本研究以2003年至2010年台灣上市與上櫃公司為研究樣本,並以「年報之資訊揭露」行為來探討公司治理機制與上市公司年報資訊透明度及公司市場績效間的關聯,我們以偏離權、股權結構面組成變數及控制變數來衡量公司治理機制對「年報資訊揭露總分」、「財務及營運資訊透明度」、「董事會及股權結構」、「自願性資訊揭露」及「強制性資訊揭露」及市場績效的影響,實證結果發現:董事持股比例、大股東持股比例、政府機構持股比率、本國金融機構持股比率、外資投資持股比率對年報資訊揭露成正向影響,偏離權指標-控制權與現金流量權的偏離程度、監事持股比例、經理人持股比例、本國信託基金持股比率、董事長持股比率、總經理持股率、董監事質押股票比率、公司規模對對年報資訊揭露成負向影響;控制權與現金流量權的偏離程度(DEV_VRCF)、監事持股比例、董事長持股比率對市場績效為負向影響,大股東持股比例、經理人持股比例、政府機構持股比率、本國信託基金持股比率、外資投資持股比率、總經理持股率、公司規模、年報資訊揭露對市場績效為正向影響;資訊揭露之直接效果與總效果中以『本國信託基金持股比率』對「杜賓Q」的影響最大,大致以『公司規模』對「杜賓Q」的影響最小,間接效果中以『外資投資持股比率』、『大股東持股比例』對「杜賓Q」的影響最大,以『公司規模』對「杜賓Q」的影響最小。
This research adopts listed companies on TSE and OTC to be research samples from 2003 to 2010. Besides, this paper uses information disclosure of annual report to discuss the relationship between coporate governance mechanism and annual report information transparency, and the company market performance. We adopt deviation right, variables of ownership structure dimension, and controlled variables to measure the effect of coporate governance mechanisms on total annual report information disclosure, information transparency of finance and operation, ownership structure and board of directors, voluntary information disclosure, mandatory information disclosure,, and market performance. The impirical results find that shareholdings of directors, shareholdings of blockholders, shareholdings of government, shareholdings of domestic financial institution, and ratio of foreign investment have positive impact on annual report information disclosures. Deviation of voting right and cash flow right, shareholdings of supervisors, shareholdings of domestic trust funds, shareholdings of chairman, shareholdings of CEO, ratio of pledging of directors and supervisors, and firm size have negative impact on annual report information disclosures. Deviation of voting right and cash flow right, shareholdings of supervisors, and shareholdings of chairman have negative impact on market performance. Shareholdings of blockholders, shareholdings of managers, shareholdings of government, shareholdings of domestic trust funds, ratio of foreign investment, shareholdings of CEO, firm size, and annual report information disclosure have positive impact on market performance. The highest direct and total effect of information disclosure is shareholdings of domestic trust funds on Tobin’s Q, while the lowest direct and total effect of information disclosure is firm size on Tobin’s Q. The highest indirect effect of information disclosure are ratio of foreign investment and shareholdings of blockholders on Tobin’s Q, while the lowest indirect effect of information disclosure is firm size on Tobin’s Q.