公司執行長資訊揭露程度如何影響公司之投資

How does CEO Information Disclosure Level Affect Company's Investment

黃郁容(Yu-Jung Huang)

指導教授 ： 王衍智

國立臺灣大學/管理學院/財務金融學研究所/碩士(2019年)

https://doi.org/10.6342/NTU201900764

摘要

資訊揭露程度對於投資人和公司來說有著不同層面的影響，除了公司自行揭露的資訊外，媒體亦為揭露公司資訊之主要媒介。過去有許多研究探討如何降低資訊不對稱之問題，但大多以研究傳統媒體資訊揭露為主(如:電視報紙新聞媒體)。在現今這個網路世代，互聯網讓資訊取得變得簡單且快速；投資人除了從傳統媒體上獲得資訊之外，非傳統媒體已逐漸成為取得資訊之主要管道。爰此，有別於過去傳統媒體資訊揭露之研究，本研究著重於非傳統媒體資訊揭露，本文旨在探討公司執行長資訊揭露程度如何影響公司之投資。
本研究以維基百科(Wikipedia)作為非傳統媒體之代表，以標準普爾1500指數(S&P 1500)之上市公司作為實證研究，分析其公司執行長(Chief Executive Officer, CEO)在維基百科上歷年的編輯紀錄。以公司執行長為公司之代表，並以公司執行長之編輯總字數多寡顯示其公司之資訊揭露程度高低，進而檢測網路媒體揭露資訊程度高低對於公司之資本支出及研究開發支出的影響。
本文的研究結果顯示公司執行長在維基百科資訊揭露程度對研究開發支出之影響顯著為正向，但對與資本支出 卻沒有顯著的影響。若以公司資產規模拆分大小公司來看，無論是大小公司執行長在維基百科資訊揭露程度對研究開發支出之影響皆顯著為正向；但僅有大公司之資訊揭露程度對資本支出之影響顯著為正向。

關鍵字

資訊揭露程度 ； 資本支出 ； 研究開發 ； 標準普爾 1500 指數 ； 公司執行長 ； 維基百科

並列摘要

Information disclosure level plays an important role on firm valuation that is of investors’ interest. Past papers have widely documented the effect of information disclosure in terms of voluntary disclosed information, analyst reports and media, which are main sources of information available to the capital market. While the problem of how these information availabilities may lower information asymmetry has been intensively investigated, most papers focus on traditional information disclosures.
Different from past studies on traditional information disclosure, this paper focuses on non-traditional media information disclosure: Wikipedia. In nowadays’ Internet generation, Internet makes accessing information easily and fast. Besides obtaining information from traditional media, non-traditional media has gradually become the main source for investors. Therefore, this paper adopts Wikipedia as a representative of non-traditional media and examines the listed companies in S&P 1500 by analyzing the revision history of each CEO on the Wikipedia. CEO is often a recognition for the company, hence this paper takes the total word count edited in each CEO’s page to indicate the level of the company’s information disclosure. Based on this measure, examining the effect of Internet media information disclosure on company’s capital expenditures (CAPEX) and research and development expenditures (R&D). The result shows that information disclosure level on CEO is positively significant with R&D expenditures but insignificant with capital expenditures. Moreover, the relationship between CEO information disclosure level and R&D expenditures is positive for both large and small firms while the relationship between CEO information disclosure level and capital expenditures is only positive for large firms.

並列關鍵字

Information disclosure level ； CAPEX ； R&D ； CEO ； Wikipedia ； S&P 1500

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