這篇論文的目的是為盧曼社會系統理論中的一個難題提供可能的解決之道。此難題即為：社會系統既是去主體化的，又是主體化的。這個難題的出現，乃肇因於盧曼認為系統既是自我透明的，也是自我不透明的，既是環境透明的，也是環境不透明的。這兩種弔詭就是盧曼社會系統理論的自我同一性弔詭與環境同一性弔詭。因此，為了解決社會系統理論的去主體化問題，首先就必須解決自我同一性弔詭與環境同一性弔詭。對此，我們建議從盧曼與胡塞爾的比較開始。藉由此種比較以及隨之而來的清洗與重組，我們可以從他們那裡擷取有利於解決上述弔詭的概念與命題。這些概念與命題是：一、存在著諸系統；二、新的觀察概念：構造；三、社會作為內在於意識系統中的社會行動秩序，而溝通系統則作為內在於理解系統中的社會溝通秩序。 / This thesis is aimed at solving a dilemma in Luhmann's theory of social systems.The delimma is: social systems are both desubjectized and subjectized. This is because in Luhmann's theory, they are both transparent and intransparent to itself, and the environments are both transparent and intransparent to systems. These two paradoxes are self-identity paradox and environment-identity paradox. Therefore, if we want to solve the problem of desubjectization in Luhmann's theory, we must solve the self-identity paradox and environment-identity paradox at first. We suggest that it can begin with the comparison between Luhmann and Husserl. Through this comparison, and correspondingly, cleaning and recombination, we can take concepts and propositions which can be used for resolving the above-mentioned paradoxes. The concepts and propositions are: 1. there are systems; 2. new concept of observation; and 3. society as the order of social actions in a consciousness system, and communication system as the order of social communications in a understanding system.

中央銀行政策透明度影響總體經濟的議題在近日漸受重視。以美國為例，2008年房貸嚴重違約，高順位債權受到波及，使多數金融業產生營運危機，讓聯邦準備銀行 (Fed) 政策執行受到關注。晚近貨幣當局的政策透明度漸受重視。貨幣政策應如何選定才能使總體經濟達到較高的社會福利？Cukierman在2002年指出中央銀行的透明度低易造成較高的物價膨脹。本研究以動態一般性均衡模型 (dynamic stochastic general equilibrium) ，建構新凱因斯小型開放總體模型。模型內含一定程度的價格僵固，並且擁有前瞻預期 (forward looking) 及後顧預期 (backward looking) 兩種型態的廠商存在其中。再採用貝氏方法估計台灣在該模型所應採用的參數後，並嘗試對體系內多個部門投入衝擊，然後檢視央行的政策透明度對總體經濟的影響，同時驗證是否支持Cukierman的結論。本研究印證Cukierman的結論，發現央行在操作貨幣政策面臨兩難時，不應採取透明度低的政策法則，而應優先針對物價的不穩定做出因應對策。 / Recently, people pay attention to central bank’s policy transparency, and most countries’ central banks have accepted the suggestion made by the Bank for International Settlements to adopt transparent monetary policy. Cukierman (2002) concluded that if the central bank’s policy was not transparency, it would cause higher inflation. The thesis will utilizes dynamic stochastic general equilibrium model with New Keynesian concept proposed by Gali and Monacelli (2005) to analyze the effects of transparent monetary policy and to classify the macroeconomic different effects between transparent and hazy monetary policy. The conclusions support that higher monetary policy transparency will reduce social welfare loss, lower the volatility of inflation and output gap.

