致股東報告書文本特性之資訊後果

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湯凱媜(Kai-Chen Tang) 查詢紙本館藏

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會計研究所

論文名稱

致股東報告書文本特性之資訊後果
(Consequences of the Texture Attributes of the Report to the Shareholders)

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至系統瀏覽論文 (2028-6-30以後開放)

摘要(中)

致股東報告書為公司強制揭露的文本之一。然而，由於其編製具有彈性，因此具有自願性揭露的特質。本研究以2016年至2020年台灣上市櫃公司為研究對象，探討致股東報告書文本特性之資訊後果。
本研究利用文字探勘技術及使用內容分析法萃取致股東報告書文本特性 – 可分析性、責任歸屬、營業結果段占比以及外部環境段占比，並分別透過權益投資人角度與債權人角度探討其資訊後果。實證結果顯示，四項致股東報告書文本特性均會對資訊後果產生影響，且對權益投資人的影響較債權人大，代表兩者立場與目的不同，對於致股東報告書的重視程度也不相同。此外，四項致股東報告書文本特性中，可分析性及責任歸屬與資訊後果間存在顯著關聯。然而，較無發現營業結果段占比及外部環境段占比與資訊後果之間存在顯著關聯。本研究同時考慮權益投資人以及債權人角度下自願性揭露會產生的資訊後果，為公司於未來編製致股東報告書時須考量的事項提供建議，也對監理機關在致股東報告書是否應有更統一之規定提供參考。

摘要(英)

The report to shareholders is one of the mandated disclosures by the company. However, due to its flexible compilation, it also possesses characteristics of voluntary disclosure. This study focuses on Taiwanese listed and OTC companies from 2016 to 2020 to investigate the information consequences of the texture attributes of the report to the shareholders.
Using text mining techniques and content analysis, this research extracts the texture attributes of the report to the shareholders, including readability, responsibility attribution, the proportion of operational results paragraphs, and the proportion of external environment paragraphs. The information consequences are examined from the perspectives of equity investors and debt holders separately. Empirical results show that all four texture attributes have an impact on information consequences, with a greater influence on equity investors than debt holders. This indicates that the two groups have different positions and objectives, leading to varying levels of importance placed on shareholder reports. Additionally, there are significant association between analyzability and information consequences, responsibility attribution and information consequences among the four textual characteristics. However, there are less significant association found between the proportion of the business performance section and information consequences, as well as external environment section and information consequences. This study provides recommendations for companies to consider when preparing shareholder reports in the future, taking into account the information consequences from the perspectives of equity and debt investors. It also offers insights for regulatory authorities in considering more uniform regulations for shareholder reports.

關鍵字(中)

★ 致股東報告書
★ 文字探勘
★ 內容分析法
★ 文本特性
★ 資訊後果

關鍵字(英)

★ The Report to the Shareholder
★ Text Mining
★ Content Analysis
★ Texture Attributes
★ Information Consequence

論文目次

摘要 I
ABSTRACT II
圖目錄 V
表目錄 VI
壹、緒論 1
貳、文獻探討與假說發展 2
一、研究背景與文獻探討 2
(一) 會計資訊的重要性 2
(二) 致股東報告書 4
(三) 會計資訊後果相關文獻 5
二、假說發展 7
(一) 致股東報告書之可裁決特性 7
(二) 致股東報告書之資訊後果 9
參、研究方法 14
一、資料來源與樣本選取 14
(一) 資料來源 14
(二) 研究期間與樣本選取 17
二、實證模型與變數定義 20
(一) 致股東報告書文本特性對價值攸關性之影響—權益投資人角度 20
(二) 致股東報告書文本特性對債信攸關性之影響—債權人角度 21
肆、實證結果 23
一、敘述性統計分析 23
二、相關係數 27
三、迴歸結果 30
(一) 致股東報告書文本特性對價值攸關性之影響—權益投資人角度 30
(二) 致股東報告書文本特性對債信攸關性之影響—債權人角度 32
(三) 實證結果整理 34
伍、結論與建議 35
參考文獻 37
附錄 44
一、可分析性 44
(一) 難以自動化分析之情形 44
(二) 標題關鍵字 44
二、責任歸屬 45
三、文本段落比重 45

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指導教授

盧佳琪(Chia-Chi Lu)

審核日期

2023-7-20

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