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研究生:林芳欣
研究生(外文):Fang-Hsin Lin
論文名稱:資訊透明度及資訊品質對投資者信念影響之研究
論文名稱(外文):The Impact of Information Transparency and Information Quality on Investor Beliefs
指導教授:陳昭宏陳昭宏引用關係
學位類別:碩士
校院名稱:國立雲林科技大學
系所名稱:資訊管理系碩士班
學門:電算機學門
學類:電算機一般學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:英文
論文頁數:72
中文關鍵詞:資訊品質資訊透明度兩階段最小平方法投資者信念
外文關鍵詞:Information QualityInformation TransparencyTwo-Stage Least Squares (2SLS)Investor Beliefs
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透過網際網路公告公司財務資訊已成為全球上市公司常見的做法。網際網路提供了企業另一種不同於傳統管道與投資人和股東溝通的方式。但是近年來多次爆發企業不實之財務報表使得公司陷入財務危機事件,公司資訊透明化程度及資訊品質之間的關係引起投資人廣泛的討論。因此,分析資訊透明度和資訊品質對投資人信念之影響以及探討資訊品質和資訊透明度相互之間的關係是現階段重要的課題。
根據過去文獻可知,公司特性會影響資訊透明度及資訊品質,我們從文獻中歸納出四個代表公司特性的變數。並且使用衡量表來探討公司資訊透明度與資訊品質的程度。本研究的投資者信念的變數,使用三項代理變數來探討是否資訊透明度與資訊品質越高,越能得到投資者的信任和信賴,增加公司價值。本研究建立了十二條假說並且使用兩階段最小平方法來探討資訊透明度與資訊品質對公司特性與投資者信念之影響。實證分析係以台灣地區電子產業上市公司共231間為主要研究對象。
研究結果顯示共有八條假說獲得支持。公司規模與資訊品質對資訊透明度具有正向影響。公司市值與資訊透明度對資訊品質呈現正向影響。資訊透明度對投資者信念均有顯著影響,資訊揭露程度越高,吸引更多的投資者並滿足他們的需求;相反的,資訊品質對投資者信念直接影響較不顯著,但可從研究架構發現,資訊品質提昇對資訊透明度有正向影響所以也會間接增進投資準確性,降低預測離散程度。
Disclose the corporate financial information on the internet become a common way to communicate with investors and shareholders. Recently the scandal of corporation financial operation made the corporate to get into financial distress. Investors pay more attention about information transparency and information quality. Therefore, this study discusses the relationship about the information transparency and information quality impact to investor beliefs.
A range of studies have shown that company characteristics could impact to information transparency and information quality. We focus on four characteristics have been identified from the literature. Two comprehensive checklists were used to measure information transparency and information quality. Three variables are used as proxy variables for investor beliefs, and are employed to examine whether firm with higher information transparency and information quality can gain investor’s trust and believe, enhance corporate value. Twelve hypotheses linking information transparency and information quality with company characteristics and investors beliefs were developed and tested by using Two-Stage Least Squares (2SLS). Detailed data on the corporate website and the explanatory variables was collected from 231 listed electronic industry companies.
Empirical results show that more information disclosure, particularly in the investor relation area, attracts more investor, because these disclosures increase the demand for investor reports and reduce cost. Through the research model, we can find the quality of information will led to an increase in the amount of information disclosed on company websites and improve investor accurate decision and lower dispersion of forecast, but it is insignificant effect to the investor beliefs directly.
摘要.................................................. i
Abstract .............................................ii
誌謝......................................... ........iv
CONTENTS...............................................v
LIST of TABLES.......................................vii
LIST of FIGURES.......................................ix
1.Introduction.........................................1
2.Literature Review and Hypothesis Development.........4
2.1 Investor Beliefs...................................4
2.2 Information Transparency...........................6
2.3 Information Quality................................8
2.4 Company Characteristics Impact to Information Transparency and Information Quality...............................................10
2.5 Information Transparency and Information Quality Impact to Investor Beliefs...............................................14
3.Research Method.....................................19
3.1 Research Model................................... 19
3.2 Measurement of the variables......................20
3.2.1 Company Characteristics Variables...............20
3.2.2 Information Transparency and Information Quality Variables......20
3.2.3 Investor Beliefs Variables......................23
3.2.4 Control Variables...............................25
3.3 Descriptions of the Sample Selection..............26
3.4 Two-Stage Least Squares (2SLS)....................28
4.Empirical Results and Analysis......................30
4.1 Descriptive Statistics............................30
4.1.1 Descriptive Statistics Analysis.................30
4.1.2 Descriptive statistics of Information Transparency..............31
4.1.3 Descriptive statistics of Information Quality...34
4.2 Correlation Coefficients..........................38
4.3 Regression Results................................42
5. Conclusion and Suggestion..........................48
5.1 Conclusion........................................48
5.2 Contribution......................................50
5.3 Limitation and Suggestion for Future Research.....50
References............................................52
Appendix A: Information transparency checklist........56
Appendix B: Information quality checklist.............59
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