股東會年報是公司每年在股東大會上提交的報告，旨在向股東和利益相關 者提供公司在過去一年營運狀況及未來經營計劃，年報的揭露資訊品質對投資者有重要影響。本研究將家族企業類型分為控制型（FAM_FOCUS）與家族認同型（FAM_BROAD），探討其年報資訊揭露品質對公司價值(TOBIN’S Q)的影響。研究範圍涵蓋 2013 至 2022 年所有上市櫃公司的股東會年報，研究發現，控制型家族企業傾向於保守揭露語氣，並有較高的文字重複度，對公司價值產生負面影響，家族認同型企業在揭露新內容和揭露語氣較正面，雖然對公司價值的影響不顯著；年報中數字揭露越多且文字重複越少，公司價值越高。在中介效應測試中，無論是控制型家族企業還是家族認同型家族企業，其所有權對公司價值的影響主要是直接的，而非通過年報揭露品質來實現的。 ;The shareholder meeting annual report, submitted annually at shareholder meetings, aims to provide shareholders and stakeholders with an overview of the company′s past year operations and future business plans. The quality of information disclosed in these annual reports significantly impacts investors. This study categorizes family firms into controlling (FAM_FOCUS) and identity-driven types (FAM_BROAD), examining how their annual report disclosure quality affects company value (TOBIN’S Q) from 2013 to 2022 among all listed companies. Findings reveal that controlling family firms tend to disclose conservatively with higher text repetition, negatively affecting company value.Identity-driven firms disclose more new content and positive tones, though their impact on company value is not significant. Higher numerical disclosure and lower text repetition in annual reports correlate with better company value. Mediation tests indicate that ownership effects on company value are primarily direct rather than mediated by annual report disclosure quality.
