請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/17668
標題: | 強制性文字揭露與公司自願性揭露決策之關係:以風險因子揭露為例 The Relation between Mandatory Narrative Disclosure and Firms' Voluntary Disclosure Decisions: Evidence from Risk Factor Disclosures |
作者: | Tzu-Ting Chiu 邱紫庭 |
指導教授: | 李艷榕 |
關鍵字: | 風險因子揭露,文字揭露,公司自願性揭露決策, Risk factor disclosures,Narrative disclosure,Voluntary disclosure decisions, |
出版年 : | 2013 |
學位: | 博士 |
摘要: | 由於先前文獻在檢視強制性與自願性揭露之關係時,大多著重於數量性質之揭露,較少探討文字揭露的部分,因此本文以風險因子揭露為例,試圖利用該揭露之文字性質,提供新觀點於公司揭露相關文獻。本文主要檢視公司從事自願性風險報導的傾向是否和該公司所提供之強制性風險因子揭露的特徵有關。為控制公司本身潛在風險對研究結果的可能影響,本文研究設計採配對樣本之方法,以控制從事自願性風險報導及未從事自願性風險報導這兩類公司間之基本風險差異。本研究所檢視之樣本期間為2005年至2011年。研究結果發現,公司從事自願性風險報導的機率和該公司於年報當中所提供之強制性風險因子揭露的特徵呈現經濟上及統計上顯著之相關性。較有可能從事自願性風險報導之公司,其強制性風險因子揭露通常具有以下特徵:(1)該揭露提供較多風險因子資訊;(2)該揭露和下一年度年報當中之風險因子揭露的差異度較高;(3)該揭露含有較多未來性資訊。前述研究結果顯示,公司試圖利用自願性風險報導補充先前年報當中之強制性風險因子揭露,亦即,自願性風險報導與強制性風險因子揭露呈現互補關係,且此一互補關係於較受分析師關注之公司更加明顯。此外,本研究尚發現,在美國證管會於2005年強制公司於年報當中揭露風險因子資訊後,公司的自願性風險報導亦隨之增加,顯示該政策施行增加了公司之整體風險揭露。 This paper utilizes the narrative nature of risk factor disclosures to provide new insights into the interaction between mandatory and voluntary disclosures that prior research mostly analyzes in the context of quantitative disclosures. Specifically, it examines whether and how the firm's propensity for voluntary risk reporting relates to the features of mandatory risk factor disclosure. Based on a matched sample of 256 firm-years that controls for the underlying risk environment during 2005-2011, I find that the probability of voluntary risk disclosures is associated with the features of mandatory risk factor disclosures in an economically and statistically significant way. In particular, firms are more likely to provide voluntary risk factor updates through 8-K filings when the risk factor disclosures in the immediately preceding 10-K reports are longer and less boilerplate and contain more forward-looking information. These results imply that firms appear to complement risk factor disclosures in prior 10-Ks by providing updated information in the following 8-Ks. Given greater information demand from sophisticated investors, I find that this complementary relation is more pronounced for firms with higher analyst following. Furthermore, my additional analysis suggests that firms' overall risk factor disclosures are enhanced after the regulatory change in risk disclosure requirements in 2005. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/17668 |
全文授權: | 未授權 |
顯示於系所單位: | 會計學系 |
文件中的檔案:
檔案 | 大小 | 格式 | |
---|---|---|---|
ntu-102-1.pdf 目前未授權公開取用 | 526.25 kB | Adobe PDF |
系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。