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研究生:廖娟敏
研究生(外文):Jamie Liao
論文名稱:資訊揭露評鑑結果適切性之研究─以與公司治理指標關聯性探討之
指導教授:楊孟萍楊孟萍引用關係馬君梅馬君梅引用關係
學位類別:碩士
校院名稱:東吳大學
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:2010
畢業學年度:98
語文別:中文
論文頁數:65
中文關鍵詞:資訊揭露評鑑結果公司治理
外文關鍵詞:Information Transparency and Disclosure Ranking ResultsCorporate governance
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本研究旨在探討財團法人證券暨期貨發展基金會所公佈之「資訊揭露評鑑結果」是否可代表一家公司之資訊透明度,進而反映出公司治理之優劣,作為投資人之參考依據。本研究係以第三屆至第六屆資訊揭露評鑑結果中之上市公司為研究範圍,分別於長期角度觀點即選取連續四年度皆一致為好及連續四年度一致為不好之公司為研究樣本,及短期變動敏感度觀點即選取兩年度評鑑結果等級發生變動之公司為研究樣本,探討資訊透明度與公司治理之關聯性。
實證結果顯示,於長期角度觀點下,股份盈餘偏離程度及董事會規模與評鑑結果皆呈顯著負相關,與預期方向一致。外資法人持股比例及獨立董事比例與評鑑結果亦呈顯著負相關,惟與預期方向不一致。另經理人持股比例與評鑑結果則不具顯著相關性。而於短期變動敏感度觀點下,經理人持股比例變動數、股份盈餘偏離程度變動數、獨立董事比例變動數及董事會規模變動數等公司治理指標與評鑑結果變動情形皆不具顯著相關性,而外資法人持股比例變動數與評鑑結果呈顯著正相關,與預期方向一致。
本研究以長期角度及短期變動敏感度觀點,並與過往文獻以短期角度所得之結論綜合觀之,資訊揭露評鑑結果與公司治理變數之相關性明顯不穩定且反應及時性亦不顯著,資訊揭露評鑑結果是否可真實代表一家公司之資訊透明度,進而反映出公司治理之優劣,是值得再深入用不同面向持續探討之議題。而「資訊揭露評鑑系統」亦應繼續修改評鑑指標,以能做到真實表達公司狀況為目標,以獲得市場投資者之信賴及廣泛使用。
This study is an attempt to explore if the “Information Transparency and Disclosure Ranking Results” announced by the Securities and Futures Institute can adequately represent the transparency of a company and hence reflect the level of corporate government of such company. The Disclosure Ranking Results is expected to serve as a reference for investors. The listed companies disclosed in the 3rd to the 6th Disclosure Ranking Results were taken as the samples in this study. Over the long-term, we selected those rated as outstanding and poor for four consecutive years for analysis. Short-term analysis has also been conducted whereby listed companies, the Disclosure Ranking Results of which changed in a period of two years, were subject to sensitivity analysis. The samples will be tested on the association between information transparency and corporate governance.
From the perspective of long-term, the empirical findings indicated that the deviation of voting right and cash flow right and the board size negatively correlates to the Disclosure Ranking Results, which is congruent with the expectation. The proportion of shareholding by foreign investors and independent directors negatively correlates to the Disclosure Ranking Results to a significant degree. This result is not congruent with the expectation. The proportion of managerial ownership negatively correlates to the Disclosure Ranking Results, but to an insignificant degree. From the perspective of short-term sensitivity, the changes in the proportion of managerial ownership, the changes in deviation of voting right and cash flow right, the changes in the proportion of independent directors and the changes in the board size, which are indicators of corporate governance, insignificantly correlate to the and Disclosure Ranking Results. The changes in the proportion of shareholding by foreign investors and the Disclosure Ranking Results positively correlate to a significant degree and are congruent with the expectation.
This study is analysed based on long-term analysis and short-term observation of variation sensitivity with reference to the short-term analysis in the literature. The result of the study shows that the relationship between the Disclosure Ranking Results and corporate governance is unstable, and the timely response is not significant. Indeed, this is a topic that deserves further study from different perspectives that the Information Transparency and Disclosure Ranking Results can adequately represent the transparency of a company and hence reflect the level of corporate government of such company. Furthermore, the indicators used in the “Information Transparency and Disclosure Ranking System” shall be improved continuously so that they can truly present the status of corporate governance of companies and be extensively believed and used by investors.
