年報模糊程度與資金成本之關聯性研究

The Relationship between Vague Semantics in Annual Report and Corporate Cost of Capital

王俊凱(Chun-Kai Wang)

指導教授 ： 廖珮真

國立臺灣大學/管理學院/會計學研究所/碩士(2022年)

https://doi.org/10.6342/NTU202104543

摘要

資金成本是會計學和財金學領域研究中的核心問題之一，它代表著一家公司籌措資金所需要付出的代價，也象徵著該公司取得資金的能力。資金成本分為兩種，分別為債務資金成本以及權益資金成本。債務資金成本為公司借款所需要付出的代價，而權益資金成本則為公司發行股票所需付出的代價，財報使用者則可以透過分析公司的資金成本來更加了解公司的狀況。另一方面，上市公司的年報是公司管理階層與財報使用者分享公司概況的主要方式，其中非財務資訊（年報文字部分）往往被忽視。然而，這些未經過標準化以及數字化的資訊往往涵蓋了財務資訊中所缺失的重要訊息，因此其質量也越來越受到關注，其中包括語調及可讀性等的質量因素都會影響財報使用者對於財報的理解。本文欲透過分析年報中文字部分中公司潛在留下的一些線索來了解一家公司的資金成本。延伸前人的研究，本文採用年報的模糊程度來探討與資金成本的關聯。本文並未發現年報的模糊程度與公司的資金成本（包括債務資金成本與權益資金成本）有顯著關係，然而發現公司的年報模糊程度將加深資本結構與資金成本的正向關係以及加深信用評等與債務資金成本之間的正向關係。

關鍵字

年度報告 ； 資金成本 ； 資本結構 ； 信用評等 ； 模糊用詞

並列摘要

The cost of capital is one of the major topics in the field of accounting and finance. Not only does it represent the price a company needs to pay to raise funds, but symbolizes the company's ability to obtain funds as well. There are two types of cost of capital, which are cost of debt and cost of equity. The cost of debt is the price the company needs to pay for borrowing, whilst the cost of equity is the one for issuing stocks. Stakeholders can better understand the status of the company by analyzing the cost of capital of the company. On the other hand, the annual report of a company is the main method for the management of the company to share the situation of the company with stakeholders. Among them, non-financial information, namely the text of the annual report, is often neglected. Nonetheless, these unstandardized and digitized information often covers important information that is missing in financial information, and hence its quality, including, inter alia, tone and readability, have also attracted more and more attention. This article intends to understand the cost of capital of a company by analyzing some clues potentially left in the text of the annual report, specifically the Management Discussion and Analysis (MD A) section. Extending previous studies, this article uses the degree of vagueness in annual reports to explore the impact on cost of capital. Evidence suggesting that the vagueness in the annual report is related to the company’s cost of capital (including the cost of debt and the cost of equity) has not been found, but empirical results show that the vagueness in the company’s annual report will enlarge the positive relationship between capital structure and cost of capital and the positive relationship between credit ratings and cost of debt.

並列關鍵字

Annual Report ； Cost of Capital ； Capital Structure ； Ratings ； Vagueness

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