摘要
公司年報乃是公開可取得的資訊，內容豐富完整，但對資訊使用者而言，美國的研究指出其使用頻率不高，因此是否在投資、籌資決策具攸關性？對主管機關而言，年報為其強制企業揭露的監理機制之一，因其內容有許多文字性資訊，是否具監管決策攸關性？本研究為了瞭解文字性揭露的意涵，洞悉公司管理當局傳遞之訊息，探討公司年報文字揭露與財務數字的資訊內涵。結果發現，公司年報敘述性揭露對問題公司發生企業失敗具有解釋能力。而公司年報不同敘述性段落之內容應有其不同目的，透過年報文件人工切割後，進一步發現年報不同文字段落之揭露，在解釋企業失敗之資訊內涵並不相同。
本研究對公司年報文字揭露分析研究，並非要貶抑量化財務分析，而是發現文件資訊較數量資訊有競爭性，若能將文件與數量資訊合併分析，因其具有互補性而可以呈現出最好的結果。
公司非自願性下市之原因，若是在其尚未發生下市之前，主管機關及利害關係人可由公司對外的公開資訊中，偵測發現公司所面臨問題之跡象，得以提早預警，則避免社會蒙受其損害。本研究由公司年報，進行文字內容探勘，發現在分析財務性資訊之外，再結合文字之意涵，可以事前偵測到公司面臨問題跡象之資訊，對企業失敗發揮增額的預警效果。
在華文語系的國家，很少研究年報中文文字資訊內涵，也沒有像英美語系國家常用於字的分類和定義之來源基礎，以評估文件語意的哈佛社會心理學字典。故本研究試圖發展一適用於中文財務關鍵字詞庫，建置過程謹慎，提供未來運用年報中文文字資訊結合財務數字，可以輔助偵測財務事件的目的。

Abstract
Annual report is an important channel for firms to communicate with the public users, since it has rich content of information. Previous literature indicated that the use of annual report is not that frequent by financial statement users. The research question is whether annual report is with investment and financing decisions relevance. The annual report contents have much text information for regulatory decision-making. In order to understand whether narrative reveals insight of the message transmitted by management, this study investigates the information content of the narrative disclosure and financial figures in the annual report. The study finds that the annual report narrative portion can explain firm failure. The study also finds the information content in the different section of annual report documents is not the same in explaining firm failure.
This study though reveals the annual report text analysis, is not to discourage the quantitative financial analysis. Previous literature found that textual information combined with quantitative information can render the best results because of their complementarities.
The results show that combined in the analysis of financial information, the text mining of annual report can signal the prior firm failure. There are incremental information contents in the financial distress prediction effect with the textual data.
In great China, very few studies explore the information content of the annual report of Chinese text. Anglo-American language countries commonly use source basis for the classification and definition of the word to assess the file semantics using Harvard social psychology dictionary. This study attempts to develop a suitable Chinese Financial keyword thesaurus, build with the process with care. The annual report of the Chinese textual information combined with financial numbers can aid signaling detection financial events in future.