台灣過去的競價制度與行情揭示受到兩檔限制的規範，導致撮合效率與交易公平性受到質疑，而部分未成交的最佳資訊也可能受到隱藏，導致真實資訊無法及時揭露，誤導投資人錯誤解讀資訊，反而有助長殺跌的疑慮。 近年來全球追求資訊透明化的趨勢使得我國的兩檔限制備受爭議，也引發一股改革的風潮。因此，台灣證券交易所於民國91年7月進行交易制度的調整，取消自民國74年來沿用的兩檔限制，而以瞬間價格穩定機制當作穩定股市的措施，並進一步增加未成交價量資訊的揭示，提升整體市場資訊揭示的質與量。 本文以上述的交易制度調整為研究主題，探討市場在面臨穩定機制改變與市場透明度增加的情況下，其價格行為之變化。藉此評估此次交易制度的施行成效，並分別選取市值最高與最低的30支個股為衡量績效指標值的對象，以瞭解新的交易制度對於所有股票皆有相同影響。 結果發現，就第一階段的取消兩檔、輔以瞬間價格穩定措施與揭露一檔的政策而言，整體樣本的波動性為顯著增加，而高低市值的股票則有截然不同的反應。低市值群組在交易制度調整訊息宣告時享有正的顯著報酬，且在市場績效的驗證上發現Hei & Heubel模型衡量的流動性獲得改善，支持流動性改善有助於提升證券價值的說法，顯示取消兩檔限制輔以瞬間價格穩定措施，並提升市場透明度的作法對低市值群組是較有利的。相對的，高市值群組則發現較不利的證據，衡量宣告日的證券異常報酬為不顯著，流動性與波動性指標則明顯轉差。此外，第二階段的揭露五檔將普遍提升市場整體的效率性，其中以低市值群組最為明顯，此外在波動性與流動性方面，發現高低市值有很明顯的對比與抵換關係，高市值為流動性轉差但價格波動減少，低市值則相反，綜合為整體樣本的變化則不明顯。 推論上述實證結果，可能原因在於高低市值群組本身特性不同，導致相同的交易制度變革有不同的影響。高市值本身屬於企業規模大、股價較高，資訊透明度與交易較熱絡的一個族群，而低市值股票為傳統產業股居多，為股市中較不受投資人關愛、流動性較低，資訊不對稱程度也較高的股票。因而，過去在兩檔限制下，揭示代理價格、隱藏真實資訊，導致投資人錯誤解讀資訊者，應屬低市值股票較為嚴重，預期在取消兩檔限制後，資訊不對稱提升的程度相對來的高。此外，從第二階段揭露五檔的效果看來，高低市值的效率性皆改善，但在流動性與波動性方面卻呈現對比的抵換關係，顯示增加市場透明度對於市場績效無絕對的好壞。

本文主要目的在探討當天氣（雲量及氣溫）、日照小時數以及會影響人們生理週期（如睡眠型態的改變）的日光節約制等外在環境因素引發投資人情緒變化時，是否會影響各國投資人對公司會計盈餘宣告資訊之解讀與反應，且是否會因為公司盈餘宣告所傳遞的為好消息或壞消息而不同。此外，本文亦進一步檢視在不同國家層級的機制背景所塑造出的不同資訊環境（例如財務透明度高低以及成文法系或不成文法系）下，上述氣候效應是否存在差異性。 / 由於心理學文獻指出，一些外在環境因素會引發投資人的情緒反應，而投資人情緒又會影響其對資訊的處理過程以及風險趨避程度，另一方面，行為財務學文獻則指出投資人情緒會影響其對公司資訊之解讀，因此本文以跨洲及跨緯度共25國於1990年至2006年間共169,177筆的公司季盈餘宣告為樣本分析此現象。整體而言，本研究發現氣候等外在環境因素所引發的投資人情緒確實會影響其對公司盈餘宣告資訊之解讀；且當公司盈餘宣告傳遞的為好消息時，投資人因雲量較少、氣溫較低、日照小時數較長或未受到日光節約制影響而心情比較好時，會促使對未來較為樂觀且對資訊的處理較為隨意，故對於好消息的反應更為正面，但若處於較差的心情時，則對未來比較悲觀且處理資訊相對嚴謹，因此會比較保守地看待好消息而減少原本對好消息應有的正向反應。相對地，上述外在環境因素對公司盈餘宣告壞消息的影響則相反。 / 最後，由於本研究未發現任何外在環境因素所引發的投資人情緒對公司盈餘宣告資訊的反應存在明顯的緯度或地區等地理上的趨勢，因而嘗試由制度環境面加以解釋上述現象，亦即探討資訊環境的完善度是否會影響氣候效應的差異性。本文發現當國家層級的法律制度等機制背景使得其股市發展程度較高且財務資訊較多較可靠時，投資人更能透過公司的資訊揭露取得瞭解公司經營狀況的真實資訊，其所要考量的投資決策之複雜性、風險及未來不確定性確實較低，因此資訊環境較完善（高財務透明度或為不成文法系）的國家，其投資人對公司盈餘資訊宣告的反應受氣候等相關因素影響之程度較小。

本論文以國內1997-2006年之上市櫃集團為研究對象，探討集團企業內相互轉投資所造成的市值高估現象及其對公司價值的影響，並深入各集團分子企業探討不同轉投資標的對公司價值之影響。實證結果顯示集團企業內各分子企業相互轉投資的確造成集團市值高估之現象，而投資人對於該現象，給予集團企業整體負向評價。此外，就集團內各分子企業而言，轉投資於上市櫃公司由於資訊透明度相較於轉投資於非上市櫃公司為佳，故對於公司價值負面影響較不嚴重；而轉投資於集團內其他分子企業相較於投資集團外企業，由於關係企業間之交易揭露仍不透明，操縱可能性較高，故對於公司價值呈負面影響，後兩者實證研究都再次證明資訊透明度與公司價值間之正向關係。 / This study explores the double counting effect and the relationship between that effect and the corporate value resulting from cross-holding among firms in a conglomerate, and also explores the relationship between different type of investing objects and the corporate value by using a sample of companies listed in Taiwan Stock Exchange and Over the Counter during 1997-2006. Our empirical analysis indicates that cross-holdings among firms in a conglomerate