年報透明度與權益資金成本之關聯性研究

The Relationship Between Annual Report’s Transparency And Cost of Equity Capital

張嘉祐(jia-you zhang)

指導教授 ： 林江亮 ； 陳瑞斌

中原大學/商學院/會計學系/碩士(2007年)

https://doi.org/10.6840/cycu200700274

摘要

本研究之目的在探討公司年報透明度與權益資金成本之間的關聯性，以瞭解提升年報的資訊透明度是否能獲得降低權益資金成本的效益，本研究把年報透明度分成揭露透明度和盈餘透明度兩個構面。

本研究以91年、93及94年為研究期間，並進行揭露項目的評分，最後篩選出261家製造業公司作為實證測試的樣本。實證結果發現公司年報揭露透明度愈高，公司的權益資金成本愈低，而在揭露項目中，發現「股權結構和董事會結構」較受投資者注意，此項目揭露愈多，公司的權益資金成本愈低。此外，盈餘透明度高低並不會影響權益資金成本。

關鍵字

權益資金成本 ； 年報透明度 ； 揭露透明度 ； 盈餘透明度

並列摘要

The major purpose of this study was to investigate the relationship between firm’s annual report’s transparency and cost of equity capital to understand whether greater annual report’s information transparency can reduce cost of equity capital. The study divides annual report’s transparency into disclosure transparency and earnings transparency.

Date are obtained from the 2002、2004 and 2005 and sample selection procedures yields a sample of 261 manufacturing firms. Empirical results show that greater disclosure transparency have lower cost of equity capital and find investors especially take care of the information of ownership and board of director structure. In additions, we find earnings transparency information can not influence cost of equity capital.

並列關鍵字

cost of equity capital ； annual report’s transparency ； disclosure transparency ； earnings transparency

參考文獻

黃旭森，民94，環保支出與環境資訊揭露對資金成本的影響，國立成功大學會計學系未出版碩士論文。

Amihud, Y. and H. Mendelson. 1986. Liquidity and Stock Returns. Financial Analysts Journal 42, 43-49 (6 pages).

Ang, J. S. and J. C. Brau. 2003. Concealing and confounding adverse signals: Insider wealth-maximizing behavior in the IPO process. Journal of Financial Economics 67, 149.

Ball, R. and L. Shivakumar. 2005. Earnings quality in UK private firms：comparative loss recognition timeliness. Journal of Accounting and Economics, 83-128.

Berle, A. and G. Means. 1932. The modern corporation and private property. MacMillan, New York, N. Y.