臺灣博碩士論文加值系統

近年來國內外許多企業層出不窮的發生管理階層舞弊案，使得投資人以及債權人對於企業公開發佈財務資訊之信心大受影響，公司若能開誠佈公告知利害關係人其相關之資訊，不僅能提升公司之資訊透明度，亦能重拾投資人的信心，故公司資訊透明度為廣受重視之議題。分析師擁有專業知識分析公司的財務報表且能提供額外的資訊給投資大眾，並扮演了公司重要的外部監督機制。

本研究旨在探討公司資訊透明度、分析師跟隨與公司績效之關聯性。採用台灣證券暨期貨發展基金會所公布的資訊揭露評鑑系統結果作為資訊透明度的替代變數，來探討當公司資訊透明度揭露程度較低時，分析師跟隨人數愈多是否愈能增加公司之績效。此外，本研究採用標準普爾之評等分數作為穩健性測試，來驗證結果是否相ㄧ致。研究結果顯示：公司資訊透明度較佳的公司相較於揭露程度較差之公司，其績效愈高。公司績效愈好，分析師跟隨人數愈多。資訊透明度揭露程度較差的公司，分析師的跟隨人數會愈少。無論公司資訊透明度好或壞時，分析師跟隨人數愈多，均能增加公司之績效，且資訊透明度揭露程度較差的公司相較於資訊透明度揭露程度較好的公司，分析師跟隨人數愈多，愈能增加公司之績效。穩健性測試之結果亦有相ㄧ致的發現。

In recent years there were lots of frauds by managers in domestic and international enterprises, causing investors and creditors lose confidence on financial reporting. It is believed that if the company management can frankly and earnestly disclose related information to the stakeholders, the company’s transparency and thus the investors’ trust will be promoted. Corporate information transparency has become an important issue. Analysts have professional skills to analysis financial statements and disclose additional information to investors and also play an important role in supervising corporation’s operating condition.


The purpose of this study is to discuss the association among corporate information transparency, analysts following and firms performance. The research uses the evaluated result of The Information Disclosure and Transparency Ranking System as the disclosure transparency proxy variable to examine whether the companies with lower disclosure level have higher firms performance if more analysts follow these enterprises. In addition, this paper uses Standard and Poor’s rating scores to do robust check. The empirical results indicate follows:
1.The higher information disclosure level companies have higher firms performance than the lower information disclosure level companies.
2.Enterprises with better firm performance have a larger analyst following.
3.Analysts are less likely to follow firms with lower corporate information transparency.
4.Corporate information transparency plays an important role in analysts’ willingness to follow firms and that increased analyst following is associated with higher firm performance, particularly for firms with lower corporate information transparency.
5.The result of robust check reaches a consistent conclusion.

第一章 緒論
第一節 研究動機與目的
第二節 研究問題
第三節 論文結構
第二章 文獻探討
第一節 公司資訊透明度與分析師盈餘預測特性
第二節 分析師跟隨行為之相關研究
第三節 國內外有關公司資訊透明度之相關文獻
第三章 研究方法
第一節 研究假說
第二節 研究變數
第三節 資料來源與處理
第四節 資料分析方法
第四章 實証結果與分析
第一節 敘述性統計分析
第二節 單變量分析
第三節 迴歸結果分析
第四節 穩健性測試
第五章 研究結論與限制
第一節 研究結論與貢獻
第二節 研究限制
第三節 研究建議
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