資訊揭露評鑑系統之等級改變及自願性揭露透明度與企業價值攸關性之研究

A study on Changes of Information Transparency and Disclosure Ranking, Transparency of Voluntary Information Disclosure, and Corporate Value Relevance

連文紅(Wen-Hung Lien)

指導教授 ： 李建然

國立臺北大學/商學院/會計學系/碩士(2009年)

摘要

自1997年亞洲金融風暴後，國內外發生許多弊案，全球再度重視公司治理，資訊揭露更是其中重要的一環。我國於2003年推動與執行資訊揭露評鑑系統制度，期能加強我國企業之資訊揭露，提高投資人對資本市場的信心。國內亦陸續對該資訊評鑑系統有一些相關的研究，但大多著重於資訊揭露評鑑等級與股價的關聯性之探討，鮮少有對評鑑等級改變與自願性揭露透明度和企業價值之攸關性加以研究。本研究的目的即希望透過該評鑑系統第三屆至第五屆評鑑等級變化與自願性揭露透明度較佳之名單探討其與企業價值的攸關性，期能對主管機關未來在修正及推動資訊揭透評鑑制度時有實質貢獻，並能提供投資人及相關資訊使用者決策時之參考。
本研究運用Ohlson之評價模型，以資訊揭露評鑑系統之評鑑結果透明度等級、等級改變及自願性揭露透明度與每股帳面價值(每股盈餘)之交乘項作為非會計資訊之代理變數探討其與股價之關係，以瞭解其是否增加每股帳面價值(每股盈餘)對股價之增額解釋能力，藉此驗證此三項變數與企業價值間是否具有攸關性。
實證結果發現，評鑑結果透明度等級較高的公司其每股盈餘較能解釋股價，且呈現顯著正相關。評鑑結果透明度等級改變無論升等或降等，其與股價間之關聯性經迴歸結果均未達顯著水準。自願性揭露透明度較佳之公司，其每股帳面價值較能解釋股價，且呈現正相關。

關鍵字

資訊揭露評鑑系統 ； 資訊揭露 ； Ohlson 評價模型 ； 自願性揭露

並列摘要

Since the 1997 Asian Financial Storm, there are many corporate scandals occurred domestically and overseas and this gave rise to the emphasis of corporate governance. Among the points of attention, Disclosure of Information is one of the important items. Taiwan has promoted and enforced Information Disclosure Appraisal System since 2003 to encourage as well as step up corporate information disclosure to promote the faith of investors in capital market. In Taiwan, there are studies in the information disclosure appraisal system. However, most of them focused in the ranking of information disclosure and the relationship to stock prices, and there is only limited number involved in relevance between the change of appraisal ranking and transparency of voluntary information disclosure and the corporate value. In this research, it is intended to discuss the change of ranking and transparency of voluntary information disclosure and the corporate value relevance of those who won high recognition in 3rd, 4th and 5th appraisal. It is hoped that this research will bring competent agency contribution in their implementation and modification of the Appraisal system, as well as providing decision makers as reference.
In this research, the Ohlson Appraisal Model is adopted, the transparency ranking result of appraisal system, changes of ranking and transparency of voluntary disclosure and the book value per share (EPS) multiplied results as non-accounting information representing variable to discuss the relationship with stock price, so as to find out if it can increase the stock price increase interpretation of stock book value (EPS), so as to verify if there is close relationship between these 3 variables and the corporate value.
Empirical results showed the companies with higher transparency of appraisal results; their EPS has higher capacity in interpreting their stock price, and there existed with significant positive correlation. The change in transparency grading, whether rise or drop, after regression, the relationship between it and the stock prices are not reaching significant level. Companies with better voluntary disclosure transparency, their EPS can better explain stock price and there is positive correlation existed.

並列關鍵字

Information Disclosure Appraisal System ； Information Disclosure ； Ohlson Model ； Voluntary Disclosure.

參考文獻

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