落具有資訊內涵之實證證據。;This study examines the relationship between the disclosure level of risk factor and the stock price crash risk. This study uses listed companies in Taiwan’s semiconductor industry from 2015 to 2021 as the research sample. The empirical results indicate a significant negative correlation between the disclosure level of risk factor in annual reports and the stock price crash risk. When the disclosure level of risk factor in annual reports is higher, external stakeholders can gain a more comprehensive understanding of the company′s operational condition, leading to an improvement in information asymmetry and a reduction in the risk of future stock price collapse. Additionally, this study explores the relationship between the non-disclosure of explicit risk items and the stock price crash risk. The results indicate that the lack of explicit disclosure regarding the existence of risks does not affect the stock price crash risk. In summary, this study provides empirical evidence that the risk items section contains informational content.
