本研究以臺灣上市櫃半導體公司為研究樣本，以年報風險揭露事項與永續報告書風險管理段落之文本相似性作為資訊可靠程度之衡量，探討其對股價崩盤風險之影響。實證結果顯示，年報與永續報告書的風險揭露相似性越高，股價崩盤風險越低。亦即當永續報告書風險揭露越貼近年報風險揭露事項，永續報告書風險資訊越可靠，可緩解市場資訊不對稱，進而減少股價崩盤風險；反之，若風險揭露相似性較低，則可能加劇投資人對資訊之疑慮，增加股價崩盤風險。本研究進一步採用不同文本相似性衡量方式進行穩健性分析，結果亦支持本研究之主要結論。 ;This study uses listed and over-the-counter semiconductor companies in Taiwan as the research sample. It examines the impact of the textual similarity between risk disclosures in annual reports and the risk management sections of sustainability reports on stock price crash risk, using such similarity as a proxy for the reliability of information. The empirical results show that higher similarity between risk disclosures in annual and sustainability reports is associated with lower stock price crash risk. In other words, when the risk information disclosed in sustainability reports closely aligns with that in annual reports, it is perceived as more reliable, thereby reducing information asymmetry in the market and mitigating stock price crash risk. Conversely, lower similarity in risk disclosures may heighten investors′ concerns about information reliability, thus increasing the risk of stock price crashes. An additional robustness test employing an alternative measure of textual similarity further supports the main findings of this study.
