公司資訊揭露與股票投資決策之關聯性

Association between the corporate information disclosure and stock investment decision-making

張靜婷(Ching-Ting Chang)

指導教授 ： 何建德

元智大學/管理學院/管理碩士在職專班/碩士(2012年)

摘要

本研究主要目的是探討：公司資訊揭露項目其重要程度、透明程度與股票投資決策影響程度三者之間的關聯性。主因台灣證券市場特有之交易模式，向來以散戶投資人為主，各投資者應如何選擇理想之投資標的，或是否購買、持有或是出售股票，皆需各企業所提供之消息(或資訊)進行判讀及運用，以降低存在內部與外部的資訊不對稱所造成代理問題，故我國政府強化公司治理，重視資訊公開及投資人權益。而為了解公司治理所推動之資訊揭露項目是否為自然人投資者亦認為重要的資訊項目，且該資訊之公開程度應較為透明且便於查詢及使用，因此本研究以「問卷調查法」，研究資料得自307名個人投資者，經由敘述性統計分析、因素分析以及迴歸分析，發現公司資訊揭露各構面的重要程度及透明程度皆對自然人投資者其股票投資決策之影響程度呈正向及非常顯著，即指發展本國公司治理所推動之資訊揭露各項目，其重要程度越高，對股票投資決策影響程度也越高；其透明程度越高，對股票投資決策影響程度也越高。並且得知投資者最重視「印象資訊」及「歷史性財務資訊」，且該二構面之透明程度亦相對公開。

關鍵字

公司治理 ； 資訊揭露 ； 資訊透明度 ； 投資決策

並列摘要

The main purpose of this study is to explore how the importance of the corporate information disclosure, transparency of information, and investment decision-making is correlated between each other. It is mainly because the transaction model of stock market in Taiwan has always been individual investor oriented, and how each investor is to choose the ideal investment target, or whether to buy, hold or sell stocks, all of the above requires the information provided by enterprises for interpretation and application purposes in order to reduce proxy problems which may be caused by the information asymmetry both externally and internally. Therefore our government intends to strengthen the corporate governance and to place importance on information disclosure and investor rights. In order to have a clear understanding on whether each item of information contained in the information disclosure statement promoted by the corporate governance plays an important part for natural person investors, and the disclosure level shall be more transparent for the purpose of easy query and use, this study used the “questionnaire method” to query responses and it has obtained data from 307 individual investors. Through a descriptive statistical analysis, factor analysis, and regression analysis, results have found that the importance of each dimension in the information disclosure and transparency plays a significant role in the level of decision-making of investors on stock investment, which is referring to each item of information contained in the information disclosure statement promoted by the national corporate governance, the higher the importance, the higher the degree of influence on stock investment decision-making; the higher the transparency level, the higher the degree of influence on stock investment decision-making as well. Among all items, investors value “impression information” and “historical financial information” the most, and the transparency of these two dimensions shall be relatively open.

並列關鍵字

Corporate governance ； information disclosure ； transparency of information ； investment decision-making

參考文獻

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