近年來，我國上市上櫃公司發行公司債籌措資金的情形蔚為風潮。依據我國目前規定，公司擬發行的公司債須由證期會認可之信用評等機構進行評等，並出具報告。既無信用評等向來重視會計資訊的品質，因此引起了本研究探討資訊揭露是否會降低公司債資金成本的動機。關於資訊揭露與負債資金成本的關係，僅見於Sengupta(1998)的研究，而本研究則試圖以資訊揭露能降低代理成本的角度，探討在國內資本市場中，資訊揭露是否與負債資金成本存在一反向關係。 本研究評估揭露指數方法與之前文獻所採用的的內容分析法不同。本研究是以公司發行公司債前一年度盈餘概估情形評估揭露指數口本研究採用最小平方法迴歸分析(OLS)對測試假說，其結果如下： 1.公司發行公司債之增額負債資金成本與資訊揭露程度存在反向關係。 本研究之實證結果顯示，我國資本市場中，公司資訊揭露程度與公司債之殖利率存有顯著的反向關係。顯示在債券的初級市場中，除了債券的條件與公司體質的好壞以外，資訊揭露也可能成為公司債殖利率的決定因素。 2.若公司債的代理成本較高，其資訊揭露對負債資金成本之反向變動關係會較強。 本研究以公司債轉換條款與擔保條款的有無，區分公司債代理成本的高低。實證結果發現，發行具轉換條款公司債之公司與發行不具轉換條款公司債之公司，其資訊揭露對負債資金成本影響顯著較低。驗證了設有轉換條款或擔保條款之公司債將因為債券本身的代理成本下降，而削弱資訊揭露對公司債殖利率的影響。也就是說若公司債屬於普通公司債或無擔保公司債時，資訊揭露對公司債之殖利率影響更大。因此對於有意發行無擔保公司債或普通公司債的公司而言，資訊揭露將更能降低其負債資金成本。 關鍵字：代理成本，負債資金成本，揭露程度，資訊不對稱 / In recent years, it has become a common phenomenon for listed corporations to issue bonds in Taiwan. Currently in Taiwan, the Securities and Futures Committee (SFC) forbids a corporation to issue bonds unless it has been properly rated by a credit rating agency certified by the SFC. Since the credit rating agency all along have generally placed a great deal of emphasis on the quality of accounting information, this research purports to investigate whether fuller disclosure of accounting information can indeed reduce the cost of debt capital. Only one study by Sengupta (1998) focused on the cost of debt capital, and addressed the issue about the relation between the disclosure level the cost of debt capital, and this study attempts to investigate whether a reverse relationship exists between disclosure and cost of debt capital in Taiwan form the angle of the agency cost. The method to determine the score of the disclosure level applied by this research is different from the content analysis method applied by prior studies. This research uses the earning estimation disclosure made in the year prior to the bond issuance, for measuring the disclosure level. This research applies the QLS model to test the hypotheses. After controlling for other variables, this research concludes that: 1.There may exist a reverse relation between the incremental cost of debt capital and the disclosure level. The result shows that there exists a significant reverse relation between the yield to maturity of bond and the corporate disclosure level. This finding leads us to conclude that because of the ability to lower the agency costs and control the information asymmetry, corporate disclosure level, couple with the terms of the bond and the issuing corporation's financial conditions, could be one determinant of the yield to maturity of the bond. 2.If the agency cost of the bond is higher, the reverse relation between the incremental cost of debt capital and the disclosure level could be stronger. In this research, agency costs are considered low when the bond is convertible or secured, or vice versa. The result shows that for the corporation issuing convertible or secured bonds, the impact of the disclosure is less significant. This finding verifies that when the bond is convertible or secured, the reverse relation between the cost of debt capital and the disclosure level could be weakened since the agency costs are lower. Therefore, this research draws a conclusion that for corporations that attempt to issue straight bonds or unsecured bonds, the disclosure level plays a more important rule to reduce the cost of debt capital. Key word: Agency Cost, Cost of Debt Capital, Disclosure Level, Information Asymmetry.

在2008年金融危機過後，除了短期獲利狀況外，投資人越來越重視企業對環境、社會風險的回應能力。為了回應投資人的期待與本身管理需求，越來越多企業開始主動編製社會責任報告書。透過揭露更多企業社會責任報告書裏非財務面的相關資訊，將促成各利害關係人共贏的局面。 綜上所述，企業社會責任的報導和揭露之重要性已不言而喻。過去的文獻指出，公司透過揭露企業社會責任的資訊能夠降低分析師盈餘預測差異、降低資金成本、提升公司價值，吸引更多具有社會責任觀的投資人投資。 本研究係以我國電子業與金融保險業之上市櫃公司為研究對象，透過內容分析法與統計分析法，發現之結果如下： 一、 「公司規模」、「產業別」、「獲利能力」會顯著影響公司的企業社會責任揭露程度。 二、 電子業於企業社會責任報告書中之「環境」衡量構面揭露資訊程度顯著大於金融保險業。

