資訊透明化對公司財務決策與經營績效影響效果之研究－以台灣上市公司為例

A Study on the Moderating Effects of Information Transparency to Financial Decision Policy and Business Performance-Taiwan Listed-Corporation in Stock Market for Example

趙永祥(Yuang-Shiang Chao) ； 呂廣盛(Kaung- Sheng Lu)

《中華管理發展評論》 1卷1期 (2009/08) Pp. 85-117

https://doi.org/10.6631/JCMD.2009.1.1.85

摘要

本研究重心主要在資訊透明化程度與財務決策對於上市公司經營績效影響效果之研究，其結果是資訊價值對經營績效有顯著相關性之影響，另外，在公司治理決策(本研究在公司治理決策將研究重點放在財務決策之探討)與經營績效方面是本研究所要探討之重點。本研究的所探討之研究樣本時間是從2001年至2008年底共計八年，最後，本研究得出幾項重要結果：1.企業在財務決策(投資)愈多，經營績效之(資產報酬率)愈低；機構法人的專業知識較個別投資者為高，能以較低成本來監督管理者，使管理者濫權的可能性下降，因此當機構法人持有公司股票時，管理者會較謹慎地做出投資決策；2.在公司內部股權方面，大股東持股百分比與資訊透明度呈相反的關係，表示大股東能藉由其持股影響力操縱公司資訊揭露的透明度而剝削小股東之權益；3.另一方面， 管理者持股數對財務決策(投資)和經營績效(現金流量比率)具有顯著加乘干擾效果，即當投資愈高時，資訊透明化(管理者持股)與經營績效(現金流量比率)的正向關係則愈低。4.在交互作用方面，投資和董事長是否兼任總經理、投資和大股東持股之交相乘項並未達顯著水準，而投資和管理者持股數、投資和機構法人持股數之交乘項皆具有顯著性影響效果。

關鍵字

資訊透明化 ； 經營績效 ； 公司財務決策

並列摘要

From the past research, it's very common that a agent problem that exist between operator and owner, always was a contention topic for study. A theory about mainly discussed inside this study. The times goes on, the problem between business performance and control authority is not limited, has developed to a relation that further stock structure and operate are interactive. Now the manager command the wealth of the enterprises can get more information about the firm than the investors , but maybe some would not tell the investors so that result a situation that information will be mismatch. In this study, based on the business performance and corporate governance policy (mainly focused on financial policy analyzed) of information transparency in firm management, the characteristic of firm management will be discussed. In this study, eight years of the financial business data and insufficient data of firms that enter the Taiwan's market from 2001 to 2008 will be the researched samples. And use the statistical method of multi-regression to analyze. Finally, the author proposed the following results from the final statistical outcomes: 1. Finally, this research obtains the results that the enterprises (investments) more in financial decision-making, the lower business performance achievements (ROA) is; 2. In inner organization stockholder percentage, furthermore, the major stockholders have the opposite relation with the information transparency , they show the opposite relations with each other; 3. It's shown that the major stockholder can own the influence because of the transparency to exploit rights and interests of the minor shareholder; 4. According to analysis of interaction effects, the investment and the board who is acted as both president and general manager, the investment and major shareholders multiplied by each other does not attain to a significant effect. Furthermore, the findings were also discovered that in correlation analysis , the major stockholder who owns the majority stocks and the junction multiplication item has the significance influence effect to the corporate institution and investors' stock junction numbers.

並列關鍵字

Information Transparency Degree ； Financial Decision Policy ； Business Performance