本研究旨在探討企業股東會年報中的敘述性前瞻性資訊揭露多寡對企業資訊環境的影響，此處所謂企業資訊環境是指股票報酬的訊息效率，即股票報酬對企業未來盈餘的預測能力。本研究蒐集2012到2014年度的臺灣上下市櫃公司股東會年報資料，在消除可能同時影響前瞻性資訊揭露與股票報酬訊息效率的企業特徵干擾之後，以改良前瞻性資訊揭露作為衡量前瞻性資訊揭露多寡的變數。本研究將股票報酬率分為三個期間檢驗改良前瞻性資訊揭露對其與公司未來盈餘間關係的影響，實證結果表明，在股東會年報揭露更多前瞻性資訊的公司，年報發佈前的股票報酬反映未來盈餘資訊的能力較差，即年報發佈前的資訊環境較差。而在年報發佈後，雖然股票報酬的訊息效率得到改善但無法完全消除其較差的資訊環境，證據也不足以表明股票報酬訊息效率改善的原因來自於更多的前瞻性資訊揭露。;The goal of this study is to review the impact of narrative forward-looking information disclosures in annual reports on corporate information environment. The so-called corporate information environment refers to information efficiency of stock returns, meaning the capability of stock returns to predict companies’ future earnings. We collect annual reports of Taiwan′s listed companies in 2012-2014. After eliminating the interference of corporate characteristics that may affect forward-looking disclosures and stock returns’ information efficiency, abnormal forward-looking disclosures are used as variables to measure quantity and intensity of forward-looking information disclosures. We divide stock returns into three periods to test the impact of abnormal forward-looking information on correlation between stock returns and companies’ future earnings. We find that those companies unveiling more abnormal forward-looking information in annual reports have pre-filing stock returns that less strongly reflect future earnings information, i.e., those with more forward-looking disclosures have poor information environment before annual reports. After release of annual reports, companies with more abnormal forward-looking disclosure have improved information efficiency of stock returns but still less strongly reflect future earnings information. This means the poor information environment is mitigated, but not completely. There is no significant evidence to conclude that more forward-looking information disclosures lead to the improvement of stock returns’ information efficiency.
