全球弊案陸續發生，投資大眾信心受創，對提升資訊透明度以及資訊品質正確性愈來愈殷切，主管機關為了維護資本市場，修改相關法規、制定相關政策以確保資訊正確性，另外，我國資訊揭露評鑑主要是希望藉由評鑑的機制，使公司對資訊揭露能有所重視。 本研究主要分別探討資訊揭露水準與資訊品質(盈餘品質)對於股票市場流動性的影響，並參考Francis et al. (2008) 的作法，探討資訊揭露水準與股票市場流動性間之關係在納入盈餘品質考量後，結果是否改變，檢視盈餘品質與資訊揭露水準之關係在台灣市場為何。 本研究採用我國的資訊揭露評鑑系統之評鑑結果來衡量資訊揭露，研究結果發現，公司資訊揭露水準愈高，股票市場流動性愈好，盈餘品質愈好，股票市場流動性愈好，但資訊揭露水準與股票市場流動性的關係在納入盈餘品質後，其結果並無明顯差異，推論在台灣市場中，除了盈餘品質外，尚有許多因素影響公司資訊揭露政策。 / Investors confidence in companies is decreasing due to the increasing rigged cases around the world. Therefore, information transparency and accuracy receives much more attention than ever. In order to protect the capital market and ensure information accuracy, the authorities have taken several steps such as relevant laws introduction and regulation amendments. The purpose of establishing Information Transparency and Disclosure Ranking System in Taiwan is to expect the companies would take information disclosure more seriously. This research is to explore the impacts of information disclosure level and qualities on stock markets liquidity. Furthermore, followingFrancis et al. (2008), this research aims to investigate the impact of information qualities in Taiwan capital market by explore the correlation between information disclosure and the liquidity of stock markets after the adoption of information disclosure and transparency ranking system. This research evaluates the information disclosure by adopting the Information Disclosure and Transparency Ranking System in Taiwan. The research finds that the higher the information disclosure level , the better the liquidity of stock market . Furthermore, the research also finds that the better the earnings quality, the better the liquidity of stock market . However, the correlation between the information disclosure level and the liquidity of stock markets reveals no significant difference after taking earnings quality into consideration. Therefore, we conclude that information disclosure is affected by many other factors in the company.

Kyoto University (京都大学) / 0048 / 新制・課程博士 / 博士(工学) / 甲第17571号 / 工博第3730号 / 新制||工||1568(附属図書館) / 30337 / 京都大学大学院工学研究科電気工学専攻 / (主査)教授 小林 哲生, 教授 小山田 耕二, 教授 中村 裕一 / 学位規則第4条第1項該当

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京都大学 / 0048 / 新制・課程博士 / 博士(医学) / 甲第22881号 / 医博第4675号 / 新制||医||1047(附属図書館) / 京都大学大学院医学研究科医学専攻 / (主査)教授 松田 道行, 教授 妹尾 浩, 教授 浅野 雅秀 / 学位規則第4条第1項該当 / Doctor of Medical Science / Kyoto University / DFAM

過去文獻指出，當企業之資訊透明度越高時，追隨企業的財務分析師越多，盈餘的預測偏誤、預測離散度越小；另外，當企業資訊透明度較高時，其管理階層也會因為外部人的監督而減少過度投資與投資不足等逆選擇的發生機會。故本研究欲探討分析師對於企業投資總額之關聯性，並且進一步探討分析師與企業過度投資及投資不足之關聯性。以2010年到2013年之台灣上市櫃公司做為樣本。實證結果發現，分析師是否追隨與企業投資總額沒有顯著之關聯性，而過度投資之公司其投資總額與分析師之預測錯誤率與離散度呈現正相關。

