過去企業舞弊之研究多由公司治理之角度進行討論,然而本研究選擇有別於以往的觀點,探討公司發布財務報告及時性、年報自願性資訊揭露透明度與企業舞弊之間的關聯性。 本研究利用「知識贏家」與「聯合知識庫」等兩大新聞檢索資料庫,搜尋國內2004年至2009年爆發財務報表舞弊或資產掏空之公司作為研究對象,並以配對方式,利用均數檢定及Logistic迴歸進行實證分析。 實證結果顯示,半年度財務報告發布及時性與發生舞弊之機率呈顯著負相關;但年報自願性資訊揭露透明度愈高的公司,其發生舞弊之機率反而愈高。本研究亦進行額外測試,並得到類似結論。 本研究推測造成年報自願性資訊揭露透明度與舞弊關聯性之實證結果與預期方向不符的原因,可能導因於本研究係採用證基會資訊揭露評鑑系統之指標進行變數衡量,而現行之指標可能無法有效區隔正直與不正直管理階層之行為。因此建議證基會可以重新考慮評鑑指標的設計,以便更能真實反映公司的資訊揭露透明度。
Prior researches on corporate fraud often discuss the issue from the viewpoint of corporate governance. However, this study discusses in a new aspect, examining the relationship between financial report timeliness, the transparency on voluntary disclosure in the annual report, and corporate fraud. I use data on the two main news databases in Taiwan from 2004 to 2009, search out stories related to financial statement fraud and asset misappropriation, and identify these companies as my fraud sample. Mean difference test and logistic regression are used to conduct my empirical analyses. My results support that the timeliness on issuance of the semi-annual reports is inversely related to the probability of fraud. I also find that the relationship between the transparency on voluntary disclosure in the annual report and fraud is positive. My additional analyses also find similar results. My results imply that the difference between the hypothesis and empirical results on voluntary disclosure may arise from that the indicators used in this study cannot appropriate distinguish the behaviors of managements with and without integrity, which suggests that regulatory authorities may reconsider the design of disclosure indicators to reflect the transparency of information disclosure.