資訊透明度與公司治理對公司價值之影響

企業經營之資訊誠實揭露日益受到重視，為降低資訊不對稱的負面影響，爰此，我國於2003年建置上市櫃公司資訊揭露評鑑系統，本研究乃以台灣上市公司為研究對象，研究2010年到2013年上市公司資訊透明度及自願性揭露之情況，並另納入財務報表變數及公司治理變數，來分析兩者對公司價值之影響。本研究發現，資訊透明度越高的上市公司有較高的公司價值；然而，並未發現資訊透明度較低之公司對公司價值有顯著影響性；此外，自願性揭露程度較高的公司亦裨益於公司價值的提升。

關鍵字

公司價值；資訊透明度；自願性揭露；公司治理

並列摘要

Information transparency disclosed are more and more paid attention by market participants. In order to reduce the negative impacts of information asymmetry, Taiwan authority built the evaluation system of information disclosure for the firms listed in TWSE and OTC since 2003. By employing the firms listed in the TWSE and OTC as our samples, we explore whether information asymmetry and voluntary information disclosure would affect firm value after controlling corporate governance and financial statements variables. The results reveal that the firms with high degree of information transparency and voluntary information disclosure would have higher firm value; on the contrary, the firms with lower degree of information transparency might not weaken firm value.

並列關鍵字

Firm Value ； Information transparency ； Voluntary Information disclosure ； Corporate governance

參考文獻

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國際替代計量

資訊透明度與公司治理對公司價值之影響

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