本篇研究旨在探討投資者情緒與年度財務報表可讀性之間關係。根據Baker & Wurgler（2006，2007）建構的投資者情緒指數，研究結果發現，投資者情緒高漲時，財務報導的可讀性較低；此結果反映管理者擔心當投資者情緒高漲，但年度財務報表的揭露表達的清楚明確，萬一未達到預期時，導致投資者遭致嚴重的經濟損失或是投資損失，會增加管理者未來訴訟風險的擔憂，因此揭露表達就會寫得較含糊、可讀性較低。以橫斷面加以分析，研究結果發現，公司治理的優劣會調節投資者情緒指數與公司資訊揭露可讀性間的關係，公司治理越嚴格之公司，對於報導品質會有一定程度之要求，因此，縱使投資者情緒高漲，公司的財務報導較不會因為管理者擔憂特定風險的考量而降低可讀性。此外，本研究亦發現，當投資者情緒高漲時，訴訟風險較高之公司，管理者會更擔憂面臨訴訟風險，財務報表揭露會更加含糊，降低財務報表之可讀性。

This study focuses on the relationship between the investor sentiment and readability of 10-K reports. The research results found that when investor sentiment is high, the readability of 10-K reports is low; The cross-sectional analysis shows that the quality of corporate governance moderates the relationship between the investor sentiment index and the readability of corporate information disclosure. Companies with stricter corporate governance have higher quality of reporting. Therefore, even if investor sentiment is high, the company's financial reports will be less readable due to managers' concerns about specific risks. In addition, this study also found that when investor sentiment is high, managers of companies with higher litigation risk will be more worried about litigation risks, and 10-K reports disclosure will be more vague, reducing the readability of 10-K reports.

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