公司風險事項揭露與股價崩盤風險 —以臺灣半導體業為例

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江沛淇(Pei-Chi Chiang) 查詢紙本館藏

畢業系所

會計研究所

論文名稱

公司風險事項揭露與股價崩盤風險 —以臺灣半導體業為例
(The Impact of Firm’s Risk Factor Disclosures and Stock Price Crash Risk : An Example from the Semiconductor Industry in Taiwan)

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摘要(中)

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。

摘要(英)

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.

關鍵字(中)

★ 風險事項揭露
★ 股價崩盤風險
★ 資訊不對稱
★ 文本分析

關鍵字(英)

論文目次

目錄
摘要 i
Abstrct ii
致謝 iii
目錄 iv
表目錄 v
圖目錄 vi
第一章緒論 1
第二章文獻探討與假說發展 3
第一節風險事項揭露 3
第二節風險事項揭露與股價崩盤風險 6
第三章研究設計 8
第一節樣本選取與資料來源 8
第二節實證模型與變數定義 10
第四章實證結果 18
第一節敘述性統計與相關係數 18
第二節迴歸分析 22
第三節額外分析 24
第五章結論與建議 28
第一節研究結論與貢獻 28
第二節研究限制與建議 29
參考資料 30

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指導教授

王曉雯

審核日期

2023-6-27

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