政府透明化為人民「知的權利」之一，不僅賦予民眾課責與監督政府的能力，更能維護民主制度中雙方之信任價值，而近年網際網路等電子技術日漸普及，關於政府透明化的環節亦可透過電子化的途徑開誠布公。過去我國政府透明化相關研究多以中央政府為研究對象，本研究則從我國地方政府著手，研究目的在於期藉由透明化政府相關理論與文獻，瞭解政府透明化之意涵及其重要性、地方政府資訊透明化包含哪些核心構面、與電子治理之連結性等，運用文獻分析法回顧相關資料後，接著建構評估我國地方政府資訊透明化程度之指標。近年又適逢地方政府改制，本研究於是選擇改制後的六都臺北市、新北市、桃園市、臺中市、臺南市、高雄市為研究對象，以內容分析法的方式，運用建構的指標對此六都地方政府網站加以評估，觀察其透明化程度與可再改善之處。 簡言之，本研究將我國地方政府資訊透明化之指標架構歸納為兩個構面，基礎資訊透明化包含10項指標，及財政資訊透明化包含33項指標，值得注意的是，本研究所評估財政資訊透明化涉及2014年資料，時桃園市尚未改制，故其不在本研究財政資訊透明化評估之範圍。整體而言，本研究評估六都的表現都不錯，當然也有可再努力的空間。本研究結論，除了針對評估結果未做到的項目提供建議，從民眾知的權利出發，政府應盡可能提供完善的資訊之外，也談到近年來備受關注的政府資料開放，政府若能提供基本的資訊與開放資料兩項公共服務，將能更符合不同民眾對於政府相關資訊或資料需求，此二者的連結與政府透明化究竟該到什麼程度則有待後續研究繼續探索。 / Government transparency not only provides the people with the ability to hold government accountable, but also serves to sustain trust in the government within a democratic system. Recently, the increasing popularity of information and communication technologies, have made the Internet an important link in the enforcement of government transparency. Previous studies on government transparency have mostly been concentrated on central governments. This research chooses instead to focus on local governments. This research aims to uncover the importance and the concepts of government transparency, the the fundamental dimensions of local government information transparency assessment framework, and the connection between government transparency and E-governance, from previous studies. After reviewing and integrating the literature, this study then constructs a framework for the assessment of Taiwan’s local government information transparency. Taiwan has recently undergone an extensive local government restructuring, thus this research has made the six special municipalities, which were most restructured, the objects of analysis. The special municipalities include, Taipei City, New Taipei City, Taoyuan City, Taichung City, Tainan City, and Kaohsiung City. The research utilizes content analysis methods and the indicator framework constructed, to assess the websites of the six municipal governments. Observations, on the level of transparency and on areas in need of improvement, were made. In short, the assessment framework of local government information transparency includes two aspects. The first is on basic information transparency with 10 indicators. The other is on fiscal information transparency with 33 indicators. It is important to note that since Taoyuan City had not been restructured into a special municipality by 2014, but data for financial transparency includes those for that year, this research would not include Taoyuan in the financial transparency assessments. In sum, the study finds that the transparency of six municipal government websites, is decent. However, there are some indicators can be improved. The study concludes that the governments should provide more complete information to the public, in order to satisfy the public’s demand for government data. These approaches will increase citizen’s rights in obtaining government related information. This research also suggests that the connection between government information transparency and open government data is a subject worthy of further study.

