資訊透明度與公司績效股票超額報酬關係之研究

Relation Between Information Transparency,Corporate Performance, and Excess Returns

劉滿穗(Man-Sui Liu)

指導教授 ： 王朝仕

國立臺中科技大學/商學院/企業管理系碩士班/碩士(2017年)

摘要

近年來因國內外企業財報造假、舞弊事件層出不窮，甚至引起金融海嘯，所以各國民間團體及政府致力於提升資訊透明度，並強化公司治理機制，一方面希望透過較佳之資訊透明度，讓外部投資人更易取得資訊，降低投資風險，另一方面希望企業透過資訊揭露評鑑系統(IDtrs)產生監督作用，降低資訊不對稱及代理問題。
為探討臺灣上市櫃公司資訊揭露程度是否與預期一樣，對公司績效及股票超額報酬產生正面效果，研究期間自2011年至2014年止，參加資訊揭露評鑑系統之上市櫃公司為對象，研究結果發現，資訊透明度愈高，其公司績效表現愈好，因此，這些公司有強烈動機提升資訊透明度，由每年參加評鑑公司家數逐年增加及評鑑透明度分數逐年進步，且實證結果資訊透明度高為顯著正向關係可證；在股票超額報酬方面，並非這些公司所揭露的動機因素，僅能幫助外部投資人降低資訊不對稱及投資風險，在所有實證模組為正向關係但不顯著可證。

關鍵字

資訊透明度 ； 公司績效 ； 股票超額報酬 ； 資訊揭露評鑑系統

並列摘要

Due to incessant occurrences of fiscal fraud and embezzlement in domestic and foreign companies that even led to the global financial crisis, civil organizations and the government have recently become more committed toward enhancing information transparency and strengthening corporate governance mechanisms. On the one hand, it is hoped that through better information transparency it will be easier for external investors to obtain information and lower investment risks. On the other hand, it is hoped that companies will play a supervisory role through the Information Disclosure & Transparency Rankings System (IDtrs) to reduce information asymmetry and the agency dilemma.
To explore whether the disclosure of information on Taiwan’s publicly quoted companies has had the expected positive effect on company performance and excess returns, during the period 2011–2014, publicly quoted companies participating in the information disclosure evaluation system were used as objects. Results found that corporate performance improved with higher transparency. Consequently, these companies have a strong incentive to increase transparency. By the yearly increase in both the number of companies participating in the assessment and the transparency assessment scores, empirical results proved that the higher the information transparency, the higher are the significant positive relations. In terms of excess returns, the motivational factors disclosed by these companies are not the only thing that can help external investors reduce information asymmetry and investment risks. Positive relations are present in all empirical models, albeit they are not significantly `provable.

並列關鍵字

information transparency ； corporate performance ； excess returns ； information disclosure evaluation systems

參考文獻

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