臺灣博碩士論文加值系統

隨著金融海嘯災情持續的擴大，除了使得全球經濟陷入大蕭條外，也突顯出投資人忽視風險與企業資訊透明度是否足夠之問題。為了提升我國企業之資訊透明度以及提供投資人辨別企業資訊透明度之相關依據，證基會便參考國際知名評鑑機構設立了資訊揭露評鑑系統，並對我國全體上市櫃公司進行資訊透明度評等。有鑑於此，本研究便以臺灣資訊揭露評鑑系統的評鑑分級結果作為企業透明度之衡量指標，並將評鑑結果與企業負債資金成本和企業股權結構相連結，探討此一系統在國內市場所扮演之角色，以了解評鑑分級結果是否會影響到企業的負債資金成本，以及企業股權結構是否會影響到企業的資訊透明度。
實證結果顯示，評鑑分級結果確實會影響到企業的負債資金成本，並呈現出資訊透明度較佳企業之負債資金成本顯著低於資訊透明度較差企業之情形，顯示債權人在擬定授信決策時會將資訊透明度列入參考，而資訊透明度越高之企業會享有較低的負債資金成本。在企業股權結構部分，實證結果顯示出外國法人機構及本國法人機構之持股比率與企業資訊透明度呈顯著正向關係，而大股東(控制股東)持股比率與企業資訊透明度卻呈顯著負向關係之情形，顯示出外國法人機構及本國法人機構之持股比率會影響到企業資訊透明度，而在評鑑結果中資訊透明度較差之企業似乎都有大股東持股較多之現象。

With the expansion of the financial tsunami, the global economics has been suffering a great recession, and it highlights the problems of investors’ ignorance of the investment risks and the adequacy of enterprises’ information transparency. To increase the degree of
Taiwanese enterprises’ information transparency and to provide investors with a basis for identifying enterprises’ information transparency, the Securities and Futures Institute (SFI) consults internationally-renowned ranking institutes to establish the Information
Transparency and Disclosure Rankings System (ITDRS) and rank the transparency of every Listed and OTC companies in Taiwan. Hence, this study uses the results of ITDRS
as the proxies for enterprises’ information transparency and, connecting the results with enterprises’ cost of debt and ownership structure, discusses the role of ITDRS in domestic market. Ultimately, this study aims to investigate whether ITDRS’s results would influence
enterprises’ cost of debt and ownership structure would influence the enterprises’information transparency.
Empirical results show that ITDRS’s results do influence the cost of debt, and that enterprises with better information transparency have far less cost of debt than those with lower information transparency. This indicates that creditors will consult information
transparency when making investment strategies, and enterprises with better information transparency will have lower cost of debt. In terms of the enterprise’s ownership structure, the empirical results also show that there is a significant positive relationship between the
information transparency and the share-holding percentage of qualified foreign and domestic investment institutes, but the results also show a significant negative relationship between the information transparency and the share-holding percentage of blockholders. This indicates that the share-holding percentage of qualified foreign and domestic institutes do influence the enterprises’ information transparency, and enterprises with lower information transparency in ITDRS seem to have blockholders with high percentage of share-holding.

第一章 緒論
第一節 研究背景與動機……………………………………………1
第二節 研究目的與預期貢獻………………………………………4
第三節 研究架構……………………………………………………5
第二章 臺灣資訊揭露評鑑系統簡介………………………………7
第三章 文獻回顧
第一節 資金成本……………………………………………………10
一、加權平均資金成本……………………………………………10
二、權益資金成本…………………………………………………11
三、負債資金成本…………………………………………………12
第二節 資訊透明度…………………………………………………13
一、資訊透明度之重要性…………………………………………13
二、企業資訊透明度所產生的成本效益…………………………14
三、資訊透明度之衡量方式………………………………………18
第三節 企業股權結構………………………………………………24
第四節 資訊透明度、資金成本與企業股權結構之關聯性………28
一、資訊透明度與資金成本之關聯性……………………………28
二、資訊透明度與企業股權結構之關聯性………………………31
第四章 研究方法
第一節 研究假說……………………………………………………32
第二節 變數衡量……………………………………………………34
第三節 樣本選取與資料來源………………………………………41
第四節 研究設計……………………………………………………42
第五章 實證研究結果分析
第一節 敘述性統計分析……………………………………………44
一、樣本分佈與揭露分級結果……………………………………44
二、各項變數之敘述性統計………………………………………44
第二節 相關係數分析………………………………………………53
一、資訊透明度與負債資金成本…………………………………53
二、資訊透明度與企業股權結構…………………………………55
第三節 迴歸分析……………………………………………………56
一、假說一之實證結果……………………………………………56
二、假說二與假說三之實證結果…………………………………65
第四節 敏感性分析…………………………………………………74
一、以長期股權投資來衡量資訊透明度…………………………74
二、資訊透明度與負債資金成本之Tukey 檢定─
排除特殊產業………………………………………………………76
第六章 結論與建議
第一節 研究結論……………………………………………………78
第二節 研究限制……………………………………………………80
第三節 研究建議……………………………………………………82
一、對未來後續研究之建議………………………………………82
二、對資訊揭露評鑑系統之建議…………………………………82
參考文獻……………………………………………………………84

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