摘要 一九九七年東亞金融風暴起因之一即為公司治理不佳，其影響所及至數年後仍餘波蕩漾，而根據2000年6月麥肯錫顧問公司所做的全球投資人意見調查發現，有高達80％的美國投資人願意多付18％的價格來買良好公司治理企業的股票；自2001年底以來，美國「恩隆」（Enron）與「世界通訊」（WorldCom）等弊案又陸續爆發，其中所暴露的公司治理問題，讓世人驚覺這已是全球企業刻不容緩的議題，並亟思未來如何防止類似事件之發生。 公司治理經緯萬端，但都與如何確保資金提供者的投資能夠獲得應有的報酬有關。據此，公司治理的重要議題之一即為如何使小股東的權益不受內部人（即大股東與管理者）的侵犯；尤其在當今大企業紛紛進行事業轉投資之際，大股東常身兼轉投資事業之經營者，如何確保外在投資人（小股東與債權人）應得的報酬，並兼顧其他利害關係人的利益，為公司治理中實際且有趣之課題。我國大股東往往基於營運效率、自身利益與控制權的考量，會做出許多便宜行事卻不利公司治理的行為，如轉投資事業與母公司之間的透明度不足、大股東交叉持股或持有間接股權、所有權與經營權不分、母公司與轉投資事業之間可能的利益衝突、乃至於大股東個人風格等，這些大股東在轉投資事業中的角色定位與公司治理間的相互關係是本論文論述之重點。同時，為了加強研究的深度與實證性，作者特別藉由個案公司的實際案例來驗證文獻上的觀點，結論所得與研究相符合，並更能增添對企業經營之變化多端與不易控制之親身體驗。 本文最後並討論世界銀行、OECD及我國所規範之公司治理架構，希望公司治理能實際有助於我國企業之轉投資行為。因為制度的設計與執行若能加強公司治理與監督管理者的行為，當能強化公司競爭力，此乃公司治理積極面的貢獻。 / Abstract One of the reasons for the East Asia 1997 financial crisis is because of the careless corporate governance. The impact of this financial crisis actually has had deep and board affection even afterward. According to one investigation by Mckinsey & Company in June 2000, there are about 80% of global investors who are willing to pay 18% extra money to buy those stocks belong to companies have better corporate governance. On the other hand, starting from the end of year 2001, the successive collapse of Enron, WorldCom, and other USA companies has exposed the serious and urgency about corporate governance. It makes people in worldwide enterprises realize how significant the corporate governance is and try to avoid similar events occurred. Although corporate governance has many aspects, it all related to how to secure the deserved return of the capital providers. Accordingly, one of the important topics of corporate governance is to protect the minority shareholder rights from being invaded by the insiders (controlling shareholders and top executives). This topic become even more important especially when controlling shareholders are also top executives of the equity-invested companies. Thus, how to secure the investors’ (minority shareholders and creditors) rights is an interesting and practical issue of corporate governance. Controlling shareholders in Taiwan are used to manage firms based on their own convenience such as the efficiency of operation, interest of themselves, and control rights, instead of considering corporate governance. This attitude, however, will easily result in some negative behaviors such as the lack of transparency between mother company and her equity investment, cross holding or private holding of controlling shareholders, indifferences between ownership and management, the potential interest impact between mother company and equity investment, and even the affection of firms’ performance by the characteristics of controlling shareholders. This thesis emphasize in the above correlation between corporate governance and equity investment. We also examine a real firm’s case to enhance its conviction. This thesis also discusses the corporate governance structure of World Bank, OECD, and Taiwan. It is the author’s hope that corporate governance can be practically useful for a firm’s performance as its aggressive contribution.

近年來，私立學校（以下簡稱私校）不斷爆發財務問題，不僅影響教育目標之達成，亦引起社會大眾對私校的不信任。教育部認為，治本之道，在強化私校的內部控制，於是，修正私立學校法，並強制私校設置監察人（見民國九十年九月公布的修正草案），惟其後教育部的立場已由強制設置改為鼓勵設置。草案公布後，私校董事的反對聲浪不斷，但其他人則可能有不同的看法。本研究探討對監察人制度是否可降低私校發生財務問題的看法，以及不同人對上述問題的看法是否不同。 　　財務透明，是組織避免發生財務問題的一個方法，因此，本研究藉監察人制度是否影響私校財務透明的程度，而回答上述第一個問題。不同特色的監察人制度，功能亦不同，本研究從三個層面探討監察人制度的特色，包括：監察人的獨立性、其專業能力與監察人的規模；財務透明程度則著眼於資訊的可接近性，並從資訊揭露的管道、頻率及資訊的種類三個層面來衡量財務資訊的可接近性。 　　本研究根據監察人制度與私立學校財務資訊可接近性的關係，發展三個假說，探討私立學校監察人制度之建立，是否與財務資訊揭露的管道能公平對待每一位欲取得資訊之人有關、是否與財務資訊揭露之頻率有關，以及是否與所揭露財務資訊之種類有關。為瞭解不同人對監察人制度與私校財務透明程度間之關係的看法是否不同，本研究又探討與私校有關的人士是否因身份之不同而對上述關係有不同的看法。本研究係以問卷蒐集資料，在設計問卷前，本研究訪談北部某私立技術學院之校長，辨認與監察人制度各層面有關的十個問題。本研究共發出問卷811份，回收份數130份，有效問卷109份。 　　根據實證分析，本研究所獲致的結論，為：一、當監察人的獨立性及專業性程度較高，且規模較大時，私校財務透明的程度即較高；而監察人制度對揭露資訊的種類，影響不大，僅監察人之專業，性與「租賃或買賣校地」資訊之揭露有關。