近年來頻傳知名企業爆發醜聞弊案,而這些事件與資訊揭露不充分多少有關。股市投資人與借款銀行開始強烈質疑公開資訊的可靠性,公司治理問題也頓時成為全世界資本市場上關注的焦點,各國政府與相關機構陸續研擬更嚴格的法規,其中之一即是要求公司強化資訊揭露透明度(information disclosure & transparency, IDT)以降低內外部資訊不對稱情形。本文主要探討IDT的指標效用到底有多高,一般投資者與借款銀行可否根據IDT評等得到更佳的股價報酬與保障,此為本研究關切之主題。 本論文共分四章。主要部份在於第二章與第三章,各章皆為不同議題之探討。所利用之研究方法以迴歸分析為主,簡述如下:第一章為緒論,包括研究背景與動機、研究內容與目的以及論文架構。第二章主要探討IDT對公司短期及長期借款利率之影響,由於過去文獻並未分別針對IDT與借款期間長短之關係進行探討者,其貢獻乃在於補足此一論點。本研究並以台灣上市櫃公司之一般產業做為研究樣本,採用資訊揭露評鑑系統之資訊揭露指標作為IDT的代理變數。研究結果發現IDT與借款利率間呈現反向關係,且IDT對長期借款利率的影響程度大於對短期借款利率的影響,企業可藉由提高IDT以降低長期借款資金成本。 第三章主要探究在股市崩盤時,企業的IDT與股價跌抗跌性之關聯,本研究認為企業可藉由強化IDT來減弱股市崩盤所帶來的渲染效應。實證結果發現在股市崩盤時,IDT較佳的企業擁有較高的異常報酬率,其股價抗跌性較高。第四章對本研究做一總結,提升企業資訊透明度不但可以降低企業籌資成本,亦可作為投資人決策之參考,使投資人權益得較好的保障,此一結論將為國內企業之資訊揭露透明度決策提供更好的依據。
Since a series of recent corporate scandals involving renowned firms show linkage with insufficient disclosure of information, investors and banks now seriously doubt the reliability of corporate information, and corporate governance has become a focus for the entire capital market. Among governments’ efforts to formulate more strict regulations, requirements have been made for corporations to improve information disclosure and transparency (IDT) in order to reduce information asymmetry between inside and outside the firm. The principal attempt of this study is to evaluate the indexical effect of IDT, while analyzing whether investors and banks can employ IDT ratings to pursuit better stock returns. This study adopts regression analysis as research method and the four chapters composing the essay, with the emphasis placed on Chapters II and III, can be individually treated as an independent part. Chapter I, Introduction, outlines the background, research motivation and purpose, and essay structure. Chapter II is devoted to the discussion of the effect of IDT on the interest rate of long-term loans, complementing previous literatures on the correlation between IDT and loan terms. Local listed firms of general industry are taken as samples, and the disclosure index of IDT Rankings System (IDTRS) is used as the proxy variable. The findings suggest that a reverse relationship exists between IDT and the interest rate of loans, and that the effect of IDT on the long-term loan interest rate is greater than that on the short-term loan interest rate. As a result, corporations may increase IDT to reduce the cost of long-term loans. Chapter III discusses the correlation between corporate IDT and stock sustainability in time of stock market collapse. The argument of this Chapter is that a company may enhance IDT to offset the ripple effect of stock market collapse. Evidence shows that amid stock market collapse, corporations with better IDT tend to have higher abnormal returns and stronger stock sustainability. As the conclusion, Chapter IV argues that improving IDT can not only reduce the cost of raising capital, but also ensure better returns for investors in that it provides investment reference. This argument may be used as a reference by local corporations for their IDT decision making.