Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/30315
|
| Title: | 資訊揭露程度與公司價值之探討-以台灣傳統產業為例 |
| Authors: | 塗盈媜
Tu, Ying-chen |
| Contributors: | 張清福
Chang, Ching-fu
塗盈媜
Tu, Ying-chen |
| Keywords: | 資訊揭露
市場反應
Ohlson模型
Information disclosure
Market reaction
Ohlson model |
| Date: | 2004 |
| Issue Date: | 2009-09-11 17:39:05 (UTC+8) |
| Abstract: | 恩隆（Enron）等管理當局舞弊案，是資訊不對稱所造成。為減少資訊不對稱之問題，各國對公司資訊揭露之範圍與內容規範甚多，沙氏法案（Sarbanes-Oxley Act of 2002）對公司財務揭露之要求即為例證，惟資訊不對稱之情形在資本市場中仍然很嚴重。
本文探討在市場資訊不對稱之情形下，投資人做投資決策時，是否考量公司資訊揭露之程度。本研究以Ohlson (1995)、Barth (1998)、Sloan (1996)及Fama and French (1992, 1995)作為理論基礎建構模型，探討資訊揭露程度對公司價值之影響。具體而言，本研究將揭露程度分為：「財務與營運」、「董事會及股權結構」及「公司網站」三類，針對傳統產業公司之資訊揭露程度與股價、權益市值及股票報酬等三類公司價值之關係進行實證研究。
實證結果發現，除了會計資訊對公司價值具有攸關性外，公司整體資訊揭露程度對公司之價值亦有顯著之正向影響。其中，「財務與營運」的揭露程度對三類公司價值均具有顯著的正向關係，「董事會及股權結構」的揭露程度對股價與權益市值具有顯著之正向關係，「公司網站」的揭露程度則與各公司價值間皆僅為正向但不顯著之關係。
Information asymmetry may cause serious business fraud like Enron case. Countries around the word devote much effort enforcing regulation on the disclosure financial information, such as the requirements of Sarbanes-Oxley Act of 2002 in the USA.
Based on Ohlson (1995), Barth (1998), Sloan (1996), and Fama and French (1995), this study investigates the market reaction to the financial information disclosure. The disclosure of financial information is decomposed into three categories including financial and operating disclosure, board and ownership structure disclosure, and website disclosure. How the stock price, market value and stock return are related to these financial disclosures is examined.
As the results show, in addition to the fact that the accounting information is value relevant, the comprehensive financial disclosure has significantly positive effect on stock price, market value, and stock return, as the financial and operating disclosure does. However, the disclosure of board and ownership structure has significant positive effect only on both stock price and market value, but the market does not have significant reaction to the financial disclosure on website. |
| Reference: | 一、中文部分
（研究報告）
臺灣證券交易所股份有限公司，2001，增進公開發行公司財務資訊公開內涵及管道，證交所研究報告。
（碩博士論文）
丁立平，2003，公司治理、會計資訊與公司價值關係之研究，國立台灣大學會計學系碩士班未出版之碩士論文。
王國瑋，2003，透過網際網路揭露企業價值報告之研究，淡江大學資訊管理學系研究所未出版之碩士論文。
林士勤，1999，台灣股市資訊揭露問題及其對股價影響之實證分析，淡江大學財務金融學系研究所未出版之碩士論文。
字佩芬，2002，資訊揭露程度、外資法人持股率與股價報酬率間之關係研究，中國文化大學國際企業管理研究所未出版之碩士論文。
林冠宏，2004，公司資訊揭露與價值攸關性之研究，政治大學會計研究所未出版之碩士論文。
邱碧珠，1999，資訊揭露程度與權益資金成本間之關係：我國資訊電子業之研究，國立臺灣大學會計學研究所未出版之碩士論文。
吳麗皙，2000，公司資訊揭露與投資者信念關係之研究，中國文化大學國際企業管理研究所未出版之博士論文。
李品陞，2003，企業對2000年以前累積之處分資產溢價轉列保留盈餘之資訊內涵與股權評價研究，成功大學會計學系之未出版碩士論文
莊尚志，2002，資訊揭露程度與資金成本關係之實證研究，東吳大學會計學系研究所未出版之碩士論文。
高蘭芬，2002，機構投資人的監督機能－董監事股權質押之代理問題對會計資訊與公司績效之影響，成功大學會計學系之未出版博士論文
張哲銘，2003，資訊揭露與公司價值之研究資訊揭露與公司價值之研究，國立台北大學會計學系研究所未出版之碩士論文。
黃婷瑜，2001，「會計資訊與股價關連性之研究-成長型與價值型公司之比較」，私立淡江大學會計學系碩士班未出版之碩士論文。
蔡舜智，2002，企業資訊透明度與股票本益比關係之實證研究，義守大學管理科學研究所未出版之碩士論文。
二、英文部分
Amir, E. and B. Lev. 1996. Value-relevance of nonfinancial information: The wireless communications industry. Journal of Accounting and Economics 22: 3-30.
