臺灣博碩士論文加值系統

由去年(2001年)11月國際信用評等公司標準普爾(S&P)所公佈的全球透明度與資訊揭露報告中，可以看出亞洲各國在經歷1997年至1998年金融風暴的教訓後，均致力於提昇企業透明度與資訊揭露；相對地，台灣在當時金融風暴時受創程度較輕，或許因而掉以輕心，所以在該報告中，台灣企業的資訊透明度敬陪末座。因此，本論文期能藉由實證的研究，以提供揭露效益的證據，促使企業管理者能重視充分揭露的重要性。 本研究係探討企業資訊透明度與債券資金成本間的關係。研究樣本涵蓋民國八十五年至民國九十年間，共103家發行公司債的上市公司，針對其年報自願性揭露水準進行衡量。而本研究並分別採用會計準則規定與蒙地卡羅模擬法，嘗試將債券資金成本予以量化。研究結果發現，企業發行公司債之增額舉債成本與其年報自願性揭露水準間呈顯著負相關，顯示資訊的充分揭露，確實能獲得較低的舉債成本。而依市場風險高低所作的分組測試，結果則顯示具有高市場風險的企業，揭露水準與債券發行資金成本間之關聯性並未較低市場風險的企業來的密切，且高市場風險組的企業，年報中所揭露的策略性資訊，與債券發行資金成本間的關係並未達顯著水準。此與企業管理者於策略性資訊中，普遍對於企業未來前景偏向較樂觀的揭露態度相比對，也反映出投資人不僅考量企業資訊揭露的「量」，亦十分在意企業資訊揭露的「質」，因此企業不僅要對資訊作充分的揭露，亦需提昇資訊的品質以因應投資人的需求。

The business information of transparency and disclosure reports in whole world were presented by Standard and Poor, a national credit rating company. After Asia had been collapsed by financial storm from 1997 to 1998, so Asian nations that devoted to improve business information of transparency and disclosure. In contrast, information transparency of Taiwan’s business was the worst according to this report because it may be hurt lightly in Taiwan then. The purposes of our study are to provide evidences of which business information disclosures trade off effect and push management to look seriously at full disclosures.
This study focuses on relationship between business information transparency and bond issuing cost. This study works on 103 companies that are bond issuers and publicly listed from 1996 to 2001, and measures voluntary disclosures in the annual reports. In order to get qualities of bond issuing cost, we adopt rule of accounting standard principles and Monte Carlo simulation approach. We find that issuing incremental cost of bond shows significant negative relation with voluntary disclosure in the annual reports. It shows that full disclosure could reduce loan cost. However, for those companies with higher market risk, the relationship between disclosure level and issuing cost was not so strong as their counterparts. Besides, no significant relationship was found between strategic information and issuing cost for companies with higher market risk. This finding might reveal that investors concern not only the “quantity” but also the “quality” aspects of disclosures, even though the managements had an optimistic view for the future. It also suggests both full disclosures and quality of information are important factors to satisfy investors’ demand.

圖目錄………………………………………………...II
表目錄………………………………………………...II
第一章 緒論.…………………………………………1
第一節 研究背景與動機……...………………….……....1
第二節 研究目的與預期貢獻……...…………….……..3
第三節 論文結構…………………………….…….…….4
第二章 文獻探討…………………………………….5
第一節 資訊公開的重要性………….………………….5
第二節 年報自願性揭露………………………….…….8
第三節 揭露指數的衡量…………..……………………12
第四節 我國公司債市場之概況………………………..15
第五章 可轉換公司債之評價與會計處理…………….22
第三章 研究方法………………………………….26
第一節 研究假說…………………………….…………..26
第二節 樣本選取與資料蒐集………..……………….…27
第三節 變數定義與衡量…………………….…………..29
第四節 研究設計……….……………………….……….41
第四章 實證結果與分析……………………………43
第一節 敘述統計………………………………………....43
第二節 相關係數分析……………………………………51
第三節 多元迴歸模式分析………………………………56
第五章 結論與建議………………………………….67
第一節 結論………………………………………………67
第二節 研究限制…………………………………………69
第三節 建議………………………………………………70
參考文獻……………………………………………….71
附錄一 所有樣本公司……………………………….75
附錄二 揭露索引表………………………………….76
附錄三 樣本公司各揭露項目比率分配……………..79
圖目錄
圖1-1 研究流程……………………………………………4
表目錄
表2-1 近年來普通公司債發行方式分類比例…………...17
表3-1 資料項目與來源…………………………………...29
表3-2 各項參數說明……………………………………...35
表3-3 評等指標及其權數..……………………………….40
表4-1 樣本公司特徵與產業分布………………………...45
表4-2 公司債之發行特徵………………………………...46
表4-3 揭露指數敘述統計………………………………...48
表4-4 產業分類揭露指數………………………………...49
表4-5 公司債資金成本…………………………………...51
表4-6 解釋變數之敘述統計……………………………...51
表4-7 變數相關係數矩陣(模式一)………………….…...54
表4-8 變數相關係數矩陣(模式二)………………………55
表4-9 多元迴歸分析……………………………………...61
表4-10 分群測試(按β值區分為高低兩組)………………66
表5-1 迴歸分析結果彙整………………………………...68

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