財務報告的可讀性與初次上市櫃（IPO）溢酬？來自台灣股票市場的證據

The Readability of Financial Reports and IPO Underpricing? Evidence from Taiwan Stock Market

研究目的：本研究探討初次上市櫃公司掛牌當日承銷價與收盤價間溢酬（IPO underpricing），與掛牌前最近期財務報告可讀性間之關係；此外，加入新式會計師查核報告是否影響財務報告可讀性及對初次上市櫃溢酬的探討。
研究設計／方法：本研究以台灣股票市場於西元2000年至2023年所有初次上市櫃公司（排除金融業）為研究對象，以「文本可讀性指標自動化分析系統」進行可讀性分析，以迴歸檢定個可讀性指標與IPO溢酬之關係；另比較2018年度全面採用新式查核報告財務報告前後，可讀性指標對於IPO溢酬之顯著性影響。
研究結果：研究結果發現所有假說顯著，財務報告可讀性越低，IPO溢酬越高；此外，2018年採用新式查核報告，增加關鍵查核事項段落，相較2017年以前，對於IPO溢酬影響更大。
研究限制／啟發：本研究以財務報告可讀性為測試基礎，未來可擴及初次上市櫃前的公開說明書等相關上市櫃申請文件。
理論／實務／社會意涵：增加財務報告可讀性可提高資訊揭露透明度，降低IPO溢酬，藉此吸引長期投資者持有，提升公司治理。
創見／價值：本研究討論財務報告可讀性對IPO溢酬的影響，並同時考量為提升資訊透明度而修訂的新式查核報告政策對IPO溢酬的影響。

Purpose–This study explores the relationship between IPO underpricing and the readability of the most recent financial reports prior to listing. Additionally, it investigates whether the inclusion of Key Audit Matters (KAM) in audit reports influences the readability of financial reports and its effect on IPO underpricing.
Design/methodology/approach–This study examines all IPO companies (excluding the financial sector) listed on the Taiwan Stock Market from 2000 to 2023. Readability analysis is conducted using the CRIE system, with regression used to test the relationship between readability indicators and IPO underpricing. Additionally, the study compares the significant effects of readability indicators on IPO underpricing before and after the adoption of the new audit report format in 2018.
Findings–The research results show that both hypotheses are significant: lower readability of financial reports leads to higher IPO underpricing. Furthermore, the adoption of the new audit report format in 2018, which introduced the Key Audit Matters section, has a greater impact on IPO underpricing compared to the period before 2017.
Research limitations/implications–This study uses the readability of financial reports as the basis for testing. In the future, it could be expanded to include prospectuses and other IPO filing documents before listing.
Practical implications/Social implications–Improving the readability of financial reports can enhance transparency in information disclosure, reduce IPO underpricing, attract long-term investors, and ultimately improve corporate governance.
Originality/value–This study examines the impact of financial report readability on IPO underpricing, while also considering the effect of the new audit report policy on IPO underpricing.