近年來國際間財報不實的醜聞時有所聞，使得投資人及社會大眾對公開資訊的正確性高度缺乏信任。無獨有偶，台灣地區的企業也因資訊不透明而使得投資人對企業財務報表之數字能否代表實際經營成果也產生懷疑，某些企業甚至隱瞞財報問題而導致投資人虧損，因此各界要求企業真實揭露經營狀況之呼籲不絶於耳，對公司治理及會計規範的探究也日益熱烈，資訊透明度的議題於是在國內、外均成為眾人高度關注的焦點。 眾所週知，金融機構在一國經濟發展中扮演至為關鍵的角色，也因其性質之特殊性，一旦發生問題，容易發生系統性之危機。因此，為避免金融機構經營資訊不透明而使投資人受到損失，各國監理機關均制定與資訊揭露相關之法規，期望金融機構在資訊充分揭露之情況之下經營，以達到金融穩定的目的。 然而回顧過往的相關文獻，有關資訊透明度的議題多數聚焦於上市公司之資訊揭露對經營績效或公司價值之影響層面來作探究，針對金融機構中之金融控股公司年報資訊透明度決定因素之研究，則較少受到關注。因此，本文以年報揭露之內容作為衡量資訊透明度之標的，採用2002年至2006年台灣14家金融控股公司之追蹤資料並搭配固定效果模型探討以下問題：（1）分析與了解金融控股公司資訊揭露之情形（2）以實證模型探討金融控股公司年報資訊透明度之決定因素。（3）提供監理機關修改「金融控股公司年報應行記載事項準則」揭露事項之參考及提出相關之政策建議，以利金融監理之需要。 本文以證基會之評鑑指標為基礎，對金融控股公司年報資訊揭露評鑑結果發現，金融控股公司之年報資訊揭露平均而言尚具改進空間，且各公司間存在極大差異；而實證結果顯示（1）在內部股權因素方面，經理人持股比例與年報資訊透明度呈現顯著之正相關。（2）在公司特性因素方面，本文發現公司規模係數為顯著負值，顯示金融控股公司之規模較小者，年報資訊透明度較佳。（3）在外部人持股因素方面，本國投信基金持股比例與年報資訊透明度呈現顯著之負向關聯。（4）在時間變數上，年報之資訊揭露隨著時間之遞移而逐步改善，二者呈現顯著的正相關。 / Financial reporting and information disclosure are important means for financial institutions to communicate their performances to investors. However, a series of accounting frauds shook public confidence in the reliability of financial statements. In response, people began to ask enterprises to disclose information truly and to enhance corporate governance and accounting controls. Everyone knows financial institutions play key roles in economic activities. Once failure, financial institutions will tend to cause system crisis easily. To prevent such failure from occurring and to disclose information of financial institutions to public are the responsibilities of supervisory authority. The purpose of this study are as follows:（1）to understand the status quo of annual reporting transparency in Taiwanese Financial Holding Companies.（2）to investigate the decisive factors that influence the annual reporting transparency.（3）to provide policy implications to the Financial Supervisory Commission on the amendments in Company Act and Corporate Governance Best-Practice Principles for Financial Holding Companies. This study uses the fixed-effect model with a panel data of Taiwanese Financial Holding Companies for the period of 2002-2006.Using Securities and Futures Institute’s “Information Disclosure and Transparency Ranking System’s Index” as a measure of transparency, we find that the information transparency across firms varies significantly and that the financial holding companies that have higher ranking in disclosure tend to be smaller in terms of total assets, have lower institutional ownership and higher managerial ownership. This study also shows that the transparency in Taiwanese financial holding companies disclosure has gradually improved in recent years.

本研究是探討中文雙字詞的語意透明度是否影響詞彙在心理辭典中的表徵方式。實驗一、二操弄詞彙的語意透明度、字頻及詞頻，以詞彙判斷作業進行。結果發現顯著的語意透明度效果，語意不透明的詞（成語詞）之反應時間和錯誤率均較語意透明的詞（組合詞）少；詞頻效果也達顯著，高頻詞的反應時間和錯誤率均較低頻詞少。而字頻與語意透明度間有交互作用存在，組合詞有顯著的字頻效果，成語詞則不受字頻影響。實驗三、四則利用眼動追蹤技術，探討不同語意透明度、字頻、詞頻的詞彙在語句中的閱讀處理歷程。結果發現，在有關凝視時間的指標上，均出現顯著的語意透明度效果和詞頻效果。成語詞的字頻效果除了出現於第一次凝視時間指標外，在其餘指標上均無字頻效果。組合詞的字頻效果則出現於第一次凝視時間及總凝視時間上，而第一次經過的其餘眼動指標也有存在字頻效果的趨勢。本篇研究以Taft annd Zhu(1995)的多層次交互激發表徵模式為架構，提出一中文成語詞與組合詞的詞彙表徵模型。此模式顯示組合詞在詞素層次具有詞素表徵，在詞彙層次具有全詞表徵。而成語詞在詞素層次無對應的詞素表徵，是以全詞方式表徵於詞彙層次中。 關鍵字：眼動、語意透明度、心理辭典 / The present study aims to investigate the semantic transparency of Chinese di-syllabic words whether influences the representation in mental lexicon. Two sets of experimental tasks were adopted. In the first set (experiment 1 and 2), the target words were varied in terms of semantic transparency, character frequency and word frequency. Subjects were asked to deicide whether the target word presented is a word or not. A two-way ANOVA indicated main effects for semantic transparency that idiomatic words were responded faster than compositional words, for word frequency that high frequency words were responded faster than low frequency words. There were also significant interactions between character frequency and semantic transparency. In the compositional condition, the results clearly showed a significant character frequency effect, but in the idiomatic condition, the results showed no character frequency effect. In the second set (experiment 3 and 4), eye movements of subjects were monitored as they read sentences containing target words that varied on terms of semantic transparency, character frequency and word frequency. There were significant semantic transparency effect and word frequency effect in the fixation duration measures. Except the first fixation duration, there was no character frequency effect with idiomatic words in other measures. The results showed a significant character frequency effect with compositional words in the first fixation duration (FFD) and total viewing duration(TVD), and showed a marginal significant character frequency effect in other first pass measures. The present study proposed a model of mental lexicon based on the Interactive-activation Model (Taft & Zhu, 1995). In our model, the compositional words have morpheme and whole word representation, and the idiomatic words are processed as single units, have whole word representation but no morpheme representation. Key words：eye movement、semantic transparency、mental lexicon

