文字探勘技術能應用領域相當廣泛，在財經領域中也已有許多文獻利用該技術處理非結構化的文字資料。近年來隨著債權市場大幅成長，重要性與日俱增，使得探討公司債務資金成本的決定因素成為一重要議題。本文利用文字探勘技術，量化公司法人說明會會議紀錄文本可讀性，將其作為文本揭露品質代理變數，檢驗其與債務資金成本之間的關聯性。不同於過往文獻所使用的可讀性指標，本文結合財經知識，建立對債權人具資訊價值的可讀性指標。本研究實證結果發現，文本可讀性與債務資金成本存在顯著正向關聯性。再者，透過結合財經知識的可讀性指標比起傳統可讀性指標對於債務資金成本更具解釋能力。

Text mining could be applied in a wide range of fields. In the field of finance, there are much literature that use this technique to deal with unstructured text data. In recent years, with the substantial growth of debt market, the importance of debt market is increasing day by day. Therefore, the determinants of the cost of debt become an important issue. We use text mining technique to quantify firm’s earnings conference call transcripts readability and use it as a proxy for disclosure quality. Furthermore, unlike the measure of readability used in previous literature, we combine financial knowledge to establish a new measure of readability. Finally, we examine the relationship between readability and the cost of debt.

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