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.

本研究以2004至2010年國內之上市公司為研究樣本，探討內部控制缺失對公司經營績效之影響。對於內部控制缺失之判斷，不同於以往，僅限以公司自行揭露或遭主管機關裁罰之資訊為對象，本研究廣泛蒐集公司負面新聞，將內部控制缺失依事件發生原因分類，並依照COSO報告架構將內部控制缺失依五大要素及五大目標予以分類。 實證研究結果顯示，內部控制缺失與企業經營績效間呈顯著負相關，重大之內部控制缺失對經營績效影響之程度較大。依發生原因分類內部控制缺失之分析結果顯示，違反金管會規定、管理階層操守與價值觀有偏差及發生會計錯誤而重編財報之公司，其經營績效較差。至於內部控制缺失涉及內部控制要素及控制目標者，分析顯示，各項缺失要素及目標皆與經營績效呈顯著負向關係，且缺失要素及缺失目標較多之公司，其經營績效較差。其中，控制環境、風險評估與監督三項控制要素缺失，以及財務報導目標缺失對經營績效有較顯著之負向影響。 / Based on a sample of 724 Taiwanese companies listed in Taiwan Securities Exchange over the period of 2004-2010, this research investigates the impact of internal control weaknesses on firm performance. Different from prior studies that identified internal control weaknesses only from voluntary disclosures made by the firm and releases regarding firm’s violation of regulations issued by the Finanical Supervisory Commission, Executive Yuan, ROC (FSC). This study extensively collects news related to events resulting from internal control weaknesses as an additional data source. A further classification of internal control weaknesses is performed based on the nature of the events and the internal control framework proposed in the COSO report. The empirical results indicate that firms with internal control weaknesses are significantly underperformed. It is also found that material weaknesses have greater impact on firm performance. The results show that firms associated with FSC regulation violation releases, the integrity and ethical values of management is biased, and had restated financial statements accounting errors have significantly lower performance. The internal control weaknesses classified by the elements and objectives of internal control based on the COSO framework, are found to be significantly and negatively related to the firm performance respectively and collectively. In specific, the weaknesses associated with control environment, risk assessment, monitoring, and financial reporting objective have greater impact on firm performance.