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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題名:	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
作者:	陳奕文;Chen, Yi-Wen
貢獻者:	會計研究所
關鍵詞:	研發費用;文本可讀性;Readability
日期:	2024-07-11
上傳時間:	2024-10-09 17:08:23 (UTC+8)
出版者:	國立中央大學
摘要:	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。 ;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.
顯示於類別:	[會計研究所 ] 博碩士論文

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