臺灣博碩士論文加值系統

International Financial Reporting Standards (IFRS) is becoming a dominating accounting standards system all over the world. Taiwan’s financial accounting regulatory amendment directions shift the framework from the U.S. GAAP-based to IFRS to accelerate the pace of progress toward convergence with IFRS. This research aims to examine whether or not the stock market liquidity can be improved due to the transparency of information in the period of convergence. In the study, liquidity is proxied by 2 variables including zero return days and Amihud. Transparency is measured by 3 different variables which are earnings management, Information Disclosure and Transparency Ranking System from Securities and Futures Institute, and foreign investor proportion. Using the regression model on the 496 sample firms listed on Taiwan stock exchange for the period of 8 years from 2005 to 2012, the empirical analysis indicates that there is a significant positive relationship between transparency and liquidity, meaning that higher transparency, higher liquidity. The outcomes also presents that the sensitivity of liquidity level to transparency is enhanced when it is approaching to the IFRS adoption time.

Table of content
Abstract i
Acknowledgement ii
Table of content iii
List of tables iv
List of figures v
CHAPTER 1: INTRODUCTION 1
CHAPTER 2: LITERATURE REVIEW AND HYPOTHESES 4
2.1. IFRS: Background all over the world and in Taiwan 4
2.2. Liquidity and transparency 8
CHAPTER 3: METHODOLOGY 13
3.1 Sample 13
3.2 Variables definition 13
3.2.1. Proxy for liquidity level 13
3.2.2. Proxy for transparency of information. 14
3.2.3 Control variables 15
3.3. T-test. 15
3.4. Regression models. 16
CHAPTER 4: EMPIRICAL RESULTS 18
4.1. Descriptive statistics 18
4.2. T-test 20
4.3. Regression models 21
4.3.1. Liquidity and transparency 21
4.3.2. Liquidity and ownership concentration. 29
CHAPTER 5: CONCLUSIONS 31
REFERENCES 32

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