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研究生:連文紅
研究生(外文):Lien,Wen-Hung
論文名稱:資訊揭露評鑑系統之等級改變及自願性揭露透明度與企業價值攸關性之研究
論文名稱(外文):A study on Changes of Information Transparency and Disclosure Ranking, Transparency of Voluntary Information Disclosure, and Corporate Value Relevance
指導教授:李建然李建然引用關係
指導教授(外文):LEE, JAN-ZAN
學位類別:碩士
校院名稱:國立臺北大學
系所名稱:會計學系
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:2009
畢業學年度:97
語文別:中文
論文頁數:64
中文關鍵詞:資訊揭露評鑑系統資訊揭露Ohlson 評價模型自願性揭露
外文關鍵詞:Information Disclosure Appraisal SystemInformation DisclosureOhlson ModelVoluntary Disclosure
相關次數:
  • 被引用被引用:14
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自1997年亞洲金融風暴後,國內外發生許多弊案,全球再度重視公司治理,資訊揭露更是其中重要的一環。我國於2003年推動與執行資訊揭露評鑑系統制度,期能加強我國企業之資訊揭露,提高投資人對資本市場的信心。國內亦陸續對該資訊評鑑系統有一些相關的研究,但大多著重於資訊揭露評鑑等級與股價的關聯性之探討,鮮少有對評鑑等級改變與自願性揭露透明度和企業價值之攸關性加以研究。本研究的目的即希望透過該評鑑系統第三屆至第五屆評鑑等級變化與自願性揭露透明度較佳之名單探討其與企業價值的攸關性,期能對主管機關未來在修正及推動資訊揭透評鑑制度時有實質貢獻,並能提供投資人及相關資訊使用者決策時之參考。
本研究運用Ohlson之評價模型,以資訊揭露評鑑系統之評鑑結果透明度等級、等級改變及自願性揭露透明度與每股帳面價值(每股盈餘)之交乘項作為非會計資訊之代理變數探討其與股價之關係,以瞭解其是否增加每股帳面價值(每股盈餘)對股價之增額解釋能力,藉此驗證此三項變數與企業價值間是否具有攸關性。
實證結果發現,評鑑結果透明度等級較高的公司其每股盈餘較能解釋股價,且呈現顯著正相關。評鑑結果透明度等級改變無論升等或降等,其與股價間之關聯性經迴歸結果均未達顯著水準。自願性揭露透明度較佳之公司,其每股帳面價值較能解釋股價,且呈現正相關。
Since the 1997 Asian Financial Storm, there are many corporate scandals occurred domestically and overseas and this gave rise to the emphasis of corporate governance. Among the points of attention, Disclosure of Information is one of the important items. Taiwan has promoted and enforced Information Disclosure Appraisal System since 2003 to encourage as well as step up corporate information disclosure to promote the faith of investors in capital market. In Taiwan, there are studies in the information disclosure appraisal system. However, most of them focused in the ranking of information disclosure and the relationship to stock prices, and there is only limited number involved in relevance between the change of appraisal ranking and transparency of voluntary information disclosure and the corporate value. In this research, it is intended to discuss the change of ranking and transparency of voluntary information disclosure and the corporate value relevance of those who won high recognition in 3rd, 4th and 5th appraisal. It is hoped that this research will bring competent agency contribution in their implementation and modification of the Appraisal system, as well as providing decision makers as reference.
In this research, the Ohlson Appraisal Model is adopted, the transparency ranking result of appraisal system, changes of ranking and transparency of voluntary disclosure and the book value per share (EPS) multiplied results as non-accounting information representing variable to discuss the relationship with stock price, so as to find out if it can increase the stock price increase interpretation of stock book value (EPS), so as to verify if there is close relationship between these 3 variables and the corporate value.
Empirical results showed the companies with higher transparency of appraisal results; their EPS has higher capacity in interpreting their stock price, and there existed with significant positive correlation. The change in transparency grading, whether rise or drop, after regression, the relationship between it and the stock prices are not reaching significant level. Companies with better voluntary disclosure transparency, their EPS can better explain stock price and there is positive correlation existed.
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 7
第一節 資訊揭露相關文獻 7
第二節 資訊揭露評鑑系統之介紹 18
第三節 評等等級改變相關文獻 30
第四節 OHLSON 評價模型之介紹 33
第三章 研究設計 38
第一節 研究假說之建立 38
第二節 研究變數及模型 40
第三節 樣本來源及整理 42
第四章 實證結果與分析 44
第一節 敘述性統計 44
第二節 相關性分析 49
第三節 迴歸分析 51
第五章 結論與建議 54
第一節 研究結論與限制 54
第二節 研究建議 57
參考文獻 58
一、中文部分 58
二、英文部分 61
一、中文部分
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