本研究以2002年至2005年之上市公司為研究對象，衡量2002與2004年兩年之年報資訊揭露水準，探討資訊揭露水準與機構投資人持股兩者間之關係，並分析兩期資訊透明度與機構投資人持股比率的改變對經營績效與公司價值變動的影響。 實證結果發現，機構投資人持股意願受到前期年報資訊揭露水準高低的影響，顯示資訊揭露水準為機構投資人之選股決策因素之一。前期年報資訊揭露水準愈佳，機構投資人持股比率愈高，但當期資訊揭露程度對同期機構投資人持股意願則無顯著影響。此外，機構投資人持股比率高低與公司同期或次期資訊揭露程度皆無顯著關聯性。企業資訊揭露水準之改善與機構投資人持股比率增加皆與公司經營績效及公司價值之提升呈顯著正相關。 / Based on a sample of firms listed on Taiwan Securities Exchange over the period of 2002 to 2005, this study first examines the relationship between the information transparency, measured the disclosure level of annual reports, and shareholdings of institutional investors. In addition, this study investigates the influence of increase in the level of disclosure transparency and shareholdings on performance and firm value. The empirical results suggest that firms with higher disclosure level are associated with greater institutional ownership next year, but the same relationship didn’t hold for concurrent period. This finding suggests that disclosure level of annual report is considered by the institutional investors when making their investment decisions. The findings also indicate that improvement in disclosure level and increase in institutional investors’ shareholdings not only enhances the operating performance but also the firm value.

本文透過取得資訊的權利和公民參與程度的高低作為指標，討論生活在風險社會中，開放政府在台北市的表現情形。研究者採用世界正義計畫的開放政府指數為問卷作為基礎並且修改，以台北市為範圍。大眾問卷旨在探討不同年齡層對於取得資訊的權利和公民參與之見解是否有不同看法，而專家問卷則探討不同領域的專家對於取得資訊的權利和公民參與之見解是否有不同看法。 根據學者Gwanhoo Lee和Young Hoon Kwak所提出的開放政府程度之檢視以及開放政府的三大準則—透明、公共參與、合作，對照本研究之測量，本研究發現：台北市公民與專家對資訊的準確程度未呈現質疑態度，而資訊品質之評價亦為正面，符合「資料透明」。然而，普遍來說公眾會隨著年齡不同而對於公民參與的認知有所不同，實際參與的次數也不高。綜上所述，本研究認為台北市開放政府的情形有涵蓋資料透明但缺乏「公民參與」。也因為缺乏公民參與，以至於合作的概念目前尚未實踐。至於如何突破現階段的困境，可做為將來研究的方向。 / This paper uses right to information and the level of civic participation as indicators to discuss citizens living in a risk society how the open government performs in Taipei City. The study adopts the World Justice Project(WJP) Open Government Index as the foundation of questionnaires and has done some revision, focusing on the case in Taipei City. The general public questionnaire aims to survey whether citizens in different age ranges hold different opinions toward right to information and civic participation; Expert questionnaire, on the other hand, is to investigate whether experts have different perspectives toward these two indicators. Based on the survey of the level of open government and the three principles proposed by Gwanhoo Lee and Young Hoon Kwak: transparency, public participation, and collaboration in contrast to the assessment of the study, the paper discovers that citizens and experts in Taipei City are undoubting of information accuracy and hold positive feedback to information quality, which corresponds to “information transparency.” However, generally the public varies in the understanding of civic participation as citizens age. The frequency of the actual participation remains low. In sum, the study deems that open government in Taipei City has incorporated information transparency but lack “civic participation.” Because of this, the concept of “collaboration” has not yet achieved. As for how to break through the current difficulties, it can serve as a research direction in the future.

