財務報表是由數字以及一連串的附註文字所構成，為外部利害關係人了解公司狀況的主要管道。透過文字的描述可使財報使用者能更加了解數字所代表的意義，因此，文字敘述是否具有資訊內涵為重要的議題。本研究以中文可讀性公式作為衡量指標，分析2013 年至2018 年台灣上市櫃公司財務報表附註揭露之可讀性與管理當局帝國建立動機之關聯。結果顯示，若公司存在高管帝國建立行為，則財務報表可讀性較差，但此一負向關係將會因為公司由供應鏈會計師查核而減弱。本研究結果提供明確的證據證明管理當局確實會利用較複雜或難以理解的表達方式來降低財報可讀性，進而達成掩蓋事實的目的；然而，供應鏈會計師因具備較佳的審計品質，可抑制管理當局進行此投機行為。

Financial statements comprise numbers and a series of notes, and they are the primary means through which stakeholders understand how a company is operating. Supplementing numbers with text help users of financial reports understand what the numbers mean. Therefore, in recent years, many studies have investigated whether such textual descriptions are informative. This study explores the relation between the readability of financial statement footnotes and managerial empires building among listed Taiwanese companies between 2013 and 2018. By using the Chinese readability formula to measure readability, we found that the more incentivized a manager is to build an empire, the less readable their firm’s financial statements are. However, this negative relationship is attenuated if the firm is audited by a supply chain auditor. Our findings provide new evidence that managers tend to use more complex and opaque expressions to make their financial statements less readable, thus achieving the purpose of concealing information from stakeholders.

自2020 年起，投稿本刊之文章，均不需提供政策與管理意涵。已接受但尚未刊登之文章則仍依原稿件格式撰寫。

宋曜廷、陳茹玲、李宜憲、查日龢、曾厚強、林維駿、張道行、張國恩，2013，「中文文本可讀性探討：指標選取、模型建立與效度驗證」，中華心理學刊，55卷1期：75~106。(Sung, Y. T., Chen, J. L., Lee, Y. S., Cha, J. H., Tseng, H. C., Lin, W. C., Chang, T. H., and Chang, K. E., 2013, “Investigating Chinese Text Readability: Linguistic Features, Modeling, and Validation,” Chinese Journal of Psychology, Vol. 55, No. 1, 75-106.)
張謙恆，2020，「供應鏈會計師與裁決性應計數」，會計評論，70卷，43~95。(Chang, Jennifer, C. H., 2020, “Auditor’s Supply Chain Expertise and Discretionary Accruals,” Journal of Accounting Review, Vol. 70, 43-95.)
陳建中，2016，「銷管費用僵固性、帝國建立動機與公司治理個別機制之成效」，當代會計，17卷2期：131~171。(Chen, C. C., 2016, “SGA Cost Stickiness, Empire Building Incentives, and the Effects of Individual Corporate Governance Mechanisms,” Journal of Contemporary Accounting, Vol. 17, No. 2, 131-171.)
Abernathy, J. L., Guo, F., Kubick, T. R., and Masli, A., 2019, “Financial Statement Footnote Readability and Corporate Audit Outcomes,” Auditing: A Journal of Practice & Theory, Vol. 38, No. 2, 1-26.
Ajina, A., Laouiti, M., and Msolli, B., 2016, “Guiding through the Fog: Does Annual Report Readability Reveal Earnings Management?” Research in International Business and Finance, Vol. 38, 509-516.
Balsam, S., Krishnan, J., and Yang, J. S., 2003, “Auditor Industry Specialization and Earnings Quality,” A Journal of Practice & Theory, Vol. 22, No. 2, 71-97.
Bedard, J. C. and Biggs, S. F., 1991, “Pattern Recognition, Hypotheses Generation, and Auditor Performance in an Analytical Task,” The Accounting Review, Vol. 66, No. 3, 622-642.
Beynon, M. J., Mark, A. C., and Jones, M. J., 2004, “The Prediction of Profitability Using Accounting Narratives: A Variable Precision rough Set Approach,” International Journal of Intelligent Systems in Accounting, Finance and Management, Vol. 12, No. 4, 227-242.
