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| Title: | 氣候政策不確定性與非一般公認會計原則盈餘揭露
Climate Policy Uncertainty and Non-GAAP Earnings Disclosure |
| Authors: | 游大慈
Yu, Ta-Tzu |
| Contributors: | 詹凌菁
Chan, Ling-Ching
游大慈
Yu, Ta-Tzu |
| Keywords: | 氣候政策不確定性
非一般公認會計原則盈餘
溫室氣體排放
Climate Policy Uncertainty
Non-GAAP Earnings
Greenhouse Gas Emissions |
| Date: | 2025 |
| Issue Date: | 2025-08-04 14:50:45 (UTC+8) |
| Abstract: | 本文在討論氣候政策不確定性（Climate Policy Uncertainty, CPU）對企業揭露非一般公認會計原則（Non-GAAP）盈餘之影響。本文以 2003 至 2020 年美國公司季資料為樣本，並且從三個面向去分析，包括：（1）企業揭露非 GAAP 盈餘的可能性、（2）排除項目的性質與金額，以及（3）非 GAAP 盈餘的資訊品質，並進一步考量企業溫室氣體排放強度。研究結果指出，隨著氣候政策不確定性提高，企業揭露非一般公認會計原則盈餘的意願顯著下降，反映出企業在面對氣候政策風險時傾向採取保守的揭露策略。另外，企業選擇揭露非一般公認會計原則盈餘時，氣候政策不確定性與排除費用金額呈正向關聯，大約三分之一為經常性排除項目。在資訊品質方面，氣候政策不確定性上升與管理者額外排除之經常性項目與分析師排除項目的品質下降有關，顯示在高度氣候政策不確定性下，非 GAAP 盈餘資訊的解釋力可能受到削弱。另外，增額分析顯示，在氣候政策不確定性較高的情況下，高排放與低排放企業在揭露意願與資訊品質方面並無顯著差異，但高排放企業相較之下更傾向排除較多費用。整體而言，本研究結果強調了氣候政策不確定性如何影響公司對於非一般公認會計原則之報導及其品質。
This study examines the impact of climate policy uncertainty on firms’ non-GAAP earnings disclosure behavior, using quarterly data from U.S. companies between 2003 and 2020. The analysis focuses on three dimensions: the likelihood of non-GAAP disclosure, the nature of exclusions, and the informational quality of disclosures, with additional consideration of firms’ GHG emission intensity. Results show that higher CPU is associated with a reduced likelihood of disclosing non-GAAP earnings, reflecting a more cautious approach under policy uncertainty. When firms do report non-GAAP earnings, CPU is positively related to the total amount of excluded expenses, around one-third of which are recurring. In terms of quality, recurring exclusions made by managers or analysts under high CPU tend to have lower quality. Although disclosure likelihood and quality do not differ significantly by emission level, high GHG emission firms exclude more items when facing high climate policy uncertainty. Overall, the findings highlight how climate policy uncertainty can influence both the decision to report non-GAAP earnings and the quality of disclosures. |
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| Description: | 碩士
國立政治大學
會計學系
112353015 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112353015 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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