臺灣博碩士論文加值系統

本研究之目的在探討公司年報透明度與權益資金成本之間的關聯性，以瞭解提升年報的資訊透明度是否能獲得降低權益資金成本的效益，本研究把年報透明度分成揭露透明度和盈餘透明度兩個構面。

本研究以91年、93及94年為研究期間，並進行揭露項目的評分，最後篩選出261家製造業公司作為實證測試的樣本。實證結果發現公司年報揭露透明度愈高，公司的權益資金成本愈低，而在揭露項目中，發現「股權結構和董事會結構」較受投資者注意，此項目揭露愈多，公司的權益資金成本愈低。此外，盈餘透明度高低並不會影響權益資金成本。

The major purpose of this study was to investigate the relationship between firm’s annual report’s transparency and cost of equity capital to understand whether greater annual report’s information transparency can reduce cost of equity capital. The study divides annual report’s transparency into disclosure transparency and earnings transparency.

Date are obtained from the 2002、2004 and 2005 and sample selection procedures yields a sample of 261 manufacturing firms. Empirical results show that greater disclosure transparency have lower cost of equity capital and find investors especially take care of the information of ownership and board of director structure. In additions, we find earnings transparency information can not influence cost of equity capital.

目 錄
中文摘要…………………………………………………………Ⅰ
英文摘要………………………………………………………....Ⅱ
謝 辭…………………………………………………………..Ⅲ
第壹章 緒論...................................................................................01

第一節 研究動機與背景………………………………………………………..01
第二節 研究目的………………………………………………………………..03
第三節 研究架構………………………………………………………………..04

第貳章 文獻探討………………………………………………...06

第一節 代理理論………………………………………………………………..06
第二節 揭露的效益..............................................................................................08
第三節 資訊透明度與權益資金成之關係……………………………………..09

第參章 研究方法………………………………………………...12

第一節 研究假說………………………………………………………………..12
第二節 實證模型………………………………………………………………..14
第三節 觀念性架構……………………………………………………………..15
第四節 研究設計………………………………………………………………..16

第肆章 實證結果與分析………………………………………...22

第一節 樣本選取………………………………………………………………..22
第二節 敘述性統計分析………………………………………………………..25
第三節 相關分析………………………………………………………………..28
第四節 公司年報透明度對於權益資金成本之影響…………………………..30

第伍章 研究結論、限制和建議………………………………...34

第一節 研究結論………………………………………………………………..34
第二節 研究限制………………………………………………………………..35
第三節 研究建議與未來研究方向……………………………………………..36

參考文獻………………………………………………………….37
附錄一 樣本公司揭露項目彙總分析表…………………………………………….40
圖目錄

圖1-1 研究架構圖………………………………………………………………………05
圖2-1 代理理論關聯圖…………………………………………………………………06
圖3-1 年報透明度與權益資金成本之關聯性的觀念性架構…………………………15

表目錄

表3-1 年報透明度與權益資金成本之影響變數資料來源彙總……………………….21
表4-1 樣本選取表……………………………………………………………………….23
表4-2 有效樣本公司各年度之產業分佈表…………………………………………….24
表4-3 資訊揭露分數變數之敘述性統計值-依產業別分析………………………........25
表4-4 實證變數之敘述性統計值……………………………………………………….26
表4-5 權益資金成本與年報透明度變數之相關係數矩陣表………………………….29
表4-6揭露指數變數對於權益資金成本之影響的迴歸分析結果……………………..30
表4-7 裁決性應計數變數對權益資金成本之影響的迴歸分析結果………………….31
表4-8 年報透明度與權益資金成本之影響的迴歸分析結果………………………….31
表4-9 七項揭露類別變數對於權益資金成本之影響的迴歸分析結果……………….32
表4-10 年報透明度與權益資金成本之影響的迴歸分析結果………………………...33

國內文獻：
陳瑞斌，民94，公司治理結構與資訊透明度對於資本市場之影響，國立政治大學會計學系未出版博士論文。
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黃旭森，民94，環保支出與環境資訊揭露對資金成本的影響，國立成功大學會計學系未出版碩士論文。
劉啟群，民88，我國銀行年報自願性揭露與銀行特質關聯性研究，中山管理評論，第七卷，第一期，頁57-80。
劉學儒，民92，資訊透明度與權益資金成本關聯性之實證研究－以電子資訊業為例，私立　　中國文化大學會計學系未出版碩士論文。
林欣怡，民91，公司資訊透明度與權益資金成本之關係探討，國立中山大學財務管理學系未出版碩士論文。
趙雅儀，民95，資訊透明度對盈餘品質與盈餘反應係數之影響，國立高雄第一科技大學/會計資訊系副教授。

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