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.

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.

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.

Purpose: The purpose of this thesis paper is to evaluate what the current market practice of real estatevaluation and investment decisions is when it comes to different leasing risks and the risk premium.With regard to some of the ongoing trends within real estate, it is believed that investor preferencesaffect the market practice and the underlying theories of valuation does not fully comply to the currentmarket practice. Method: The implementation of the method is stage wise. At first already existing research andliterature was evaluated and triangulated to find relevant knowledge as basis for the theoreticalframework. Afterwards an analysis was performed to answer whether there is a research gap or not.By analyzing the literature, a research gap as well as potential problems related to leasing risks wasfound. The second phase consisted of a qualitative method where experts in the field were interviewedregarding leasing risk to evaluate whether the problem exist in practice or only in literature.Experts on the topic also helped to develop the questions consequently delivered to the interviewees.The mentioned strategy was done with guidance of our tutor Han-Suck Song at KTH and DanielHolmkvist at CBRE. Interviews: Nine interviews were conducted where experts in the business (consultants and propertyfirms) participated to deliver different perspectives on the research question. All interviews were madein Stockholm and held in Swedish and afterwards translated to English. Results: The results consist of the answers from the interview-part, where the relevant findings weresummarized and pin-pointed with regard to the respective field of business and property segment.The general themes that arose throughout the methods are presented, as well as the extremes in termsof opinions and answers. It was found that there is a clear relationship between the leasing risk and therisk premium for commercial real estate. The relationship depends on several factors such asgeographical location, the different submarkets and finally the segment. A municipal- or corporate bondcannot be fully comparable to a leasing contract but for a 20 year or longer contract where the tenant ispublicly financed, the contract can become an interesting investment alternative due to the currentinterest rate cycle. Finally the leasing contract needs to be more effortless to liquidate in order to becomparable to the bond situation. Scientific relevance: The recent transaction activity on the Swedish real estate market has been ratherdefensive for multiple segments the last twelve months with an exception of community properties.A common understanding is that such objects feature “stable tenants” and are viewed as a safeinvestment by the market. This investment practice raises the awareness of what a stable tenant is, andhow the consultants and property owners’ reason during investments and appraising decisions.This research paper illustrates that a common perception on the subject is that the risk exposurecompletely depends on the specific segments, location or contract length etc. The academic researchexplains the theory behind how to derive the discount rate for an investment decision, however thisstudy has during the literature review proven that several important concepts are left out in the theorypartand thus does not fully cover phenomena’s that investors and appraisers are exposed to duringmarket practice. The most critical part is how to relate leasing risk to the risk premium on the Swedishmarket. Since this study focuses on specifically the Swedish market it is crucial to relate to suitableliterature review for further discussions. On foreign markets, more rigid literature on the subject wasfound. / Syfte: Syftet med detta examensarbete är att undersöka vad den aktuella marknadspraxisen inomfastighetsvärdering samt investeringsbeslut är gällande olika nivåer av hyresgästrisker och riskpremie. Metod: Genomförandet av undersökningen har gjorts i två steg. I ett första steg har tidigare forskninginom ämnet analyserats för att finna relevant teori samt identifiera eventuella forskningsgap. Efteranalysen konstaterades ett uppenbart informationsgap inom litteraturen relaterat till hyresgästrisker.Den andra fasen bestod av en kvalitativ metod där experter inom området har intervjuats gällandehyresgästrisker, för att utvärdera om problemet finns i praktiken eller endast i teorin. För att konstruerafrågorna fick vi assistans av experter inom ämnet via våra handledare Han-Suck Song, KTH och DanielHolmkvist, CBRE. Intervjuer: Nio intervjuer genomfördes med experter inom ämnet där både konsulter ochfastighetsägare deltog för att presentera olika synvinklar på problemet. Samtliga intervjuer ärgenomförda i Stockholm och på svenska. Intervjuavsnitten har översatts till engelska i efterhand. Resultat: Resultatavsnittet består av de svar som har erhållits från intervjuerna, där relevantaresonemang har summerats och noggrant strukturerats för att koppla marknadsområden till korrektfastighetssegment. Återkommande teman och ämnen har presenterats i resultatavsnittet, så väl somavvikande uppfattningar. Resultatet visar att det finns ett tydligt samband mellan riskpremium ochhyresgästrisker gällande kommersiella fastigheter. Sambandet beror på ett flertal faktorer där läge ochfastighetssegment har störst inverkan på riskpremien. Gällande obligationsmarknaden går det inte attlikställa ett hyresavtal med en obligation under något förhållande. Däremot om avtalet avser enkontraktslängd på 20 år eller längre och en offentligt finansierad hyresgäst så kan kassaflödet bli ettintressant investeringsalternativ till befintliga obligationer på marknaden. Detta beror till stor del pånuvarande ränteläge. Slutligen måste ett hyresavtal bli lättare att omsätta för att kunna jämföras meden alternativ obligation. Vetenskaplig relevans: Transaktionsaktiviteten på den svenska fastighetsmarknaden har varit relativtdefensiv för flertalet segment med undantag för samhällsfastigheter de senaste tolv månaderna. Dengenerella uppfattningen är att samhällsfastigheter avser ”stabila hyresgäster” och därmed ses som enmindre riskfylld investering. Detta medför frågeställningen, vad avses för att klassificera en hyresgästsom stabil, och hur resonerar konsulter samt fastighetsägare vid investerings- och värderingsbeslut?Efter att ha genomfört undersökningen går det att konstatera att en allmän uppfattning bland experterinom området är att hyresgästrisken till största del beror på vilket segment, lokalisering ellerkontraktslängd som avses. Den akademiska litteraturen förklarar hur diskonteringsräntan härleds förinvesteringsbeslut, men denna undersökning visar att den tillgängliga litteraturen antingen utelämnarflera viktiga koncept eller inte tillräckligt belyser fenomen som investerare och värderare möter i sittpraktiska arbete. Det grundläggande avsnittet som svensk litteratur till viss del utelämnar är sambandetmellan risk premium och hyresgästrisk på specifikt den svenska marknaden. Det finns utländsk litteratursom belyser denna typ av frågeställningar, men just för den svenska marknaden är litteraturen till vissdel ej tillräcklig och därmed har ett potentiellt forskningsgap inom området identifieras.

