臺灣博碩士論文加值系統

過去研究認為公司的治理透明程度越高，會有較高的績效。而資訊不對稱的存在使得在新興經濟體內，外國機構投資者(FINI)的投入往往被其他投資大眾認為是良好信號，投資與否之決策大量仰賴目標公司的治理結構、治理透明度、資訊揭露的內容、品質與數量。本研究目的在於證實資訊透明度與外國機構投資者投入之影響，加以探討廠商之吸收能力與其績效之關係。資料樣本採用台灣具代表性、且在世界市場佔有一席之地之電子產業，運用台灣公司治理資訊揭露評鑑與公司年報之資料驗證論述。
結果證實並非治理資訊程度，而是公司自願揭露與否與外國機構投資者之投入相關。而公司能夠獲得更多資源，進而能夠利用該資源而產生更好的績效。此外，過去績效表現與資訊透明度的交互效果也在本研究中討論。

Firms with higher level of governance transparency have been argued to enjoy better performance in previous studies. Albeit information-asymmetrical, foreign institutional investors (FINIs) play an important role in the development of emerging economics and presenting good signal for other investors as well. Their investment relies heavily upon the governance structure and transparency, and also the content, quality and quantity of information disclosure of targeted firms.
This paper is to delineate the relationship between a firm’s governance transparency, by which if it can attract more investment of FINIs, and the associated performance. Sampling electronic firms in Taiwan during a period from 2005 to 2009, we employ the unique database of Corporate Information Transparency and Disclosure Ranking (CITDR) and of annual reports of the firms to test our hypotheses. The result shows that the higher intent of voluntary disclosure of the governance structures of the firms, the higher percentage of the shares FINIs will hold, which can lead to these firms’ better performance. Besides, the interaction effect between previous performance and information disclosure of firms toward corporate performance are discussed in this study.

CHAPTER I Introduction...1
1.1 Research Background and Motivation...1
1.2 Research Process...5
1.3 Structure of this Research...7
CHAPTER II Literature Review...9
2.1 Overview...9
2.2 Transparency and Disclosure (T&D)...11
2.2.1 Definition of T&D...11
2.2.2 Effect of T&D...11
2.2.3 Information Asymmetry...12
2.2.4 Agency Problem...13
2.2.5 Corporate Information Transparency and Disclosure Ranking (CITDR) in Taiwan...14
2.3 Foreign Institutional Investors (FINI)...17
2.3.1 Qualified Foreign Institutional Investors (QFII)...17
2.3.2 Rescind of QFII...17
2.3.3 Role of FINI ...18
CHAPTER III Hypothesis Development...21
3.1 Overview...21
3.2 Relation between Transparency and FINIs...22
3.2.1 Level of Transparency ...22
3.1.2 Voluntary Disclosure ...23
3.3 FINI and Performance...25
3.4 Role of Absorptive Capacity...26
3.4 Research Framework...28
CHAPTER IV Data and Method...29
4.1 Data Collection and Sampling Design...29
4.2 Method...32
4.3 Variables and Measure...34
4.3.1 Dependent Variables...34
4.3.2 Independent Variables...35
4.3.3 Control Variables...36
CHAPTER V Empirical Result and Discussion...39
5.1 Basic Statistics Analysis...39
5.1.1 Descriptive Statistics...39
5.1.2 Correlation Analysis...40
5.2 Regression Results...43
5.2.1 Relation between information disclosure of firms and investment of FINIs...43
5.2.2 Relation between investment of FINIs and firms’ performance and role of absorptive capacity...45
5.3 Summary...48
5.4 Discussion...49
5.4.1 Overview...49
5.4.2 Interaction effect of disclosure and previous performance toward investment of FINIs...50
CHAPTER VI Conclusion...55
6.1 Research Findings and conclusion...55
6.2 Contributions and Managerial Implications...57
6.3 Research Limitation and Suggestion for Further Study...58
REFERENCE...59
APPENDIX...62

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