Biddle, G. C., Hilary, G., and Verdi, R. S., 2009, “How Does Financial Reporting Quality Relate to Investment Efficiency?” Journal of Accounting and Economics, Vol. 48, No. 2-3, 112-131.
Bloomfield, R. J., 2002, “The Incomplete Revelation Hypothesis and Financial Reporting,” Accounting Horizons, Vol. 16, No. 3, 233-243.
Bonsall IV, S. B., Leone, A. J., Miller, B. P., and Rennekamp, K., 2017, “A Plain English Measure of Financial Reporting Readability,” Journal of Accounting and Economics, Vol. 63, No. 2-3, 329-357.
Chen, C. X., Lu, H., and Sougiannis, T., 2012, “The Agency Problem, Corporate Governance, and the Asymmetrical Behavior of Selling, General, and Administrative Costs,” Contemporary Accounting Research, Vol. 29, No. 1, 252-282.
Chen, J., Chang, H., Chen, H. C., and Kim, S., 2014, “The Effect of Supply Chain Knowledge Spillovers on Audit Pricing,” Journal of Management Accounting Research, Vol. 26, No. 1, 83-100.
Chin, C. L. and Chi, H. Y., 2009, “Reducing Restatements with Increased Industry Expertise,” Contemporary Accounting Research, Vol. 26, No. 3, 729-765.
Dale, E. and Chall, J. S., 1949, “The Concept of Readability,” Elementary English, Vol. 26, No. 1, 19-26.
Dhaliwal, D., Judd, J. S., Serfling, M., and Shaikh, S, 2016, “Customer Concentration Risk and the Cost of Equity Capital,” Journal of Accounting and Economics, Vol. 61, No. 1, 23-48.
Dou, Y., Hope, O. K., and Thomas, W. B., 2013, “Relationship-Specificity, Contract Enforceability, and Income Smoothing,” The Accounting Review, Vol. 88, No. 5, 1629-1656.
Filzen, J. J. and Peterson, K., 2015, “Financial Statement Complexity and Meeting Analysts’ Expectations,” Contemporary Accounting Research, Vol. 32, No. 4, 1560-1594.
Francis, J. R., 2011, “A Framework for Understanding and Researching Audit Quality,” Auditing: A Journal of practice & theory, Vol. 30, No. 2, 125-152.
Giroud, X. and Mueller, H. M., 2010, “Does Corporate Governance Matter in Competitive Industries,” Journal of Financial Economics, Vol. 95, No. 3, 312-331.
Gomes-Casseres, B., Hagedoorn, J., and Jaffe, A. B, 2006, “Do Alliances Promote Knowledge Flows?” Journal of Financial Economics, Vol. 80, No. 1, 5-33.
Hope, O. K. and Thomas, W. B., 2008, “Managerial Empire Building and Firm Disclosure,” Journal of Accounting Research, Vol. 46, No. 3, 591-626.
Hoskins, R. L., 1984, “Annual Reports I: Difficult Reading and Getting More So,” Public Relations Review, Vol. 10, No. 2, 49-55.
Hui, K. W., Klasa, S., and Yeung, P. E., 2012, “Corporate Suppliers and Customers and Accounting Conservatism,” Journal of Accounting and Economics, Vol. 53, No. 1-2, 115-135.
Itzkowitz, J., 2015, “Buyers as Stakeholders: How Relationships Affect Suppliers' Financial Constraints,” Journal of Corporate Finance, Vol. 31, 54-66.
Jensen, M. C. and Meckling, H., 1976, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics, Vol. 3, No. 4, 305-360.
Jensen, M. C., 1986, “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers,” American Economic Review, Vol. 76, No. 2, 323-329.
Johnstone, K. M., Li, C., and Luo, S., 2014, “Client-Auditor Supply Chain Relationships, Audit Quality, and Audit Pricing,” Auditing: A Journal of Practice & Theory, Vol. 33, No. 4, 119-166.
