在公司治理領域中,主要有兩大研究方向,分別是董事會結構和資訊揭露。董事會一直是公司治理的重要研究對象,董事會結構的特性(規模、持股率)和獨立性(外部董事、機構投資人持股)對公司價值有顯著的影響,但是只從董事會下手改革只能達到治標效果,真正治本的方法是要提升資訊透明度,本研究透過檢視1115間台灣上市公司年報資料,試圖探討董事會結構和資訊揭露對公司價值之影響。 經由迴歸分析實證研究發現,資訊揭露程度、董事會規模、機構投資人持股比率均對公司價值有正向顯著之影響,而董事會持股比率和公司之外部董事人數則對公司價值成負向顯著之影響。資訊揭露程度部分,董事會規模和機構投資人持股比率越高之公司,其資訊揭露也較為透明,反之董事會持股比率高之公司其資訊揭露較不透明。本研究之結論在實務上也得到了印證,可提供投資人做決策時參考,期盼透過本研究能夠讓投資人對公司價值做出更正確的判斷。
There are two major studies in the research of corporate governance. One is the board of directors, and another is information disclosure. Board of directors plays an important role in organizations, its composition and independence has a significant impact on corporate value. However, to enhanced corporate value, information disclosure is the key driver. This study research 1,115 company’s financial statement in Taiwan stocks market, seeks to evaluate the impact of board composition and information disclosure on corporate value. The results indicate the following findings. First of all, information disclosure, board size and institutional ownership are significant positive related to corporate value. Secondly, board ownership and outside directors is significant negative related to corporate value. Third, with higher board size and institutional ownership, companies tend to disclosure more information. Finally, companies with higher board ownership, companies have insufficient information transparency.