resulted in overvaluation of the group, and investors responded to them negatively. In addition, member companies in the conglomerate investing in companies listed in Taiwan Stock Exchange or Over the Counter did not so negatively influence the corporate value as compared to investing in companies not listed in Taiwan Stock Exchange and Over the Counter mainly because of the information transparency. Furthermore, the information among conglomerate trading is still opaque and the possibility of manipulation is higher, so investment within the conglomerate as compared to outside companies has negative impact on corporate value. The above findings both proved a positive relationship between information transparency and corporate value.

自去年金融海嘯爆發，許多公司雖然經營績效不佳，其管理階層卻坐領高薪，經過媒體的大幅報導，使社會大眾開始關注企業肥貓與黃金降落傘之現象。針對上述不合理的現象，投資大眾期能藉由公司所揭露的訊息，瞭解其經營績效與經理人薪酬之間是否具有合理的關係，並進行必要之監督。此外，股東行動主義逐漸抬頭，投資大眾可利用企業所揭露之資訊判斷公司大小情事，其中包括是否存在著公司經營不善，董監事卻溢領高薪的情況。另一方面，坐領高薪之管理階層為避免引起眾怒，可能會減少資訊之數量及降低資訊之品質，以減低其領取不合理之酬勞而引發社會譁然之機率。因此，本研究之目的在於探討公司董監酬勞與資訊揭露透明度之關聯性，並藉由實證資料驗證我國企業是否存在著此種規避資訊揭露之現象。 本研究實證結果顯示，董監事為了確保其本身之利益，而維持高額之董監酬勞時，可能增加董監事與管理階層合謀之機會，而共同隱藏不利之訊息，降低其資訊揭露透明度。此外，董監酬勞占公司淨利之比例增加時，董監事個人利益與公司營運成敗的關係愈密切，而影響董監事之獨立性。換言之，董監酬勞占淨利比較高之公司較會隱藏對其不利之訊息，使得該公司資訊揭露透明度降低。再者，公司董監酬勞異常高於同業平均值時，會促使董監事隱藏與董監酬勞相關之資訊，減少其資訊揭露之數量與品質，而降低其資訊揭露透明度。 / Since the global financial tsunami broke out in 2008, many corporations have performed poorly, but their top management still receives high compensations. Through the reports in news media, people become more concerned with the unreasonable phenomenon of corporate “Fat Cat” and “Golden Parachute”. Investors are paying more attention to determine whether there is a reasonable relationship between corporate performance and directors’ compensations and to perform necessary monitoring. On the other hand, directors who receive high salaries may reduce the quantity and quality of information disclosed to avoid public scrutiny and criticism. Therefore, the purpose of this study is to investigate the relationship between directors’ compensations and corporate information transparency. The empirical results show that for the directors and supervisors to maintain their high compensation, they may collude with the management in hiding negative information and reducing corporate information transparency. In addition, when directors’ compensations were abnormally higher than the industry average, they had a tendency to hide the compensation information or reduce the quantity and quality of information disclosed. Consequently, these corporations had lower information transparency.

