研發活動揭露可讀性對公司價值之影響－ 以臺灣上市半導體產業為例

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姓名

陳奕文(Yi-Wen Chen) 查詢紙本館藏

畢業系所

會計研究所

論文名稱

研發活動揭露可讀性對公司價值之影響－以臺灣上市半導體產業為例
(The impact of R&D activities disclosure readability on company value measurement - Take Taiwan’s listed semiconductors industry for example)

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至系統瀏覽論文 (2029-7-9以後開放)

摘要(中)

研發活動揭露可讀性對公司價值之影響－
以臺灣上市半導體產業為例

摘要

本篇論文主要是為了探討公司年報研發活動揭露可讀性及公司價值之關聯，本研究推測了兩種可能的結果，在年報中研發活動揭露可讀性越高之公司，由於使用更簡單易懂語言的財務報告，能夠提高投資者對公司信息的理解，從而增加投資者的信心和公司價值；不過，也可能會因為過度的訊息揭露可能導致訊息過載，使投資者無法有效地處理和理解所有的訊息，進而影響對公司價值的評估。因此，本研究預期年報研發活動揭露可讀性與公司價值之關聯可能為正相關亦可能為負相關。
在樣本選取的部分，本篇論文以 2010 到 2021年臺灣上市半導體業當年度有發佈中文年報之公司為樣本，扣除掉無法擷取段落以及出現亂碼的樣本，有效之樣本筆數為 1086 筆。在額外測試中，將應變數公司價值以不同的方式作衡量，實證結果顯示，公司年報研發活動之敘述性揭露可讀性越佳，公司價值不論是以Tobin Q作衡量或是以ROE作衡量，皆呈現負相關。

摘要(英)

The impact of R&D activities disclosure readability on company value measurement -
Take Taiwan’s listed semiconductors industry for example

Abstract

This paper aims to explore the relationship between the readability of R&D disclosures in annual reports and company value. The study hypothesizes two possible outcomes. Companies with higher readability in their R&D disclosures, due to the use of simpler and more comprehensible language in financial reports, may enhance investors′ understanding of the company′s information, thereby increasing investor confidence and company value. However, it is also possible that excessive information disclosure may lead to information overload, preventing investors from effectively processing and understanding all the information, thus affecting their assessment of company value. Therefore, this study anticipates that the relationship between the readability of R&D disclosures in annual reports and company value may be either positive or negative.
For the sample selection, this thesis focuses on listed semiconductor companies in Taiwan that published Chinese annual reports from 2010 to 2021. After excluding the samples with unextractable paragraphs and garbled text, the number of valid samples is 1086. In the additional test section, different methods were used to measure the dependent variable, company value. The empirical results indicate that the better the readability of the narrative disclosure of R&D activities in the company′s annual report, the more negative the correlation with the company′s value, whether measured by Tobin′s Q or ROE.

關鍵字(中)

★ 研發費用
★ 文本可讀性

關鍵字(英)

★ Readability

論文目次

目錄

第一章緒論 ............................................................................................................... 1
第二章文獻探討與假說發展 ....................................................................................4
第三章研究設計 ..................................................................................................... 16
　　　　第一節樣本選取與資料來源 ..................................................................16
　　　　第二節實證模型 ......................................................................................19
　　　　第三節變數衡量 ......................................................................................21第四章實證結果 ......................................................................................................25　
　　　　第一節敘述性統計分析 ..........................................................................25
　　　　第二節相關係數分析 ..............................................................................26　
　　　　第三節迴歸分析 ......................................................................................28 第五章敏感性分析 ..................................................................................................32
第六章結論與建議 ..................................................................................................34
　　　　第一節研究結論與貢獻 ..........................................................................34
　　　　第二節研究限制與建議 ..........................................................................36
參考文獻 ....................................................................................................................37

參考文獻

參考文獻
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指導教授

王曉雯(Xiao-Wen Wang)

審核日期

2024-7-11

推文