二、對上述關係的看法，董事長與校務行政人員及老師未有顯著不同，但校務行政中的校長及會計主任，則顯著不同。三、對監察人的獨立性，受試者的信心較不足，但對其專業能力，則未顯現信心或缺，由於對後者的重視程度較高，整體而言，對監察人制度仍持較正面的看法。綜上所述，設立監察人制度與私校財務透明程度的增加間呈正相關，應可成立。因此，私立學校應以更開放的心胸，去看待監察人制度，雖然它並不是解決私校問題的唯一方法，但它不失為一個值得嘗試的方法。 / Financial irregularities of privately-fimded schools emerged one by one recently.These occurrences not only impact adversely on the achievement of educational goals but also lead to doubt on the worthiness of their existence. One way to solve such problem is to strengthen the effectiveness of internal controls. The Ministry of Education tries to amend the Private School Law and mandates the privately-funded schools to install an audit committee on the top of their board of directors in the bill in September, 2001. The attitude regarding the audit committee of the Ministry, however, has switched, from mandating to optional but encouraging. 　　Since the deliberation is first publicized, the board of directors who are under the supervision of several privately-funded schools oppose strongly, but others keeping silence may hold the opposite views. Therefore, this study investigates the general perceptions whether the installment of audit committee reduces the occurrences of financial irregularities and whether different people hold different views on the said question. Financial transparency is one way to avoid the financial difficulties. This study investigates if the new system affects the degree of financial transparency in privately-funded schools in responding the general perception question. Because function of audit committees is dependent on the members’independence and competence and size of the committee, this study investigates whether these features affect the degree of financial transparency. The financial transparency discussed focuses on the accessibility of financial information, and the measurement of accessibility, which are dependent in turn on the channel, the frequency, and the types of information disclosed. 　　This study develops three hypotheses based on the accessibility of financial information in privately-funded schools, and investigates whether the installment of such a system is correlated with the free access to, the frequency of the access of financial information, and types of information disclosed. Besides, this study also investigates whether people in different position (principals, accounting managers, chairman of the board, student's parents, teachers, administrators of the Ministry of Education or external auditors) hold different views on the above relation. 　　This study uses questionnaires to collect perceptions of different people. This study identifies ten questions for various aspects of audit committee in privately-funded schools before the questionnaire is finalized by interviewing a principal responses one privately-funded college. This study sends 811 questionnaires and receives 130; 109 are usable and analyses are based on these responses. 　　The conclusions of this study are: 　　1. The more independent and more professional of the committee member and the larger of a committee is, the higher financial transparency a privately-funded school can achieve, but the committee influences little on types information disclosed, only the information of "leasing and trading land" impaction the committee member's competence. 　　2. The views of the chairman of the board regarding the relation between the installment of audit committee and the degree of financial transparency are not different significantly with those of the administrative personnel and teachers in privately-funded schools, but principals and accounting managers held views different significantly. 　　3. The subjects lack confidence in audit committee member's independence, but trust their competence. Because they weigh the competence heavier than the independence, they think positively on the system as a whole.

