多角化策略、年報資訊揭露與自願性資訊揭露－法說會之召開對金融產業公司績效影響之實證分析

The Empirical Analysis of the Impact of Diversified Strategy ﹐Annual Report Information Disclosure and Voluntary Information Disclosure-Conference Call on Performance of Financial Industry firms

黃美惠(Mei- Hui Huang)

指導教授 ： 歐陽豪

崑山科技大學/商業管理學院/企業管理研究所/碩士(2010年)

摘要

本研究對台灣2003至2008年金融集團企業之上市櫃公司為樣本以多角化指標、年報資訊揭露及自願性資訊揭露進行統計及實證分析，結果發現：對整體樣本言：「總多角化策略」對會計績效與市場績效均為不顯著的正向關聯，「相關多角化」與「非相關多角化」對公司會計績效與市場績效分別為正向與負向但不顯著的影響；「年報資訊揭露總分」對公司會計績效為顯著負向影響，但對市場績效則為不顯著的正向影響；「財務及營運資訊透明度」對會計績效與公司市場績效均為不顯著之負向影響，但「董事會及股權結構」對會計績效與公司市場績效均為不顯著之正向影響；「是否召開法說會」對會計績效與市場績效分別為顯著負向與正向影響，『召開法說會的次數』對公司會計績效與公司市場績效分別為不顯著之負向與正向影響；對「金融控股公司」與「非金融控股公司」樣本而言：「總多角化策略」對會計績效與市場績效均為不顯著的正向關聯，但「金融控股公司」的「總多角化」效益高於「非金融控股公司」，「金融控股公司」的「相關多角化」與「非相關多角化」對公司會計績效與市場績效均為負向但不顯著的影響，「非金融控股公司」的「相關多角化」與「非相關多角化」對公司會計績效與市場績效分別為正向與負向但不顯著的影響。
「年報資訊揭露總分」對「金融控股公司」與「非金融控股公司」之公司會計績效分別為不顯著正向與負向影響，但對市場績效則分別為顯著的正向影響與不顯著的負向影響；在「金融控股公司」樣本中：「財務及營運資訊透明度」對會計績效與公司市場績效均為不顯著之負向影響，「董事會及股權結構」則對會計績效與公司市場績效分別為不顯著之正向與負向影響，而「非金融控股公司」樣本中：「財務及營運資訊透明度」對會計績效與公司市場績效分別為不顯著之正向與負向影響，「董事會及股權結構」則對會計績效與公司市場績效分別為不顯著之負向與正向影響；「是否召開法說會」對「金融控股公司」之會計績效為不顯著負向影響，對市場績效則為顯著正向影響，對「非金融控股公司」之會計績效與市場績效均不為顯著正向影響；「召開法說會的次數」對「金融控股公司」之會計績效與公司市場績效分別為不顯著之負向影響與顯著之正向影響；「召開法說會的次數」對「非金融控股公司」之會計績效與市場績效均為不顯著正向影響。
本研究的貢獻在三方面：第一，補充了台灣金融集團多角化策略對集團組成公司績效影響之實證證據；第二，提供了過去文獻未提供之年報資訊揭露程度對金融集團績效之實證證據；第三，提供了過去文獻未提供之法人說明會之自願性資訊揭露程度對金融集團績效之實證證據。

關鍵字

多角化策略 ； 年報資訊揭露 ； 自願性資訊揭露-法人說明會

並列摘要

This paper investigates the impact of diversified strategy and corporate governance－ annual report information disclosure and voluntary information disclosure－conference call on the accounting and market performance of financial industry firms. We adopted Entropy method to measure the degree of group diversification and follow Security and Futures Institute information evaluation system to measure the annual report information disclosure, and use “whether conference call is held or not” to be the index of voluntary information disclosure. By using a sample of interlocking group of financial firms which listed on the Taiwan Stock Exchange (TSE) and Taiwan’s Over-The-Counter market during 2005 to 2008, and to proceed the statistic and empirical analysis of diversified index, annual report information disclosure, and voluntary information disclosure. Our findings as follow: In total sample, the “total diversified strategy” has positive impact on accounting and market performance. The “related diversified strategy” and “unrelated diversified strategy” has positive or negative impact on accounting and market performance, respectively, but they are not reach significant level. The “annual report information disclosure” has significantly negative impact on accounting performance, but it has non-significantly positive impact on market performance. The “financial and operational information” has non-significantly negative impact on accounting and market performance, while the “components of board of directors and ownership structure” has non-significantly positive impact on accounting and market performance. The “whether conference call is held or not” has significantly negatively and positive impact on accounting and market performance, respectively. The “frequency of conference call” has non-significantly negative and positive impact on accounting and market performance, respectively. In “financial holding companies sample” and “non-financial holding companies sample”, the “total diversified strategy” has non-significantly positive impact on accounting and market performance, but the “total diversified strategy” benefit of “financial holding companies sample” is greater than “non-financial holding companies sample”. In “financial holding companies sample”, both “related diversified strategy” and “unrelated diversified strategy” have negative impact on accounting and market performance, , but they are not reach significant level. In “non-financial holding companies sample”, the “related diversified strategy” and “unrelated diversified strategy” has positively or negatively impact on accounting and market performance, respectively, but they are not reach significant level, too.

The “annual report information disclosure” has non-significantly positive and negative impact on “financial holding companies sample” and “non-financial holding companies sample” accounting performance, but it has significantly positive and non- significantly negative impact on market performance. In “financial holding companies sample”, the “financial and operational information” has non-significantly negative impact on accounting and market performance, while the “components of board of directors and ownership structure” has non-significantly positive and negative impact on accounting and market performance, respectively. In “non-financial holding companies sample”, the “financial and operational information” has non-significantly positive and negative impact on accounting and market performance, respectively. The “components of board of directors and ownership structure” has non-significantly negative and positive impact on accounting and market performance, respectively. In “financial holding companies sample”, the “whether conference call is held or not” has non-significantly negatively impact on accounting performance, while it has significantly positively impact on market performance. In “non-financial holding companies sample”, the “whether conference call is held or not” has non-significantly positively impact on accounting and market performance. In “financial holding companies sample”, the “frequency of conference call” has non-significantly negative and significantly positive impact on accounting and market performance, respectively. In “non-financial holding companies sample”, the “frequency of conference call” has non-significantly positively impact on accounting and market performance.

The contributions of this research are as follows: First, it replenishes the empirical evidence related to diversified strategy how to impact on Taiwan financial companies performance. Second, it provides empirical evidence of the impact of annual report information disclosure on p Taiwan financial industry firms’ performance. Third, it consider and provides the empirical findings of the voluntary information disclosure－conference call on accounting and market performance of financial industry firms

並列關鍵字

Diversified Strategy ； Annual Report Information Disclosure ； Voluntary Information Disclosure-Conference Call

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