本研究探討財報的拆解品質是否跟未來盈餘反應係數(FERC)有所關聯，拆解品質的衡量是以Chen at el(2015)提出之財務拆解品質之概念進行研究。結果顯示當財務拆解品質越好時，當期股價報酬反應較多關於未來預期盈餘之資訊、亦即未來盈餘反應係數越高，顯示兩者為正向關係，代表投資人可將拆解品質視為一反應未來公司營運情況之資訊。而額外測試之結果顯示，拆解品質與未來盈餘反應係數之關係，在資訊環境較差之公司，該正向關係更加強烈，結果更加證實拆解品質為公司訊息的一種傳遞，財務拆解品質越好之公司，未來盈餘反應係數較高。最後，本研究將拆解品質分為資產負債表與綜合損益表之拆解品質再重跑主要回歸模型，結果發現資產負債表的拆解品質係數顯著為正，顯示資產負債表的價值攸關性相較損益表而言正提升中。

This research examines whether the disaggregation quality of financial statements improves the informativeness of stock prices associated with a firm's future earnings to both capital markets and investors. Using the future earnings response coefficient methodology as the basic model, we find that stock price of firms with financial statements indicating high disaggregation quality will reflect more future earnings than is the case for firms with low disaggregation quality. We also find that companies followed by fewer analysts are sensitive to disaggregation quality in their financial statements. Our findings suggest that the disaggregation quality of financial statements enhances the future earnings response coefficient through providing more information to capital markets rather than reducing distortion in financial statements. In addition, we present evidence that returns predict future earnings to a greater extent for the balance sheet component rather than the income statement component when disaggregation quality is higher. We empirically eliminate the possibility that our findings are driven by omitting variables. Collectively, our evidence suggests that the disaggregation quality of financial statements helps improve private information by reducing information asymmetry between a firm's future profitability and market participant, and also strengthen corporate reporting quality.

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