本研究目的為透過實證分析研究2005年至2008年台灣上市櫃公司股票流動性與企業價值兩者之關係，企圖瞭解當考慮其他已證實會影響企業價值之因素，如：公司治理、資訊揭露程度、公司特有風險等因素後，股票流動性是否依然對企業價值存在影響力，即本研究將在控制公司治理程度、資訊揭露程度及公司特有風險等因素下，以周轉率作為股票流動性之代理變數、以Tobin’s Q作為企業價值之代理變數，分別使用普通最小平方法與兩階段最小平方法，檢視股票流動性是否依然影響企業價值。除此之外，亦參考Vivian W. Fang, Thomas H. Noe, Sheri Tice[2009]的研究方法，將代表企業價值之Tobin’s Q拆解成其他三個變數：營業利益對股價比、權益佔資產比及資產報酬率，取代企業價值成為應變數，再以相同研究模型對股票流動性進行實證分析，以求瞭解股票流動性影響企業價值之背後原因。最後，將研究樣本分別依照不同程度之公司治理、不同程度之資訊透明度、不同程度之公司特有風險分成低、中、高三組，以普通最小平方法分析在不同程度之控制變數下，股票流動性對企業價值之影響是否不同。本研究結果如下：第一、股票流動性越高之企業，其企業價值亦越高。第二、股票流動性高的企業，擁有較低之負債比與較高之資產報酬率，是企業價值高的中間影響因子。第三、在不同的董監持股比率、董監質押比率、法人持股比率、獨立董監比率、資訊揭露程度及公司特有風險下，流動性對企業價值的影響力是不同的。公司治理越差、資訊揭露程度越低、公司特有風險越高的公司，其流動性對企業價值越具顯著影響力。 / This paper investigates the relationship between stock liquidity and firm performance in Taiwan by using both of Ordinary Least Squares method and two-stage least squares method. To access whether stock liquidity improves, harms, or has no effect on firm performance, a proxy for Tobin’s Q is regressed on the liquidity measure, stock turnover, and several control variables, for example, corporate governance, information transparency, idiosyncratic risk, etc. Next, In order to gain further insight into the source of higher firm performance for stocks with high liquidity, based on Vivian W. Fang, Thomas H. Noe, Sheri Tice (2009), I break Tobin’s Q into three components: price-to-operating earnings, financial leverage, and operating profitability and then use these three variables as dependent variables to be regressed respectively on the liquidity measure in the same regression model. Besides, I also examine whether the effect of high liquidity on firm performance is different for firms with different level of each control variable. At last, this study shows that liquidity positively affects firm performance and proves that stocks with high liquidity not only have better firm performance, but also have more equity in their capital structure and higher operating profitability levels. This study also finds that the effect of stock liquidity on firm performance is significantly different for firms with different level of control variables.

本研究旨在探討我國生醫產業公開說明書之資訊揭露程度對初次公開發行 (IPO, initial public offering)定價效率及次級市場投資人信念異質性程度之影響。當初級市場認購人間資訊不對稱程度越大時，IPO價值之事前不確定性越高。為均衡各交易參與者之利益，發行人與承銷商將主動提升公開說明書之資訊揭露程度，以制定適當的IPO折價幅度、維持承銷商合理的承銷風險與報酬，並協助認購人適切評定IPO之價值。異質信念觀點強調次級市場投資人對企業價值看法之歧異程度越大，將導致IPO蜜月期報酬之異常現象。本研究預期若無形資產密集度越高，IPO事前不確定性越大，則IPO折價幅度越大，並預期公開說明書之資訊揭露程度將改變無形資產密集度對折價幅度之影響程度。此外，本研究預期，生醫產業IPO案件之無形資產密集度、公開說明書之資訊揭露程度及者配售情形均可能影響投資人信念異質性，進而影響掛牌初期之成交價量表現。 本研究參考國外證券主管機關之無形資產資訊揭露規範，自行建立資訊揭露指標，系統性地衡量我國生醫產業公開說明書之資訊揭露程度，並以多元迴歸分析檢測假說。實證結果顯示，我國生醫產業IPO案件之無形資產密集度對IPO折價幅度存在顯著正向影響；公開說明書之資訊揭露程度改變無形資產密集度對折價幅度之影響程度；發行人之無形資產密集度、公開說明書資訊揭露程度及初級市場配售情形皆影響掛牌初期之投資人信念異質性及價格震盪幅度。研究結果證實公開說明書之資訊揭露提供預期效益，及初級與次級市場間之資訊相互流通、交易行為相互連動之關聯性。 / This research examines how the disclosure level of prospectus influences the efficiency of IPO (initial public offering) pricing in the primary market and the degree of divergence of opinions in the secondary market. The literature of IPO underpricing suggests that ex ante uncertainty due to information asymmetry has a positive impact on IPO discount and voluntary disclosure of prospectuses may reduce the uncertainty level. This research hypothesizes that, for biotechnology companies, a greater disclosure level of prospectuses would lower the impact of intensity of intangibles on IPO discount. Further, this research hypothesizes a relation between the pricing efficiency in primary market and the level of divergence of opinions in secondary market. The empirical results from regression analyses of hand-collected data show that, for biotechnology IPOs, the disclosure level of prospectuses reduces the impact of the intensity of intangibles on IPO discount. In addition, the intensity of intangibles, disclosure level of prospectuses, and trading behaviors in the primary market have an effect on the degree of divergence of opinions in the secondary market. In sum, this research evidences the expected benefits of the increased level of voluntary disclosure of prospectuses for biotechnology IPOs.