本研究主要是探討財務報表資訊揭露的影響及其決定性因素,以 2005年及2006年588家台灣上市電子產業為研究對象 。 相較過去文獻,本研究貢獻如下: 首先 ,在衡量資訊揭露程度方法上,本文參考Botosan (1997)質量評分方式外,並針對自願性揭露項目者予以加分。第二,本研究採用Mishkin (1983)理性預期模型檢視投資者對資訊揭露是否具有效率性。最後,因為在研究資訊揭露決定性因素的過程中發現樣本分布呈現右偏,故本論文進一步使用不受常態分配限制的分量迴歸進行研究比對。 研究結果發現:(1)資訊揭露程度與股價雖然不顯著,惟其為負的方向,這可能是投資者認為管理當局財務報表編製及董事會的審核等獨立性遭受質疑,進而影響資訊揭露的可信度,使揭露的資訊價值無法合理反映於股價中; (2)投資人認為上市電子業是績優股而對當期盈餘有過度預期之現象;近幾年弊案頻傳,使得投資者對企業資訊揭露真實性的信心程度下降 ; (3)股權偏離幅度、法人持股比率、公司規模、股東權益報酬率、董監事質押比率及現金流量請求權對企業資訊揭露呈正向激勵效果;轉投資占總資產比率及負債比率則呈負向警示。由此可見,控制股東持股、法人持股、獲利能力、內部獨立性、轉投資及資本結構等有助企業提升資訊揭露。
This paper examines the effect on the market efficiency and determinants of disclosure level. The research sample includes 588 electronic listing companies in Taiwan from 2005 to 2006. Compared to the past literature, this paper have the following contributions: First, in measuring the level of information disclosure, we consider the extra score for the voluntary disclosure besides using Botosan’s method. Second, we use Mishkin test to whether the investors have rational expectations on the information contents. Finally, because the sample distribution has skewed-right, we use quantile regression to substitute for OLS. The empirical result shows (1) although the level of information disclosure and price weren’t significant, they are negative. The reason is probable that the enterprises have higher agency cost, and then cause the information of disclosure not rationally reflected on the stock price.(2)The investors think that the listed electronic industries are blue chip and the investors have over-anticipation mentality to current earnings. In recent years, there are many dirty-trick news in our society, this causes the investors have low confidence on truthfulness of enterprises’ information disclosure. (3)The degree of control rights deviating from cash flow rights, hold-ratio by institutions, firm size, return on equity, equity pledge behavior of directors and supervisors, cash flow rights have positive effects on enterprises’ level of information disclosure. The spinouts to total assets ratio and liability ratio are presented negative warnings. Therefore, controlling stockholders’ holding percentage, hold-ratio by institutions, profitability, internal independence, spinouts and capital structure etc, help the enterprises enhance information disclosure.