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研究生:洪上為
研究生(外文):Shang-Wei Hung
論文名稱:小企業資訊揭露透明度之實證分析
論文名稱(外文):An Empirical Analysis of Information Disclosure Transparency:Evidence from Taiwan Small Enterprises
指導教授:李馨蘋李馨蘋引用關係
學位類別:碩士
校院名稱:銘傳大學
系所名稱:會計學系碩士班
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2008
畢業學年度:96
語文別:中文
論文頁數:80
中文關鍵詞:資訊揭露透明度董事會結構公司績效人事穩定度股權結構
外文關鍵詞:information disclosure transparencyFirm performanceOwnership structureBoard structurePersonnel stability
相關次數:
  • 被引用被引用:6
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本研究試圖以公司績效、股權結構、董事會結構以及人事穩定度對小企業資訊揭露透明度的影響,來了解小企業因可運用資源與所處競爭地位相對較差的情況下,是否進而造成資訊揭露透明度較差?並且分析小企業資訊揭露透明度的影響因素。樣本選取首先採取整體上市櫃公司(不包含金融業、保險業),並列入證基會2005 及2006 年評鑑之公司為測試樣本,但為求達成本研究之目標,於是更進一步以資產總額及營業收入淨額之中位數為分水嶺,凡低於資產總額中位數以下且同時符合營業收入淨額中位數以下之上市櫃公司為分析樣本,共計610 筆。經由順序邏輯斯迴歸(Ordered-logistic Regression)來驗證,實證結果發現如下:
在全體接受資訊揭露評鑑之上市櫃公司評鑑結果相較小企業評鑑結果較佳;在公司績效方面,Tobin’ s q、股東權益報酬率及投資報酬率與公司資訊揭露透明度呈現顯著正相關;銷貨報酬率及股票報酬與資訊揭露透明度較不明確。在股權結構方面,僅有董監事持股質押比例對資訊揭露水準擁有負向影響力。另外在董監事持股比例、大股東持股比例、經理人持股比例、必要控制持股及機構法人持股比例和資訊揭露透明度之關聯皆未達統計上之顯著性。在董
事會結構方面,外部董監事席次比例和獨立董監事比例越高,則小企業資訊揭露的評比越佳;董事會規模則和資訊揭露透明度則無明顯關聯。在人事穩定度方面,發現董事長異動次數、總經理異動次數、財務主管異動次數、內部稽核異動次數及發言人異動次數與資訊揭露透明度之關聯呈現顯著負相關;員工平均年資則和資訊揭露透明度沒有顯著上之關聯。
The main purpose of this study is to examine the relationship between 4 aspect(firm performance、ownership structure、board structure and personnel stability) and information disclosure transparency from Taiwan Small
Enterprises.The sample for this paper is drawn from firm listed on the Taiwan Stock Exchange (TSE) and appraised by Securities & Future Institute.
In order to achieve the study goal, our sample includes all firms that lower to median firm size and net sales, the sample is based on 610 observations during
2005 and 2006. The study examined using Ordered -logistic Regression. Empirical results are summarized as follows:
All appraised listed companies that appraised results are better than Small Enterprises. Firm performance. Tobin’ s q、return on equity and return on investment show that these variables are significantly positively correlated to the information disclosure transparency; No significant correlation exists between these(return on sales and return on stocks) and the information disclosure
transparency. Ownership structure. Only pledged share ratio of directors and supervisors is significantly negatively correlated to the information disclosure
transparency; No significant correlation exists between these(shareholding percentage of the boards、big stockholder ownership、manager ownership、Critical
Control Level and institutional ownership) and the information disclosure transparency. Board structure. Outsider and independent director are significantly
positively correlated to the information disclosure transparency; No significant correlation exists between board size and the information disclosure transparency.
Personnel stability. This study found change on a president、change on a general manager、change on a financial manager、change on a internal auditor and change
on a spokesman are significantly negatively correlated to the information disclosure transparency; No significant correlation exists between employees’ average worked
years and the information disclosure transparency.
目 錄
頁次
目錄 Ⅰ
圖目錄 Ⅲ
表目錄 Ⅳ
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 研究範圍、資料來源與統計方法 3
第四節 研究貢獻 3
第五節 研究架構與流程 4
第二章 文獻探討 6
第一節 影響資訊揭露品質之相關結構變數 7
第二節 影響資訊揭露品質之相關績效變數 16
第三節 影響資訊揭露品質之市場相關變數 18
第三章 研究設計 21
第一節 各變數構面之研究假說設計 21
第二節 各變數定義及衡量 27
第三節 樣本選取期間、資料來源與研究方法 38
第四章 實證結果與分析 40
第一節 基礎統計分析 40
第二節 實證結果分析 45
第五章 結論與建議 59
第一節 研究結論 59
第二節 研究限制 60
第三節 研究建議 60
參考文獻 61
附錄一 國內外中小企業定義 67
一、國外中小企業定義 67
二、國內中小企業定義 69
附錄二 資訊揭露評鑑系統作業要點實施概述 70
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網路文獻:
1.大紀元電子日報
http://www.epochtw.com/。
2.中小企業認定標準
http://law.moj.gov.tw/Scripts/Query4A.asp?FullDoc=all&Fcode=J0140003。
3.中小企業發展條例
http://law.moj.gov.tw/Scripts/Query4B.asp?FullDoc=%A9%D2%A6%B3%B1%F8%A4%E5&Lcode=J0140001。
4.葉銀華,2002,台灣公司治理的問題與改革之道,證管雜誌,第二十卷、第十一期。
http://www.sfb.gov.tw/reference/magazine/9111/Ss1.htm。
5.經濟部中小企業白皮書
http://www.moeasmea.gov.tw/ct.asp?xItem=5976&CtNode=472&mp=1
6.證券暨期貨發展基金會所建置的「資訊揭露評鑑系統」
http://www.sfi.org.tw/newsfi/chinese.asp。
7. Uiversity of Strathclyde Libraryr
http://www.lib.strath.ac.uk/busweb/guides/smedefine.htm。
8. wikipedia
http://wikipedia.org/。
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