Ball, R., and P. Brown. 1968. An empirical evaluation of accounting income numbers. Journal of Accounting Research (Autumn): 159-178.
Ball, R., S. Kothari, and J. Hand. 1991. Security returns around earnings announcement: Extended functional fixation and security returns around earnings: A reply to Ball and Kothari. Accounting Review 66: 718-740.
Barry, C. B., S. J. Brown. 1984. Differential Information and the Small Firm Effect. Journal of Financial Economics 13: 283-295.
Barry, C. B., S. J. Brown. 1986. Differential Information and Security Market Equilibrium. Journal of Financial and Quantitative Analysis 20: 407-423.
Barth, M. E., W. H. Beaver, and W. R. Landsman. 1998. Relative valuation roles of equity book value and net income as a function of financial health. Journal of Accounting and Economics 25: 1-34.
Beaver, W., 1968. The information content of annualearnings announcements. Journal of Accounting Research (supplement): 67-92.
Bernard, V., and J. Thomas. 1990. Evidence that stock prices do not fully reflect the implications of current earnings for future earnings. Journal of Accounting and Economics 13: 305-340.
Botosan, C. A. 1997. Disclosure level and the cost of equity capital. The Accounting Review 72: 323-349.
Botosan, C. A., and M. A. Plumlee. 2000. A re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research 40 (1): 21-41.
Brown, S., A. Hillegeist, and K. Lo. 2003. Conference calls and information asymmetry. Working paper, Northwestern University.
Collins, D. W., E. L. Maydew, and I. S. Weiss. 1997. Changes in the value-relevance of earnings and book values over the past forty years. Journal of Accounting and Economics 24: 39-67.
Fama, E., and K. R. French. 1992. The cross-section of expected stock returns. Journal of Finance 47: 427-464.
Fama, E., and K. R. French. 1995. Size and book-to-market factors in earnings and returns. The Journal of Finance1: 131-155.
Feltham, G. A., and J. A. Ohlson. 1995. Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11: 689-732.
F□erst, O., and S. H. Kang. 2000. Corporate governance, expected operating performance, and pricing. Working paper, Yale School of Management, New Haven.
Healy, P. M., A. P. Hutton, and K. G. Palepu. 1999. Stock performance and intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research 16 (3): 485-520.
Imhoff, E., and G. Lobo. 1984. Information Content of Analysts Composite Forecast Revision. Journal of Accounting Research 22 (2) Autumn: 541-554.
Jirasakuldech, B., Zorn, T. S. and Geppert, J. M. 2002. Financial disclosure and speculative bubbles: An international test of asymmetry. Working paper, University of the Pacific - Eberhardt School of Business , University of Nebraska at Lincoln and University of Nebraska at Lincoln.
Lang, M. H., and R. J. Lungholm. 1996. Corporate disclosure policy and analyst behavior. 1996. The Accounting Review 71: 467-492.
Ohlson, J. A. 1995. Earnings, book value, and dividends in equity valuation. Contemporary Accounting Research 11 (2): 661-687.
Ou, J., and S. Penman. 1989. Financial statement analysis and the prediction of stock returns. Journal of Accounting and Economics 11: 295-330.
Ole-Kristian H. 2003. Analyst following and the influence of disclosure components, IPOs and ownership concentration. Working paper, University of Toronto.
Sloan, R. G. 1996. Do stock prices fully reflect information in accruals and cash flows about future earnings. The Accounting Review 71: 289-315.
Trueman, B. 1996. The impact of analyst following on stock prices and the implications for firms` disclosure policies. Journal of Accounting Auditing and Finance 11(3): 333-354.
Trueman, B., M. H. F. Wong, and X. Chang. 2000. The eye balls have it: searching for the value in internet stocks. Journal of Accounting Research 38 (Supplement): 137-162.
Watts, R. L., 1974. Accounting objectives. Working paper, University of Rochester.
Waymire, G., 1984. Additional Evidence on the Information Content of Management Earnings Forecasts. Journal of Accounting Research Autumn: 703-718.
Welker, M. 1995. Disclosure policy, information asymmetry, and the liquidity in equity markets. Contemporary Accounting Research 11 (2): 801-827. |
| Description: | 碩士
國立政治大學
會計研究所
92353041
93 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0923530411 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| index.html | 0Kb | HTML2 | 256 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
