為提升企業資訊揭露程度,證基會自2003年建置「資訊揭露評鑑系統」並對台灣上市櫃公司進行評鑑,並定期公布評鑑結果。本研究以證基會所公布的第六屆受評台灣上市公司之資訊揭露評鑑結果、五項第七屆新增資訊揭露評鑑指標及三大法人持股比例為自變數,利用迴歸分析方法,探討各變數與公司經營績效之關聯性,是否可以作為一般投資人進行投資決策之參考依據。 實證結果發現,就機構投資人而言,除金融業外,外資法人與國內投信法人平均持股比例與公司經營績效呈現顯著正相關,可作為投資人進行投資決策之參考依據,至於自營商平均持股比例大多與公司經營績效呈現不相關,不具參考價值。 就資訊揭露評鑑結果而言,近年來在主管機關宣導下,台灣上市櫃公司的資訊揭露程度皆有明顯的提升,加上現行評鑑結果僅分為五級,對投資人來說,鑑別度可能略顯不足,以致於資訊揭露評鑑結果與公司經營績效之關聯性並不顯著。另就新增資訊揭露評鑑指標而言,除金融業外,自願揭露較多資訊之公司,公司經營績效較佳,支持訊號發射理論的觀點。
In order to enhance the transparency of corporate information disclosure, Taiwan Securities and Futures Institute (SFI) has built “Information Disclosure and Transparency Ranking System” (IDTRS) to evaluate the level of the transparency for all TSE/GTSM listed companies since 2003, and publish the evaluation results regularly.This study uses multiple regression analysis of least square method, adopting the results, five information disclosure indicators and the ratio of the stock held by the institutional investors as independent variables to explore association with corporate performance. The empirical results show: 1. In addition to financial industry, the results show significant positive relation between stockholdings of foreign investment institution, domestic institution and corporate performance, and can assist investors in their decision making. No significant relation was found between stockholdings of dealer and corporate performance. 2. SFI has promoted IDTRS strongly in recent years and most TSE/GTSM listed companies have enforced information disclosure obviously. As a result of the evaluation results were only divided into five grades, the ranking scores’ differentiation is not well identified. The results also show no significant relation between evaluation results and corporate performance.