本研究旨在探討台灣證券暨期貨發展基金會所公布的資訊揭露評鑑系統結果做為資訊透明度的替代變數, 以台灣上市公司及上櫃公司第三屆至第七屆評鑑結果為樣本,藉由以Ohlson模型為基礎所形成的複迴歸模型,及以 Spearman rank order correlation 檢定的方法下,來探討該系統是否能提高財務報表資訊的攸關性進而對投資人有所影響。 經實證研究結果顯示:資訊透明度較好的公司,較資訊透明度差的公司,,對股價更具解釋能力,公司每股帳面價值愈高,其公司的基本價值也愈高。證基會所建置的資訊評鑑系統,確實能捕捉到資訊揭露優劣的訊息,然而,另經實證研究結果顯示,資訊透明度等級與市淨率兩組變數之間聯繫的密切程度並不顯著。
The purpose of this study is to discuss the information disclosure system built by the Securities and Futures Institute of Taiwan. Evaluated results of Information Transparency Raking System were used as the disclosure transparency proxy variable to examine whether the firms with better disclosure have higher valuation. Evaluation results from the third through the seventh round of evaluation of Taiwanese listed companies were used as samples for the Ohlson regression model and Spearman Rank Order Correlation, to see whether the system improve financial reporting of information vital to investors and thus have an impact. The empirical results showed that: Companies with higher transparency have a higher book value per share and fundamental value than companies with lower transparency. The evaluation system built by the Securities and Futures Institute can effectively disclose information, but research showed the association between P/B ratio and disclosure rank is not significant.