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.

為改善資訊揭露環境，並增進上市公司的資訊透明度，上海證券交易所在2004年起對所有上市公司強制實施XBRL財務報導格式，本研究檢驗強制實施XBRL財務報導格式對於公司經營績效之影響，以上海證券交易所上市公司為研究對象，研究期間為2003年至2010年，並考慮中國國有企業的特色，將樣本公司分為國有企業與民營企業，分別檢視強制實施XBRL財務報導格式對其經營績效之影響。基於中國國有企業之組織特性，本研究假設僅有民營企業可獲益於強制實施XBRL財務報導格式，並因此提升經營績效。實證結果顯示，確實僅有民營企業獲得XBRL財務報導的效益，在強制實施XBRL財務報導格式後經營績效提升，但由於組織特性的關係，強制實施XBRL財務報導格式的預期效益並未顯現在國有企業，對中國國有企業來說，資訊透明度與外部監督的提升不足以解決其經營上之代理問題。

The bullwhip effect is defined as an upstream amplification of demand variability and has received interest within multinational companies for decades. As early as in the 1950’s, Forrester (1958) discussed what is today known as the bullwhip effect, which has a negative impact on the customer service, costs, and inventory investment in a supply chain (Lee et al., 1997). Even though the bullwhip effect has been noticed in various industries, the consequences, in form of decreased availability and increased costs the further up the supply chain the bullwhip goes, still remain. The employees at Volvo Group Service Market Logistics suspect that their supply chain has been affected by the bullwhip effect and want to know if it is correct and subsequently know why it has occurred. Therefore, this master’s thesis highlights the root causes of the bullwhip effect and presents strategies to mitigate it. To understand how the bullwhip effect affected the Volvo Group Service Market Logistics’ supply chain, the purpose was formulated as follow: The purpose of this study is to identify events in the Volvo Group Service Market Logistics’ supply chain where the bullwhip effect has occurred, its root causes, and how to reduce or eliminate the bullwhip effects.  The studied flow was from the Central Distribution Center (CDC) in Ghent, to the Regional Distribution Center (RDC) in Brazil, to the Dealers associated to the RDC in Brazil, and the customers. Data was collected from each node and events were studied to find bullwhip events. After sorting out the part numbers that passed the criteria for bullwhip events, the amount of data had to be reduced even more. A couple of different conditions were applied which resulted in four suitable bullwhip events. Thereafter, the authors conducted interviews with Logistics Managers at each node of the supply chain to find the root causes of the bullwhip effect in each studied event.  Among the several found root causes, lack of information transparency was the most frequent occurring root cause, found in three out of four studied bullwhip events. Insufficient communication and lack of information sharing cause bullwhip effects, and the authors found that improved communication both between and within the nodes will contribute to better planning, and consequently avoided bullwhip effects. Other root causes found were issues with the ordering system, lack of learning and experience, neglected lead times, fear of empty stock, price fluctuations, and phase-out of the spare part.  To reduce or eliminate the bullwhip effect, the focus was on mitigating the root causes since the root causes create opportunities for the bullwhip effect to occur. Four suggestions were given with suitable mitigation strategies found in the literature, where the four suggestions were sales campaigns, prepare for boosts, keep track of manually placed orders, and ordering system and Logistics Manager behavioural issues. The suggestions could then be connected to the different found root causes. The stated suggestions and mitigation strategies focused on mitigating the root causes in a long-term perspective and consequently the bullwhip effect itself.