臺灣博碩士論文加值系統

過去研究發現，財務資訊品質可以降低道德風險或逆選擇等資訊不對稱問題，以提升企業投資效率性，本文延伸此研究並進一步探討國內資訊透明度(由資訊揭露評鑑衡量)是否能降低過度投資或投資不足。
本研究以Panel Data中之Pooled Regression Model來檢驗資訊透明度與投資決策間之關係。研究樣本為2003年至2007年之受評鑑上市櫃公司，共計五年。
實證結果發現當公司在投資不足下，資訊透明度愈高，愈能增加投資不足下之投資支出，另一方面，當公司在過度投資下，資訊透明度愈高，愈能降低過度投資下之投資支出；此外，本研究發現機構投資人與董監事持股比例，亦能夠降低過度投資與投資不足等問題。綜合以上之研究結果，資訊透明度、機構投資人持股比與董監事持股比對於公司投資決策皆具有監督功能。

Prior studies suggest that higher-quality financial information can enhance investment efficiency by mitigating information asymmetries such as moral hazard and adverse selection, this article extends previous research and explores whether information transparency, measured by the announcement of the Information Disclosure and Transparency Ranking System, is associated with a reduction of over-investment or with a reduction of under-investment.
We use Pooled Regression Model to examine the relationship between information transparency and investment decision, the sample covers all public listed firms from 2003 to 2007.
The empirical results show that information transparency is positively associated with investment among firms with higher likelihood of under-investment; on the other hand, information transparency is negatively associated with investment among firms with higher likelihood of over-investment. In additions, institutional ownership and board of directors are associated with lower over- and under-investment. Overall, information transparency, institutional ownership, and board of directors have a monitoring effect on firm capital investment decision.

目錄
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究流程與架構 5
第二章 文獻探討 6
第一節 投資決策 6
第二節 資訊透明度 9
第三節 公司治理與投資決策 13
第四節 研究假說 16
第三章 研究設計與方法 18
第一節 研究樣本 18
第二節 研究變數定義 19
第三節 模型設計 23
第四節 研究方法 26
第四章 實證結果與分析 31
第一節 樣本產業分布 31
第二節 樣本敘述統計 33
第三節 資訊透明度對投資決策之影響 38
第五章 結論與建議 51
第一節 結論 51
第二節 未來研究方向與建議 52
參考文獻 53
附錄 59
圖表目錄
圖1-1 研究流程圖 5
表4-1 樣本產業分布 32
表4-2 樣本敘述統計(全體樣本) 34
表4-3 兩樣本平均數T檢定 36
表4-4 兩樣本中位數Wilcoxon Signed Rank檢定 36
表4-5 相關係數 37
表4-6 Probit(全體樣本) 39
表4-7 實證結果(全體樣本) 40
表4-8 Probit(電子產業) 46
表4-9 實證結果(電子產業) 47
表4-10 Probit(非電子產業) 49
表4-11 實證結果(非電子產業) 50

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