交叉持股指的是兩間以上公司為了特定目的而相互持有股份之行為，此行為可能透過結盟為公司帶來競爭優勢 (Tabeta, 1998)，但也可能有炒作股價或其他財務操縱之意圖 (許振明，1999)，而近年來，財務報表的文字揭露部分逐漸受到關注，過去研究發現公司績效表現好時會有較可讀之財務報表，若公司有壞消息時也會利用較複雜之財務報表來掩蓋其行為 (Li, 2008)。因此，本篇研究透過宋曜廷等人 (2013)研究中得出之中文文本可讀性公式和較直觀的文本特徵指標來量化2017和2018台灣上市櫃公司的財務報表附註文字揭露之資訊，並分析與交叉持股行為之關聯性。結果顯示，若公司存在交叉持股行為，會使財務報表可讀性下降，其原因可能是公司為了隱瞞特定資訊，以更為複雜的敘述試圖混淆投資者 (Li, 2008)；進一步分析發現，若僅針對存在交叉持股行為之公司進行分析，結果表明公司交叉持股程度越高，財務報表可讀性越高，其原因可能是相比於其他存在交叉持股行為之公司，交叉持股程度越高的公司進行交叉持股目的是為了獲得優勢 (Tabeta, 1998)，因此揭露較清楚之財務報表，讓使用者能清楚了解公司目前的績效表現。

Cross-shareholding refers to two or more companies holding shares in each other for a specific purpose. This behavior may give the firm a competitive advantage through alliances (Tabeta, 1998), but it may also have the intent of hyping stock prices or other financial manipulation (許振明，1999). In recent years, increasingly importance has been attached to the textual description of the financial statements. Prior research shows that firms which have good performance have more readable financial statements. If the firm has bad news, it will use more complex financial statements to hide its behavior (Li, 2008). Thus, this study measure the readability of Taiwan Stock Exchange financial statement footnote from 2017 to 2018 using the readability formula from Song et al. (2013) and intuitive text feature indicators. And I examine the relation between financial statement readability and cross-shareholding. The results show that if the company has cross-shareholding behavior, the readability of the financial statements will be reduced. The reason may be that the company tries to obfuscate investors with more complex narratives in order to conceal specific information (Li, 2008). Further analysis found that if only companies with cross-shareholding behavior were analyzed, the results showed that the higher the degree of cross-shareholding, the higher the readability of financial statements, and the higher the degree of cross-shareholding. The reason may be that compared with other companies that have cross-shareholding behavior, the purpose of cross-shareholding of companies with higher levels of cross-shareholding is to gain an advantage (Tabeta, 1998). Therefore, clearer financial statements are disclosed so that users can clearly understand the current performance of the company.

摘要 i
Abstract ii
第壹章 緒論 1
第一節 研究背景與目的 1
第二節 研究架構 4
第貳章 文獻回顧 5
第一節 交叉持股 5
第二節 財務報表可讀性 10
第參章 假說發展與研究方法 17
第一節 假說發展 17
第二節 實證模型建立 19
第三節 變數衡量 19
第四節 資料來源及樣本篩選 24
第肆章 實證結果分析 27
第一節 敘述性統計 27
第二節 相關係數分析 30
第三節 實證結果分析 32
第四節 額外測試 35
第伍章 研究結論與建議 49
第一節 研究結論 49
第二節 研究限制 49
第三節 研究貢獻 50
第四節 未來研究建議 50
參考文獻 53

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