董事連結與資訊不對稱

本文旨在檢視董事連結與資訊不對稱之關聯性。透過股票市場上的買賣價差，藉此衡量公司資訊不對稱的程度。過去文獻多證實公司治理機制的強化程度能有助於降低資訊不對稱的問題。而本文以公司所設立之董監事制度加以延伸，若透過董監事連結的效益，能降低公司與投資人之間的資訊不對稱，故在實證結果顯示本研究之董事連結與資訊不對稱是呈現顯著為負的關聯性。本文更進一步以敏感性分析來衡量，以董事連結出去的公司之總家數及連結出去的公司若與原公司所屬同產業之總家數來衡量董事連結對於資訊不對稱的關係，其結果仍呈現顯著為負的關聯性。

關鍵字

資訊不對稱；買賣價差；董事連結；公司治理

並列摘要

The purpose of the study was to examine the relationship between board interlocked and information asymmetry. Measure information asymmetry in its companies by bid-ask spread on the stock market. In the past, the literature has proved that the strengthening of corporate governance mechanism can help to reduce the problem of information asymmetry. I go further to see the system of supervisors established by the company. This study focused on the board of directors and the executive committee established by firms and proposed that the board interlocked can reduce the information asymmetry between firms and investors. The results showed that the board interlocked was significantly and negatively related to information asymmetry. This study further conducted sensitivity analysis to capture the relationship between board interlocked and information asymmetry by using the total number of firms interlocked through the directors of a firm and the number of interlocked firms that are in the same industry with the firm in question. The result revealed there exists a significantly and negatively relationship between board interlocked and information asymmetry.

並列關鍵字

Information Asymmetry ； bid-ask spread ； board interlocked ； corporate governance

參考文獻

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.

中文文獻