How Corporate Diversification Policies Affect the Degree of Information Asymmetry for Financially Troubled Firms

多角化政策如何影響財務問題公司的資訊不對稱

陳麗玲(Li-Ling Chen) ； 王明隆(Andrew Ming-Long Wang) ； 蕭義龍(Yi-Long Hsiao)

《台灣金融財務季刊》 13卷2期 (2012/06) Pp. 155-174

https://doi.org/10.6985/TBFQ.201206.0155

摘要

本文主要探討公司財務狀況對資訊不對稱的影響，樣本採自全球2,294家公司。研究結果發現，財務危機發生機率較高的公司，其資訊不對稱水準亦明顯較高。顯示發生財務危機的公司，其經理人有較強動機隱藏或遞延不良盈餘消息，導致公司財務報表透明度降低之情形。另外，我們亦發現多角化的公司，其財務狀況對資訊不對稱的反向效果會更形惡化。這意味著多角化公司高資訊流量與複雜資訊內涵的特性，讓負面盈餘消息更容易被隱藏。換句話說，單一產業公司之財務危機對資訊不對稱的負面影響較不顯著。

關鍵字

財務狀況 ； 資訊不對稱 ； 財務危機 ； 公司多角化

並列摘要

This paper examines the effect of financial conditions on information asymmetry. We use a global sample of 2,294 companies to test how the financial condition affects the level of information asymmetry. We find that a higher chance of financial distress is significantly associated with a higher level of information asymmetry. This finding is consistent with the claim that managers in financially distressed firms have stronger incentives to hide or delay poor earnings news and thereby exacerbate the transparency of financial statements.In addition, we also find that diversified firms can deteriorate the adverse effect of financial conditions on asymmetric information. It implies that the characteristics of high flow of information and complex content of information for diversified firms make it easier to hide bad earnings news. In other words, the focused firms can moderate this adverse effect of financial distress on information asymmetry.

並列關鍵字

Financial Conditions ； Asymmetric Information ； Financial Distress ； Corporate Diversification

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