我國從九十二年五月起開始針對全體上市、櫃公司進行資訊揭露的透明度評比,希望藉由資訊揭露評鑑系統的執行以提高各公司之資訊透明度,並提升台灣上市、櫃公司對公司治理的重視。過去的研究發現,當公司的資訊越趨向透明,越可以減少道德危機及逆選擇的行為。故本研究想要將資訊揭露評鑑系統的評比等級作為財務報表品質的指標,並將2012年至2014年台灣3,204家上市櫃公司為研究樣本,探討代表資訊透明度的資訊揭露評鑑系統的評比等級,是否影響公司的投資效率。而本研究證實結果發現:(1)資訊揭露評鑑等級和公司投資總額成現顯著的正相關。(2)過度投資的公司,其資訊揭露評鑑系統的評比等級往往呈現等級較高的狀態。
In an effort to improve the information transparency and enhance the importance of corporate governance, Taiwan constructed the Information Disclosure and Transparency Evaluation System in 2003. Prior researches discover that information transparency helps improve investment efficiency. This study investigates the relationship between information transparency and investment efficiency. It takes the information disclosure and transparency ranking results as the index of financial reporting quality. This study finds that: (1) the relationship between information disclosure and transparency ranking results and the amount of investment is positive; and (2) OverFirmment companies tend to rank higher in the information transparency.