風險揭露是企業降低資訊不對稱的手段之一，隨著永續報告書的編製範圍逐步擴大，愈來愈多的企業透過年報與永續報告書傳達自身面臨的風險與因應措施。為符合法規的要求與維持企業形象，揭露內容存在傾向使用樣板語言的可能性。過度的樣板化揭露可能降低資訊價值，進而提升股價崩盤風險。 本研究以臺灣上市櫃半導體產業作為研究對象，探討風險揭露樣板化與股價崩盤風險的關係。並進一步比較年報與永續報告書風險揭露的差異，討論不同的文本特性是否產生不同影響。 實證結果顯示，風險揭露的樣板化程度愈高，將提升股價崩盤風險，顯示市場認為樣板化揭露具有隱匿消息的可能性。同時，樣板化揭露會導致投資人對公司情況的掌握度較低，因此股價崩盤風險提升。唯年報風險事項段的高度一致性與可比性，具備降低股價崩盤發生的能力。 本研究的貢獻在於，補充中文文本揭露品質的實證證據，提供不同於揭露量與可讀性的觀察面向，並系統性比較不同揭露管道對市場反應的影響。亦為監管機關在揭露政策的指引，以及企業的揭露選擇上提供實務建議。;Risk disclosures are an important strategy for companies to reduce information asymmetry. As sustainability reporting becomes more widespread, companies increasingly disclose risks and response strategies through annual and sustainability reports. To meet regulatory requirements and protect their image, companies may rely on boilerplate language. Nevertheless, excessive boilerplate can reduce information value and increase stock price crash risk. This study examines listed semiconductor firms in Taiwan to explore the relationship between boilerplate risk disclosures and stock price crash risk. It also compares annual report and sustainability report disclosures to assess whether different text characteristics lead to different market impacts. Empirical results show that higher boilerplate levels are associated with greater stock price crash risk, suggesting that investors perceive boilerplate disclosure as obscuring bad news. Boilerplate language also hampers investors′ understanding of firms’ true conditions, increasing crash risk. However, the standardized and comparable structure of risk factor disclosures (RFD) in annual reports helps mitigate this effect. This study contributes by adding evidence on Chinese-language disclosure quality, offering a new perspective beyond disclosure quantity and readability, and systematically comparing different disclosure channels. It also provides practical recommendations for regulators and firms.
