臺灣博碩士論文加值系統

過去對於公司在媒體上揭露的研究，以盈餘公告、盈餘預測……等單項研究為主，缺乏公司全面性的揭露政策之探討。惟仔細閱讀報紙，吾人發現績效好的公司似乎較常在報紙上發信消息，遂引發本研究探討台灣上市公司經營績效與其在媒體上的揭露政策之關聯性。本研究假說推測，由於國內訴訟成本不顯著，績效轉好之上市公司會比績效轉差之上市公司在媒體上揭露較多之資訊。
本研究採用產業調查的稅前股東權益率扣除投資損益與處分損益作為績效衡量指標，以民國83年上市公司揭露政策為研究對象，將83年稅前股東權益率相對於82年的變化由大至小排序，前10%之公司稱績效轉好組，後10%之公司稱績效轉差組，各25家公司。本研究蒐集並分類樣本公司83年工商時報與經濟日報之揭露，並將揭露內容分為：
1.營妓、盈餘之點估計；2.營妓、盈餘之區間估計；3.營妓、盈餘預測之質的揭露；4.月、季及年的營妓或盈餘揭露；5.短期影響之營運資訊；6.長期影響之營運資訊；7.財務決策資訊；8.股東權益相關資訊；9.其他資訊。
本研究實證部分，先對樣本公司特性作分析，比較產業分布、上市年數及其財務比率，然後利用列聯表與卡方檢定分析績效與揭露次數是否相關。
本研究結果顯示，績效轉差組之公司上市未滿5年者有16家，而較轉好組只有5家上市未滿5年。就衡量績效之財務比率而言，如預期的，績效轉好公司大於績效轉差公司。實證結果發現，績效轉好公司在媒體上的揭露次數多於績效轉差公司，支持本研究之假說，而揭露的型態方面，以質的揭露（第3、5、6項）多於量化（第1、2、4項）的揭露。此外83年裡績效轉好公司，其資訊出現於工商時報的次數大於出現在經濟日報，但是績效轉差公司則出現在兩種報紙的次數相差不大。

In the past, the research about firm''s media disclosure policy only refersto single subject such a earning announcement, earning forecast, etc.There exists no empirical study that examines firm''s overall mediadisclosure policy. By reading newspapers, it is found that firms withbetter operating performance seem to disclose information more frequentlyin the newspapers. Therefore, this research tries to study if there existsany association between the Taiwan Stock Exchange listed firms'' operatingperformance and their media disclosure policy. It is hypothesized thatbecause the litigation cost in Taiwan is not that significant, so thebetter performance firms will disclo-sure more information on the mediathan worse performance firms. Industry adjusted return on owners'' equitybefore tax, excluding the investment income (loss) and the gain on assetsales, is employed as proxy for operating performance measurement. Thisstudy examines the disclosure policy of listed firms in 1994. The changeof return on equity in 1994 (relative to 1993) is computed and ranked. Thetop 10% is named better performance group while the bottom 10% is poorerperformance group. Each group consists of 25 companies. This studycollects the disclosure in the Commercial Times and the Economic DailyNews. The disclosure types include (1) sales and earning point estimates,(2) sales and earning range estimates, (3) sales and earning qualitydisclosures, (4) monthly, seasonal or yearly sales and earning results,(5) short-term influence operating information, (6) long-term influenceoperating information, (7) financial decision information, (8) stockequity related information, and (9) other information. This researchfirst analyzes the sample firms'' attributes such as the industrydistribution, number of years being listed, and the financial ratios.Then, cross tabulation and chi-squares are used to analyze the associationbetween perfor-mance and the disclosure frequencies. The empirical resultsindicate that in poorer group, 16 were listed less than 5 years while only5 firms in better group. The averages of other performance related ratiosof better firms are larger than those of poorer firms. This study findsthat better group firms disclose more news in the newspaper than poorergroup.