年報揭露品質對盈餘資訊性與 股價資訊性之影響;The Effect of Annual Report Disclosure Quality on Earnings Informativeness and Stock Price Informativeness

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Title:	年報揭露品質對盈餘資訊性與股價資訊性之影響;The Effect of Annual Report Disclosure Quality on Earnings Informativeness and Stock Price Informativeness
Authors:	劉冠毅;Liu, Guan-Yi
Contributors:	企業管理學系
Keywords:	可讀性;語調;盈餘資訊性;股價資訊性;Readability;Tone;Earnings Informativeness;Stock Price Informativeness
Date:	2025-08-12
Issue Date:	2025-10-17 11:42:56 (UTC+8)
Publisher:	國立中央大學
Abstract:	企業年報所揭露之文字內容除傳遞財務資訊外，其語言表達方式亦可能影響盈餘資訊的預測功能。本文聚焦於財報可讀性(Readability)與語調確定性(Unsigned Tone)兩項語言特徵，檢驗其是否具有資訊內涵，進而提升盈餘與股價資訊性。相較於多數以英文語料為基礎之研究，本文採用台灣2014至2022年間上市櫃公司中文年報資料，透過 CRIE 3.0 指標衡量可讀性，並依據中文語意字典建立確定性語調變數。實證結果顯示，可讀性愈高，顯著提升盈餘對未來盈餘之預測能力，支持財報文字清晰度能強化盈餘所承載之資訊價值。該結果與資訊效率理論一致，說明在中文語境中，語言可讀性仍為解釋盈餘品質差異之關鍵因素。相較之下，其他語言特徵對資訊性之影響效果不明顯，顯示其訊號功能可能受語境、風格與解讀落差所限制。本研究實證財報可讀性為盈餘資訊性的外部訊號，有助於補足中文市場語言揭露與盈餘品質間關係之實證證據，並深化語言特徵於會計資訊研究中之應用與理論基礎，進一步強調語言清晰度在提升盈餘預測價值中所扮演之關鍵角色。;The textual content disclosed in corporate annual reports not only conveys financial information but also influences the predictive utility of earnings. This study investigates whether two linguistic features—readability and certainty tone (an unsigned tone)—carry informational value that enhances the informativeness of earnings and stock prices. Unlike most prior research based on English-language corpora, this study focuses on Chinese disclosures by analyzing annual reports of Taiwan-listed firms from 2014 to 2022. Readability is measured using the CRIE 3.0 index, and certainty tone is constructed using strong modal expressions extracted from a Chinese semantic dictionary Empirical analyses reveal that higher readability significantly improves the ability of current earnings to predict future earnings, suggesting that textual clarity enhances the informational content embedded in earnings. This finding aligns with the theory of information efficiency and highlights the role of disclosure quality in conveying earnings signals in Chinese-language financial reporting. In contrast, other language features exhibit limited explanatory power, indicating that their signaling effects may be constrained by linguistic context, stylistic choices, or interpretive ambiguity. Overall, this study identifies readability as a valid external signal of earnings informativeness and contributes to the literature by offering evidence on how language features affect the usefulness of financial disclosures in non-English capital markets. The findings also extend the application of textual analysis in accounting research by emphasizing the role of linguistic clarity in enhancing the predictive value of earnings.
Appears in Collections:	[Graduate Institute of Business Administration] Electronic Thesis & Dissertation

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