近年來，國際間政府推動資訊公開蔚為風潮，伴隨著資訊通信科技的發展，電子化政府和政府網站更普遍被各界視為一個低成本且高效率的透明化途徑。台灣的政府網站長期受到國際間高度評價，在發展中國家更是名列前茅。然而，既有的研究與調查大多數僅片面側重於政府供給面的探究，通常以化約且可標準化的指標來評鑑特定政府網站的介面資訊功能。相形之下，鮮少有關注民眾的需求認知、機關政策執行以及網站內容評估等較全面的研究成果供參。因而無法更深入地釐清政府網站、法制和政策執行績效不彰等困境與透明化治理之間的關聯。 在委託代理理論的運用之下，本研究兼顧政府治理中委託方民眾的認知以及代理方政府機關的經驗與成效。目的在於釐清網站資訊公開供給和需求的現況與問題，並更具體地檢證政府網站資訊公開對機關施政資訊揭露、績效衡量和政府課責的影響。爰此，研究者參與多項網站資訊公開相關研究，以蒐集多元化次級資料，包括：量化的網路民眾問卷調查，各級機關的跨年度問卷調查，機關網站內容評估比較，以及質性的個別訪談、焦點團體座談。藉由理論聚焦與多重研究方法的交叉檢證分析，以達研究綜效。 研究結果分為網站資訊公開對政府施政資訊揭露，施政績效衡量，以及政府課責的影響三個部分來討論。首先，相較於法制，網站資訊公開更有助於揭露政府施政資訊，特別是網站資訊公開實施過程可呈現出政府治理內、外部的多重代理關係及代理問題，甚至可緩和部分的代理問題。其次，網站資訊公開可具體地呈現並衡量施政績效，以因應傳統官僚體系內各層代理績效難以衡量的困境。但囿於目前整體制度缺乏績效誘因設計，而限制了此效益。最後，因整體資訊公開績效制度的匱乏，也使得網站資訊公開對政府課責的效益備受限制。 整體而言，本研究揭示了代理理論應用於政府治理的價值，並檢證政府資訊公開、績效和課責等三項治理要件的關聯。研究成果可彌補實務與研究的落差，並對相關文獻做出貢獻。 / In recent years, governments from around the world have adopted Freedom of Information Act to increase transparency in their governance. With advancements in information and communication technologies (ICTs), e-Government has been seen as a cost-effective and possible mean to promote openness and transparency. Taiwan’s efforts to develop e-Government services have been well-recognized; especially, have made remarkable advantages among developing countries. Nevertheless, most of the existing researches in evaluating e-Government service are based on supply-side indicators and often assess websites alone; as yet, little information is available on the demand aspect of e-Government. The paper aims to explore the potential and practice of government website information disclosure in terms of the perspective of end user and government agencies. The results show the significance of three aspects in information disclosure of Taiwanese government websites through the application of quantitative and qualitative methodology, including self-administered questionnaire, website evaluation, individual interview, and focus group interview. First, government website information disclosure benefits the revelation of government information, manifestation of multi-agent relationships in internal and external governance of government, and alleviation of partial ageny problems. Second, government website information disclosure enhances revealing and measuring the performance of government agencies; nevertheless, in which the effectiveness is limited due to the absence of institutional incentives. Third, under the circumstances of unsound institution, the effectiveness of accountability has difficulties to be thoroughly realized through government website information disclosure. In sum, the finding contributes to a valuable reference for other countries in implementing information transparency of e-Government, and has significant implications for policy makers, government agencies, and system designers.

