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| Title: | 企業年報及關鍵查核事項之可讀性與市場反應關聯性之研究 |
| Authors: | 周昱邦 |
| Contributors: | 張祐慈
周昱邦 |
| Keywords: | 可讀性
致股東報告書
關鍵查核事項
市場反應
Readability
Letter to shareholders
Key audit matters
Market reaction |
| Date: | 2020 |
| Issue Date: | 2020-07-01 13:34:25 (UTC+8) |
| Abstract: | 投資大眾往往會參考企業的會計敘述性資訊以作為投資決策之依據，例如企業年報、會計師查核報告等，但年報及查核報告之撰寫者可能會因其表達能力，抑或是企圖隱瞞負面資訊而使用較艱澀之用語，造成資訊無法正確地傳達給資訊使用者，此與會計敘述性資訊之可讀性有密切關聯。本研究旨在探討致股東報告書及關鍵查核事項之可讀性與市場反應之關聯性，本研究以2016及2017年台灣上市(櫃)及興櫃企業作為研究樣本，並以事件研究法研究於財報發布日後對於市場之反應(事件期為財報發布日前一日至財報發布日後兩日)。實證結果顯示，若致股東報告書之可讀性較佳，會顯著增加累積異常報酬率，而關鍵查核事項之可讀性則與累積異常報酬率無顯著關係；此外，若關鍵查核事項之可讀性愈佳，則會額外提升累積異常報酬率增加的幅度。
Investors usually read companies’ narrative accounting information, such as annual reports and audit reports, which is regarded as the basis of investment. However, writers may attempt to hide negative information or are poor at expressing themselves, causing financial statement users cannot receive the correct information. It is closely related to the readability. Using a sample of published companies’ annual reports and audit reports in Taiwan between 2015 and 2016, this study investigates whether and how the readability of annual reports and audit reports affects the market reaction. The empirical results show that the readability of Letter to Shareholders is significantly positively associated with the cumulative abnormal returns; however, the readability of KAMs is not. Furthermore, I find that the readability of KAMs moderates the relationship between the readability of Letter to Shareholders and the cumulative abnormal returns. |
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| Description: | 碩士
國立政治大學
會計學系
107353025 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107353025 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202000560 |
| Appears in Collections: | [會計學系] 學位論文
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