本研究旨在探討管理者能力、管理階層討論與分析（MD&A）語調，以及MD&A語調所產生之市場效果。根據相關理論與既有文獻，本文提出三項研究假說：首先，管理者能力與MD&A語調之間存在正向關聯；其次，管理者能力會對MD&A語調與市場流動性之間的關係產生正向調節效果；最後，管理者能力亦會對MD&A語調與股權成本之間的關係產生顯著調節作用。 本研究以美國企業為研究對象，運用實證資料進行分析。研究結果顯示，管理者能力與MD&A語調之間呈現顯著正向關係，意即當管理者能力愈高時，其於MD&A中所呈現之語調愈傾向確定。此外，管理者能力在MD&A語調與市場流動性、股權成本之間皆具有顯著調節效果。具體而言，能力較高之管理者能夠強化MD&A語調對市場流動性的正向影響；同時，管理者能力亦會影響MD&A語調與股權成本之間的關聯，顯示能力較佳之管理者在資訊揭露過程中，能夠改變語調對資本市場結果之影響程度。 綜合而言，本研究為管理者能力與企業資訊揭露品質之關聯提供進一步之實證證據。能力較高之管理者，可能基於較佳之專業判斷能力與較充分之內部資訊掌握，在MD&A中採取相對較為明確之語調表達。另一方面，管理者能力亦會進一步影響MD&A語調所引發之市場反應，反映於市場流動性之提升與股權成本之下降。上述發現顯示，管理者能力不僅影響企業揭露內容之表達方式，亦對資本市場之評價與反應具有重要意涵，因而可為企業揭露實務、投資人判斷及相關政策制定提供參考依據。;This study investigates the relationship between managerial ability and the tone of Management’s Discussion and Analysis (MD&A)， as well as the market consequences of MD&A tone. Based on prior literature， three hypotheses are developed. First， managerial ability is positively associated with MD&A tone. Second， managerial ability positively moderates the association between MD&A tone and market liquidity. Third， managerial ability significantly moderates the association between MD&A tone and the cost of equity capital. Using a sample of U.S. firms， the empirical results show that managerial ability is positively related to MD&A tone， suggesting that more capable managers tend to adopt a more certain tone in MD&A disclosures. The findings further indicate that managerial ability plays a significant moderating role in the relationship between MD&A tone and capital market outcomes. Specifically， higher managerial ability strengthens the positive effect of MD&A tone on market liquidity and influences the association between MD&A tone and the cost of equity capital. Overall， this study provides additional evidence on the role of managerial ability in corporate disclosure. Managers with greater ability may use a more certain tone in MD&A because they possess stronger professional judgment and better access to firm-specific information. Moreover， managerial ability shapes the market effects of MD&A tone， as reflected in greater market liquidity and lower cost of equity capital. These findings underscore the importance of managerial ability in financial disclosure and market responses， and offer implications for disclosure practice and investor evaluation.
