資訊揭露評鑑制度、更換經理人與企業價值之關聯性分析

The Relationships between the Information Transparency Disclosure Rankings System, CEO Turnover and Firm Value

謝淑旦(Shu-Tan Hsieh) ； 洪思婷(Si-Ting Hong)

《商業現代化學刊》 5卷3期 (2010/05) Pp. 221-247

https://doi.org/10.6132/JCM.2010.5.3.13

摘要

本文以民國2005年至2008年，由證基會所公佈上市櫃公司資訊揭露評鑑之上市（櫃）受評鑑公司為研究對象。以資訊揭露評鑑系統所評鑑的結果，做為資訊透明度的衡量變數，加以探討資訊揭露評等制度、更換經理人與企業價值之關聯性。 實證結果顯示，資訊揭露評等結果愈佳、企業資訊愈具透明度，將會給予市場及投資人較好的評價，促使公司的價值隨之提升。部分研究期間更顯示，資訊揭露評等制度對公司價值確實具有增額解釋能力。 此外，在探討更換經理人與更換後企業價值之關聯性時發現，雖然公司價值會因為更換經理人的動作而降低，但若此一更換類型分類為強迫性更換，將會使次年度公司價值有所改善，符合常識理論。

關鍵字

資訊揭露評鑑制度 ； 經理人更換 ； 公司價值

並列摘要

This article ought to investigate the OTC companies' information that was announced by the Information Transparency and Disclosure Ranking System (IDTRS) of the Securities and Futures Institute (SFI) from 2005 to 2008 as samples. The evaluation results of the IDTRS were used as the constant variables of information transparency to determine the relationship among the information transparency disclosure system, CEO turnover, and firm value.
This result indicates that within the sample period, when the IDTRS reveals a higher ranking and shows a higher degree of the firm information transparency, it will provide the market and its investors a better evaluation and serve as a catalyst to augment the firm's value.
In the investigation of the relationship between CEO turnover and firm value, it is discovered that the force turnover on CEO indeed has a positive impact on firm value, which corresponds to the Common Sense Theory.
Consequently, to verify whether or not the IDTRS can further raise a firm's value on explanation ability, the empirical results indicate that the IDTRS indeed can provide incremental explanation on firm value.

並列關鍵字

The Relationships between the Information Transparency Disclosure Rankings System ； CEO Turnover ； Firm Value