資訊揭露評等、現金持有與企業價值之關聯性研究

The Degree of Information Disclosure, Cash Holding and Firm Value

呂貞宜(Chen-Yi Lu)

指導教授 ： 廖珮真

國立臺灣大學/管理學院/會計學研究所/碩士(2013年)

https://doi.org/10.6342/NTU.2013.02446

摘要

近年來國內各產業之現金持有比率大增。公司可能基於交易動機或預防性動機而持有現金。但持有過多卻可能引發代理理論，使得公司價值降低。過去文獻顯示，透過好的公司治理能提升公司價值。因此本研究以資訊揭露做為公司治理的衡量方法，研究樣本利用證券發展基金會所公布的第四屆至第九屆資訊揭露評鑑結果為對象，探討資訊揭露評等、現金持有與公司價值之關係。
實證結果發現，電子業與化學業之公司，資訊揭露越佳，邊際現金之公司價值越低，非電子業與化學業之公司，資訊揭露越佳，邊際現金之公司價值越高。 本研究認為產業特性和現金來源不同是造成不同產業有不同結果的原因。

關鍵字

資訊揭露評鑑制度 ； 現金持有 ； 企業價值

並列摘要

Over the recent years, the average cash-to-net-asset ratio for Taiwanese firms in many industries has risen dramatically. Firms may choose to hold cash for either transactional or precautionary motives. However, excessive cash holding may cause agency problems, leading to lower market value for the firm. The literature has shown that corporate governance would mitigate the value destruction associated with excessive cash holding.
In this paper, we use the firms’ degree of information disclosure as our main measure of corporate governance and use “The Ranking Result of the Public Companies Information Disclosure and Transparency Ranking System” issued by Securities and Futures Institute as a proxy for the degree of information disclosure. Using these sample data, this paper attempts to investigate how the interaction between the degree of information disclosure and cash holding is related to firm value.
The results from this paper show that, for firms in the Electronic and Biotechnology & Medicine Industries, the higher a firm’s degree of information disclosure, the lower its market value derived from a marginal dollar of cash. However, for firms in the other industries, the higher a firm’s degree of information disclosure, the higher its market value derived from a marginal dollar. Conclusively, we suggest that industrial characteristics and sources of cash may lead to different results for different industries.

並列關鍵字

Information Disclosure and Transparency Ranking System ； Cash Holding ； Firm Value

參考文獻

賴英照，2011，證券交易法解析簡明版，頁5。

許博瑜，2007，公司治理機制與資訊揭露透明度，國立中原大學會計學研究所未　　

廖益興、陳彥綺、王貞靜，2011，年報中資訊揭露與資訊不對稱：來自私有資訊　

周建新、林宗得，2005，資訊透明度對企業價值增額解釋能力之研究，會計

錢俞均，2008，公司治理機制、自願性揭露與經營績效之關聯性，淡江大學會計