| Summary: | 碩士 === 輔仁大學 === 金融與國際企業學系金融碩士班 === 106 === This study uses the top 100 U.S. financial holding company’s 10-K from 2000 to 2016 to analyze the securitization readability of annual reports by five readability variables (FKRE、FKGL、SMOG、CLI、ARI). The empirical results suggest that the disclosure information of securitization of U.S. financial holding company has low readability in all financial segments. This means that securitization reports are less likely to be read by general users of annual reports. So we can inferred that readers need to have at least a degree of education above the college level to be able to understand the securitization related paragraphs of the 10-K. Although the purpose of SFAS No. 166 and SFAS No. 167 implementation is to increase the degree of disclosure of information on securitization reports, the empirical results show that the readability decreases significantly and reading difficulty increases after the implementation of Accounting Communique. Therefore, this study conjectures that managers adopt more strategic measures, such as reducing readability, to face the requirements of increasing disclosure quality of annual report.
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