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公司治理結構與資訊透明度對於資本市場之影響 / The Effect of Corporate Governance Structure and Transparency on the Capital Market

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.

Identiferoai:union.ndltd.org:CHENGCHI/G0883535021
Creators陳瑞斌, Chen, Jui-Pin
Publisher國立政治大學
Source SetsNational Chengchi University Libraries
Language中文
Detected LanguageEnglish
Typetext
RightsCopyright © nccu library on behalf of the copyright holders

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