財政透明度為建立一個良好政府治理的基礎。近年來隨著中國大陸高速的經濟發展，中央政府相關單位亦注意到財政公開的重要性。然而，目前中國財政資訊仍處於不透明的狀態。另一方面，中國大陸貪腐現象無所不在，內部腐敗行為更是日益猖獗，因此如何打擊貪腐、提升中國地方政府的財政透明度，就成為迫在眉睫的問題。 因此，本文的研究目的主要探討中國貪腐程度對地方政府財政透明度的影響：第一，瞭解當今社會對於財政透明度的提倡與國際規範；第二，考量貪汙與財政透明度之間可能存在非線性關係，建構一個追蹤平滑轉換迴歸模型（Panel Smooth Transition Regression Model，PSTR），瞭解中國大陸財政資訊的公開情形是否因各地區貪腐程度的不同而有所差異；最後，對於中國大陸嚴重的貪腐與財政透明度的關聯做深入探討，以期能為中國大陸財政不透明與不重視情況提出政策建議。

京都大学 / 0048 / 新制・課程博士 / 博士(人間・環境学) / 甲第21383号 / 人博第866号 / 新制||人||207(附属図書館) / 2018||人博||866(吉田南総合図書館) / 京都大学大学院人間・環境学研究科共生人間学専攻 / (主査)准教授 守田 貴弘, 教授 藤田 耕司, 准教授 青山 拓央 / 学位規則第4条第1項該当 / Doctor of Human and Environmental Studies / Kyoto University / DFAM

本研究主要是探討公司治理結構與資訊透明度之間的關聯性，並進一步檢視公司治理結構與資訊透明度對於權益資金成本及分析師盈餘預測之影響。 在本研究的實證分析結果中，發現企業的資訊透明度確實會受到公司治理結構因素的影響。在股權結構方面，當控制股東所持有的現金流量權比率增加時，由於外部股東的持股相對減少，在監督成本大於效益的情況下，對於公司資訊的需求會降低，因此，管理當局會降低資訊的揭露水準，導致資訊透明度下降。在董事會組成方面，本研究的發現支持財富侵佔假說的論點，當控制股東所掌握的董監事席次比率與現金流量權比率之偏離程度愈大時，會提高控制股東剝奪外部股東財富的動機，使得控制股東傾向利用控制力以影響被投資公司的資訊揭露政策，造成被投資公司的資訊透明度下降。除此之外，研究結果也支持監督假說的預期，即獨立董監事的設置，能有效發揮監督管理當局與制衡控制股東的功能，有助於提昇公司的資訊透明度。 在公司治理(公司治理結構與資訊透明度)對於權益資金成本的影響，本研究的實證結果發現企業之公司治理的良窳確實會影響外部投資人對於企業風險的評價，進而影響投資人所要求的必要報酬率(即企業的權益資金成本)。在公司治理結構方面，當控制股東的持股比率增加時，其與外部股東的目標會趨於一致，發生代理問題的風險會降低，投資人承擔較低的代理風險。因此，控制股東持股比率增加所傳達予投資人是一項有利的訊息，以致於投資人願意降低必要的投資報酬率，使得公司的權益資金成本降低。董監事持股質押的行為對於投資人而言，可能是一項風險的訊號，理性的投資人預期未來可能被董監事剝奪財富的風險，以致於要求的投資報酬率會提高，企業的權益資金成本會增加。 在公司治理(公司治理結構與資訊透明度)對於分析師預測的影響，本研究的實證結果發現企業之公司治理的良窳會影響企業資訊環境的品質，進而影響分析師預測誤差與離散性。在公司治理結構方面，當控制股東所掌握之投票權比率與現金流量權比率之偏離程度愈大時，會加深控制股東與外部股東之間的代理問題，降低財務報導的可靠性，因而導致分析師對於公司未來績效與前景的瞭解程度相對較低，分析師之間對於公司未來的盈餘並無一致的看法，即預測的離散性會增加，但是並不影響預測的誤差；當控制股東所掌握之董監事席次比率與現金流量權比率的偏離程度愈大時，會加深控制股東與外部股東之間的利益不一致，使得控制股東有誘因剝奪外部股東的權益，操縱公司的會計資訊，使得會計資訊的可靠性降低，以致於分析師預測未來盈餘所面臨的不確定性會愈大，預測誤差與離散性也會愈高。 關鍵詞：公司治理結構；資訊透明度；權益資金成本；分析師預測；控制股東；獨立董監事 / This study investigates the relationship between corporate governance structure and transparency, which in turn examines the effect of corporate governance structure and transparency on the cost of equity capital and the analyst’s earnings forecasts including forecast error and forecast dispersion. On the relationship between corporate governance structure and transparency, research findings of this study can be summarized as follows. First, the transparency is lower with higher cash flow rights owned by controlled stockholder. Second, the transparency is lower with higher divergence between the control rights, which are numbers of directors and supervisors, and cash flow rights controlled by controlled stockholder. Finally, the transparency is higher with higher percentage of independent directors and supervisors. On the effect of corporate governance structure and transparency on cost of equity capital, research findings of this study can be summarized as follows. First, the cost of equity capital is lower with higher cash flow rights owned by controlled stockholder. Second, the cost of equity capital is higher with higher percentage of cash flow rights pledged by directors and supervisors. On the effect of corporate governance structure and transparency on analyst’s forecasts, research findings of this study can be summarized as follows. First, the forecast dispersion is higher with higher divergence between voting rights and cash flow rights controlled by controlled stockholder. Second, the forecast error and dispersion are higher with higher divergence between the control rights, which are numbers of directors and supervisors, and cash flow rights controlled by controlled stockholder. Keywords: Corporate governance structure；Transparency；Cost of equity capital；Analyst’s forecasts；Controlled stockholder；Independent directors and supervisors.

