本研究旨在探討永續報告書中風險管理段落的文字敘述精準度與權益資金成本之關係，並檢驗外部資金需求較高的公司是否會呈現更精準的永續風險文字敘述。本研究以具名實體辨識技術 (Named Entity Recognition, NER) 作為文字敘述精準度的衡量方法。樣本範圍為 2021 年至 2023 年臺灣上市櫃已發佈永續報告書的半導體產業公司，有效樣本數為 248 筆。 實證結果顯示，永續報告書中風險管理段落的文字敘述精準度與權益資金成本呈現 顯著正相關，符合風險認知假說，顯示投資人接觸到更明確的永續風險資訊時會提高其必要報酬率進而推升權益資金成本。本研究亦發現外部資金需求較高的公司會呈現更精準的永續風險文字敘述。此外，董事會規模越大、獨立董事比例越高及自願將永續報告書交付第三方確信或保證的公司，其文字精準度越高。;This study aims to investigate the relationship between the textual specificity of the risk management section in sustainability reports and the cost of equity capital, and to examine whether companies with higher external financing needs present more specific textual descriptions of sustainability risks. This research employs Named Entity Recognition (NER) as a measure of textual specificity. The sample includes Taiwan′s listed and over-the-counter semiconductor industry companies that have published sustainability reports from 2021 to 2023, resulting in a total of 248 valid observations. The empirical results show a significant positive correlation between the textual specificity of the risk management section in sustainability reports and the cost of equity capital, consistent with the risk perception hypothesis. This indicates that investors, when exposed to more explicit sustainability risk information, increase their required rate of return, thereby driving up the cost of equity capital. This study also finds that companies with higher external financing needs present more precise textual descriptions of sustainability risks. Furthermore, companies with a larger board size, a higher proportion of independent directors, and those that voluntarily engage third parties for assurance or verification of their sustainability reports exhibit higher textual specificity.