國際貿易是經濟發展的重要手段之一，然而無論在開發中或已開發國家，貿易商皆面臨貿易流程的繁文縟節。隨著各國的關稅逐漸降低，業者進行國際貿易時的貿易成本甚至已超過關稅成本。因此，有望透過貿易便捷化來簡化貿易程序，降低貿易成本。 　近年來，兩岸貿易依存度日益提高，中國大陸更成為台灣最大的出口市場。兩岸各自推動的貿易便捷化皆獲得相當成效，然法規不透明為目前中國大陸對台最嚴重之非關稅障礙，而法規透明化又是貿易便捷化工作的其中一環，因此法規透明化為當前亟需進行之貿易便捷化工作。 由於兩岸皆為世界貿易組織會員，且貿易便捷化已納入WTO的談判架構，而GATT 1994第十條（貿易法令之公布與施行）亦揭示法規透明化乃世界貿易組織協定重要原則，因此本文檢視兩岸的法規公布、措施通知、提供草案評論、回覆諮詢、正當程序和司法救濟等透明化之世界貿易組織義務，作為兩岸法規透明化程度的衡量指標。 透明化雖然是內部即可進行之工作，但由於透明化的重要性不受中國大陸重視，因此其透明化成效有限。為解決此問題，有待建立法規透明化的兩岸合作機制，而該機制之完善將使兩岸業者受惠，雙方政府基於互惠立場，會使兩岸業者獲得更大幅公開的政府資訊，所適用行政程序中的相關權利更受到保障。 / International trade is important to economics, while there are plenty of red tape still existing in moving goods across borders, whether in developing or development countries. Following the decreasing of tariff barriers, trade costs to traders are much more than tariff costs. Therefore, it is necessary to cut down the trade cost by trade facilitation. Recently, cross-strait trade relationship is closer and Mainland China has become the biggest trade partner of Taiwan. The cross-strait development of trade facilitation is significant, but the greatest trade barrier between is non-transparency. Since transparency of trade policy is part of trade facilitation programs, the authorities have to improve the transparency of trade policies. China and Taiwan are the members of the WTO, and WTO Members agreed to launch negotiations on trade facilitation several years ago. Besides, Article X of the GATT 1994 provides that transparency is also the principle of the WTO Agreements. Transparency obligations in WTO include publication of trade policies, notification on measures, providing the opportunity for prior comments, responding to requests for information, due process of administrative procedures and ensuring the right of review and appeal. This article aims at assessing the compliance of China and Taiwan with WTO obligations in transparency. Because the importance of transparency, which can be improved unilaterally, is neglected by China, efforts paid to this transparency issue limited. To solve this problem, it is necessary to establish a cross-strait cooperation mechanism that benefits the traders in both China and Taiwan. Accordingly, the authorities would take reciprocal actions on opening information of the government and ensuring the rights of administrative procedures in a larger extent.

