臺灣博碩士論文加值系統

亞洲金融風暴之後，上市公司資訊透明度及揭露品質受高度關注，根據世界銀行及亞洲華爾街報導，東亞國家上市公司普遍有資訊透明度不高的問題。台灣也不例外，自1998下半年起，企業財務危機頻傳，上市公司財務透明度成為投資人關注的焦點，證券市場主管機關除關切會計準則的制訂及遵行之外，也努力於其他有助於揭露環境之改善。例如，新公報之制訂逐漸與國際會計準則接軌，以及推行上市公司資訊揭露程度之評鑑。
本研究以2003及2004年台灣上市櫃公司為樣本，探討資訊透明度與盈餘資訊內涵之關連性。資訊透明度分別以證券暨期貨市場發展基金會「資訊揭露評鑑系統」之評量結果及長期股權投資比率為代理變數。
實證結果發現當資訊透明度（以長期股權投資比率衡量）較高時，對盈餘資訊內涵會有顯著正向的影響，亦即財務透明度較高之公司有較高之盈餘反應係數。資訊透明度以資訊揭露評鑑結果衡量時反而有顯著負向的影響，亦即資訊透明度較高之公司反而有較低之盈餘反應係數。本研究認為，資訊揭露評鑑系統所採用的指標雖然齊全，但是，運用全部指標來當作所有企業的共同透明度，可能造成指標失真，也因為如此，反而不能突顯某產業或特性公司該有的透明度。相反的，只以長期股權投資比率來當作企業之透明度，卻比資訊評鑑系統有更高的解釋力，顯示以該指標來衡量所有企業透明度時，較能比較出所有企業的透明度，投資者在制訂投資決策時，更能有個衡量標準。

After the Asian financial crisis, information transparency and quality of disclosure of companies have caused much concern among members of the business community. According to the World Bank and Asian Wall Street Journal, publicly listed companies in South Asian countries are still grappling with the problem of low information transparency. Taiwan is not an exception; from the latter half of 1998, the country has seen a lot of financial crises unfold; financial transparency of publicly listed companies has become a focus of concern among investors. Aside from being concerned about the formulation of accounting standards and corporate adherence, the securities market watchdog also made efforts to improve other disclosure environments. For example, new financial accounting standards are gradually converged with international accounting standards and the implementation of Information Disclosure and Evaluation System (IDES) in 2003 by the request of Taiwan Stock Exchange (TSE).
This paper examines the relationship between information transparency and the informativeness of accounting earnings. The empirical tests are conducted using TEJ database for firms listed on the Taiwan Stock Exchange with fiscal year ends between 2003 and 2004. Empirical results indicate that, information transparency, measured by the outcomes of Information Disclosure and Evaluation System, reduces the informativeness of accounting earnings. However, if information transparency is measured by the ratio of long-term investment in stocks, evidences show higher earnings response coefficients (ERC) for the more transparent firms. The results suggest that the IDES may be not the good proxy for financial transparency.

中文摘要.........................................................................................................................I
英文摘要.......................................................................................................................II
目錄..............................................................................................................................III
圖表目錄......................................................................................................................IV
第一章 緒論..............................................................................................................1
第一節 研究動機與目的..................................................................................1
第二節 研究問題..............................................................................................4
第三節 論文流程..............................................................................................5
第四節 全文架構..............................................................................................6
第二章 文獻探討......................................................................................................7
第一節 資訊透明度之概述..............................................................................7
第二節 資訊透明度衡量指標之探討..............................................................9
第三節 盈餘資訊內涵....................................................................................12
第三章 研究方法....................................................................................................14
第一節 研究假說............................................................................................14
第二節 相關變數之定義與衡量....................................................................14
第三節 實證模型............................................................................................18
第四節 研究期間及資料來源........................................................................19
第五節 樣本篩選過程....................................................................................20
第四章 實證結果與分析........................................................................................21
第一節 敘述性統計........................................................................................21
第二節 盈餘資訊內涵....................................................................................22
第三節 資訊透明度對盈餘資訊內涵之影響................................................23
第四節 敏感性分析........................................................................................27
第五章 結論與建議................................................................................................30
第一節 結論....................................................................................................30
第二節 研究貢獻............................................................................................31
第三節 研究限制與後續研究建議................................................................31
附錄一、資訊揭露評鑑系統.......................................................................................32
附錄二、第一二屆上市上櫃公司資訊揭露評鑑結果...............................................36
參考文獻......................................................................................................................46

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張瑞當與方俊儒，2006，資訊揭露評鑑系統對企業盈餘管理行為之影響，會計評論，第42期，1-22。
張漢傑，1999，長期投資與股價關係，會計研究月刊，第162期，62-65。
張漢傑，2002，從合併報表看長期投資與股價關係，會計研究月刊，第199期，115-121。
陳冠宙、陳育成與陳雪如，2005，影響上市公司網站資訊透明度因子之實證，會計與公司治理，第1期，33-59。
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葉銀華，2004，博達案後醒思：從銀行治理看公司，會計研究月刊，第225期，50-53。
薛明玲，2002，資訊透明度與企業競爭力，會計研究月刊，第200期，14-15。
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