公司治理結構與資訊揭露之關聯性研究

A Study of Association between Corporate Governance Structure and Information Disclosure

陳瑞斌(Jui-Pin Chen) ； 許崇源(Chung-Yuan Hsu)

《交大管理學報》 27卷2期 (2007/12) Pp. 55-109

https://doi.org/10.6401/CMR.200712.0055

摘要

資訊揭露有助於降低資訊不對稱及提高資本市場的健全度。本研究由公司治理結構的角度，探討影響公司資訊揭露水準的因素。研究結果發現，當投信基金的持股比率增加，或董事會中獨立董監事席次比率增加時，公司的資訊揭露水準會提升；當控制股東所掌握董監事席次比率與現金流量權比率之偏離程度愈大，或董事會人數超過七人後人數愈多，公司的資訊揭露水準會愈低。

關鍵字

資訊揭露 ； 公司治理結構 ； 控制股東

並列摘要

Information disclosure is useful in reducing information asymmetry and plays a major role in the cooperation government. The purpose of this study is to explore the relationship between the level of information disclosure and corporate governance structure. The results support the following hypotheses. First, the higher the level of information disclosure is, the higher the investment from investment institution. Second, the level of information disclosure decreases if the divergence between the ratio of board seat and cash flow rights controlled by the ultimate controlling shareholders increases. Third, the level of information disclosure is lower with the number of directors when the number is over seven. Finally, the level of information disclosure increases if percentage of independent board member increases.

並列關鍵字

Information Disclosure ； Corporate Governance Structure ； Ultimate Controlling Shareholders

參考文獻

許美滿、吳壽山、鍾惠民、林怡群(2004)。控制股東代理問題對公司價值之影響與舉債之監督效果分析。會計與公司治理。1(2)，67-90。

(1999).Organization for Economic Co-operation and Development.OECD principles of corporate governance.

Agrawal, A.,Mandelker, G. N.(1990).Large Shareholders and the Monitoring of Managers: The Case of Anti-takeover Charter Amendments.Journal of Financial and Quantitative Analysis.25,143-161.

Ahmed, K.,Courtis, J. K.(1999).Associations between Corporate Characteristics and Disclosure Levels in Annual Reports: A Meta-analysis.British Accounting Review.31,35-61.

Bacon, J.(1973).Corporate Directorship Practices: Membership and Committees of the Board.New York:The Conference Board.