本研究探討反SLAPP法對企業非GAAP盈餘揭露行為之影響。反SLAPP法透過降低外部監督者揭露或評論企業負面資訊時所面臨之法律風險，可能強化市場監督機制，進而影響企業之資訊揭露決策。本文認為，反SLAPP法一方面可能提升外部監督效果，使管理階層更加謹慎使用非GAAP排除項目，進而降低非GAAP盈餘排除幅度；另一方面，當外部監督與市場檢視程度提高時，企業亦可能更加重視與投資人及市場參與者之績效溝通，進而更積極使用非GAAP盈餘作為補充性績效指標，以說明GAAP盈餘未能完整反映之核心營運成果。實證結果顯示，反SLAPP法與企業非GAAP盈餘排除項目之幅度呈顯著正相關，支持績效溝通效果觀點。進一步分析發現，當企業會計調整彈性較低時，此正向影響更為明顯，且主要存在於公司規模較大及分析師關注程度較高之企業。此外，本文進一步檢驗非GAAP盈餘品質，結果顯示，反SLAPP法並未顯著影響非GAAP盈餘排除項目與未來盈餘之關聯性，表示反SLAPP法雖與非GAAP盈餘排除幅度增加有關，但未發現其導致非GAAP盈餘品質顯著下降之證據。

This study examines the effect of anti-SLAPP laws on firms’ non-GAAP earnings disclosure behavior. Anti-SLAPP laws may strengthen external monitoring by reducing the legal risk faced by external monitors when disclosing or commenting on negative firm information. This study suggests that such monitoring may either discourage excessive non-GAAP exclusions or encourage firms to use non-GAAP earnings as a supplementary performance measure to better communicate core operating performance. The empirical results show that anti-SLAPP laws are significantly positively associated with the magnitude of non-GAAP exclusions, supporting the performance communication effect. Further analyses indicate that this effect is more pronounced among firms with more limited flexibility in using GAAP earnings to present performance, larger firm size, and higher analyst following. Additional tests show that anti-SLAPP laws do not significantly affect the relation between non-GAAP exclusions and future earnings, suggesting no clear evidence of a decline in non-GAAP earnings quality.

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