臺灣博碩士論文加值系統

本研究旨在探討台灣證券暨期貨發展基金會所公布的資訊揭露評鑑系統結果做為資訊透明度的替代變數， 以台灣上市公司及上櫃公司第三屆至第七屆評鑑結果為樣本，藉由以Ohlson模型為基礎所形成的複迴歸模型，及以 Spearman rank order correlation 檢定的方法下，來探討該系統是否能提高財務報表資訊的攸關性進而對投資人有所影響。
經實證研究結果顯示：資訊透明度較好的公司，較資訊透明度差的公司，，對股價更具解釋能力，公司每股帳面價值愈高，其公司的基本價值也愈高。證基會所建置的資訊評鑑系統，確實能捕捉到資訊揭露優劣的訊息，然而，另經實證研究結果顯示，資訊透明度等級與市淨率兩組變數之間聯繫的密切程度並不顯著。

The purpose of this study is to discuss the information disclosure system built by the Securities and Futures Institute of Taiwan. Evaluated results of Information Transparency Raking System were used as the disclosure transparency proxy variable to examine whether the firms with better disclosure have higher valuation. Evaluation results from the third through the seventh round of evaluation of Taiwanese listed companies were used as samples for the Ohlson regression model and Spearman Rank Order Correlation, to see whether the system improve financial reporting of information vital to investors and thus have an impact.

The empirical results showed that: Companies with higher transparency have a higher book value per share and fundamental value than companies with lower transparency. The evaluation system built by the Securities and Futures Institute can effectively disclose information, but research showed the association between P/B ratio and disclosure rank is not significant.

口試委員審定書 iii
謝辭 iv
中文摘要 v
英文摘要 vi
目錄 vii
圖目錄 viii
表目錄 ix
第一章 緒論 1
第一節 研究背景 1
第二節 研究動機 5
第三節 研究目的 6
第四節 研究架構 7
第二章 文獻探討 9
第一節 公司資訊揭露的可能效益 9
第二節 公司特性與資訊揭露透明度之關聯性 14
第三節 測試假設 19
第三章 資料與研究方法 20
第一節 資料來源 20
第二節 評鑑程序說明與評鑑結果公布方法 20
第三節 資訊揭露評鑑結果敘述分析 22
第四章 實證結果 28
第一節 資訊揭露評鑑結果與每股帳面價值關聯性之實證分析 28
第二節 揭露評鑑結果與市淨率之實證分析 33
第五章 結論與建議 36
第一節 研究結論 36
第二節 研究限制 36
第三節 未來研究方向建議 37
參考文獻 39
中文部分 39
英文部分 41

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