本研究透過文字探勘對美國企業2004年至2014年的MD&A資訊進行分析，並搭配財務資訊相互比較，分析美國企業所揭露的MD&A語調一致性，接著透過實證研究分析造成美國企業MD&A語調一致性結果的原因。MD&A非量化資訊運用Loughran and McDonald正負向詞典、TFIDF、K-Means等技術進行分析，並結合財務資訊分析，分析美國企業2004年至2014年的MD&A資訊；再利用企業績效變異度、企業規模與企業成立年數等變數，來分析影響公司MD&A揭露誇大與否的因素。 研究結果顯示，企業規模、企業風險程度、分析師追蹤人數與企業成立年 數皆會深深影響MD&A語調的一致性。除了主要實證分析結果外，另外搭配三組穩健性測試來測試模型的敏感性。本研究希望讓資訊使用者運用企業所揭露的MD&A資訊時，能做更多適當的調整，考慮公司MD&A的揭露是否有過度樂觀誇大或是過度悲觀的情勢，並且可以藉此做出正確的經濟決策。 / This study presented a way to analyze the MD&A information of US listed companies from 2004 to 2014 via text mining techniques such as Loughran and McDonald Word Count and TFIDF. Then I cross compare a company’s MD&A information with its financial information using K-Means and establish an index to capture the consistency between the two types of information. Finally, I develop empirical model with explanatory variables such as volatility of earnings, company scale, company’s age, etc. for the consistency index. According to the empirical results, company scale, company operating risks, analyst coverage, and company’s age are significantly related to the MD&A consistency. Three robustness checks demonstrate the similar results. The results suggest investors an additional way of using MD&A other than merely reading it. Investors should consider whether the MD&A is overstated or understated while using it in their investment decisions.

This study tests a model which suggests that the external forces on a firm, the size and age of the firm, the industry and competitive market in which a firm operates, the level of leverage of the firm, as well as whether it has good or bad news regarding future earnings have an impact on whether a firm provides precise forecasts in its MD&A. Furthermore, the model suggests that firms providing precise forward-looking statements in the MD&A have lower forecast errors. Using 2SLS, the proposed model is tested using forward-looking statements regarding sales, earnings per share, cash flow, and capital expenditures extracted from the 2004 and 2005 annual reports of firms listed on the 2002 Fortune 500 list.

年報中富含眾多資訊，其中包含財務性資訊與文字性資訊，財務性資訊之分析方法已相當成熟，而文字性資訊受限於格式及檔案類型，而降低投資人使用或分析此類資訊之效率。管理階層討論與分析(Management’s Discussion & Analysis of Financial Condition and Results of Operations，以下簡稱MD&A)係管理階層傳達其經營決策觀點予投資人之媒介，投資人可透過閱讀MD&A取得更多資訊，過去學者之研究亦證實該項目內之文字性資訊有其重要性，由於文字性資訊缺乏通用之分類架構，因此投資人需耗費較多時間與成本分析該資訊。本研究自美國科技業上市公司，隨機選取40家企業2012年之年報作為樣本資料，藉由文字探勘技術，運用TFIDF將MD&A文字性內容分類至EBRC針對MD&A所發布之分類架構，建立分類閱讀器，使投資人可利用透過系統分類並彙整之文句，迅速取得所需之文字性資訊，以協助使用者有效率地閱讀這些非結構化之文字資訊，藉以減少資料蒐集之時間，提升文字性資訊之可使用性。 / Annual reports are rich in information, which contains financial information and textual information. While the approach of analyzing financial information is common, textual information is confined by its format or the file type it is stored, thus decreasing the efficiency of analyzing this sort of information. Management’s Discussion & Analysis of Financial Condition and Results of Operations (MD&A) is the vehicle for investor to share the sight of managements’ decision making consideration, through reading MD&A investor could obtain more information. According to past researches, textual information is of importance. Due to the lack of a common framework, investors would consume more time and cost to analyze textual information. This research randomly selected 40 samples from publicly traded technology firms of the United-States. Utilizing text-mining technology and TFIDF, classify textual information of MD&A into the framework EBRC established, developing a classified reader for MD&A. To assist investors read non-constructed textual information efficiently and reduce the time of information gathering, thereby enhancing the usability of textual information.

本研究使用TFIDF文字探勘技術分析樣本公司年度財務報告裏的管理階層討論與分析(Management’s Discussion & Analysis of Financial Condition and Results of Operations，以下簡稱MD&A)與財務資訊，欲探討公司內部控制有效性對於MD&A資訊與財務資訊一致性之影響。本研究樣本自2002年至2014年美國上市櫃公司之年報中選取，研究結果顯示，當內部控制出現重大缺失，會對企業財務報導一致性產生顯著影響，內部控制具備有效性，其財務資訊與MD&A文字性資訊所揭露之訊息較為一致。 / The major purpose of this study is to examine the relationship between internal control weakness and the financial reporting consistency. I use TFIDF text mining technology analysis the Management's Discussion & Analysis of Financial Condition and Results of Operations (MD&A) and financial information. All annual report of the US-listed companies from 2002 to 2014 are collected as data samples. As anticipated, we find that internal control weakness is negatively correlated to the financial reporting consistency. Companies with no internal control weakness present more consistent MD&A information comparing to their financial information.

New and revised Canadian Auditing Standards for audits of companies with fiscal periods ending on or after December 15, 2018 came into effect in April 2017. This paper examines the economic effects of one of the updates: the new auditor reporting requirement to disclose the auditor’s responsibilities over other information. We investigate the relationship between the existence of the auditor’s commentary about the MD&A within the other information paragraph on the auditor’s report and the reactions of users of the financial statements, namely investors and analysts, to the MD&A. We find that both investors and analysts do not respond to the auditor’s commentary about the MD&A within the other information paragraph present on the auditor’s report. Our result indicates that although the disclosure may not be providing additional information value to users of the financial statements as the standard setters intended, it is also not creating an increase in the audit expectation gap.

本研究使用TFIDF文字探勘技術分析樣本公司年度財務報告裡面的重要非量化資訊，與三項量化財務比率比較，欲探討公司年報在不同市場裡文字敘述與財務表現之一致性。研究結果顯示，根據從2003年至2010年上市半導體公司之年度報告，美國公司的年報較會對財務表現做出誇大的文字敘述，本研究亦發現在文字敘述上，市場較不成熟的中國公司所發布之年報較偏向低估他們的財務表現。 / This study presented a way to extract useful information out of unstructured qualitative textual data with the use of the TFIDF text mining technique, which was used to help us explore for consistencies between financial performance in the form of quantitative financial ratios and qualitative narrative disclosures in the annual report between countries with different levels of market development. The results show that, based on listed semiconductor companies' annual reports between 2003 to 2010, companies in the United States have a high tendency to exaggerate and overstate about their performance in the MD&A, while less developed markets such as China turned out to have the lowest tendency to exaggerate and was more likely to understate about its performance in their Director's Report.