資訊透明度對公司營運影響之分析

The Effect of Information Transparency for Earnings Management and Corporate Valuing

林筱鳳(Hsiaofeng Lin) ； 劉清標(Chin-Piao Liu) ； 吳家惠(Jian-Whun Wu)

《商業現代化學刊》 7卷3期 (2014/03) Pp. 267-281

https://doi.org/10.6132/JCM.2014.7.3.15

摘要

自1997年亞洲金融風暴發生，國內外財務舞弊陸續浮現檯面。為避免此情況持續發生，主管機關由證基會來建置「資訊揭露評鑑系統」（Corporate InformationDisclosure and Transparence Ranking System），為提升我國上市上櫃公司資訊揭露之透明度，督促企業可以落實相關機制，望藉外部監督力而對公司於資訊透明度能有所進步。本研究樣本為臺灣上市上櫃電子業，觀察資訊透明度對盈餘管理與公司價值之影響分析。衡量盈餘管理用裁決性應計數做估計，公司價值則採總資產報酬率（ROA）與修正Tobin's Q為衡量指標。實證結果顯示資訊透明度對盈餘管理之影響成反向關係，表示資訊透明度較高之公司其盈餘管理行為會較低。資訊透明度對公司價值之影響分析，實證結果說明資訊透明程度高的公司對自身公司價值有所正向影響，故公司價值相對提升。

關鍵字

資訊透明度 ； 盈餘管理 ； 公司價值

並列摘要

Since the Asian financial crisis in 1997, the domestic and international financial fraud arewere beginning to surface countertops. To avoid this situation persists, the competent authority built ＂Corporate Information Disclosure and Transparence Ranking System＂ by the Securities and Futures Institute. In order to enhance Listed Companies in information disclosure transparency and urge enterprises to implement mechanisms. Hope, use the force of external oversight and information transparency improvement. In this study we use Taiwan-listed electronics as sample to observe the impact analysis of information transparency on earnings management and the value of the Company. Discretionary accruals estimated that the value of the company adopt the return on total assets (ROA) correction Tobin's Q metrics to measure earnings management. The results show that the impact of information transparency of earnings management inverse relationship, which means that information transparency higher company earnings management behavior will be lower. For the transparency of information on the value of the company's impact analysis, results indicate a high degree of transparency of information companies has been a positive influence on their own corporate value, so the value of the company is relatively improved.

並列關鍵字

Effect of Information Transparency ； Earnings Management ； Corporate Valuing