本研究旨在探討管理者能力、管理層討論與分析 (MD&A) 語調以及 MD&A 語調對盈餘資訊性的影響。根據過去的文獻，我們提出了三個假設：第一，MD&A語調與管理者能力呈正相關；第二，管理者能力正面調節MD&A語調與市場流動性之間的關聯；第三，管理者能力正面調節MD&A語調與股權成本之間的關聯。 透過對多家美國及加拿大企業的實證數據進行分析，我們發現管理者能力與管理層討論與 MD&A 語調之間呈現正顯著的關係，且管理者能力在市場流動性及股權成本與MD&A語調之間也存在顯著的調節作用。研究結果顯示，當管理者能力越高時，其語調的選擇也會更趨向於確定。且能力高的管理者在MD&A語調與市場流動性之間具有顯著的正面調節作用，表明管理者能力提升了MD&A語調對市場流動性的正面影響。此外，能力高的管理者在MD&A語調與股權成本之間也具有顯著的調節作用，表明管理者能力增加了MD&A語調對股權成本的影響。 綜合上述的結果，本研究為管理者能力對於企業訊息的揭露提供了新的見解。能力高的管理者可能會因為具備更為豐富的專業知識及公司內部資訊，使得 MD&A 語調偏向確定。且管理者能力也影響著MD&A語調與市場間的效果，其提升了市場流動性並降低股權成本，這對企業的財務決策和投資者的評估具有重要意義。這些發現突顯了管理者能力在財務報告和市場反應中的關鍵角色，為企業管理實踐和政策制定提供了實證的支持。;The aim of this study is to investigate the relationship between managerial ability, MD&A tone, and the informativeness of earnings. Based on previous literature, we propose three hypotheses: first, there is a positive relationship between MD&A tone and managerial ability; second, managerial ability positively moderates the relationship between MD&A tone and market liquidity; third, managerial ability negatively moderates the relationship between MD&A tone and cost of capital. Through empirical analysis of data from multiple U.S. and Canadian companies, we find a significant positive relationship between managerial ability and MD&A tone. Additionally, managerial ability significantly moderates the relationship between MD&A tone and both market liquidity and cost of capital. High-ability managers may use more deterministic language in complex environments, and they enhance the positive impact of MD&A tone on market liquidity and cost of capital. In conclusion, our study provides new insights into the role of managerial ability in corporate information disclosure. Managers with higher ability may exhibit a more deterministic MD&A tone due to their extensive professional knowledge and access to internal company information. Managerial ability also influences the effect of MD&A tone on the market, enhancing market liquidity and reducing the cost of equity. This has significant implications for corporate financial decisions and investor evaluations. These findings highlight the critical role of managerial ability in financial reporting and market reactions, providing empirical support for corporate management practices and policy formulation.
