首次揭露資料外洩事件對企業流動性水平之影響

Abstract

本研究透過實證，檢驗首次揭露資料外洩事件的公司是否會對其流動性水平造成負面影響。本研究首先透過傾向性評分配對，找出與資料外洩公司性質最接近的同產業公司，並以差異中之差異估計法建立迴歸模型，迴歸所得結果顯示，首次揭露資料外洩事件公司的流動性水平有顯著下降的現象。另外，本研究亦發現，首次揭露資料外洩後公司的營運表現下降，且媒體的語調也變得更加負面，這些可能是導致流動性水平下降的原因。最後，本研究亦透過語調分析發現，管理階層於資料外洩事件揭露前，在10-K文件有關資訊風險之段落中，更加正向語調，將可減少資料外洩事件對流動性水平造成的影響。

To empirically examine the potential negative impact of the initial disclosure of a data breach on companies’ liquidity levels, this study employs the propensity score matching technique to identify industry-matched firms that closely resemble the breached companies in terms of their characteristics. Subsequently, this study utilizes the difference-in-differences method to establish a regression model. The findings reveal a significant decrease in liquidity levels for companies experiencing the initial disclosure of a data breach. Moreover, this study uncovers that the operational performance of companies tends to deteriorate following the data breach disclosure, accompanied by a shift towards more negative media sentiment. These factors likely contribute to the observed decline in liquidity levels. Additionally, a tone analysis conducted in this study suggests that the positive tone in management’s cybersecurity-related disclosures in the 10-K filings before the disclosure of a data breach can mitigate the impact on liquidity levels after the occurrence of a data breach event.