本研究旨在探討台灣上市櫃之控制型與家族認同型家族企業，其年報語調對分析師行為之影響路徑。研究結果顯示，控制型家族企業之年報語調強度愈高，分析師之追蹤意願呈顯著減少、預測誤差亦顯著擴大其餘資訊環境維度則未達統計顯著，暗示市場可能將強烈語調解讀為印象管理之訊號。 相對地，家族認同型家族企業之語調揭露則發揮了正向的資訊外溢效果:其語調能顯著降低分析師之預測誤差、預測離散度與整體資訊環境不確定性，並提升私有資訊精確度與預測一致性，呼應其長期經營與聲譽考量;惟其分析師追蹤人數與公有資訊精確度之改善未達統計顯著，可能反映台灣樣本相對國外文獻之規模與覆蓋率差異。 總結而言，本研究證實家族企業之年報語調在資本市場中扮演關鍵角色，惟其作用方向因家族治理型態而異——控制型企業之強烈語調對分析師之資訊處理造成阻礙;而家族認同型企業之語調則能在提升私有資訊精確度與預測一致性，以及降低預測誤差、預測離散度與整體資訊環境不確定性等多個維度上發揮正向影響，對深化資本市場對家族企業質性資訊之理解具有極高的參考價值。 在企業經營維度上，本研究指引家族企業依其治理型態優化語調管理策略，例如建議控制型家族企業應避免過度情緒化用語以免產生資訊噪音，而家族認同型企業則可深化其透明揭露以鞏固市場信任；在監理層面上，本研究結果亦可提供主管機關在針對異質所有權企業研擬規範時，制定更具針對性之資訊揭露指引，進而落實資本市場之透明化治理並保障投資者權益。;This study investigates the impact of annual report tone on analyst behavior within Taiwan’s listed and over-the-counter focus (controlled) and broad (family-identified) family enterprises. The empirical results indicate that the ef-fect of tone disclosure varies significantly by family governance type. Specifically， in focus family enterprises， a higher tone intensity is associated with a significantly reduced analyst following and significantly larger forecast errors ， while the remaining information-environment dimensions are statistical-ly insignificant， suggesting the market may perceive an intense tone as an im-pression-management signal. Conversely， for broad (family-identified) firms， tone disclosure exerts a posi-tive informational effect. Consistent with our hypotheses， it significantly reduc-es analysts′ forecast errors， forecast dispersion， and overall information-environment uncertainty， and significantly enhances private information preci-sion and forecast consensus. However， the effects on analyst coverage and pub-lic information precision are statistically insignificant， which may reflect differ-ences in the scale and coverage of the Taiwanese sample compared to foreign literature. Overall， this research confirms that annual report tone plays a key role for family firms in the capital market， but its directional impact depends heavily on family governance type. While an intense tone tends to impede analysts′ infor-mation processing in focus family firms， tone disclosure in broad family firms shows positive effects across multiple dimensions—enhancing private infor-mation precision and forecast consensus while lowering forecast errors， disper-sion， and overall information uncertainty.
