公司治理與資訊揭露透明度之關聯性探討－以台灣上市電子業為例

An empirical study of the relationship between corporate governance and information disclosure transparency--Evidence from listed electronic industry in Taiwan.

林岳賢(Yueh-Hsien Lin)

指導教授 ： 潘玉葉

淡江大學/商學院/國際貿易學系國際企業學碩士班/碩士(2006年)

https://doi.org/10.6846/TKU.2006.00211

摘要

自1997年亞洲金融風暴發生以來，許多東亞國家一直積極檢討和改善他們的管理制度，尤其是公司治理及資訊揭露。因為公司治理被認為是加強資訊揭露透明度的有效機制。而國內也於民國九十二年起實施上市櫃公司資訊揭露評鑑系統，此評鑑系統考慮了台灣獨特的企業環境且提供給企業一個絕佳資訊揭露的摘要，作為管理和分析的參考。近年來，新的財會公報準則亦陸續推動，對於資訊揭露的透明化實有深入探究之必要。
本研究係以國內上市電子業公司，並以取得該公司完整資訊者為主要研究對象，共取得270家上市公司，深入了解目前國內企業資訊揭露的概況。並採用變異數分析、t 檢定、卡方檢定、F 檢定、主成份分析及複迴歸分析等統計方法，探討資訊揭露透明度與公司治理之間的關係。
研究結果顯示，企業研發費用率愈高、專利權數愈多、獨立董事之比例愈高、專業人才培育愈多、管理人持股比率愈高、政府及金融機構持股比率愈高、本國法人持股比率愈高及外資法人持股比率愈高，資訊揭露透明度愈高；而大股東持股比率與資訊揭露透明度呈顯著的負相關，顯示隨著大股東持股比率的增加，資訊揭露透明度愈低。

關鍵字

資訊揭露 ； 透明度 ； 公司治理

並列摘要

Since the Asian financial crisis in 1997, most East Asian countries have been actively reviewing and improving their regulatory frameworks, in particular, corporate governance and information disclosure. Because corporate governance has been described as the efficient structure used to enhance transparency of information disclosure. The Securities and Futures Institute entrusted by the Taiwan Stock Exchange Corporation and the Gre Tai Securities Market, launches “Information Transparency and Disclosure Ranking System” to evaluate the level of transparency for all listed companies in Taiwan in 2003, the System takes into consideration Taiwan’s unique business environment and provides companies with a summary of best practice as regards their benchmark for management and analysis. Recent year, the new financial accounting guidelines also have been drived continually, the transparency of information disclosure will be an important topic to study.
By using a sample of 270 electronic public listed companies with full-detail data in Taiwan stock market to know how they disclose information, and to understand the relationship between information disclosure transparency and corporate governance choosing by variance analysis, t-test, chi-square-test, F-test, principle component analysis and multiple regression.
The empirical result shows that companies with higher R&D rate, more patent numbers, higher proportion of independent directors, to breed more professionals, higher ownership ratio of managers, higher ownership ratio of government and financial institute, higher ownership ratio of domestic institute, higher ownership ratio of Foreign institute are more likely to have a higher transparency of information disclosure. Besides, transparency of information disclosure is significantly negatively related to the ownership ratio of block shareholders, shows companies with higher ownership ratio of block shareholders are more likely to have a lower transparency of information disclosure.

並列關鍵字

information disclosure ； transparency ； corporate governance

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