過去研究發現許多弊案的發生,大部分都與企業財務報表不實、資訊揭露不足或不夠及時有關,且存在著控制股東現象,因為控制權與盈餘分配權的偏離程度增大,導致核心代理問題的產生,加深了控制股東與其他外部小股東之間利益的不一致,而這也會進一步影響到公司的揭露政策。本研究以2007年公布的第五屆資訊揭露評鑑系統之上市櫃公司評鑑結果為研究標的,除了從公司治理結構的角度,探討影響資訊揭露程度的因素,更進一步研究是否因國內上市櫃公司普遍存在控制股東,使控制股東之控制權與盈餘分配權的偏離程度、董事會席次控制權與盈餘分配權間的偏離程度,對資訊揭露評鑑結果產生影響。經控制各項變數後,本研究實證結果如下: 一、 控制股東之控制權比率與盈餘分配權比率的偏離程度與資訊揭露評鑑等級呈顯著負相關。表示偏離程度愈大,會降低控制股東公正報導公司資訊的誘因,故評鑑等級會較低。 二、 機構投資人持股比率與資訊揭露評鑑等級呈顯著正相關。表示機構投資人持股比率愈高,監督能力相對提高,也會要求揭露較多的資訊,故評鑑等級會較高。 三、 控制股東之董監事席次比率與盈餘分配權比率的偏離程度與資訊揭露評鑑等級呈顯著負相關。表示偏離程度愈大,核心代理問題愈嚴重,管理當局主動揭露對外部股東攸關資訊的動機降低,故評鑑等級會較低。 四、 獨立董監事席次比率與資訊揭露評鑑等級呈顯著正相關。表示獨立董監事席次比率愈高,監督管理當局的能力也會提升,故評鑑等級會較高。 五、 董事會規模與資訊揭露評鑑等級呈顯著正相關。表示董事會規模愈大,由於董事會成員之背景來源更廣泛,會要求管理當局提供各種資訊,故評鑑等級會較高。 六、 企業是否屬家族控制之企業型態與資訊揭露評鑑等級呈顯著負相關。表示企業若屬家族控制之企業,會使獨立董監事的監督功能受到限制,故評鑑等級相對較低。
Prior studies found that most companies’ scandal were due to the false financial statements, information insufficient or not in time. Furthermore, these companies normally have controlling shareholders. The more rights they have, the bigger the profit gaps between these controlling shareholders and minor shareholders and thus brought the agent problem. This study explored the causes and affects on information disclosure and whether controlling shareholders existed in listed companies based on the 2007 Information Transparency and Disclosure Ranking Results in Taiwan. Moreover, this study tried to explore the impact of information disclosure on the ranking results. The findings of this study were described as followed: 1. The percentage rate of control power and the rights of sharing dividends that are held by controlling Shareholders are negatively correlated with the Information Disclosure and Transparence Ranking System. 2. The percentage of shares held by corporate investors is positively correlated with the Information Disclosure and Transparence Ranking System. 3. The number of seats that controlling shareholders take as company directors and the rights to share dividends are negatively correlated with Information Disclosure and Transparence Ranking System. 4. The number of seats of Independent Directors is positively correlated with Information Disclosure and Transparence Ranking System. 5. The size of the board of directors and the Information Disclosure and Transparence Ranking System are positively correlated. 6. Family owned corporations and the Information Disclosure and Transparence Ranking System are negatively correlated.