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研究生:張智凱
研究生(外文):Chih-Kai,Chang
論文名稱:退休金報導可讀性對公司風險之影響
論文名稱(外文):The Effect of Pension Disclosure Readability on Firm Risk
指導教授:林瑞青林瑞青引用關係
指導教授(外文):Ruey-Ching, Lin
口試委員:陳宗岡蔡彥卿
口試委員(外文):Tsung-Kang,ChenYen-Ching,Tsai
口試日期:2014-06-17
學位類別:碩士
校院名稱:輔仁大學
系所名稱:會計學系碩士班
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2014
畢業學年度:102
語文別:中文
論文頁數:75
中文關鍵詞:退休金可讀性公司風險資訊揭露品質
外文關鍵詞:PensionReadabilityFirm RiskInformation Disclosure Quality
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資訊揭露較佳和透明度較好的公司,可以降低投資人與公司間資訊不對稱的問題和保障股東之權益。而根據訊息理論,資訊揭露較佳和透明度較好的公司,會透露出其公司財報品質是具有較高標準的。因此較佳的財報品質,可以有效降低管理者和投資人之間的代理問題,同時降低資訊不對稱的現象。
本研究的重點在於探討公司的退休金資訊揭露程度與公司價值風險之間的關係,並利用四種財報可讀性衡量指標作為衡量退休金資訊揭露程度品質的判斷依據,當公司的退休金資訊揭露品質越好,使報表使用者越容易閱讀(可讀性高),此時公司可讀性分數會愈低;相反的若公司的退休金資訊揭露品質越差,會使報表使用者不容易閱讀(可讀性低),此時公司可讀性分數會愈高,意味著公司越有可能有透過退休金帳戶做盈餘管理之動機,因此會使退休基金提撥狀況有高低估之現象,可能導致公司資產負債表發生變化,導致公司價值風險升高。
依據本研究之結果可發現當退休金資訊揭露品質越好,公司價值風險會隨之下降;反之,當退休金資訊揭露品質越差,公司價值風險則會隨之升高。此外,進一步分析則發現退休金相關公報SFAS NO.158發布之後,所帶來之衝擊是巨大的,因為在2007年的財報中須依照SFAS NO.158公報的規範將表外的退休金資訊一次納入表內,因此在該年度所受到之衝擊會較巨大,而在本研究的數據中所呈現之結果也是如此,2007年度的波動程度跟2006年度相比是相當劇烈的,因此本研究發現公司價值風險在2007年度的波動,是因為受到SFAS NO.158公報的規範之影響而提高的,此跡象顯示公報的修訂將會導致公司會計政策有所變動,進而影響財報資訊的表達,導致資產負債表結構發生變動,使公司價值風險隨之升高。


This study has two main purposes, first is to examine the effect of information disclosure quality on firm risk. Second is to examine the effect of firm risk following the amendment of SFAS No. 158. The information disclosure quality is measured by the linguistic readability of pension disclosure in annual 10-k reports. I use fog、smog、ar、fk readability index to measure the 10-K pension disclosure quality through 2006 to 2009. Results show that firms with higher readability index have higher firm risk. It suggests when firms’ pension disclosures are harder to read, it will increase firms' risk. Moreover, firms increase firm risk following the amendment of SFAS No. 158, in 2007.
目錄
頁次
表次----------------------------------------------------------------- vii
圖次----------------------------------------------------------------- viii
第一章 緒論 ------------------------------------------------------- 1
第一節 研究動機-------------------------------------------------- 1
第二節 研究目的-------------------------------------------------- 3
第三節 論文架構-------------------------------------------------- 4
第二章 文獻探討------------------------------------------------------ 6
第一節 財報可讀性------------------------------------------------ 6
第二節 資訊揭露-------------------------------------------------- 9
第三節 退休金公報變革-------------------------------------------- 11
第四節 公司價值與風險衡量----------------------------------------- 13
第三章 研究方法------------------------------------------------------- 14
第一節 假說之發展------------------------------------------------ 14
第二節 變數之定義與計算方式--------------------------------------- 17
第三節 實證模型之建立---------------------------------------------27
第四節 樣本說明--------------------------------------------------29
第四章 實證結果------------------------------------------------------ 33
第一節 敘述性統計與相關性分析------------------------------------ 33
第二節 追蹤資料迴歸分析------------------------------------------ 38
第三節 嚴謹性分析----------------------------------------------- 48
第四節 額外發現------------------------------------------------- 58
第五章--------------------------------------------------------------- 66
第一節 研究結論------------------------------------------------- 66
第二節 研究限制------------------------------------------------- 68
第三節 研究建議------------------------------------------------- 69
參考文獻------------------------------------------------------------- 70

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