資訊揭露係為資本市場健全發展之重要基石,亦為公司治理重要原則,各國主管機關無不致力於加強資訊透明度。網際網路的發展,為企業開闢即時性資訊揭露的管道,我國主管機關也積極推動企業設置自身網站,期透過網站公開揭露資訊以使公司與投資人間做最直接、即時的溝通。 本研究旨在探討董監事股權質押對企業網站資訊揭露的影響,並考量盈餘好消息及虧損壞消息是否對股權質押與企業網站資訊揭露政策之間的關聯有不同影響。以我國2010 年上市(櫃)公司為研究對象,進行迴歸實證分析。實證結果發現當公司有盈餘好消息時,董監事股權質押比率與企業網站資訊揭露呈現顯著正向關係;而當公司有虧損壞消息時,董監事股權質押比率則與企業網站資訊揭露呈現顯著負向關係。此結果隱含董監事股權質押對企業網站資訊揭露政策影響會因盈餘或虧損消息而有所不同。
Information disclosure is an essential cornerstone of healthy capital market and an important principle of corporate governance. That is why the governments all over the world spare no effort to enhance the transparency of information. The development of the internet creates a new channel for enterprises to disclose their real-time information. The Taiwan authorities also encourage enterprises to build websites, thereby expecting companies to communicate directly and timely with investors by the information openly disclosed on corporate websites. This study aims to investigate whether insiders’ (directors and supervisors') share collateralization can influence the information disclosure on corporate websites. The impact of good news and bad news in earnings is also considered into the investigation. We take Taiwan listed companies in 2010 as research samples and use regression analysis to test our hypothesis. The empirical results show that the insiders’ share collateralization has a significant positive relationship with information disclosure on corporate websites when the company has good earnings news. However, a significant negative relationship is found when the company has bad earnings news. The results imply that earnings news can impact the association between the insiders’ share collateralization and information disclosure on corporate websites.