公司風險事項揭露對盈餘資訊性之影響

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姓名

洪子婷(Tzu-Ting Hung) 查詢紙本館藏

畢業系所

會計研究所

論文名稱

公司風險事項揭露對盈餘資訊性之影響
(The Impact of Risk Factor Disclosures on Earnings Informativeness)

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至系統瀏覽論文 (2027-6-30以後開放)

摘要(中)

我國金管會於2003年首次將風險揭露事項列入法規，於《公開發行公司年報應行記載事項準則》第20條第六款中，要求企業敘述各項風險對企業之可能影響與其相關因應措施，將其應對各項風險的計畫提供給年報使用者，以利使用者更清楚企業對整體營運風險的規劃。為了檢測年報中風險事項段落之揭露是否對投資人產生影響，而造成企業股票報酬與盈餘之連結降低，本研究採用Collins et al. (1994)之盈餘反應係數模型，以當期盈餘反應係數(ERC)以及未來盈餘反應係數(FERC)來捕捉企業風險資訊的揭露對盈餘資訊性之影響。實證結果顯示，當企業揭露的風險事項越多，會影響投資人對企業盈餘持續性或經營風險的解讀及評估，認為企業風險增加而降低盈餘持續性，導致投資人調整對企業股票評價，對股票報酬產生影響，而有較低的當期以及未來盈餘資訊性。

摘要(英)

In 2003, the Financial Supervisory Commission listed risk factor disclosures matters for the first time in regulations. In the “Regulations Governing Information to be Published in Annual Reports of Public Companies” Article 20, Subparagraph 6, requiring companies to describe the possible impact of various risks on the company and its relevant countermeasures, and provide their plans to deal with various risks to the public, so that users of the annual report can better understand the company′s overall operational risk planning. In order to test whether the risk factor disclosures paragraph in the annual report has an impact on investors, resulting in a decrease in the link between the company′s stock return and earnings, this study uses the earnings response coefficient model of Collins et al. (1994) to calculate the current earnings response coefficient (ERC) and future earnings response coefficients (FERC) to capture the impact of company risk factor disclosures on earnings informativeness. The empirical results show that the more risk matters disclosed by the company, it will affect investors′ interpretation and assessment of the company′s earnings continuity or operating risk, this leads to investors′ adjustment to the company′s stock evaluation, which has an impact on stock returns, and has low current and future earnings informativeness.

關鍵字(中)

★ 風險資訊揭露
★ 盈餘反應係數
★ 未來盈餘反應係數
★ 盈餘資訊性

關鍵字(英)

★ Risk factor disclosure
★ earnings response coefficient (ERC)
★ future earnings response coefficients (FERC)
★ earnings informativeness

論文目次

摘要 i
Abstract ii
目錄 iii
表目錄 v
圖目錄 v
壹、緒論 1
貳、文獻探討與假說發展 3
一、風險資訊揭露 3
二、研究假說 6
參、研究設計 8
一、樣本選取與資料來源 8
二、實證模型 9
三、變數解釋與衡量 10
肆、實證結果分析 17
一、敘述性統計及相關係數矩陣 17
二、迴歸實證結果 20
伍、敏感性分析 25
陸、結論與建議 30
參考文獻 31

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指導教授

王曉雯(Hsiao-Wen Wang)

審核日期

2022-7-14

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