| Abstract: | 摘要
本研究主要探討企業風險事項揭露對權益資金成本之影響，雖然公司能夠藉由增加揭露降低與投資人間的資訊不對稱，但是由於風險事項常被視為負面訊息，因此增加揭露也會導致投資人的風險認知提高。本研究以台灣2006年到2020年半導體上市櫃公司為樣本，並以事前權益資金成本為應變數。
實證結果發現企業風險事項揭露程度與其事前權益資金成本呈正向相關，意即管理階層於該段落揭露越多風險事項，將使投資人的風險認知增加而提高其要求報酬；此外針對每項風險因素進行探討，發現「國內外政策及法律變動」、「企業形象改變」、「併購」、「董監事或持股大於百分之十大股東之股權大量移轉或更換」、「訴訟或非訟事件」、「資安」、「氣候變遷」之相關風險揭露均會使公司權益資金成本上升，而「未來研發計畫及費用」之揭露則能夠使權益資金成本下降，推測公司反而能夠藉由此項目改善資訊不對稱，使投資人降低其要求報酬。
關鍵詞：風險事項揭露、權益資金成本、資訊不對稱、風險認知;Abstract
This study mainly explores the impact of corporate risk factor disclosures on the cost of equity capital. Although the company can reduce the information asymmetry with investors by increasing disclosure, but since risk disclosures are often regarded as negative, increased disclosure will also lead to an increase in investors′ risk perception. This study uses listed companies in Taiwan’s semiconductor industry from 2006 to 2020, and uses the ex-ante cost of equity capital as a dependent variable.
The empirical results show that the degree of risk factor disclosures is positively correlated with the ex-ante cost of equity capital, which means that the more risk factors disclosed by the management, the higher the risk perception of investors, and the required return will increase; in addition, each risk factor is discussed, and it is found that the disclosure of risks related to “domestic and foreign policy and legal changes”, “corporate image changes”, “mergers and acquisitions”, “mass transfer or replacement of directors or supervisors or holding more than 10% of the shares”, ”litigation or non-litigation”, “information security”, “climate change” will increase the cost of equity capital, and the disclosure of “future R&D plans and investment costs” will reduce the cost of equity capital, it is speculated that the company can improve the information asymmetry through this disclosure, so that investors will reduce their required return.
Key words: Risk factor disclosures, Cost of equity capital, Information asymmetry, Risk perception |
