| dc.contributor | 會計系 | |
| dc.creator (作者) | 詹凌菁 | |
| dc.date (日期) | 2022-10 | |
| dc.date.accessioned | 14-May-2026 15:26:39 (UTC+8) | - |
| dc.date.available | 14-May-2026 15:26:39 (UTC+8) | - |
| dc.date.issued (上傳時間) | 14-May-2026 15:26:39 (UTC+8) | - |
| dc.identifier.uri (URI) | https://ah.lib.nccu.edu.tw/item?item_id=182591 | - |
| dc.description.abstract (摘要) | 在資本市場研究中，有愈來愈多以內容分析法探討質性資訊相關之研究。過去研究顯示，投資者在做決策時不僅考量量化資料，亦會納入非量化資訊。本計畫著重在分析公司年報中的語調變異性及致股東報告書之內容分析對於債權資金成本的影響。
本計畫的第一年將探討揭露語調在公司債權契約中所扮演的角色。與過往研究不同，我們探討語調波動性，以期更能瞭解投資者如何將揭露語調納入其對公司風險的評估。如果公司的揭露語調變動性高，則可能代表其經濟環境較不穩定，企業面臨較高之風險。我們認為揭露語調有較高變異性之借款公司， 其債務資金成本較高，且這現象主要存在於公司債發行市場及報導之盈餘資訊較有用之借款公司。
計畫的第二年，我們以公司年報中的致股東報告書作內容分析，以捕捉公司執行長的屬性。我們探討公司執行長的調節焦點強度對於債務融資的影響。我們預期執行長若較偏向屬於促進型目標定向，則公司較會尋找成長機會並轉化為公司績效。因此，這類型的借款公司可能享有較低的聯貸利差。此外，這種情況應該存在於有較高成長機會與會計品質較好的公司。 | |
| dc.description.abstract (摘要) | There is growing research in the empirical capital markets using the textual analysis of qualitative information. Prior research indicates that investors incorporate more than just quantitative data in making their decisions. In this study, we focus on the disclosure of tone volatility in annual 10-K reports and content-analyses of letters to shareholders and examine how they influence cost of debts.
In the first year project, we investigate the role of disclosure tone in debt contracting. In contrast to prior studies, we focus on tone volatility in order to provide a better understanding of how investors incorporate disclosure tone into their assessments of firm risk. If a firm’s disclosure tone is more widely dispersed across time, it may indicate that the firm’s economic environment is more uncertain, resulting in higher firm risk. We argue that borrowers with higher disclosure tone volatility is associated with higher cost of debts and that this exists mainly in the public market and among borrowers that provide useful earnings information.
In the second year, we focus on the content of a specific section of a company’s annual report, i.e, letter to shareholders, to capture CEOs attributes. We assess the impact of CEO regulatory focus on debt financing. We argue that CEOs with promotion focus are more effective in exploiting growth opportunities and translating them into firm performance, and thus are likely to enjoy lower loan spreads. This evidence is more likely to exist among borrowers with higher growth opportunities and better accounting quality. | |
| dc.format.extent | 116 bytes | - |
| dc.format.mimetype | text/html | - |
| dc.relation (關聯) | 科技部, MOST108-2410-H004-063-MY2, 108.08-110.07 | |
| dc.subject (關鍵詞) | 揭露; 語調波動性; 執行長屬性; 調節焦點; 債權契約 | |
| dc.subject (關鍵詞) | Disclosure; tone volatility; CEO attributes; regulatory focus; debt contracting | |
| dc.title (題名) | 非量化資訊對債權融資之影響 | |
| dc.title (題名) | The Effect of Non-Quantitative Information on Debt Financing | |
| dc.type (資料類型) | report | |
