Readability of annual reports: Western versus Asian evidence
使用可读性公式测量香港上市公司年报中主席致辞和脚注的可读性，发现其超出90%成年人口的流畅理解水平，且五年间整体可读性下降，行业、公司规模和盈利能力对可读性无显著影响。
Flesch, Fog and Lix readability formulas were used to measure 32 randomly selected chairmen′s address and footnote passages from the annual reports of some Hong Kong public companies for the years 1986 and 1991. Examines four issues: temporal change in readability levels, influence of industrial grouping on readability, and the relationship between corporate size or profitability on readability levels. Finds that readability is beyond the fluent comprehension levels of 90 per cent of the adult population, overall readability declined over the five‐year period; industrial classification has insignificant impact, and neither company size nor profitability are associated with improved readability levels. These Asian findings are consistent with those from similar studies in the USA, UK, Canada and New Zealand.