延續過去文獻對於承銷商推薦偏誤之發現,本研究提出透過公司治理降低被推薦公司資訊不對稱的角度,分別從所有權結構、董事會結構以及財務資訊透明度三構面,觀察對台灣各種不同業務承銷商推薦之偏誤程度與資訊價值的修正效果。結果發現不論在IPOs或SEOs的承銷商推薦上的確皆存在有正向偏誤。在公司治理效果上,發現不論是所有權結構、董事會結構或財務資訊透明度各別構面或整體構面有較佳公司治理的公司,在承銷商之推薦分數都能獲得修正,而帶來較佳的資訊價值。支持公司治理不僅降低公司代理問題與資訊不對稱,同時可以提升資本市場中介資訊傳遞的正確性與效率性。
Following the previous findings of underwriters’ recommendation upward biases, we apply the feature of transparency improvement by corporate governance on conflict of interest of underwriter analysts. Through examining the effects of corporate governance on underwriter’s recommendation biases and information value, we find better corporate governance recommended firms in ownership structure, board characteristics, or financial information transparency will receive less upward biased recommendation rating than inferior corporate governance ones. Additionally, the amending recommendation rating provided by underwriters release more information value than those manipulated affiliated recommendations. Our finding supports that corporate governance enhances the transmission in information accuracy and efficiency.