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 9
第三節 研究架構 11
第二章 文獻探討 13
第一節 資訊揭露與透明度相關文獻 13
第二節 公司治理相關文獻 18
第三節 資訊透明度與公司治理關聯性相關文獻 23
第三章 研究方法 28
第一節 研究假說 28
第二節 變數定義與衡量 32
第三節 研究樣本選擇及資料描述 36
第四章 實證結果與分析 40
第一節 各變數基本敘述性統計量分析 40
第二節 相關性分析 47
第三節 LOGISTIC分析實證結果彙總說明 50
第五章 研究結論 55
第一節 研究結論 55
第二節 研究限制與建議 59
參考文獻 61
附錄一、刪除自變數經理人持股比例後分析彙總表 64
一、中文參考文獻
1.江蓉君(民97),公司治理與公司績效對於資訊揭露評鑑等級之影響-以我國上市公司為例,中原大學會計研究所論文。
2.李穗青(民86), 我國上市公司重大事項揭露之研究,國立中興大學會計研究所碩士論文。
3.金志遠(民89),董事會特性與年報自願性揭露關係之研究,國立政治大學會計研究所論文。
4.林品秀(民94),台灣資訊揭露評鑑系統資訊內涵與資訊品質之研究,逢甲大學會計研究所論文。
5.林俊良(民95),資訊揭露評鑑制度之內涵指標研究,東吳大學會計研究所論文。
6.陳冠宙、陳育成與陳雪如(民94),影響上市公司網站資訊透明度因子之實證,會計與公司治理,第1期,頁33-59。
7.陳玉玲(民94),資訊揭露評鑑系統指標修正效果之研究,東吳大學會計研究所論文。
8.陳玫縈(民96),以公司治理與績效指標分析上市電子與金融保險業資訊揭露評鑑,靜宜大學會計研究所論文。
9.張瑞當與方俊儒(民95),資訊揭露評鑑系統對企業盈餘管理行為之影響,會計評論,第42期,頁1-22。
10.彭政錦(民92),董事會特性、股權結構及機構投資人持股與盈餘管理關聯性之研究,國立嘉義大學管理研究所碩士論文。
11.曾炳霖(民91),淺論公司治理機制-以安隆案為中心,會計研究月刊,第205期,頁65-83。
12.楊子江(民76),策略性組織關聯與事業風險及財務報酬之研究:大型企業董監事連結類型的比較分析,國立政治大學企業管理研究所博士論文。
13.楊雅惠(民93),公司治理與年報自願性揭露關係之研究-以上市電子公司為例,國立成功大學會計研究所論文。
14.葉銀華(民91),從台灣上市公司網站資訊揭露看透明度,會計研究月刊,第200期,頁70-77。
15.董曉菁(民97),公司治理結構與資訊揭露評鑑等級之關聯性研究,中原大學會計研究所論文。
16.薛明玲(民91),資訊透明度與企業競爭力,會計研究月刊,第200期,頁14-15。
17.薛明玲與蔡朝安(民92),從資訊揭露看公司治理,月旦法學雜誌,第96卷,頁335-343。
二、英文參考文獻
1.Bacon, J. (1973), Corporate Directorship Practices: Membership and Committees of the Board. New York: The Conference Board and American Society of Corporate Secretaries.
2.Berle, A. and G. Means (1932), The Modern Corporation and Private Property. New York: Macmillan.
3.Botosan, C. A. (1997), “Disclosure Level and the Cost of Equity Capital.” The Accounting Review, 72(3), pp.329-349.
4.Cadbury Committee (1992), Report of the Committee on the Financial Aspects of Corporate Governance, London:Gee.
5.Claessens, S., S. Djankov, J. Fan and H. P. Lang (2002), “Disentangling the Incentive and Entrenchment Effect of Large Shareholdings.” Journal of financial, 57 (6), pp.2741-2771.
6.Eisenhardt, K. A. (1989), “Agency Theory: An Assessment and Review.” Academy of Management Review, 14(1), pp.57-74.
7.Elliot, R. K. and P. D. Jacobson (1994), “Cost and Benefits of Business Information Disclousre.” Accounting Horizons, pp.80-96.
8.Guesneric, R., P. Piard and P. Rey (1988), “Adverse Selection and Moral Hazard with Risk Neutral Agents.” European Economic Review, 33, pp.807-823.
9.Healy, P. M. and K. G. Palepu (2001), “Information Asymmetry, Corporate Disclosure, and the Capital Markets:A Review of the Empirical Disclosure Literature.” Journal of Accounting and Economics, 31, pp.405-440.
10.Ho, S. S. M. and K. S. Wong (2001), “A study of the relationship between corporate governance structures and the extent of voluntary disclosure.” Journal of International Accounting, Auditing and Taxation, 10(2), pp.139-156.
11.Jensen, M. and W. Meckling (1976), “Theory of the firm:managerial behavior, agency costs and ownership structure.” Journal of Financial Economics, 3, pp.305-360.
12.Kasznik, R. and B. Lev (1995), “To warn or not to warn: Manarement disclosures in the face of an earnings surprise.” The Accounting Review, 70, pp.113-134
13.Klein, A.(2002), “Audit Committee, board of director characteristics, and earnings management,” Journal of Accounting and Economics, 33, pp.375-400.
14.Lang, M. H. and Lundholm. R.J. (1996), “Corporate disclosure policy and analyst behavior.” The Accounting Review, 71(4), pp.467-492.
15.Mangel, R. and H. Singh (1993), “Ownership Structure, Board Relationships and CEO Compensation in Large U.S. Corporations,” Accounting and Business Research, 23/91A, pp.339-362.
16.Mohanty, P. (2003), “Institutional Investors and Corporate Governance in India.” National Stock Exchange of India Research Initiative Paper, No.15
17.Shleifer, A. and R. Vishny (1986), “Large shareholders and corporate control.” Journal of Political Economy, 94, pp.461-488.
18.Spence, M. (1973), “Job Market Signaling.” Quarterly Journal of Economics, 87(3), pp.355- 379.
19.Williamson, O. E. (1983), “Organization form Residual Claimants and Corporate Control,” Journal of Law and Economics, 26, pp.351-366.
20.Xie, B., W. N. Davidson and P. J. DaDalt (2003), “Earnings Management and Corporate Governance: The Role of The Board and The Audit Committee.” Journal of Corporate Finance, 9, pp.295-316.
三、其他
證基會資訊揭露評鑑系統網站http://www.sfi.org.tw/Preview/
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