自2001年恩隆案爆發之後，許多國家一直積極檢討和改善他們的管理制度，尤其是公司治理與資訊揭露。當有了健全的公司治理機制，企業才能在資本市場上順利的籌措資金，進而維持公司的長期競爭力與永續經營之能力。

　　本研究以證基會於2008年所發佈的『第五屆上市櫃公司資訊揭露評鑑系統』中之上市公司之資訊揭露評鑑結果進行研究，以『公司治理』構面中的獨立董事比例、機構投資人持股比率、董事長是否兼任總經理為變數；與『公司績效』構面中之資產報酬率為變數，對既有之評鑑資訊透明度之結果等級A+、A、B、C、C-進行分析。

　　實證結果顯示，公司治理與公司績效之相關變數對於資訊透明度所產生的影響中，獨立董事比例與資訊透明度呈顯著正相關、機構投資人持股比率呈顯著正相關、資產報酬率亦呈顯著正相關；惟董事長是否兼任總經理呈不顯著正相關。

Since Enron scandal in 2001, most countries have been actively reviewing and improving their regulatory frameworks, in particular, corporate governance and information disclosure. The success of raising money from the capital market depends on good corporate governance. Sound corporate governance will make enterprises sustainable and keep competitive advantage in the long-run.

This research used“2007 Information Transparency and Disclosure Ranking Results in Taiwan”conducted by Securities and Futures Institute to investigate corporate information disclosure and transparency from Taiwan listed companies. We adopt discriminate analysis method and input corporate governance variable and performance indicator variable in this study. Among those variables, ratio of independent director number, ratio of institutional investors, and chairman of the board also pluralizing as CEO were included in corporate governance. On the otherr hand, Return on Assets(ROA) was used as variable for corporate performance indicator.

　　The results of this study were found as follows：Ratio of independent director number found significant positive effect on information transparency. Ratio of institutional investors had significant positive effect on information transparency as well. ROA also found significant positive effect on information transparency；However, Chairman of the board also pluralizing as CEO didn’t find significantly effect on information transparency.

摘要………………………………………………………………………………Ⅰ
Abstract……………………………………………………………………………Ⅱ
誌謝辭……………………………………………………………………………Ⅲ
目錄………………………………………………………………………………Ⅳ
圖表目錄…………………………………………………………………………Ⅴ
第一章 緖論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究流程與架構 6
第二章 文獻探討 8
第一節 代理理論 8
第二節 訊號發射理論 9
第三節 公司治理機制 10
第四節 資訊揭露評鑑系統 13
第五節 資訊透明度 16
第六節 公司治理與資訊透明度 18
第七節 財務績效指標與資訊透明度 20
第三章 研究方法 22
第一節 觀念性架構 22
第二節 研究假說架構圖 24
第三節 資料來源與選樣標準 25
第四節 變數之衡量與定義 26
第五節 分析工具 32
第四章 實證結果 34
第一節 敍述統計 34
第二節 皮爾森相關係數分析結果 36
第三節 多元迴歸分析 38
第五章 結論與建議 42
第一節 研究結論 42
第二節 研究限制 44
第三節 研究建議 44
參考文獻 45
附錄 51

圖表目錄

圖1-1 研究流程圖……………………………………………………………… 7
圖3-1 觀念性架構圖…………………………………………………………… 23
圖3-2 研究假說架構圖………………………………………………………… 24
表3-1 解釋變數之預期符號表………………………………………………… 30
表3-2 控制變數之衡量彙總表………………………………………………… 31
表4-1 受評鑑上市公司之資訊揭露等級分佈狀況表………………………… 35
表4-2 敍述性統計量…………………………………………………………… 36
表4-3 Pearson & Spearman係數矩陣………………………………………… 37
表4-4 公司治理與公司績效對於資訊揭露評鑑等級之影響………………… 38
表4-5 實證結果彙總表………………………………………………………… 41

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