資訊揭露評鑑系統迄今(2016年)已推行了12屆,每年初皆會由資訊揭露評鑑委員會依據當年度的法規修訂及政策推動對評鑑指標進行修改。指標的修改代表著評鑑內容方式的修改,進一步影響評鑑分數所代表的意涵。本研究歸納出指標改版的趨勢,並利用迴歸驗證指標的改版是否能增強評鑑成績與公司價值之間的關係。本研究將資訊揭露評鑑系統歸類為草創期與成熟期,藉著兩個期間的比較,來驗證指標的改版是否能增強評鑑成績與公司價值之間的關係。歸納指標改版的趨勢後發現,除了一般經營議題的資訊揭露,後期的指標愈來愈注重投資人權益、不定期重大資訊、員工福利和企業社會責任等資訊揭露,並且營造對國內外投資人更友善的資訊取得環境。指標改版將公司由一般單純的揭露資訊的角色,轉變成要與資訊使用者互動的角色。實證結果發現,資訊揭露評鑑成績與公司價值的關聯性會隨著指標改版而逐漸增強。若分成兩期分析,成熟期也比起草創期,更增強了資訊揭露評鑑成績與公司價值的關聯性。此結果證明投資人認同指標改版的方向,資訊揭露評鑑系統也成功達到其增加企業價值的願景。
The Information Disclosure and Transparency Ranking System (IDTRS) has been rolled out for 12 years. At the beginning of each year, the committee of the IDTRS takes into account the revisions of the regulation and the changes in the policy of the government while revising the disclosure items. The revisions of the disclosure items affect not only the emphasis of the evaluation but also the real meaning of the grade. This paper sums up the trend of the revisions of the disclosure items, and then adopts regression to investigate whether the revisions of the disclosure items result in a much more pronounced relationship of grade and firm value. This paper classifies the revisions of IDTRS into “the developing period” and “the developed period”, and then focuses on whether the moderating effects are much more pronounced in the developed period than in the developing period. The results demonstrate that except for general operating issues the revised disclosure items put much emphasis on the disclosure of investor’s interests, unperiodical material information, employee’s welfare, and corporate social responsibility, and construct a friendly environment for foreign investors to get information. The empirical results indicate that the revisions of the disclosure items result in a much more pronounced relationship of grade and firm value. When the revisions of IDTRS are classified into two period, the moderating effects get even much stronger. The implication of the empirical results is that investors agree with the trend of the revisions of the disclosure items, and IDTRS succeeds in raising firm value by continuing improving its disclosure items.