臺灣博碩士論文加值系統

過去,國內關於上市公司揭露之研究多著重於財務面,對於非財務面的重大
事項揭露則尚無人著墨.然而,對於投資人而言,財務面的資訊多屬於歷史
性資料,他們需要更及時之資訊,站在與公司內部人相同立足點取得攸關投
資決策之資訊.為了要使上市公司能迅速由市場中籌措資金投入營運,以因
應變化迅速的商業競爭,非健全我國證券市場不可,使投資大眾對證券市場
有信心,而願意將資金投入其中.本論文的目的就是要針對我國上市公司重
大事項揭露制度及規定方面的問題加以探討,藉由問卷以瞭解目前投資人
對於我國上市公司重大事項揭露之各種看法,並且針對投資人之意見,提出
投資大眾對於修正上之意見,並藉由重大資訊揭露資料庫的統計以與問卷
結果相比較,以供我國主管機關作為未來修法上的參考,使我國揭露制度能
更加完善,證券市場能更加理性健全.本研究將用問卷對我國專業投資人發
函詢問,回收結果採用無母數統計方法中的Spearman等級相關,Wilcoxon及
Kruskal Wallis H 檢定加以檢定,對於由重大資訊揭露資料庫實際揭露量
與投資人可見到之揭露情況這兩者間之比較,則是採用Spearman等級相關
加以檢定.本文之研究結果顯示專業投資人認為資訊揭露取得並不是十分
困難,而他們相信所得的資訊具備攸關性及正確性但較不具時效性,但另一
方面他們也認為公司揭露重大資訊有炒作股價及出貨的負面意圖.至於說
我國主管機關監督之責,多數的投資人都認為目前的處罰並不落實,證交所
應該能再嚴加把關,監督上市公司揭露重大訊息.對上市公司本身的責任而
言,政府加強宣導可以促使上市公司更加瞭解規定而更加遵循規定.投資人
也提出了修法上之需求,多數人認為揭露之期限應該再縮短一點,而對於規
定中一些比較不明確之處,投資人認為我國主管當局應該修法將有些規定
加以量化,不要以籠統的字眼來規範,可降低上市公司操縱揭露的機會.

In the past, the researches for disclosure of listed companies
were focused on the financial area. Therefore, most of the
financial data is historical data. However, the investors need
more timely information to make their own investment decisions.
The purpose of this study is to find out the problems about the
rules of timely disclosure to the listed companies. The
questionnaire is used to collect the opinion of the investors.
Meanwhile, some opinions about the investors'' aspiration for
reforming the rules are obtained. The statistical methods
including spearman''s rank correlation coefficient, wilcoxon
signed rank test and kruskal wallis H test are applied to
analyze the data. The research results are derived from the
empirical analysis. The professional investors think that it''s
not difficult for them to access the disclosure information.
They believe that the information is relevant and correct, but
not timely. On the other hand, they think that a company
releases the information with the intention to manipulate the
stock price and take advantage of the stock market. Besides,
the professional investors think that the authority must do
their best endeavor to monitor the listed companies to make full
and prompt announcements of material facts regarding the
company''s financial and non-financial conditions. Most of the
professional investors think that the deadline to disclosure
should be shortened. In order to reduce the probabilities of
manipulating disclosure, the authority should make rules about
stock market clearly and precisely.