本研究旨在探討不同的公司治理品質對於文字資訊揭露水準的影響。針對年報中閱讀門檻較低且公司管理階層揭露能動性較高的致股東報告書文本資訊與公司治理評鑑之間的關聯性進行探討。本研究係蒐集2016年至2018年上市(櫃)非金融業公司為研究對象，共計3,852筆觀察值，以文字探勘技術對致股東報告書文本進行分析，並以迴歸模型進行實證。文本分析發現，較之公司治理評鑑等級高的企業，公司治理評鑑等級低的公司會限制其文字內容無法被分析解讀；易發生致股東報告書中董事會與經營層均無簽名蓋章之狀況；會較少提及涉及公司營業結果及經營情況，而傾向陳述公司所面臨外部競爭環境、法規環境及總體經營環境之影響。上述所發現之文本特性經迴歸實證後，結果亦呈現顯著相關。此結果顯示公司治理越好的公司，其管理層會傾向於向外部投資人出具有較高揭露品質及資訊內涵的致股東報告書文本，且會對其所陳述之內容負責。;This study aims to explore the impact of different corporate governance qualities on the disclosure level of written information. Discuss the relationship between the textual information of the shareholders′ report and corporate governance appraisal with the lower reading threshold in the annual report and the higher motivation of the company′s management to disclose. This research collects 3,852 observations of non-financial companies listed (counter) from 2016 to 2018. The text of the report to shareholders is analyzed using text mining technology, and the regression model is used for empirical analysis. Text analysis found that, compared with companies with high corporate governance evaluation levels, companies with low corporate governance evaluation levels will restrict their text content from being analyzed and interpreted; it is easy to cause the board of directors and management in the shareholder report to have no signatures and seals Status: It will seldom mention the company’s business results and operating conditions, and tend to state the impact of the external competition environment, legal environment and overall operating environment the company faces. After the above-discovered text characteristics are regressed and empirical, the results also show a significant correlation. This result shows that the better the corporate governance of the company, its management will tend to provide external investors with higher disclosure quality and information content of the report to shareholders, and will be responsible for the content of its statement.