本研究探討我國於2004年發佈之第35號財務會計準則公報，有關『資產減損之會計處理準則』。35號公報要求企業必須評估公司資產之價值，以避免資產價值之虛列，增加資產價值資訊之透明度。本研究就公開資訊之揭露與資訊透明度的觀點，探討與資產減損有關的三項議題：(1)資產減損之股價反應幅度與公司特質及減損資產類別的關聯性；(2)資產減損對分析師盈餘預測特性之影響；(3)資產減損對本益比之影響。本文之研究結果顯示：(1)對於提前於2004年年報適用的樣本與準時於2005年第一季季報適用的樣本，公司特質變數與股價反應幅度的關聯性有不同；而減損資產類別變數與股價反應幅度則未有顯著之關係；(2)相較於同產業且資產總額接近之未宣告認列資產減損的控制組公司，宣告認列資產減損之公司，其分析師盈餘預測之離散性與預測誤差降低；並且公司揭露認列的減損比率愈大，其分析師間盈餘預測的離散性及預測誤差愈小；(3)在與同產業且資產總額接近之未宣告認列資產減損之控制組公司相較下，宣告認列資產減損之公司，其減損認列後的本益比較減損認列前的期間為高，且認列減損之比率愈大者，其認列減損之後的本益比愈高。這些結果顯示35號公報之公布實施，強制規定公司全面檢視資產或重大投資之潛在未實現損失，將有助於增加資產及盈餘資訊之透明度與穩健性，並提高了分析師對公司盈餘預測能力及市場對公司盈餘資訊之評價。 / This paper studies the effects of the implementation of Statement on Financial Accounting Standards (hereafter, SFAS No. 35) in 2004 on “Accounting for Asset Impairments”. SFAS No. 35 requires that the company has to assess its assets to reflect the potential unrealized losses of assets and improve the transparency of the value of assets in financial statements. From the viewpoints of the disclosure on public information and the transparency of financial statements, this study examines the following three issues related to the asset write-offs: (a) how is the association between the magnitude of market reaction to write-off announcements, firms’ characteristic, and the categories of the asset written-off? (b) what is the impact of asset write-offs on analysts’ forecast dispersion and errors? (c) what is the impact of asset write-offs on price/earnings ratios? The results show that the magnitudes of market reaction in the early adoption samples in 2004 financial statements are different from that in the timely adoption samples in first quarter of 2005’s financial statement. However, The magnitudes of market reactions to the write-off are not significantly associated with categories of asset written-off. Furthermore, compared to control sample of non-adopting firms in the same industry and with similar total assets, the adopting firms have less analysts’ earnings forecast dispersion and errors. And, the larger the asset write-offs, the smaller the analysts’ earnings forecast dispersion and errors. Finally, the adopting firms have larger price/earnings ratios after the asset write-offs than control sample. The larger proportions of asset write-offs to total assets, the larger the price/earnings ratios after the firm the asset write-offs. Accordingly, the above evidence indicates that the reports implementations of SFAS No. 35 improves the transparency and conservatism of assets and earnings information, and to increase the valuations of earnings in the stock market in that the adopting firms are required to evaluate the potential unrealized losses on their long-lived assets and investments.