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    Title: 金融控股公司年報資訊透明度決定因素之研究
    Determinants of the Information Transparency of Financial Holding Companies' Annual Report in Taiwan
    Contributors: 黃智聰
    Huang,Jr Tsung
    于慧中
    Yu,Hwei Chung
    Keywords: 金融控股公司
    資訊透明度
    年報
    financial holding company
    information transparency
    annual report
    Abstract: 近年來國際間財報不實的醜聞時有所聞,使得投資人及社會大眾對公開資訊的正確性高度缺乏信任。無獨有偶,台灣地區的企業也因資訊不透明而使得投資人對企業財務報表之數字能否代表實際經營成果也產生懷疑,某些企業甚至隱瞞財報問題而導致投資人虧損,因此各界要求企業真實揭露經營狀況之呼籲不絶於耳,對公司治理及會計規範的探究也日益熱烈,資訊透明度的議題於是在國內、外均成為眾人高度關注的焦點。
    眾所週知,金融機構在一國經濟發展中扮演至為關鍵的角色,也因其性質之特殊性,一旦發生問題,容易發生系統性之危機。因此,為避免金融機構經營資訊不透明而使投資人受到損失,各國監理機關均制定與資訊揭露相關之法規,期望金融機構在資訊充分揭露之情況之下經營,以達到金融穩定的目的。
    然而回顧過往的相關文獻,有關資訊透明度的議題多數聚焦於上市公司之資訊揭露對經營績效或公司價值之影響層面來作探究,針對金融機構中之金融控股公司年報資訊透明度決定因素之研究,則較少受到關注。因此,本文以年報揭露之內容作為衡量資訊透明度之標的,採用2002年至2006年台灣14家金融控股公司之追蹤資料並搭配固定效果模型探討以下問題:(1)分析與了解金融控股公司資訊揭露之情形(2)以實證模型探討金融控股公司年報資訊透明度之決定因素。(3)提供監理機關修改「金融控股公司年報應行記載事項準則」揭露事項之參考及提出相關之政策建議,以利金融監理之需要。
    本文以證基會之評鑑指標為基礎,對金融控股公司年報資訊揭露評鑑結果發現,金融控股公司之年報資訊揭露平均而言尚具改進空間,且各公司間存在極大差異;而實證結果顯示(1)在內部股權因素方面,經理人持股比例與年報資訊透明度呈現顯著之正相關。(2)在公司特性因素方面,本文發現公司規模係數為顯著負值,顯示金融控股公司之規模較小者,年報資訊透明度較佳。(3)在外部人持股因素方面,本國投信基金持股比例與年報資訊透明度呈現顯著之負向關聯。(4)在時間變數上,年報之資訊揭露隨著時間之遞移而逐步改善,二者呈現顯著的正相關。
    Financial reporting and information disclosure are important means for financial institutions to communicate their performances to investors. However, a series of accounting frauds shook public confidence in the reliability of financial statements. In response, people began to ask enterprises to disclose information truly and to enhance corporate governance and accounting controls.
    Everyone knows financial institutions play key roles in economic activities. Once failure, financial institutions will tend to cause system crisis easily. To prevent such failure from occurring and to disclose information of financial institutions to public are the responsibilities of supervisory authority.
    The purpose of this study are as follows:(1)to understand the status quo of annual reporting transparency in Taiwanese Financial Holding Companies.(2)to investigate the decisive factors that influence the annual reporting transparency.(3)to provide policy implications to the Financial Supervisory Commission on the amendments in Company Act and Corporate Governance Best-Practice Principles for Financial Holding Companies.
    This study uses the fixed-effect model with a panel data of Taiwanese Financial Holding Companies for the period of 2002-2006.Using Securities and Futures Institute’s “Information Disclosure and Transparency Ranking System’s Index” as a measure of transparency, we find that the information transparency across firms varies significantly and that the financial holding companies that have higher ranking in disclosure tend to be smaller in terms of total assets, have lower institutional ownership and higher managerial ownership. This study also shows that the transparency in Taiwanese financial holding companies disclosure has gradually improved in recent years.
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    Description: 碩士
    國立政治大學
    行政管理碩士學程
    95921027
    96
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0095921027
    Data Type: thesis
    Appears in Collections:[行政管理碩士學程(MEPA)] 學位論文

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