本研究探討下游公司研發活動揭露之可讀性，是否會透過供應鏈關係對上游公司的 股價崩盤風險產生資訊外溢效果。樣本以2011年至2024年臺灣半導體產業之上市櫃公司為研究對象。 實證結果顯示，全樣本分析中，下游公司研發揭露可讀性對上游公司股價崩盤風險 的影響未達統計顯著水準，顯示資訊外溢效果並未普遍存在於整體產業中。進一步考量公司規模後發現，大公司的資訊傳遞具有明顯的規模門檻與異質性。此外，在文本可讀性方面，對於高度專業化之研發資訊，投資人較在意揭露內容的語意清晰度與可理解性，而非僅僅是揭露文字的多寡。;This study investigates whether the readability of downstream firms’ R&D disclosure generates information spillover effects on upstream firms’ stock price crash risk through supply chain relationships. The sample consists of publicly listed semiconductor companies in Taiwan from 2011 to 2024. The empirical results show that， in the full sample analysis， the readability of downstream firms’R&D disclosures does not have a statistically significant impact on the stock price crash risk of upstream firms， suggesting that such information spillover effects do not generally exist across the industry. However， further analysis considering firm size reveals a clear threshold effect and heterogeneity in information transmission among large firms. In addition， regarding textual readability， investors place greater emphasis on the emantic clarity and comprehensibility of highly specialized R&D information， rather han merely the quantity of disclosed text.
