本研究主要目的在討論公司治理與盈餘資訊價值內涵是否具有相當程度的影響,藉由探討公司治理的良窳,來了解董事會與公司管理者之間是否從事盈餘管理,是否公司治理越好公司透明度愈高,或者公司紀律愈好則內部管理人員操控損益的機率越小。例如安隆案(spe),因此,吸取恩龍的教訓,健全公司治理與盈餘資訊價值內涵才能真正永續經營。 本研究主要係利用多變量迴歸模型,利用控制其他影響變數因素下,進而加以探討台灣上市公司公司治理對盈餘資訊價值內涵的影響關係。有關多變量迴歸模型應變數(報酬)、自變數(公司治理、所有權結構)及控制變數之衡量。 本研究嘗試從公司監理的角度,探討其對於我國盈餘與股價關聯性的影響。實證結果發現:就我國股票上巿公司而言,(1) 隨著時間的經過,政府機關、企業或社會各界,對公司監理漸具應有之認識,進而要求公司監理的品質,致使整體上,公司監理較以前更具成效,其盈餘與報酬關聯愈高;(2) 獨立監察人席次佔監察人總席次比率愈高者,其盈餘與報酬關聯愈高;(3) 董事長兼任總經理與企業盈餘與報酬關聯呈負相關(4) 董事兼任比率愈高,愈不能發揮其獨立性及專業性,有效督導公司之營運及財務資訊,防杜舞弊及不實報導,進而降低盈餘與報酬;(5) 監察人兼任比率愈高,愈不能發揮其獨立性及專業性,有效監控公司之營運及財務資訊,防杜舞弊及不實報導,進而降低盈餘與報酬;(6)公司規模或是負債比率的提高,均有助於抑制盈餘與報酬發生;(7) 獨立董事席次佔董事會總席次比率愈高者,其盈餘與報酬關聯愈高(8) 機構投資人持股比例愈高,則企業盈餘與報酬關聯愈強。
The primary objective of this paper is to examine the association between corporate governance and informativeness of earnings, measure by earnings-return relation. We hypothesize that firms with better corporate governance structure have higher earnings response coefficients (hereafter ERC). Based on a sample of 339 year-firms during the period of 2000 to 2002, we find that: (1) Improved corporate governance structure have resulted in increase in quality of accounting earnings for listed during our sample period, (2) there is a negative relation between the percentage of independent supervisors ownership on supervisors ownership and earnings quality. (3) accounting earnings quality is more poor for firms whose CEO chairs the board of directors. (4) accounting earnings quality decrease with number of other firms which directors participate in;(5) there is a positive association between the percentage of independent directors seats on the board and earnings-return relation (6) accounting earnings quality increase with total fraction of outstanding share held by institutional investors. Keywords: corporate governance, accounting earnings quality, earnings-return relation