Jones, M. J. and Shoemaker, P. A., 1994, “Accounting Narratives: A Review of Empirical Studies of Content and Readability,” Journal of Accounting Literature, Vol. 13, 142-184.
Kim, C., Wang, K., and Zhang, L., 2019, “Readability of 10-K Reports and Stock Price Crash Risk,” Contemporary Accounting Research, Vol. 36, No. 2, 1184-1216.
Knechel, W. R., Naiker, V., and Pacheco, G., 2007, “Does Auditor Industry Specialization Matter? Evidence from Market Reaction to Auditor Switches,” Auditing: A Journal of Practice and Theory, Vol. 26, No. 1, 19-45.
Kothari, S. P., Leone, A. J., and Wasley, C. E., 2005, “Performance Matched Discretionary Accrual Measures,” Journal of Accounting and Economics, Vol. 39, No. 1, 163-197.
Krishnan, G. V., 2003, “Does Big 6 Auditor Industry Expertise Constrain Earnings Management?” Accounting Horizons, Vol. 17, No. s-1, 1-16.
Lehavy, R., Li, F., and Merkley, K., 2011, “The Effect of Annual Report Readability on Analyst Following and the Properties of Their Earnings Forecasts,” The Accounting Review, Vol. 86, No. 3, 1087-1115.
Li, D., 2013, “Empire-Building Incentives and the Effectiveness of Accrual Investment,” International Journal of Business, Vol. 18, No. 3, 178-197.
Li, F., 2008, “Annual Report Readability, Current Earnings, and Earnings Persistence,” Journal of Accounting and Economics, Vol. 45, No. 2-3, 221-247.
Lo, K., Ramos, F., and Rogo, R., 2017, “Earnings Management and Annual Report Readability,” Journal of Accounting and Economics, Vol. 63, No. 1, 1-25.
Masulis, R. W., Wang, C., and Xie, F., 2007, “Corporate Governance and Acquirer Returns,” The Journal of Finance, Vol. 62, No. 4, 1851-1889.
McNichols, M. F. and Stubben, S. R., 2008, “Does Earnings Management Affect Firms’ Investment Decisions?” The Accounting Review, Vol. 83, No. 6, 1571-1603.
Miller, B. P., 2010, “The Effects of Reporting Complexity on Small and Large Investor Trading,” The Accounting Review, Vol. 85, No. 6, 2107-2143.
Oliveira, M., Kadapakkam, P. R., and Beyhaghi, M., 2017, “Effects of Customer Financial Distress on Supplier Capital Structure,” Journal of Corporate Finance, Vol. 42, 131-149.
Poshalian, S. and Crissy, W. J. E., 1952, “Corporate Annual Reports are Difficult, Dull Reading, Human Interest Value Low, Survey Shows,” Journal of Accountancy, Vol. 94, No. 2, 215-219.
Richardson, S., 2006, “Over-investment of Free Cash Flow,” Review of Accounting Studies, Vol. 11, No. 2-3, 159-189.
Romanus, R. N., Maher, J. J., and Fleming, D. M., 2008, “Auditor Industry Specialization, Auditor Changes, and Accounting Restatements,” Accounting Horizons, Vol. 22, No. 4, 389-413.
Stock, J. H. and Yogo, M., 2002, “Testing for Weak Instruments in Linear IV Regression.” Technical working paper, National Bureau of Economic Research.
Stulz, R., 1990, “Managerial Discretion and Optimal Financing Policies,” Journal of Financial Economics, Vol. 26, No. 1, 3-27.
Titman, S., Wei, K. C. J., and Xie, F., 2004, “Capital Investments and Stock Returns,” Journal of Financial and Quantitative Analysis, Vol. 39, No. 4, 677-700.
Yeh, Mary, C. Y., and Lin, P. S., 2018, “Does CEO Reputation Matter to Financial Reporting Quality?” NTU Management Review, Vol. 28, No. 3, 1-46.
Young, C. S., Chen, C. H., Chien, F. L., and Yu, T. Y., 2014, “Managerial Empire Building and Segment Reporting Quality: the Role of Auditor Industry Specialization,” Corporate ownership and Control, Vol. 12, No. 1, 518-530.