資訊透明度與公司效益

Information Transparency and Firm’s Benefits

張嫚琳(Man-Lin Chang)

指導教授 ： 林慧葉

國立虎尾科技大學/管理學院/經營管理研究所/碩士(2012年)

摘要

永續經營是企業所追求的最終目標，而取得較低的資金成本可以提升競爭力，進而創造出較高的經營績效及企業價值是不可或缺的條件。然而，資訊透明度是影響資金成本、經營績效及企業價值的重要因素之一。2008年全球金融風暴，複雜的衍生性金融商品，讓投資人損失慘重，由此突顯出資訊透明度低，容易導致投資風險升高。台灣政府每年由證基會(SFI)公佈参與評鑑之公司的資訊揭露等級，當等級愈高時，表示公司資訊愈透明。本研究以實證分析探討，當企業的評鑑等級愈高時，權益與舉債資金成本是否相對愈低，公司績效及企業價值是否相對愈高。實證結果顯示，参與評鑑公司的評鑑等級愈高，企業的舉債資金成本愈低，公司績效愈高，企業價值也相對愈高。換言之，當公司資訊透明度較佳，投資人與放款人較能掌握企業的營運狀況與財務狀況，降低投資與違約風險。企業取得較低的舉債資金成本，有助於公司績效的提升，進而提升企業價值。本研究結果可以提供投資者與放款者作為選股與貸款條件之依據，也可以讓企業瞭解，提升資訊透明度有利於降低舉債資金成本，並改善公司績效，提升企業價值。

關鍵字

資訊評鑑等級 ； 資訊透明度 ； 公司績效 ； 企業價值 ； 資金成本

並列摘要

Sustainable management is the ultimate goal of the firm. Thus getting a lower capital can enhance the firm’s competitiveness, which is the indispensable condition to create higher operating performance and corporate value. However, information transparency is one of the important factors which affect the cost of capital, operating performance, and corporate value. A serious global financial crisis occurred in 2008. Investors all over the world suffered heavy losses due to owning complex financial derivatives. This crisis has shown that complex and incomprehensible investment products can easily increase investment risk.
Securities and Futures Institute (SFI) is commissioned by the government to set up Information Transparency and Disclosure Ranking System (ITDRS) and publishes the ranking every year. The higher the ranking of information disclosure, the more transparent the company is. This study investigated whether a higher company information disclosure ranking in Taiwan will reduce the cost of debt, and increase performance and market value of firm. The results of this study show a significant negative relationship between a higher information disclosure ranking and cost of debt, and the positive relationship between a higher information disclosure ranking and corporate performance and firm’s market value. In other words, better information transparency could increase investors’ and lenders’ understanding of company operating and financial conditions, and reduce investment and credit risk. Getting lower cost of debt could help the firm to improve corporate performance and thus enhance market value. The results of this study could be used by investors and lenders as a reference for stock selection and loan granting. It would also allow companies to understand that the improvement of information transparency will help them to reduce cost of debt, raise performance, and enhance corporate value.

並列關鍵字

Information disclosure ranking ； Information transparency ； Cost of capital ； Operating performance ； Corporate value

參考文獻

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