臺灣博碩士論文加值系統

本研究主要目的在於探討公司治理、資金成本與資訊揭露程度之關聯性，本研究以上市電子產業公司為樣本，利用2006至2010年資料，進行實證研究。研究結果指出，自願性揭露水準與資金成本呈顯著負向關係，隱含投資者歡迎公司有較多自願性揭露訊息。此外，本研究亦發現，資訊透明度會干擾公司治理對資金成本之影響效果；當公司資訊愈為透明時，公司治理愈好，其資金成本愈低。

This study aims to examine the relationship among corporate governance, information discourse and cost of capital. To address this issue, we use listed companies from the electronics industry in the period from 2006 to 2010. Our results show that voluntary disclosure level is negatively associated with cost of capital, implying that investors welcome firms to have more voluntary disclosures. In addition, this study demonstrates that information transparency level negatively affects the relationship of corporate governance with cost of capital, indicating that firms can reduce their cost of capital via increasing their transparency.

中文摘要 iii
英文摘要 iv
誌謝辭 v
內容目錄 vi
表目錄 viii
圖目錄 ix
第一章 緒論 1
第一節 研究背景及動機 1
第二節　研究目的 2
第三節　研究流程與章節架構 3
第四節　研究架構 5
第二章　文獻探討 6
第一節　代理理論與公司治理 6
第二節　資訊透明度 17
第二節　公司治理、資金成本與資訊透明度之相關文獻 19
第三章　研究方法 22
第一節 資料來源與樣本 22
第二節 變數操作性定義 22
第三節 實證模式 26
第四章 實證結果與分析 27
第一節　敘述性統計 27
第二節　相關分析 28
第三節　公司治理、資訊透明度與資金成本關聯性 29
第五章　結論與建議 32
參考文獻 33
附錄 40

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