公司風險事項揭露對投資效率之影響 -以臺灣半導體業為例

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：116

、訪客IP：13.58.137.218

姓名

黃愉晏(Yu-Yen Huang) 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投資效率之影響 -以臺灣半導體業為例
(The impact of firm’s risk factor disclosures on investment efficiency -Take the Taiwan′s semiconductor industry as an example)

相關論文

★ 以房養老貸款政策-由台灣金融業之觀點論析	★ 企業導入電子商務對經營績效之影響－以N公司為例
★ 台灣網通業應收帳款管理-論析信用保險之功能	★ 蘋果概念股金屬機殼產業之投資分析
★ 由鑑識會計角度偵測公司之舞弊－以某個案公司為例	★ 企業流程再造－以某食品原料加工公司之報價作業流程為例
★ 企業資源規劃系統導入之關鍵成功因素與效益評估－以某個案公司為例	★ 企業組織再造之分析－以某醫材業公司為例
★ 金融機構執行共同申報及盡職審查作業辦法之影響	★ 中美貿易戰對台灣企業之影響 -以某公司為例
★ 管理報表編制對企業經營績效之影響—以Ａ公司為例	★ 現金減資宣告之股價異常報酬-以台灣上市公司為例
★ 公司價值評估－以半導體產業某公司為例	★ 公司併購價格之決定-以電子業大聯大收購文曄為例
★ 製造業轉型之研究-以某個案公司為例	★ 鑑識會計於政府採購招標階段之應用

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

至系統瀏覽論文 (2026-6-1以後開放)

摘要(中)

本研究主要探討企業年報中風險事項段揭露程度對其自身的投資效率之影響，以法規開始強制要求於年報中揭露風險事項段之2003年至2020年166間臺灣上市櫃半導體公司作為研究對象。由於國外與國內皆有對年報中風險資訊揭露的法規規範，可見風險資訊的重要性，且鮮少國內文獻對年報中風險資訊的揭露進行研究，因此本研究從與以往不同的角度切入年報中的資訊揭露，著重於研究年報中風險資訊揭露對投資效率的影響。經實證結果發現，當企業於年報中風險事項段揭露其存在越多風險事項所述之情形，或該等事項對公司有影響時，可能會提高投資人的風險認知，造成投資人的恐慌，導致該企業資金成本過高或資金不足，最終降低其投資效率，且經過加入自願揭露之風險事項及替換投資效率模型的敏感性分析後，皆不影響實證結果。除此之外，本研究進一步發現，只有企業明確寫出其存在該風險事項所述之情形，或該等情形對公司有影響時，才會對投資人風險認知產生影響，進而降低投資效率。

摘要(英)

This research mainly examines the impact of risk disclosure in annual reports on investment efficiency in firms, and takes 166 listed companies in Taiwan semiconductor industry from 2003, when firms are mandatory to disclose risk information in annual reports according to regulations, to 2020 as the sample for our study. Since there are laws and regulations of risk information disclosure in annual reports both at home and abroad, the importance of risk information can be seen, and there are few domestic literatures studying on risk information disclosure in annual reports. Therefore, this study cuts into information in annual reports from a different angle which focuses on studying the impact of risk information disclosure in the annual report on investment efficiency. The empirical results find that the more a company discloses the existence of the situations described by the risk matters or such situations have impacts on the company in the section on risks in annual report, the higher investors′ risk perception and will cause investors′ panic. As a result, the company′s capital cost will be too high or its capital will be insufficient, which ultimately reduces its investment efficiency. The empirical result is not affected adding the voluntary risk information disclosure and replacing the investment efficiency model. In addition, this study further finds that only when a company clearly explains that the situations described by the risk matters exist or such situations have impacts on the company will affect the investors′ risk perception, thereby reducing the firm’s investment efficiency.

