本研究從公司財務資訊及公司內外部股權探討相關資訊透明度因子,由結果顯示,每股盈餘及成長機會表現愈好的企業,其資訊透明度較佳;同樣地,外國法人持股及獨立董監事席次較高的企業,資訊透明度也會提高;相對的在董監事持股及運用財務槓桿愈高之企業,其資訊透明度則較差。其次,依據證券暨期貨市場發展基金會在2005年及2006年之資訊評鑑結果,上市櫃公司的資訊透明度可依序分等,在與資訊透明度因子比較方面,僅在槓桿程度與外資持股比率方面的相關性有一致性的趨勢,至於監事持股比率的效應方面則有些相左,因此與本研究及陳冠宙等人的實證結果比較,未來證基會對於評鑑指標項目應可做適度調整。
In this investigation, it is considered that firm’s financial information, corporate characteristics of insider and outsider ownership would impact the degree of information disclosure and transparency. Based on the rating of Information Transparency and Disclosure Ranking System in 2005 and 2006, the empirical results show that the rating of a firm increased with higher earning per share, growth opportunity and holding share of foreign investors and independent directors and supervisors. On the other hand, the rating decreased with higher percentage of holding shares of superiors and degree of leverage. Therefore, rating and indicators of Information Transparency and Disclosure Ranking System could be improved and adjusted.
為了持續優化網站功能與使用者體驗,本網站將Cookies分析技術用於網站營運、分析和個人化服務之目的。
若您繼續瀏覽本網站,即表示您同意本網站使用Cookies。