- 學位論文
公司治理機制與資訊揭露透明度
The Relationship Between Corporate Governance Mechanisms and Information Disclosure
摘要
美國陸續爆發的知名企業財報醜聞－安隆案、世界通訊、Ahold等，重創了美國資本市場，導致投資大眾強烈質疑公開資訊的可靠性。台灣地區的博達、訊碟、皇統等地雷股爆發同樣的對台灣的資本市場造成震撼，各國政府與相關組織機構於是陸續研擬更嚴格的法規，要求企業遵循，而為了強化企業資訊透明度、降低內外部資訊不對稱等。強化董事會職能及提升資訊透明度均是公司治理原則中的兩大重點，而台灣固有的家族企業型態更容易造成資訊不透明的狀態產生，本研究根據新修訂的證交法及上市上櫃審理準則，以較客觀嚴格標準判斷董監事的獨立性，並利用資訊揭露評鑑系統探討董事會特性與資訊透明度之間的關係，且亦進一步探討家族企業對資訊透明度的影響為何? 本研究係依證券發展基金會所設置的資訊評鑑系統第三屆結果，探討公司董事會特性及股權結構對於資訊揭露透明度的影響，在控制各項變數後，結果發現董事會獨立性、機構法人持股率均與資訊透明度呈現正向顯著關係而董事會規模、家族董監事比率則與資訊揭露透明度呈現負向顯著關係，顯見研究假說大部分均獲得實證結果支持。此外若設有常務董事者，實際上掌握經營決策者乃是常務董事會而非整個董事會，所以本文以設有常務董事會的公司替代全體董事會作為衡量董事會獨立性的標準，分析常務董事會中，外部及獨立董監事對資訊揭露透明度的監督效果。結果發現研究假說依然獲得支持且與原先迴歸式結果相同。最後採取公司治理綜合指標方式將研究變數融合成一項指標測試與資訊透明度關係，結果為正向顯著關係，這代表著公司治理與資訊透明度存在著高度相關性，好的公司治理能提昇資訊透明度進而減輕代理問題。 關鍵字：資訊揭露透明度、董事會獨立性、Order Probit 模型
並列摘要
Abstract A series of scandals connected to famous companies such as Enron and WorldCom do not only locally hit the capital market, but also make general investors strongly doubt the reliability of public information. By the same token, distressed securities in Taiwan like Procomp Informatics, Infodisc Technology and Summit Computer Technology also considerably strike the market in our country. In order to enhance the information transparency and reduce the information asymmetry, governments and authorities in many countries begin to scheme harsher regulations and ask companies in domain to abide by. Although the strengthening of board function and the promoting of information transparency is the priority of company management, however, in Taiwan the Family-owned business is a tradition for a long time, and that easily causes company’s information invisible. In this study, we diagnose the independence of the directors of the board in samples with more objective and precise standard that based upon the newly revised Securities and Exchange Act, Criteria for Review of Securities Listings and GreTai Stock Market (Taiwanese OTC market) Criteria for Review of Securities Listings. We also investigate the relationship between board characteristics and information transparency by using the results from information disclosure and evaluation system. In the meantime, we further consider what influence from family firms to information transparency will be in our study. We try to investigate what impact from board characteristics and ownership structure to information disclosure and transparency will be.We learn from empirical results that both the independence of board and the ownership of financial holding company have a significant positive relationship with information transparency, while both the scale of board and the family proportion in board have a significant negative result. It is easy to learn that most of the hypotheses are supported statistically. Besides, when managing directors are set in a company, it is not the board of all directors but the board of managing directors that has the authority to make decision. Therefore, in this paper, the board of directors is replaced by the board of managing directors as an independency standard for measuring the supervision effect from outside directors and independent directors on information disclosure and transparency when the companies are under the operation of managing directors. In our finding, the hypotheses are still supported by the results, which are all the same as those from the regression originally designed. Finally, we turn all research variables into one composite index, corporate governance index, to test its relationship with information transparency. A significant positive result obtained means that corporate governance is highly correlated to information transparency. In other words, good governance on company can enhance company’s information transparency and then reduce the agency problem.