- 學位論文
台灣資訊評鑑等級與公司價值之研究
A Study of The Relationship between Information Disclosure Ranking and The Firm’s Value
摘要
以往的相關研究證實，當企業有較完整的公司治理和較高的資訊揭露程度，企業於股票市場將享有較高的市場評價。然而，股市存在循環週期性，股市在多頭或空頭走勢下是否會影響資訊評鑑等級對公司價值的關係，換言之，資訊透明度對公司價值的正向關係，是否在股市多頭與空頭的走勢下皆相同。因此，本研究嘗試探討，市場多空走勢是否會影響資訊透明度與企業價值的關係。實證結果發現，證基會公告評鑑等級的資訊後，股票市場在多頭趨勢下，資訊透明度與企業價值為正向關係，但不顯著。反應出，在多頭時期風險較小，投資人較關心企業之獲利情形，以致於資訊透明度指標的價值攸關性較低；反之，在空頭趨勢下，資訊透明度和企業價值呈現顯著正向關係，在空頭時期投資風險升高，投資人較注重風險控管，所以會選擇資訊透明度指標做為選股策略之參考資訊，此時資訊透明度的功能也反應在企業的股價上，透明度愈高公司評價相對較高。由此可知，資訊透明度對公司價值之影響程度，在空頭市場之下比多頭市場顯著，因此，面對多空走勢，投資人與企業也應調整採取差異化策略，以提升投資績效與企業價值。本研究假說皆獲得實證結果之支持。本研究結果，除了可以補足相關學術文獻外，還可以提供給投資人與企業管理階層做為決策的參考依據。
並列摘要
Previous studies confirmed that when companies have more complete corporate governance and higher information disclosure, company will enjoy higher market evaluation in the stock market. However, the trend of stock market is always cyclic; does the positive association between information transparency and firm’s value will been impacted by the bull or bear stock market? In other words, whether the impact of information transparency on firm’s market value exist the same direction under the bull or bear market situation. Therefore, this study investigated whether stock market trend will have some impact on the relationship between information transparency and firm’s value. The results of this study show a positive relationship between the ranking of information disclosure and firm’s market value, but not significantly under bull market after Taiwan Securities and Futures Institute (SFI) has launched the score of ”Information Transparency and Disclosure Rankings System” (ITDRS). This result point out that there is a lower value relevance of information transparency index on firm’s market value when investors focus on firms’ profitability since the bull market have less investment risk. On the other hand, the information transparency has a positive and significantly impact on firm’s market value when the stock market is in the bear trend. Investors will put more effort on risk control under bear market. Therefore, the impact of information transparency on market price will show up and the more transparency the more firm’s market value since the index of ITDRS will be the reference information of stock portfolio selection. Under this circumstance, the impact of information transparency on firm’s market value will be higher under bear market than bull market. Therefore, faced with bull or bear market, investors and enterprises should adopt different strategy to enhance investment performance and business value. Hypothesis of this study all been supported by empirical results. The results of this study could provide some reference information to investors and corporate managers, but also complements the previous studies.