賣方分析師預測之盈餘對於資本市場中的投資者來說，是重要的指標之一，而分析師預測誤差也將進一步影響到資本市場中的買方與賣方之投資決策。從過往文獻中可以發現公司揭露財務、非財務相關的資訊皆有可能降低分析師預測誤差，然而所揭露之資訊的品質，是決定分析師預測誤差的因素之一。在非財務的資訊揭露中，永續議題的資訊揭露在學界中是一大研究領域，由於臺灣的金融管理監督委員會建議於2023年發布之永續報告書應採納SASB重大性議題框架，故本研究旨在探討永續資訊揭露中的重大性議題資訊，是否比其他非重大性議題的資訊揭露更能降低分析師預測誤差，也就是重大性議題的資訊品質與含量比其他永續議題更高。研究使用了ASSET4資料庫的永續資料，並映射到SASB發布之重大性地圖，檢視2006年至2020年之美國S&P 500公司的永續資訊揭露數據，包含對於重大性議題的資訊揭露、非重大性議題的資訊揭露、整體的永續資訊揭露。研究結果表明，永續議題的資訊揭露之所以能降低分析師誤差，是源自於重大性議題的揭露，而非重大性議題的揭露可能無法有效的降低分析師誤差。

Sell-side analyst earnings forecasts are an important indicator for investors in the capital markets, and analysts' forecast errors further affect the investment decisions of buyers and sellers in the capital markets. From the past literature, we could found that the disclosure of financial and non-financial information by companies may reduce analysts forecast error, but the quality of the disclosed information is one of the factors that determine analysts forecast error. Among non-financial disclosures, the disclosure of sustainability information is a major area of research in academia. In response to Financial Supervisory Commission R.O.C.'s recommendation to adopt the Sustainability Accounting Standards Board (SASB) materiality framework for sustainability reports to be released in 2023, this study aims to investigate whether the disclosure of materiality information in sustainability disclosures is more effective than the disclosure of non-materiality information in reducing analysts forecast errors. In other words, the quality and content of information on materiality issues is higher than other sustainability issues. Using sustainability data from the ASSET4 and mapping it to the SASB Materiality Map, the study examined sustainability disclosure data for S&P 500 companies from 2006 to 2020, including disclosure on materiality issues, disclosure on non-materiality issues, and overall sustainability disclosure. The results of the study indicate that materiality disclosure significantly reduces analyst forecast error, while non-materiality disclosure may not reduce it.

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