公司規模與公司治理對企業資訊揭露透明度之影響

本研究為首篇由公司規模與資訊透明度 (IDT)角度，探討資訊透明度與揭露評等系統 (IDTRS)之評鑑等級宣告對公司股價之影響。研究結果指出IDTRS之宣告確實具資訊內涵，且大規模與IDT較透明的公司在宣告當天有顯著的正向市場反應，顯示投資者傾向於投資大規模及IDT較透明的公司。進一步將公司利用規模與IDT等級加以分群分析後卻發現，投資者的投資偏好依序是：不透明之大規模公司、透明之大規模公司、透明之小規模公司、不透明之小規模公司。可見投資者重視規模因素更甚於對IDT之重視，而且認為規模大的公司如果其IDT越高就越有可能因過度揭露致使私密資訊被競爭者探知而喪失競爭優勢，因此投資者傾向於投資IDT較低之大規模公司；而被歸類在小規模的公司，由於他們的營運狀況資訊之取得較受限，因而投資者對IDT較高的小規模公司較有投資意願。此外，本研究利用公司規模、四個公司治理變數 (法人持股比率、員工流動率、董監酬勞與獨立董事席次比率)以及六個控制變數 (變現力、財務槓桿、股東權益報酬率、利息保障倍數、總負債對總資本比及產業別)建構邏吉斯模型，探討這些變數對IDTRS評鑑等級之影響。

關鍵字

資訊揭露透明度；評鑑等級；公司規模；公司治理

並列摘要

This study is the first attempt to delve into the effects of evaluation ranking announcement of the Information Disclosure and Transparency Rankings System (IDTRS) on a corporation’s stock price from the perspectives of firm size and information disclosure and transparency (IDT). The findings of this study indicate that IDTRS announcement truly contains information content, and that the large corporations with higher level IDT have significantly positive market reactions on the IDT announcement date; moreover, the findings manifest that investors tend to invest in large-scale corporations with higher level of IDT. Nonetheless, in a further sample clustering based on the firm size and IDT level, investors’ preferences are observed to be in the following sequence: large corporations with low IDT level; large corporations with high IDT level; small corporations with high IDT level; small corporations with low IDT level. According to these findings, investors value firm size over IDT. Besides, they consider that a large corporation with high IDT may lose competitive edge due to excessive disclosure of proprietary information. As a result, large corporations with lower level of IDT are favored. Those categorized as small corporations with higher level of IDT seem to attract investors since information on these corporations’ operations is less readily accessible. In addition, this study utilizes firm size, four corporate governance variables (proportion of legal entities shareholding, turnover ratio of employees, remuneration paid to directors and supervisors, and ratio of independent director seats), and six control variables (liquidity, financial leverage, return on equity, interest coverage, total debt/total capital ratio, and industry category) to construct a logistic regression model when analyzing their impacts on the results of IDTRS.