本研究旨在探討國民中學校長透明化優勢領導與學校混沌動力系統之間的關係。除探討國民中學校長透明化優勢領導、學校混沌動力系統的內涵及現況，瞭解教育人員人口變項及學校背景變項在校長透明化優勢領導及學校混沌動力系統得分的差異情形外，亦分析校長透明化優勢領導與學校混沌動力系統之相關程度，並探討校長透明化優勢領導對學校混沌動力系統的預測情形。 本研究係以台灣地區之國民中學教育人員為研究對象，以「國民中學校長透明化優勢領導與學校混沌動力系統調查問卷」為工具進行研究，內含基本資料、國民中學校長透明化優勢領導問卷及學校混沌動力系統問卷三部分，具有良好的信度、效度。正式施測有效樣本502位，分別以描述分析、t考驗、變異數分析、積差相關分析、多元逐步迴歸分析等統計方法進行分析，並得到以下數項結論： 一、國民中學教育人員在知覺「校長透明化優勢領導問卷」的總得分上，屬於中上程度，在各向度之得分中，以「誠實至上」最高，最低則是「勇於認錯」。國民中學教育人員在「學校混沌動力系統問卷」的總得分上，亦屬於中上程度，在各向度之得分中，以「回饋機制」最高，最低則是「亂中求序」。 二、教育人員人口變項與學校背景變項中，性別、年齡、服務年資、職務及區域在校長透明化優勢領導問卷上，均具有顯著差異，僅學歷無顯著差異。 三、教育人員人口變項與學校背景變項中，性別、年齡、服務年資、職務及區域在學校混沌動力系統問卷上，均具有顯著差異，僅學歷無顯著差異。 四、教育人員知覺校長透明化優勢領導問卷之得分中，低、中、高三組在整體學校混沌動力系統及學校混沌動力系統各向度上，均有顯著差異；同時，不論在整體學校混沌動力系統或各向度的得分上，高分組均顯著優於中、低分組；中分組顯著優於低分組。 五、校長透明化優勢領導及各向度，與學校混沌動力系統及各向度間呈現出顯著的正相關，亦即教育人員知覺校長透明化優勢領導行為愈高，則校長經營學校混沌動力系統之能力也愈佳。 六、在探討校長透明化優勢領導各向度中，以鼓勵讚賞、傳達警訊、信守承諾、勇於認錯、卸下防禦及沈著鎮靜等六者對學校混沌動力系統之聯合預測力最佳，尤以鼓勵讚賞最具有預測力。 最後，本研究擬根據上述研究結果進行分析討論，以形成結論及建議，並提供教育行政機關、國民中學校長及未來相關研究之參考。 / The purposes of this study were to explore relationships between principal's transparency edge leading and chaotic dynamical system in junior high school. The fist were to explore the reality for principal's transparency edge leading and chaotic dynamical system in schools. Secondary, the researcher also investigated the differences of school staff’s demographic variables and schools' background variables among principal's transparency edge leading and chaotic dynamical system in schools. Thirdly, to analyze the relationships among principal's transparency edge leading and chaotic dynamical system in schools. Finally, to explore predictive power of principal's transparency edge leading on chaotic dynamical system in schools. This study employed the survey method. The subject were 502 educational staff randomly sample from 70 junior high schools in Taiwan island. Data were analyzed using the method of descriptive and inferential statistics, included Frequencies, t-test, ANOVA, Correlation analysis, and Multiple stepwise regression analysis. The major findings were： 1. There is above average perception for principal's transparency edge leading and chaotic dynamical system in schools among the junior high school staff. 2. Significant difference existed among the gender, age, seniority, position, and district for principal's transparency edge leading. 3. Significant difference existed among the gender, age, seniority, position, and district for chaotic dynamical system in schools. 4. Significant difference existed among low, middle, and high teachers' perception of principal's transparency edge leading for chaotic dynamical system in schools. 5. Significant positive correlation between principal's transparency edge leading and chaotic dynamical system in schools. 6. In regression forecast of principal's transparency edge leading to chaotic dynamical system in schools, especially the variable of “encouragement and applause” has the biggest predictability. Based on the results of this study, to make some suggestions for educational administration, the junior high school principals and future study.