本研究以2021年至2024年臺灣上市櫃半導體公司為樣本，旨在探討財務報表可比性對股價崩盤風險之影響。本研究參照Callen and Fang (2013) 所使用之股價崩盤風險作為應變數及De Franco et al. (2011) 對財務報表可比性之衡量作為主要自變數，研究數據皆取自臺灣經濟新報資料庫（TEJ），有效樣本數為562筆，並將樣本中所有連續變數以1%及99%的Winsorize處理。研究結果發現，財務報表可比性與股價崩盤風險呈現顯著負相關，亦即當財務報表可比性越高，股價崩盤風險越低，較高的財務報表可比性能夠提高資訊透明度並降低資訊不對稱，藉此縮減管理階層隱藏壞消息的空間，減緩因負面消息過度囤積，最終一次於市場上爆發所造成的股價崩盤風險。本研究進一步使用財務報表可比性之替代衡量變數，以及兩階段最小平方法進行穩健性分析，實證結果亦支持本研究之假說。;This study uses listed and over-the-counter (OTC) semiconductor companies in Taiwan from 2021 to 2024 as the research sample to examine the impact of financial statement comparability on stock price crash risk. Following Callen and Fang (2013)， stock price crash risk is employed as the dependent variable， while financial statement comparability is measured based on the methodology developed by De Franco et al. (2011) and serves as the primary independent variable. All data are obtained from the Taiwan Economic Journal (TEJ) database， resulting in 562 valid firm-year observations. To mitigate the influence of outliers， all continuous variables are winsorized at the 1st and 99th percentiles. The empirical results indicate a significant negative association between financial statement comparability and stock price crash risk. Specifically， firms with higher financial statement comparability exhibit lower stock price crash risk. Greater financial statement comparability enhances information transparency and reduces information asymmetry， thereby limiting managers′ ability to withhold adverse information. Consequently， it alleviates the accumulation of bad news and reduces the likelihood of a sudden release of such information， which may trigger a stock price crash. Furthermore， this study conducts robustness tests using an alternative measure of financial statement comparability and the two-stage least squares (2SLS) method. The results remain consistent and continue to support the study′s hypothesis.
