- 學位論文
資訊透明度與未來盈餘之探討-以資訊評鑑系統第六屆至第八屆分級結果探討
The Effect of firms’ Information Transparency on the Returns-future Earnings Relation: A case study of Taiwanese enterprises’ information transparency
摘要
本研究探討台灣「資訊揭露評鑑系統」所公佈的公司資訊透明度評比較高之公司是否可以提供投資人較高未來盈餘的評價能力。本研究依據過去文獻採用未來盈餘反應係數(FERC)作為衡量投資人對公司未來盈餘評價能力的標準。研究樣本採用資訊揭露評鑑系統所公佈評鑑等級，選取期間於2008年至2010年所公佈資訊透明度較高與資訊透明較低之公司。研究結果發現資訊透明度等級較高的公司其股票報酬與未來盈餘之關聯性高於資訊透明度較低的公司，也就是資訊透明度等級較高的公司具有較高的未來盈餘反應係數。本研究依據文獻將成長機會、公司規模、法人持股比率作為控制變數，發現成長機會較高之公司其當期報酬率與未來盈餘關聯性較高，反之，法人持股比率與公司規模之大小其股價報酬率與未來盈餘之關聯性並不顯著。
並列摘要
The study examines whether the company with relatively high information transparency ranking disclosed by the information transparency and disclosure ranking system (ITDRS) in Taiwan is associated with an increase in the market’s ability to predict firms’ future earnings, as captured by the future earnings response coefficient (FERC). .Using the samples of transparency ranking of the ITDRS, and selects the companies with relatively high and low information transparency disclosed between 2008 and 2010, the result indicates that the company with relatively high information transparency presents a higher association between stock returns and future earnings than that of the company with low information transparency. In other words, the company with relatively high information transparency has relatively high FERC. The result is robust to controlling for firm size, growth and institutional ownership. This study finds that earnings growth is positively associated with FERC, while firm size and institutional ownership are not positively associated with FERC.