企業透明度高低對投資者與企業都有一定影響，對於透明度高企業，投資者比較不會因為資訊不對稱而遭受損失，且能夠有效監督管理者可能有的自利行為；而企業若是透明度較高，也能夠降低在市場募集資金的成本，因此本研究試圖找出對公司透明度能有一定反映程度的指標，藉此作為評價企業透明度參考依據，進一步對研究企業透明度與資金成本的關係有所助益；此外，以我國市場為研究對象，找出會影響本研究找出透明度衡量指標因素，探討可能影響我國企業透明度因素。 本研究以系統風險和一般股價評估模式推論認為系統風險應該對於企業透明度有一定解釋能力，因此本研究以系統風險做為透明度衡量指標，並探討可能影響其因素，可能影響因素則包括研究發展費用比率、公司規模、外資法人持股比率、營業費用比例以及家族企業等因素；由於過去文獻指出系統風險會受營運槓桿與財務槓桿影響，因此本研究將其做為控制變數，此外，股權集中度或許會影響股價的波動，進而影響系統風險，因此本研究也將此做為控制變數。 本研究採用迴歸分析方法研究，研究結果指出，研究發展費用比率以及家族企業對系統風險也就是公司透明度會有所影響，與預期相同，而營業費用比率則無相關，至於外資法人持股比率和公司規模則與預期方向相反，綜觀其原因或許是因為外資在台灣可能以短線進出為主，而規模較大公司又是外資青睞對象而使此兩個指標與預期相反。

近年來國內外許多企業層出不窮的發生管理階層舞弊案，使得投資人以及債權人對於企業公開發佈財務資訊之信心大受影響，公司若能開誠佈公告知利害關係人其相關之資訊，不僅能提升公司之資訊透明度，亦能重拾投資人的信心，故公司資訊透明度為廣受重視之議題。分析師擁有專業知識分析公司的財務報表且能提供額外的資訊給投資大眾，並扮演了公司重要的外部監督機制。 本研究旨在探討公司資訊透明度、分析師跟隨與公司績效之關聯性。採用台灣證券暨期貨發展基金會所公布的資訊揭露評鑑系統結果作為資訊透明度的替代變數，來探討當公司資訊透明度揭露程度較低時，分析師跟隨人數愈多是否愈能增加公司之績效。此外，本研究採用標準普爾之評等分數作為穩健性測試，來驗證結果是否相ㄧ致。研究結果顯示：公司資訊透明度較佳的公司相較於揭露程度較差之公司，其績效愈高。公司績效愈好，分析師跟隨人數愈多。資訊透明度揭露程度較差的公司，分析師的跟隨人數會愈少。無論公司資訊透明度好或壞時，分析師跟隨人數愈多，均能增加公司之績效，且資訊透明度揭露程度較差的公司相較於資訊透明度揭露程度較好的公司，分析師跟隨人數愈多，愈能增加公司之績效。穩健性測試之結果亦有相ㄧ致的發現。 / In recent years there were lots of frauds by managers in domestic and international enterprises, causing investors and creditors lose confidence on financial reporting. It is believed that if the company management can frankly and earnestly disclose related information to the stakeholders, the company’s transparency and thus the investors’ trust will be promoted. Corporate information transparency has become an important issue. Analysts have professional skills to analysis financial statements and disclose additional information to investors and also play an important role in supervising corporation’s operating condition. The purpose of this study is to discuss the association among corporate information transparency, analysts following and firms performance. The research uses the evaluated result of The Information Disclosure and Transparency Ranking System as the disclosure transparency proxy variable to examine whether the companies with lower disclosure level have higher firms performance if more analysts follow these enterprises. In addition, this paper uses Standard and Poor’s rating scores to do robust check. The empirical results indicate follows: 1.The higher information disclosure level companies have higher firms performance than the lower information disclosure level companies. 2.Enterprises with better firm performance have a larger analyst following. 3.Analysts are less likely to follow firms with lower corporate information transparency. 4.Corporate information transparency plays an important role in analysts’ willingness to follow firms and that increased analyst following is associated with higher firm performance, particularly for firms with lower corporate information transparency. 5.The result of robust check reaches a consistent conclusion.

