多角化策略與年報資訊揭露對金融產業公司績效影響－金融控股公司組織型態調節效果之實證研究

The Impact of Diversification Strategy and Annual Report Disclosure on Financial Company Performance - The Empirical Research of Moderating Effect of Financial Holding Company

歐陽豪(Hou Ouyang) ； 蔣聲雄(Seng-Shong Chiang)

《台灣金融財務季刊》 13卷3期 (2012/09) Pp. 1-42

https://doi.org/10.6985/TBFQ.201209.0001

摘要

本研究旨在探討金融集團多角化策略與年報資訊揭露對組成公司市場績效之影響，並討論金融控股公司組織型態對『多角化策略與績效』及『年報資訊揭露與績效』間關係之調節效果。實證結果發現：「集團相關多角化策略（DR）」才能提升公司績效，「集團非相關多角化策略（DU）」則對公司績效有不利的影響。『年報資訊揭露總分』中的『股權結構與董事會組成』及『強制性資訊揭露』才是提升公司績效的主要因素，『自願性資訊揭露』對公司績效反而有不利的影響。金融控股公司型態對『相關多角化』有顯著減弱的調節效果，但對『非相關多角化』則有顯著增強的調節效果；其次，金融控股公司型態對『年報資訊揭露總分』中的『股權結構資訊透明度』及『強制性資訊揭露』均有顯著減弱的調節效果；除此之外，金融控股公司型態對『自願性資訊揭露』則有顯著增強的調節效果。本研究貢獻包括三個面向：第一，補充了年報資訊揭露程度及其組成對金融集團績效之實證證據；第二，驗證『金融控股公司組織型態』對台灣「多角化策略與公司績效」間的調節效果；第三，提出過去文獻未曾探討之『金融控股公司組織型態』對台灣「年報資訊揭露與公司績效」間的調節效果。

關鍵字

金融控股公司 ； 多角化策略 ； 年報資訊揭露 ； 調節效果

並列摘要

This paper investigates the impact of diversified strategy and annual report disclosure on market performance of financial industry firms and discusses the moderating effect of financial holding company on diversified strategy and market performance, annual report disclosure and market performance. The regression results find: There exists significantly positive and negative effect of related and unrelated diversification on market performance, respectively. There exists significantly positive relationship between annual report disclosure and market performance. The main factors of enhancing market performance are ownership structure, components of board of directors, and mandatory information disclosure. There exists disadvantage effect of voluntary information disclosure on market performance. The moderating effect of financial holding company on related diversification has weakened, while moderating effect of financial holding company on unrelated diversification has enhanced. The moderating effect of financial holding company on annual report disclosure, ownership structure and components of board of directors, and mandatory information disclosure has weakened, while the moderating effect of financial holding company on voluntary information disclosure has enhanced. The contributions of this research are three-fold: First, we replenish evidence about the effect of annual report information disclosure and its' components on financial company performance. Second, we provide the moderating effect of financial holding company on the relationship between diversified strategy and company performance. Third, we also provide the moderating effect of financial holding company on the relationship between annual report disclosure and company performance.

並列關鍵字

Financial Holding Company ； Diversified Strategy ； Annual Report Information Disclosure ； Moderating Effect

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