企業永續報告書可以傳遞企業永續的相關資訊，對於利害關係人而言，企業永續報告書可以帶來資訊價值並降低資訊不對稱，於此同時，資訊的時效性就顯得相當重要，因為資訊使用者可以藉此做出最適當且即時的決策。台灣自2014年頒布實施上市公司編製與申報永續報告書作業辦法，其中明訂應於每年6月30日前申報永續報告書，但若是首次編製或是永續報告書經由會計師進行確信者可延長至12月31日。2021年時修法，使經會計師出具意見之永續報告書，提早至每年9月30日前申報，顯見主管機關越來越重視永續報告書之時效性。
較低的資訊不對稱可以降低股價崩跌風險，因此本研究著重於永續報告書時效性對於股價崩跌風險之影響，使用台灣2016年至2022年發布永續報告書之公司為樣本，也探討是否有第三方執行確信、是否由會計師確信以及是否由四大會計師事務所執行確信對股價崩跌風險之差異。結果發現永續報告書之時效性與股價崩跌風險之間雖有負向關係，但未達顯著性，不過未進行永續報告書確信之群體其永續報告書之時效性能顯著降低股價崩跌風險，這可能是由於永續報告書之確信會影響永續報告書之時效性而導致結果不顯著；然而確信是否由會計師執行以及是否由四大會計師事務所執行確信則無顯著差異。不論由誰執行第三方確信卻無法顯著降低股價崩跌風險，可能是由於台灣企業尋找永續報告書之確信僅是基於法規要求等因素。

This research investigates the relationship between timeliness of sustainability reports and stock price crash risk. The scope of data is the companies who issue sustainability report between 2016 and 2022, excluding the financial industry. The result shows a negative but insignificant relationship between timeliness of sustainability report and stock price crash risk. Moreover, this study investigates the different assurance level of the sustainability reports. The findings indicate that the sustainability report without assurance has significant negative relationship between timeliness of sustainability report and stock price crash risk, while the others are insignificant. This result indicates that the assurance in sustainability reports may affect the timeliness of sustainability reporting, making the relationship between timeliness of sustainability reports and the stock price crash risk not significant.

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