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研究生:顏嘉柏
研究生(外文):Chai-Po Yen
論文名稱:衰退企業的資訊揭露有效性之研究
論文名稱(外文):The Decline Firm Increasing Information Transparency and Disclosure and Improving Firm Performance
指導教授:欒錦榮欒錦榮引用關係
指導教授(外文):Chin-Jung Luan
學位類別:碩士
校院名稱:國立東華大學
系所名稱:國際企業學系
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2014
畢業學年度:102
論文頁數:87
中文關鍵詞:資訊揭露透明度自願性揭露衰退企業獨立董事吸收能力
外文關鍵詞:information transparencyvoluntary disclosuredecline firmindependent outside directorsabsorptive capacity
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1997年亞洲金融風暴的發生,突顯亞洲企業隱含資訊不透明的嚴重性,嚴重衝擊資本市場與投資者的信心,使公司治理議題更受重視。公司治理包含許多不同的層面;例如企業董監事之組織、運作、資訊揭露透明度、內部稽核機制的設計等等。其中資訊揭露透明度之問題,往往是許多弊案發生之主因。經濟合作暨發展組織在1999年公布的公司治理原則中,明確指出資訊揭露透明度為其探討公司治理制度的重點之一。然而,過去有關資訊揭露透明度的相關研究,均針對一般企業進行探討。有鑑於此,本研究引用過去有關資訊揭露透明度的相關研究,針對衰退企業進行探討,認為衰退企業提升資訊揭露透明度有助於改善企業的績效。更進一步選擇獨立董事程度與企業的吸收能力作為本研究之調節變數,探討企業特性是否有助於衰退企業改善其績效。
在樣本選取方面針對2005至2010研究期間中,篩選出衰退企業,最終選取278家上市企業,橫跨20個產業作為研究對象,並使用跨時間資料迴歸進行假說的驗證。研究結果顯示,衰退企業提升資訊揭露透明度並不適合做為長久性改善企業績效的方法,在獨立董事與企業吸收能力方面均能強化資訊揭露透明度與企業績效之間的關係。本研究之貢獻,在理論方面連結過去有關資訊揭露透明度之相關研究,並發現資訊揭露透明度並無法持續改善企業的績效,且自願性揭露因政策的改變其重要性逐漸降低。在實務經營方面,則建議衰退企業欲改善其企業績效,並不能一昧地透過提升資訊揭露透明度,而必須輔以公司治理的相關機制以及企業的吸收能力,才能有效改善其業績效,並且穩定投資大眾之信心。

The company with higher level of information transparency has been argued to generate better performance in the previous studies. However, on the contrary, fewer studies to investigate whether the declining firms increase information transparency improve their performance. According to signaling theory, firm with information asymmetry problems, can turn to the increased information transparency to reduce agency costs and improve their performance. Hence, the level of information transparency is a good way for declining firms to improve performance.
The purpose of this paper is to figure out the relationship between the level of decline firm’s information transparency and its performance. We employ a panel data consisting of the unique database of Corporate Information Transparency and Disclosure Ranking (CITDR) of the firms to analyze the relationship between the information transparency and firm performance. The results showed that: (1) information transparency is not a long-term way to improve firm performance; (2) the independent outside directors and absorptive capacity can enhance the relationship between information transparency and firm performance.

第一章 導論 1
第一節 研究背景與動機 1
第二節 研究流程 5
第二章 文獻回顧與假說推導 7
第一節 資訊揭露透明度 7
第二節 代理成本與資訊不對稱 13
第三節 訊號發射理論 14
第四節 增加資訊揭露透明度之效益 15
第五節 衰退企業的資訊揭露作為 18
第六節 企業特性之調節效果 21
第三章 研究方法 27
第一節 研究架構 27
第二節 資料來源與樣本 28
第三節 變數衡量 30
第四節 資料分析方法 34
第四章 實證結果與討論 37
第一節 樣本描述 37
第二節 敘述性統計 40
第三節 相關係數分析 41
第四節 Panel Data模型分析與假說檢定 44
第五節 實證分析結果之討論 51
第五章 結論與建議 69
第一節 研究結論 69
第二節 理論貢獻與研究限制 70
第三節 後續研究建議 72
參考文獻 73
附錄 84

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