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第二節 研究限制
1. 未能將表格或圖片資訊處理成可供研究之 MD&A
在撰寫程式獲取企業 10-K 年報中 MD&A 段落時，無法將以表格 或圖片方式呈現之 MD&A 資訊內容轉換成純文字的格式，由於資料的 處理成本超過本研究所能負荷的範圍，故在獲取 MD&A 資訊內容時，
撰寫之程式將自動將表格或圖片格式之 MD&A 資訊內容排除在外，然 考量到獲取 MD&A 的完整性，表格或圖片之 MD&A 內容仍有可能包 含可供分析之管理階層報導語調，若能獲得此項 MD&A 資訊並進行分 析，對於 MD&A 語調之正面、中立或負面判斷必定有重大幫助。
2. 有效之樣本數量不如預期
由於在處理樣本的過程中，MD&A 與從 Compustat 獲取財務資料 之樣本數原本有 4,464 筆，但在與其他資料庫，如 IBES 資料庫、CRSP US Stock 資料庫的變數資料合併時，有效的樣本數量大量減少至 1,667 筆，又因為主要解釋變數的衡量方式係以過去 3 年之平均報導語調作為 衡量方法，必須排除少於 4 年的樣本資料，故有效樣本數量最終減少至 535 筆，若在不同資料庫合併時能夠整合出較多的樣本數，必定可以增 加迴歸分析結論之可信度。
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