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研究生:蔡育霖
研究生(外文):Yu-lin Tsai
論文名稱:自願性資訊揭露與公司治理之實證研究-以上市電子為例
論文名稱(外文):Voluntary Disclosure And Corporate Governance- Evidence From Taiwan Listed Electronic Companies
指導教授:張琬喻張琬喻引用關係
學位類別:碩士
校院名稱:國立臺灣科技大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
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:83
中文關鍵詞:自願性揭露指標內部董事持股率大股東持股率政府持股率獨立董事席次比率公司特徵
外文關鍵詞:Voluntary disclosureInternal shareholding ratio of directorsBlockholder stock holding ratioGovernment stock holding ratioRatio of seats of independent directorCharacteristics of the company
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本研究利用多元迴歸模型探討並比較在不同類型的自願性資訊揭露指標下,其是否存在公司治理之代理問題,並探討是否符合本研究的假說。除此之外,也進一步探討在不同類型的自願性資訊揭露指標下,其與公司特徵的關聯性。

實證結果顯示,Eng and Mak之自願性資訊揭露指標表現最好,該指標能突顯四種公司治理之代理問題的存在,並且證明內部董事持股比率、政府持股比率及獨立董事的席次比率與自願性揭露程度呈現顯著的正相關;而大股東持股比率與自願性揭露程度呈現顯著的負相關,而在研究假說上僅有內部董事持股比率不符合預期,其他假說皆符合預期。另外,證基會、企業網站及時效性的自願性資訊揭露指標表現最差,前者僅能突顯一種公司治理的代理問題,也就是顯示政府持股比率與自願性揭露程度呈現顯著的正相關,而後兩者完全無法突顯出公司治理的代理問題。

與公司特徵的關聯性上,完整的自願性資訊揭露程度與公司規模、是否選擇前四大會計事務所及獲利能力呈現顯著正相關,並符合預期。證基會的自願性資訊揭露程度僅與公司規模呈現顯著正相關。Eng and Mak之自願性資訊揭露程度與是否選擇前四大會計事務所及獲利能力呈現顯著正相關。企業網站的自願性資訊揭露程度與成長機會、公司規模及獲利能力呈現顯著的正相關,並且符合預期。時效性的自願性資訊揭露程度與成長機會呈現顯著的正相關,並且符合預期。
This study uses the multiple regression model to explore and compare the different types of voluntary disclosure of information under indicators and the existence of the agents of corporate governance issues and to test the hypothesis of the present study. In addition, we would like to further explore the different types of voluntary disclosure of information indicators, the characteristics of the company and its relevance.

The empirical results show that the voluntary Eng and Mak of the information to expose is the best performance indicators. The indicators can highlight four issues of corporate governance in the presence of agents. It also shows that the relationship between the internal shareholding ratio of directors and the ratio of seats and the voluntary act to expose is significant, while major shareholders and shareholding ratio of voluntary disclosure is of a significant negative correlation. Only research on the internal reasoning of shareholding ratio is not in line with expectations, while other inferences are in line with expectations. In addition, card-based Council and the voluntary exposure nature on Company's Web site and the voluntary disclosure of time are the worst performance indicators. It only highlighted the agent of a corporate governance issue, which is that the Government shareholding ratio and the level of voluntary disclosure are related positively, while the latter both did not highlight the issue of corporate governance proxy completely.

In terms of the relevant characteristics of the company, the integrity of the voluntary disclosure is positively related to the level and scale of the company. The choice of top four accounting firms and profitability also showed a significant correlation, and this is in line with expectations. The voluntary card-based Council of the information to reveal and the extent and size of the company alone is significant positive correlation. The Eng and Mak of voluntary disclosure also reveals the significant correlation between the extent of information, the choice of top four accounting firms and profitability. There is a significant positive correlation between the voluntary natures of the Company's Web site information to expose the extent, the growth opportunities, company size and profitability, and this is in line with expectations. There is a significant positive correlation between the voluntary disclosure and growth opportunities.
第一章 緒論...................................................................1
第一節 研究背景與動機.......................................................1
第二節 研究目的.............................................................3
第三節 論文架構.............................................................5

第二章 文獻探討...............................................................6
第一節 資訊揭露之重要性.....................................................6
第二節 自願性揭露與股權結構之關聯性.........................................8
第三節 自願性揭露與獨立董事................................................12
第四節 自願性揭露與公司特徵之關聯性........................................16

第三章 研究方法..............................................................20
第一節 公司治理之假說......................................................20
第二節 變數定義與衡量......................................................23
第三節 樣本描述............................................................29
第四節 統計設計方法........................................................30
第五節 實證模型............................................................32

第四章 實證結果與分析........................................................36
第一節 敘述性統計分析......................................................36
第二節 自願性揭露與公司治理之實證研究......................................43

第五章 結論與建議............................................................54
第一節 研究結論............................................................54
第二節 研究限制............................................................57
第三節 研究建議............................................................57
參考文獻.....................................................................58
英文文獻...................................................................58
中文文獻...................................................................63

附錄一.......................................................................65
附錄二.......................................................................68
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