本研究主要在探討經理人在 10-K 報表中之 Management’s Discussion analysis項目記錄裁決性應計項目會對前瞻性揭露造成的影響，以及是否能透過前瞻性揭露去幫助外部投資者更清楚的了解經理人之所以記錄裁決性應計項目的動機與過程，達到錯誤定價狀況減弱的目的；本研究自 Securities and Exchange Commission (SEC) EDGAR 資料庫中下載之美國上市公司從 2001 年至 2021 年且同時含有連續 20 年之資料的年報資料，共 1,595 筆樣本以及 86 家公司。實證結果證實前瞻性揭露語調具有資訊內容，能讓投資者透過語調區分記錄動機，並透過不同符號的裁決性應計項目去了解該公司的揭露語調多為操縱還是訊息傳遞，進而了解未來股價狀況，幫助投資者做出更理性的投資決策，且了解到投機型經理人在揭露偽樂觀或偽悲觀語調時，會因擔心潛在訴訟風險而採取謹慎態度，因此不太可能從事偽樂觀的前瞻性語調，而出於投機目的而記錄收入減少裁決性應計項目的經理人不太可能揭露偽悲觀的前瞻性語調，最後發現確認性揭露語調會減弱與裁決性應計項目總額相關的過度定價問題而非確認性揭露語調無法減弱信號型（投機型）裁決性應計項目錯誤定價之問題，也無法減弱裁決性應計項目總額過度定價之問題。 ;This purpose of this study is to explain the impact of managers′ management′s discussion analysis on forward-looking disclosures by recording discretionary accruals in 10-K statement and whether forward-looking disclosures could help outside investors to understand the motivation of manager and the processes for recording discretionary accruals. A total of 1,595 samples and 86 companies were downloaded from the Securities and Exchange Commission (SEC) EDGAR database for U.S. public companies from 2001 to 2021 and containing 20 consecutive years of data.The results demonstrate that forward-looking disclosures are informative, making investors to distinguish between motives through tone and to understand the company′s disclosure through different symbols of discretionary accruals, helping investors make more rational investment decisions, We also understand that opportunistic-type managers are less likely to engage in pseudo-optimistic forward-looking statements because they are cautious about potential litigation risk when disclosing pseudo-optimistic or pseudopessimistic statements, and managers who record income-decreasing discretionary accruals for opportunistic purposes are less likely to disclose pseudo-pessimistic forward-looking statements. Finally, A confirmatory disclosures, rather than nonconfirmatory disclosures, do not mitigate the problem of mispricing of signal (opportunistic) discretionary accruals, nor do they mitigate the problem of overpricing of gross discretionary accruals.