歷經國內外多起知名企業的財務弊案後，各國政府及投資人開始關注公司的資訊透明度，企業也意識到資訊透明度對於企業永續經營的重要性，因此，本研究主要探討資訊透明度對於企業價值之影響。研究貢獻在於以具有專業和分析能力之分析師預測行為作為判斷企業資訊透明度之依據，進而探究其與企業價值之關聯性。本研究以2008年到2013年台灣上市(櫃)公司為樣本，以企業價值(Tobin’s Q)為應變數，資訊透明度相關之變數(分析師追蹤意願、分析師盈餘預測偏誤與分析師盈餘預測離散性)為主要解釋變數，在控制公司成長面、獲利面、風險面與公司規模因素，並固定產業和年份，利用追蹤資料迴歸模型(panel regression)來進行分析。 實證結果分為兩部分，（1）代表資訊透明度之變數－分析師預測意願、分析師預測精準度及分析師預測離散性與企業價值具有顯著正向關係。另利用前述之結果，本研究自行建立一個衡量企業透明度的模型，以整合性資訊探討資訊透明度對於企業價值的影響，實證結果顯示（2）資訊透明度與企業價值間確實具有顯著正向關係，結果支持良好的資訊透明度，有助於公司治理，長期間更能夠提升企業價值與永續經營。此外，本研究以整合資訊衡量企業資訊透明度，相較於單一資訊更為完善，也提供企業利害關係人及一般大眾不同面相去了解企業的資訊透明度，進而保護其權益。 / Since the occurrences of financial scandal, issues surrounding corporate governance and information disclosure have been widely discussed in these few years. Not only have government and investors started paying more attention on information transparency, but more and more firms have noticed that well corporate governance could help its sustainable development. The main purpose of this study is to examine the influences of information transparency on corporate value. Based on the samples of Taiwan listed firms for the period from 2009 to 2013, this study employs panel regression model with Corporate value (Tobin’s Q) as the dependent variable against various combinations of explanatory variables (analysts following, analysts’ earnings forecast bias and analysts’ earnings forecast derivation). The results of this research reveal that (1) the firms with high corporate value significantly have more analysts following, less analyst's earning forecast error and the greater forecast derivation. And by using an integrated model to do further analysis, the evidence shows that (2) higher information transparency could improve the corporate governance, gain more corporate value and benefit sustainable development in the long term. What’s more, instead of unitary source, this research measures corporate information transparency via integrated sources to ensure credibility, and provides various angles for corporate stakeholders and the general public to learn further more about corporate information transparency and be able to protect their rights.

個人資料保護係屬隱私權的範疇之一， 現代化政府不斷面臨內外在施政環境變遷的衝擊與挑戰，其中資訊科技的快速發展與廣泛運用，更直接衝擊著政府施政定位、服務範圍、運作模式及治理原則。現代化國家在思考打破施政的常規和舊制，面對資訊公開與行政效率要求下，走向電子化政府的道路，也就成為勢之所趨。但另一方面，資訊革命所帶來對隱私與個人資料保護的衝擊，亦較以往更為強烈而深刻。從許多文獻可得知為何民眾可能不信任政府的原因是多方面的，這些原因與他們個人資料安全、隱私權保護及完整性維護是息息相關連的。在政府努力發展電子化政府以便民眾享受其便利性的同時，如何建構政府機關及政府企業間之個人資料隱私保護電子治理機制及協同作業，以強化我國公共治理指標之政府效能、回應力及課責能力，確保個資的合理流通，並能兼顧隱私保護，提昇整體政府信任度，實為電子化政府對人民基本權利之保障及實踐「隱私保護」之重要課題。 新版《個人資料保護法》已於民國九十九年四月在立法院三讀通過，在新法實施後，將因擴大適用個資法之主體範圍，規範個人資料蒐集與處理程序，加重持有個資業者的保管責任，並調整資料外洩求償上限至二億元，預計將加重企業蒐集與利用個人資料的成本與相關責任。本研究之目的在於探討政府機關如何透過持續隱私保護IT治理框架及系統，設計有效的「行政程序控制」(administrative procedural control)、課責(Accountability)及透明(Transparency)機制進的定期公開與積極散佈。透過個人控制自己資訊應該如何被處理與使用的資訊自我控制（local control）權利，一方面提高了政府的施政透明度及政府課責，另一方面也增強隱私保護及人民信任度；同時並以金融監理體系為例，如何因應新版個資法的衝擊，有效的調整內部資料蒐集與資安控管流程，試圖以銀行業透過監理機制建構雛型，監督管理金融業之營運，以期能提供客戶最佳之服務，有效避免新個資法為金融機構帶來的營運風險，進而建議政府機關隱私保護之IT架構，冀能提供主動積極安全又便利之服務，以贏取國民對政府之信任與向心力。 / Personal data protection is one of the categories in privacy. Modern governments constantly face impacts and challenges of political environment changes internally and externally, which rapid developments and extensive applications of information technologies affect the government policy positioning, service ranges, operation modes, and governance principles directly. Modern countries are always thinking over to break routines and aged systems of administration. Under requirements of facing the information disclosure and the administration efficiency, it has become a potential of the trend towards the road of e-government. However, on