企業風險資訊揭露與企業價值之關聯性—兼論永續企業角色

隨著人類科技與經濟的快速發展，世界各地逐漸發現許多過去不曾發生的災害，例如:氣候災害、病毒來襲、貧富差距擴大等，使得永續議題逐漸得到重視。當談論到永續性，企業扮演著重要的角色，台灣企業過去有許多因資訊不對稱而導致的弊案，現今大眾對於企業是否有履行社會責任的重視程度漸漸提升，除了股東外，企業也需要顧及利害關係人，此外，投資人在決策時，會仰賴全面的資訊作為參考依據，除了財務資訊外，非財務資訊也漸漸獲得重視，但是目前的研究對於資訊揭露與企業價值之關聯仍然存有不同看法。因此，本研究之目的在探討企業風險資訊與企業價值之關聯性，以及永續性企業對此關聯性的調節效果。本研究採用2021年所公布的台灣50指數成分股與台灣中型100指數成分股作為研究的樣本對象，並蒐集其在2019年至2020年之年度報告，共246筆資料，採用內容分析法蒐集企業年度報告之風險揭露內容。研究結果指出企業每頁平均揭露會正向影響企業價值，而企業風險資訊揭露總數會負向影響企業價值，另一方面，永續性企業對企業風揭露總數與企業價值具有調節效果，而永續性企業對企業每頁平均揭露與企業價值不具有調節效果。本研究可以補充目前在台灣風險資訊揭露的相關文獻，亦可對企業在揭露資訊時提供參考價值。

關鍵字

企業風險資訊揭露；永續性企業；企業價值

並列摘要

With the rapid development of human technology and economy, many disasters that never happened in the past have gradually been discovered around the world. For example, climate disasters, virus attacks, widening gap between the rich and the poor, etc., have gradually garbed people’s attention to the issue of sustainability. When it comes to sustainability, enterprises play an important role. Taiwanese companies have had many scandals caused by information asymmetry in the past. Nowadays, the public pays more and more attention to whether the company has fulfilled its social responsibility. In addition to shareholders, companies also need to take stakeholders into account. When making decisions, investors will rely on comprehensive information as a reference. In addition to financial information, non-financial information has gradually gained attention. However, current research still has different views on the relationship between information disclosure and firm value. Therefore, the purpose of this study is to explore the correlation between business risk information and firm value, and the moderating effect of sustainable enterprises on this correlation. This research uses the constituent stocks of the Taiwan 50 Index and the Taiwan Mid-Cap 100 Index announced in 2021 as the research sample objects, and collects their annual reports from 2019 to 2020. A total of 246 pieces of data use content analysis to collect companies Risk disclosure content in the annual report. The research results point out that the average disclosure per page of the enterprise will positively affect the enterprise value, while the total disclosure of enterprise risk information will negatively affect the enterprise value. The average disclosure per page of the company and the value of the company do not have a moderating effect on the continuous enterprise. This research can supplement the current literature on risk information disclosure in Taiwan, and can also provide reference value for companies to disclose information.