財務透明度對盈餘資訊性之影響

The Relationship between Financial Transparency and the Informativeness of Accounting Earnings

林有志(Yu-Chih Lin) ； 曾乾豪(Chien-Hao Tseng)

《當代會計》 8卷2期 (2007/11) Pp. 155-179

https://doi.org/10.6675/JCA.2007.8.2.02

摘要

亞洲金融風暴之後，上市公司資訊透明度及揭露品質受高度關注，根據世界銀行及亞洲華爾街報導，東亞國家上市公司普遍有資訊透明度不高的問題。台灣也不例外，自1998下半年起，企業財務危機頻傳，上市公司財務透明度成為投資人關注的焦點，證券市場主管機關除關切會計準則的制訂及遵行之外，也努力於其他有助於揭露環境之改善。
本研究以2001至2005年台灣上市公司為樣本，以長期股權投資當作財務透明度之衡量變數，探討財務透明度對盈餘資訊性之影響。實證結果發現財務透明度與盈餘資訊內涵有顯著之正向關係，亦即長期股權投資比率越低的公司，其財務透明度越高，有較高之盈餘反應係數。

關鍵字

財務透明度 ； 盈餘資訊性 ； 盈餘反應係數

並列摘要

After the Asian financial crisis, information transparency and quality of disclosure of companies have caused much concern among members of the business community. According to the World Bank and Asian Wall Street Journal, publicly listed companies in South Asian countries are still grappling with the problem of low information transparency. Taiwan is not an exception; from the latter half of 1998, the country has seen a lot of financial crises unfold; financial transparency of publicly listed companies has become a focus of concern among investors. Aside from being concerned about the formulation of accounting standards and corporate adherence, the securities market watchdog also made efforts to improve other disclosure environments.
This paper examines the relationship between information transparency and the informativeness of accounting earnings. The empirical tests are conducted using TEJ database for firms listed on the Taiwan Stock Exchange with fiscal year ends between 2001 and 2005. Empirical results indicate that, information transparency, measured by the ratio of long-term investment in stocks, is positively associated with the informativeness of accounting earnings; that is, the more transparent firms have higher earnings response coefficients (ERC).

並列關鍵字

financial transparency ； informativeness of earnings ； ERC

參考文獻

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