近幾年來公司治理已成為熱門的管理議題之一。尤其是安隆（Enron）案之後，市場投資人與債權人對公司管理當局之不信任日益加重，此時公司若能開誠佈公告知利害關係人其相關之資訊，非但能提升公司之資訊透明度，亦獲取投資人的重新認可，即為一種最有效解決代理問題之管道。然其中能完善建立此種管道即須透過公司治理的相關機制。而當有了健全的公司治理機制，企業才有可能在進一步順利地在資本市場上籌措資金，進而維持公司的長期競爭力，取得永續經營。
因此，本研究以國內電子業上市公司為樣本，民國91年為研究期間，嘗試對企業資訊透明度以綜合性的指標衡量，探討公司治理結構對資訊透明度的影響。此外，再從投資人之觀點來看，探究公司資訊透明度之高低，對投資人而言，其獲取之股價報酬之變異程度，是否會因資訊透明度之高低而有顯著之變動。
研究結果顯示：
1. 控制股東的盈餘分配權愈大，資訊透明度愈高；控制股東之控制權與現金流量權偏離程度愈大，資訊透明度愈高，不符合原先預期；控制股東掌控之監察人席次愈高則資訊透明度愈低。
2. 資訊透明度之高低對股票報酬變異性有顯著負相關影響。
3. 當加入公司治理結構後，公司治理之變數對股票報酬之變異性並無顯著之影響，亦即無增額之解釋能力。 / Recently, corporate governance has become one of the most popular managerial issues, especially after the case of Enron fraud. Since then, the relationship between the company management and market investors has aggravated increasingly due to lack of trust. It is believed that if the company management can frankly and earnestly publish related information to the stakeholders, the company’s transparency and thus the investors’ trust will be promoted. This approach may be the most effective one to solve the agency problem between the owners and the company management. However the success of this approach depends on good corporate governance. Sound corporate governance will make enterprises sustainable and competitive in the long-run.
The research uses a sample of Taiwan electronic companies of 2002 to examine the effect of corporate governance factors on the transparency of the company. The corporate governance factors in the study include ownership structure, institutional investors, and independent directors and supervisors. In addition, the research also investigates the effect of transparency and corporate governance factors on the variation of stock return.
The empirical results indicate follows:
1. Controlling shareholder’ cash flow rights and the deviation of voting rights and cash flow rights have significantly positive effect on company’s transparency; the proportion of audit committee members related to controlling shareholder has significantly negative effect on company’s transparency.
2. Company’s transparency has significantly negative effect on the variation of stock return.
3. There is no incremental information content of corporate governance factors on the variation of stock returns after controlling for the effect of information transparency.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0091353009 |
| Creators | 林政衛, Lin , Cheng Wei |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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