the other hand, compares to impacts of privacy and personal data protection which have been brought about by the revolution of information, currently, it becomes more intense and profound than before. Many literatures reveal why civilians may not trust the government for reasons in multiple aspects which is related closely with their personal data security, privacy protection, and integrity maintenance. In the meantime, in order to strengthen our government performances of public governance indicators, responsiveness, and accountability for ensuring a reasonable flow of private data, taking into account of privacy protection, and enhancing the overall trust into government, government is striving to develop e-government for civilians’ ease to enjoy its convenience, and this is truly the important subject for e-government of how to construct e-governance mechanisms of personal data privacy and collaboration operations between government organizations internally and between government vs. business enterprises externally on the protection of civilians’ basic rights and the practice of "privacy protection”. The new version of “Personal Data Protection Act” has been passed after third reading by Legislative Yuan on April, 2010. After taking effective of this new law, due to the applicable main scope enlargement of Personal Data Protection Act, it regulates personal data collections and processing procedures, expends the custodial responsibility to dealers who own the personal data, and adjusts the limitation of penalty up to NTD$200 millions for data leakage, which expects to enlarge the cost and relative responsibilities to enterprises for collecting and using personal data. The object of this analysis is going to explore how government organizations go through IT government frameworks and systems of the consistent privacy protection to design effective “Administrative Procedural Control”, “Accountability”, and “Transparency” mechanisms for proceeding periodic disclosure and positive broadcast. Not only to increase the transparency of government administration and the government accountability, but also to enhance the privacy protection and the trust to civilians, through the right of information “Local Control”, individual controls over self own information which should be dealt with and used. Meanwhile, for example of governance system in financial industry, how to respond to the impact of the new version in Personal Data Protection Act to adjust internal data collections and information security control processes effectively, and try to build up the prototype through governance mechanisms in banking for supervising and managing operations of financial industry. Furthermore attempt providing clients with the best service to avoid operation risks effectively for financial institutions which are caused by the new version of Personal Data Protection Act, and then suggest the IT infrastructure of privacy protection for government organizations. Hope to be able to provide active, positive, safe, and convenient services for winning upon trust and cohesion from civilians to the government.

「廉潔」、「效能」與「透明」乃當前全球先進政府的重要施政價值，亞洲各國為防制貪污之腐蝕，近年來均積極加強反貪廉政機構的建立與強化。反腐倡廉亦為兩岸政府當前施政重點，雙邊領導人均一再宣誓打擊貪腐之重要性並實際嚴打貪官污吏，中國大陸於1995年在最高人民檢察院成立反貪污賄賂總局，2005年又於國務院下設國家反腐敗局；我國則歷經兩次政黨輪替，在各界殷盼下終於2011年7月20日成立第一個廉政專責機構-法務部廉政署，但兩岸貪腐問題並未隨著廉政專責機構成立而減少，社會矚目之重大貪污弊案仍時有所聞，涉案層級也越來越高，其原因為何？是環境使然，抑或是兩岸現行廉政肅貪機制尚有缺漏，無法有效遏止貪污發生。 本研究重點係針對貪腐問題類型、成因及趨勢發展之學術理論進行回顧，並就兩岸貪腐問題發生成因、現況，以及在廉政法制、廉政組織等反腐敗機制上所採措施及成效，盡可能做一探討比較，以瞭解問題癥結。 本研究結果發現兩岸廉政機制不論在法制面、組織面及實際執行面均有待研究改進之處，建議執政當局應努力找出問題所在，積極調整改善，以健全各項廉政監督機制與完善廉政組織、法制等肅貪反貪措施，俾回應民眾對廉能政治之期待，進而提升國家整體清廉度及施政效能。