本研究旨在探討公司年報研發敘述性揭露可讀性及股價崩盤風險之關係，並檢驗公司規模是否對此關係具有調節效果，即公司規模較大的企業是否會因為研發活動揭露可讀性愈高而影響當期的股價崩盤風險。本研究以2011年至2021年臺灣半導體業上市上櫃公司發布中文年報的公司為研究樣本，共有115家公司，有效樣本數為1192筆。 實證結果顯示，研發活動敘述性揭露可讀性與股價崩盤風險呈現負向關係，但未達顯著水準。亦即，沒有足夠的證據支持研發活動可讀性越高，會將降低投資者與公司之間的資訊不對稱，進而使公司當期的股價崩盤風險降低。然而，對於規模較大公司，研發活動可讀性與股價崩盤風險之間呈現顯著負相關，這表明公司規模愈大，其發布可讀性較高的研發活動，會讓投資者更好地了解公司的狀況，使得雙方資訊不對稱降低，進而減少當期的股價崩盤風險；而規模較小的公司，則可能存在反向的效果，但未達顯著水準。亦即，研發活動揭露可讀性越高，股價崩盤的機率可能就越高。上述結果顯示，公司規模對研發可讀性與股價崩盤風險之間具有調節效果，本研究結果也對公司研發活動揭露政策以及政府制定資訊透明化的相關人員給出了建議。 ;This study aims to investigate the relationship between the readability of R&D narrative disclosure in annual reports and stock price crash risk, as well as to examine whether company size moderates this relationship. Specifically, it explores whether larger firms are more likely to influence their future stock price crash risk due to higher readability of R&D disclosure. The sample consists of 115 listed and OTC companies in the Taiwan semiconductor industry that published Chinese-language annual reports from 2011 to 2021, with a total of 1192 valid samples. The empirical results indicate a negative relationship between the readability of R&D narrative disclosure and stock price crash risk, although it does not reach statistical significance. This suggests insufficient evidence to support the notion that higher readability of R&D disclosure reduces information asymmetry between investors and companies, thus lowering the future stock price crash risk. However, for larger companies, there is a significant negative correlation between the readability of R&D disclosure and stock price crash risk. This implies that as the company size increases, higher readability of R&D disclosure enhances investors′ understanding of the company′s situation, reducing information asymmetry and consequently decreasing future stock price crash risk. Conversely, smaller firms may exhibit a reverse effect, although it is not statistically significant, indicating that higher readability of R&D disclosure may increase the probability of stock price crashes. The above results demonstrate that company size moderates the relationship between R&D readability and stock price crash risk. The findings of this study provide suggestions for companies′ R&D disclosure policies and government initiatives aimed at enhancing information transparency.