關鍵字(中)

★ 資訊揭露
★ 風險資訊揭露
★ 投資效率

關鍵字(英)

論文目次

目錄
摘要 i
Abstract ii
致謝 iii
第一章緒論 1
第二章文獻探討與假說發展 3
第一節投資效率 3
第二節年報中風險事項段之揭露 4
一、國內與風險事項揭露有關之規範 4
二、國外與風險揭露有關之規範及文獻探討 6
第三節年報中風險事項段之揭露與投資效率 7
第三章研究設計 9
第一節樣本選取過程與資料來源 9
第二節實證模型與變數衡量 10
一、實證模型 10
二、變數衡量 12
第四章實證結果 23
第一節敘述性統計與相關係數 23
第二節迴歸結果 28
第五章額外分析 32
第一節替換年報中風險事項段揭露內容之類型 32
第二節各風險事項段揭露指標對投資效率影響 34
第六章敏感性分析 38
第一節加入自願揭露之風險事項考量 38
第二節替換投資效率模型 40
第七章結論與建議 42
參考文獻 44

表目錄
表一樣本篩選過程 9
表二風險事項段揭露指標 15
表三風險事項揭露內容分類 16
表四風險事項揭露指標歸類釋例 17
表五敘述性統計 24
表六假說一之相關係數矩陣 26
表七年報中風險事項段揭露程度對投資效率之影響 29
表八年報中風險事項段揭露程度對投資過度及投資不足之影響 31
表九替換年報中風險事項段揭露內容之類型對投資效率之影響 33
表十各風險事項段揭露指標對投資效率之影響 35
表十一年報中風險事項段揭露程度對投資效率之影響-加入自願性揭露之風險事項 39
表十二年報中風險事項段揭露程度對投資效率之影響-替換投資效率模型 41

