本論文探討財務報表拆解品質與股價崩跌風險之關聯性。本研究認為較高拆解品質的財務報表可減少管理階層隱藏消息並減少其做裁決性資訊而產生的資訊扭曲，進而降低未來的股價崩跌風險。透過1991至2017年的美國公司樣本，我們發現財務報表拆解品質與股價崩跌風險之間存在負向關聯。本研究也進一步探討拆解品質所帶來的效益，發現在複雜的資訊環境下拆解品質與股價崩跌風險之負向關聯更明顯，但是在資訊更扭曲的情況下對拆解品質與股價崩跌風險之負向關聯沒有顯著影響，進一步證實拆解品質降低股價崩跌風險主要是透過減少壞消息隱藏這個途徑。本研究提供財務報表拆解品質的效益，給予公司、管理階層、投資者及準則制定者未來可以進一步改進方向。

This study examines the relationship between disaggregation quality (DQ) and stock price crash risk. We consider that higher financial statement disaggregation can decrease crash risk through preventing managers from hiding bad news and decreasing earnings discretion in financial statements. Using the samples from 1991 to 2017, we provide strong evidence that DQ is negatively related to stock price crash risk. Moreover, we further research which benefits of DQ, decreasing hidden bad news or decreasing discretion, are central to decrease being crash prone. We find that being more prone to the negative relationship between DQ and crash risk happens under more complex information environments, while no significant effect exists under greater financial statement distortion. The results confirm that the reduction of crash risk comes mainly from providing more information and further decreasing hidden bad news by disaggregation. Our study informs firms, managers, standard setters, and investors about the benefits of financial statement disaggregation to help them when making decisions.

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