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研究生:高嘉穗
研究生(外文):Chia-Sui Kao
論文名稱:資訊透明度對企業資金成本與公司價值之研究
論文名稱(外文):The Impact of Information Transparency on the Cost of Capital and the Value of Company
指導教授:林慧葉林慧葉引用關係
學位類別:碩士
校院名稱:國立虎尾科技大學
系所名稱:經營管理研究所
學門:商業及管理學門
學類:其他商業及管理學類
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:66
中文關鍵詞:可延伸性企業報告語言(XBRL)資訊揭露資訊透明度資金成本公司價值
外文關鍵詞:eXtensible Business Reporting Language(XBRL)Information disclosureInformation transparencyThe cost of capitalCapital value
相關次數:
  • 被引用被引用:4
  • 點閱點閱:331
  • 評分評分:
  • 下載下載:3
  • 收藏至我的研究室書目清單書目收藏:1
企業經由資訊揭露提升資訊透明度是資本市場健全的重要因素之一。企業以XBRL技術在網路上揭露財務資訊,可以增進資訊使用者資訊搜尋與處理的效率,提升企業財務資訊透明度。透過XBRL的建立與運用,將使各地區或國家間財務報表擁有共通的語言,進而形成全球資訊供應鏈,促進財務報告資訊的交流,提升全球資本市場的效率性。台灣為了與國際接軌,台灣金管會要求上市櫃公司,於2010年起須採用XBRL格式來製作申報財務報表。希望藉由XBRL技術的採行以提升台灣資本市場的資訊透明度與效率性。
本研究以實證分析探討企業採用XBRL技術是否能提升資訊透明度,降低企業的資金成本,提升公司價值。實證結果顯示,採用XBRL技術的企業舉債資金成本顯著較低,但權益資金成本並沒有顯著差異。可能因為企業資金的貸放者大多為銀行與法人機構,資訊技能的接受與運用能力較佳,比較能享有XBRL互動式資訊所帶來的資訊處理效益。且採用XBRL技術與公司價值具有顯著正向關係。因外部的監督效能提升,提升企業績效增加公司價值。因此,企業以XBRL揭露資訊將可以改善債權人與企業資訊不對稱問題,降低貸放資金的風險,企業的舉債成本因而降低,並擁有較好的公司評價。本研究結果可以提升企業界以XBRL作為資訊揭露技術之意願,以享有較低的資金成本與較佳之公司價值,同時也可以補強XBRL相關參考文獻之不足。
With adopting XBRL for financial reporting on the web, business can eventually find a “common financial reporting language” among regions or nations which can increase communication of financial information, improve efficiency of information search and process, and strengthen transparency of financial information. This study empirically explores whether adopting XBRL can increase information transparency and lower cost and higher value of capital for business. The results of this study show that with adopting XBRL cost of debt is significantly lower and higher value of capital for business but cost of equity capital is not. The possible explanation is that both banks and institutions, major sources of loan capital for business, are more sophisticated in processing information and can benefit more from XBRL. Therefore, XBRL can improve information asymmetry problem between creditors and business, reduce the risk of loan capital , and lower cost of borrowing for business. Taiwan Financial Supervisory Commission mandates all public trade companies and over-the-counter companies to adopt XBRL for filing financial reports in 2010. With empirical support of lower borrowing cost by adopting XBRL, this study is to motive business to adopt XBRL and to fill the gap of literature.
中文摘要.............................................................................................................. i
表目錄.................................................................................................................. iv
圖目錄.................................................................................................................. v
一、緒論...............................................................................................................1
1.1 研究背景與動機.....................................................................................1
1.2研究目的.................................................................................................2
1.3研究架構.................................................................................................3
1.4研究流程.................................................................................................4
1.5預期貢獻.................................................................................................5

二、文獻探討.......................................................................................................6
2.1可延伸性商業報告語言(XBRL) ..........................................................6
2.2資訊揭露與資訊透明度.......................................................................20
2.3資訊透明度與資金成本.......................................................................21
2.4資訊透明度與公司價值.......................................................................23

三、研究假說與研究方法. ...............................................................................24
3.1研究假說...............................................................................................24
3.2樣本選取與資料來源...........................................................................25
3.3變數定義與衡量...................................................................................28
3.4研究設計...............................................................................................34

四、實證結果與分析.........................................................................................41
4.1敘述性統計分析...................................................................................41
4.2相關係數分析.......................................................................................44
4.3逐步迴歸分析.......................................................................................46
4.4敏感性分析...........................................................................................55

五、結論與限制................................................................................................57
5.1研究結論...............................................................................................58
5.2研究限制..............................................................................................58

參考文獻.............................................................................................................59

附錄.....................................................................................................................63
附錄A:2006年研究樣本公司對照表........................................................63
附錄B:2007年研究樣本公司對照表........................................................65
中文部分

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英文部分

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