資訊揭露評鑑結果變動對企業經營績效之影響

自1997年亞洲金融風暴發生，彰顯出投資大眾對於公司資訊不透明所隱含投資風險的疑慮，全球的投資人也開始意識到企業資訊透明度與公司治理的重要性。我國為了落實公司治理並鼓勵公司自願性資訊揭露，以提高企業資訊透明度，證券交易所及證券櫃檯買賣中心委託證券暨期貨市場發展基金會設置「資訊揭露評鑑系統」，此系統於2003年進行第一次辦理，係以全體上市櫃公司為評鑑對象。本論文以台灣上市櫃公司的「資訊揭露評鑑系統」評鑑等級結果為研究基礎，研究期間為2007年至2010年（第五屆至第八屆），分析方式是把當屆評鑑等級與前一屆評鑑等級結果進行比較，來檢視評鑑等級進步或退步的公司在營運績效表現上是否不同。回顧過去文獻，有關企業資訊揭露與公司經營績效的研究，都以單年度的評鑑等級水準進行探討，本文則著重公司評鑑等級的變動，是否與公司未來經營績效的良窳具有相關性。本論文初步實證結果顯示，資訊揭露評鑑結果為進步或退步公司與當年度整體企業平均績效指標呈現不同結果，一般而言，退步公司的未來績效表現較差，支持資訊揭露評鑑結果與公司經營績效有關的論點。但進一步以迴歸分析檢驗，結果顯示無論在資訊揭露評鑑退步或進步公司，評鑑等級變動對於企業經營績效衡量指標，都未達預期的顯著性。但退步公司評鑑等級變動與企業經營績效呈現負相關的情形稍多於與進步公司經營績效呈現正相關的情形。整體而言，本文實證結果未能支持資訊揭露評鑑等級進步（退步）公司，傳遞企業未來經營績效變好（變差）訊息的假說。

關鍵字

資訊揭露評鑑；訊號發射理論；經營績效

並列摘要

Since the 1997 Asian financial tsunami occurred, revealing investors being worried about investing risks implied by information non-transparency, so that the worldwide investors began to note the importance of corporate information transparency and corporate governance. In order to encourage companies to implement voluntary information disclosure, Taiwan Securities and Futures Institute (SFI) began to implement the Information Disclosure and Transparency Ranking System in 2003 to reduce the information asymmetry in capital market. There are many studies in the Information Disclosure and Transparency Ranking System in Taiwan. However, most of them focused on the ranking level of information disclosure and the relationship to stock prices, and few of them focused on relationship between the change of appraisal ranking and transparency of voluntary information disclosure and the corporate performance. This research intended to explore the impact of change of ranking result on corporate performance. The study period is from the year 2007 to 2010 （fifth to eighth appraisal） , all listed companies are included. The proxies of operating performance include EPS, ROA, ROE, Operating ROA, Sales growth rate, and Net profit margin. The preliminary empirical results show that there are differences of performance indicators among upgrade, downgrade and all companies. General speaking, performance of downgrade firms are worse than that of average. However, the regression analyses do not provide significant evidences on the relationship between change of ranking result and firm performance.