參考文獻

參考文獻
中文文獻
李貴富（2020）。採行國際財務報導準則對公司的外資及其投資效率之影響。證券市場發展季刊，32(2)，1–38。
洪儒魁（2021）。研發活動敘述性揭露對供應鏈夥伴投資效率之影響-以台灣半導體業為例。國立中央大學碩士論文。
英文文獻
Abel, A. B., & Blanchard, O. J. (1986). The Present Value of Profits and Cyclical Movements in Investment. Econometrica, 54(2), 249–273.
Abel, A. B., & Eberly, J. C. (1998). The mix and scale of factors with irreversibility and fixed costs of investment. Carnegie-Rochester Conference Series on Public Policy, 48, 101–135.
Almeida, H., & Campello, M. (2007). Financial Constraints, Asset Tangibility, and Corporate Investment. The Review of Financial Studies, 20(5), 1429–1460.
Anthony, J. H., & Ramesh, K. (1992). Association between accounting performance measures and stock prices: A test of the life cycle hypothesis. Journal of Accounting and Economics, 15(2), 203–227.
Baker, M., Stein, J. C., & Wurgler, J. (2003). When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms*. The Quarterly Journal of Economics, 118(3), 969–1005.
Beri Jr, A. A., & Means, G. C. (1932). The modern corporation and private property. New York: Macmillan.
Biddle, G. C., & Hilary, G. (2006). Accounting Quality and Firm‐Level Capital Investment. The Accounting Review, 81(5), 963–982.
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2), 112–131.
Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of Accounting and Economics, 32(1), 237–333.
Campbell, J. L., Chen, H., Dhaliwal, D. S., Lu, H., & Steele, L. B. (2014). The information content of mandatory risk factor disclosures in corporate filings. Review of Accounting Studies, 19(1), 396–455.
Cao, Y., Wang, J., & Yu, L. (2012). An empirical study on corporate social responsibility information disclosure and investment efficiency. Management World, 12, 183–185.
Chen, F., Hope, O.-K., Li, Q., & Wang, X. (2011). Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets. The Accounting Review, 86(4), 1255–1288.
Chiu, T.-T., Guan, Y., & Kim, J.-B. (2018). The Effect of Risk Factor Disclosures on the Pricing of Credit Default Swaps. Contemporary Accounting Research, 35(4), 2191–2224.
Chowdhury, J., Kumar, R., & Shome, D. (2016). Investment–cash flow sensitivity under changing information asymmetry. Journal of Banking & Finance, 62, 28–40.
Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin’s q. Financial management, 70–74.
Cutillas Gomariz, M. F., & Sánchez Ballesta, J. P. (2014). Financial reporting quality, debt maturity and investment efficiency. Journal of Banking & Finance, 40, 494–506.
D’Mello, R., & Miranda, M. (2010). Long-term debt and overinvestment agency problem. Journal of Banking & Finance, 34(2), 324–335.
Durnev, A., Morck, R., & Yeung, B. (2004). Value-Enhancing Capital Budgeting and Firm-specific Stock Return Variation. The Journal of Finance, 59(1), 65–105.
Fazzari, S., Hubbard, R. G., & Petersen, B. (1988). Investment, Financing Decisions, and Tax Policy. The American Economic Review, 78(2), 200–205.
Francis, J. R., Khurana, I. K., & Pereira, R. (2005). Disclosure Incentives and Effects on Cost of Capital around the World. The Accounting Review, 80(4), 1125–1162.
Frank, M. Z., & Shen, T. (2016). Investment and the weighted average cost of capital. Journal of Financial Economics, 119(2), 300–315.
Gao, X., Xu, W., Li, D., & Xing, L. (2021). Media coverage and investment efficiency. Journal of Empirical Finance, 63, 270–293.
Gaulin, M. P. (2017). Risk Fact or Fiction: The Information Content of Risk Factor Disclosures [Thesis, Rice University].
Hassett, K. A., & Hubbard, R. G. (1998). Are Investment Incentives Blunted by Changes in Prices of Capital Goods? International Finance, 1(1), 103–125.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1), 405–440.
Hope, O.-K., Hu, D., & Lu, H. (2016). The benefits of specific risk-factor disclosures. Review of Accounting Studies, 21(4), 1005–1045.
Isiaka, A. S. (2018). Literature Review and Research Opportunities on Risk Factor Disclosures (SSRN Scholarly Paper No. 3157702). Social Science Research Network.
Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323–329.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360.
Kaplan, S. N., & Zingales, L. (1997). Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?*. The Quarterly Journal of Economics, 112(1), 169–215.
Kravet, T., & Muslu, V. (2013). Textual risk disclosures and investors’ risk perceptions. Review of Accounting Studies, 18(4), 1088–1122.
Lai, S.-M., Liu, C.-L., & Wang, T. (2014). Increased disclosure and investment efficiency. Asia-Pacific Journal of Accounting & Economics, 21(3), 308–327.
Leuz, C., & Verrecchia, R. E. (2000). The Economic Consequences of Increased Disclosure. Journal of Accounting Research, 38, 91–124.
Li, F. (2006). Do Stock Market Investors Understand the Risk Sentiment of Corporate Annual Reports? (SSRN Scholarly Paper ID 898181). Social Science Research Network.
McNichols, M. F., & Stubben, S. R. (2008). Does Earnings Management Affect Firms’ Investment Decisions? The Accounting Review, 83(6), 1571–1603.
Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261–297.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147–175.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221.
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3–46.
Rad, S. S. E., Embong, Z., Mohd-Saleh, N., & Jaffar, R. (2016). FINANCIAL INFORMATION QUALITY AND INVESTMENT EFFICIENCY: EVIDENCE FROM MALAYSIA. 23.
Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11(2), 159–189.
Slovic, P., Fischhoff, B., & Lichtenstein, S. (1981). Facts and Fears: Societal Perception of Risk. ACR North American Advances, NA-08.
Verdi, R. S. (2006). Financial Reporting Quality and Investment Efficiency. SSRN Electronic Journal.
Whited, T. M., & Wu, G. (2006). Financial Constraints Risk. The Review of Financial Studies, 19(2), 531–559.
網路資料
公開發行公司年報應行記載事項準則§20-全國法規資料庫。2022年3月20日，取自 https://law.moj.gov.tw/LawClass/LawSingle.aspx?pcode=G0400022&flno=20
TWSE公司治理中心。2022年3月20日，取自 https://cgc.twse.com.tw/evaluationCorp/listCh

指導教授

王曉雯

審核日期

2022-6-27

推文