我國於民國87年陸續發生上市櫃公司財務危機事件,加速主管機關推動公司治理的腳步與決心,故於民國91年由臺灣證券交易所與財團法人中華民國證券櫃檯買賣中心訂立「上市上櫃公司治理實務守則」,其中第二條所訂的公司治理五大原則中,將提升資訊透明度列為主要項目-包括強化資訊揭露及公司治理資訊揭露。近年來國際知名組織機構(如AIMR、FAF、S&P及CLSA等)相繼發表與企業資訊透明度相關的評鑑,希望藉由外部監督機制來促使企業在法規要求之外,自發性重視資訊揭露之品質。 本研究以本硏究以民國94年至民國95年為研究期間,並以第三屆及第四屆上市櫃公司資訊揭露評鑑結果中的上市公司為硏究樣本,有效樣本公司共計 1,158 家,同時探討資訊透明度與財務報表品質(Tobin’s Q)之關連性。本研究之實證結果如下所述: 就資訊透明度(DISit)而言,其呈現不顯著的正相關,研究結果顯示資訊透明度愈高的公司,財務報表品質(TQit)所提昇幅度並不明顯,本研究結果與Potter & Rayburn(1993)一致。 就是否為A組公司(Sit)而言,其呈現不顯著的正相關,代表財務報表品質(TQit)不會因是否為A組公司而較佳。就公司規模(SIZEit)而言,其呈現不顯著的正相關。就負債比率(LEVit)而言,其呈現顯著的負相關,代表負債比率愈小的公司,其財務報表品質(TQit)愈好。就營收成長率(GROWit)而言,其呈現顯著的正相關,代表營收成長率愈佳的公司,其財務報表品質(TQit)愈佳。就本期損益(LOSSit)而言,其呈現顯著的負相關。 INDit則是呈現顯著的正相關,本研究結果與預期的研究結果一致,亦即假說三電子產業之財務資訊品質較非電子產業高,獲得統計顯著水準的支持。
Given the continuing financial crisis impacting TSEC and OTC-listed companies, as of 1998, competent authorities have increased their effort to promote corporate governance. In 2002, the Taiwan Stock Exchange Corp and GreTai Securities Market instituted “The Regulations for the Practice of TSEC and OTC-listed Company Governance”, in which the five major principles of corporate governance regulated in Article 2 placed the enhancement of information transparency as the major item in order to reinforce information disclosure and in particular, corporate governance information disclosure. In addition, following the enterprise transparency-related ratings continually released by international acknowledged organizations (such as AIMR, FAF, S&P and CLAS, etc.) in recent years, it is hoped that beyond merely complying with statutory regulations, enterprises will take the initiative in improving their information disclosure quality through the external supervision mechanism. This study was conducted from 2005 to 2006, and TSEC-listed companies taken from the list of the 3rd and 4th year of information disclosure ratings appraised for TSEC and OTC-listed companies, were selected as study samples, of which there was a total of 1,158 valid sample companies. At the same time, the study also investigates the correlations between information transparency and the quality of financial statements (Tobin’s Q). The following are the empirical results obtained: In terms of information transparency (DISit), the results show an insignificant positive correlation. This indicates that higher information transparency in a company does not necessarily contribute very much to the financial statement quality (TQit) of the company. This result is consistent with that of Potter & Rayburn (1993). For group A companies, the results show an insignificant positive correlation, which represents that their financial statement quality (TQit) is not necessarily better simply because they are group A companies. When it comes to company size (SIZEit), an insignificant positive correlation is found. As for debt ratio (LEVit), the results show a significant negative correlation, which represents that the smaller the debt ratio, the better the financial statement quality (TQit). As for income growth (GROWit), the results show a significant positive correlation, which represents that the higher the income growth, the better the financial statement quality (TQit). Regarding current gain/loss (LOSSit), a significant negative correlation is found. As for INDit, there is a significant positive correlation. The outcomes of the study are consistent with the expected results; this signifies that Hypothesis 3, which assumes that the financial information quality of the electronics industry is better than that of non-electronics industry, shows statistical significant level.