Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/30267
|
| Title: | 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 |
| Authors: | 陳瑞斌
Chen, Jui-Pin |
| Contributors: | 許崇源
Hsu, Chun-Yuan
陳瑞斌
Chen, Jui-Pin |
| Keywords: | 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
Corporate governance structure
Transparency
Cost of equity capital
Analyst’s forecasts
Controlled stockholder
Independent directors and supervisors |
| Date: | 2004 |
| Issue Date: | 2009-09-11 17:33:54 (UTC+8) |
| Abstract: | 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. |
| Reference: | 國內文獻：
中華公司治理協會，民91，中華公司治理協會網站。
王佩如，民92，年報環境揭露與合理性理論-以上市公司為例，國立政治大學會計學系未出版碩士論文。
字佩芬，民92，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，私立中國文化大學國際企業管理研究所未出版碩士論文。
李建然，民89，影響台灣上市公司自願性盈餘預測頻率之研究，會計評論，第32期，頁49-79。
李德冠，民90，公司監理機制對於關係人交易影響之研究，私立輔仁大學金融研究所未出版碩士論文。
李惟平，民91，我企業資訊揭露仍不足，經濟日報，91/7/31。
李亭誼，民92，董事身分特性與董監經理人相關資訊揭露程度關係之研究，國立政治大學會計學系未出版碩士論文。
李孟芳，民92，股權結構對企業財務資訊揭露品質之影響-以上市電子業公司為例，國立成功大學會計學系未出版碩士論文。
李春安、吳欽杉與葉麗玉，民92，所有權結構與公司非法行為關係之研究-以台灣股票上市公司為例，證券市場發展季刊，第十四卷，第四期，頁75-138。
李春安，民91，股市激烈變動期間機構投資人從眾現象形成原因與股價衝擊之研究，國科會專題研究計畫。
Agrawal, A. and S. Chadha. 2004. Corporate Governance and Accounting Scandals. SSRN Working Paper.
Ahmed, K. and J. K. Courtis. 1999. Associations between corporate characteristics and disclosure levels in annual reports: A meta-analysis. British Accounting Review 31, 35-61.
Alves, C. and V. Mendes. 2004. Corporate governance policy and company performance: The Portuguese case. Corporate Governance 12, 290-301.
Amihud, Y., and H. Mendelson. 1986. Asset pricing and the bid-ask spread. Journal of Financial Economics 17, 223-249.
Ashbaugh, H., Collins, D. W. and R. LaFond. 2005. Corporate governance and the cost of equity capital. SSRN Working Paper.
Ang, J. S. and J. C. Brau. 2002. Firm transparency and the costs of going public. Journal of Financial Research 25, 1-17.
Ang, J. S. and S. J. Ciccone. 2001. International differences in analyst forecast properties. SSRN Working Paper.
Ang, J. S., Cole, B. A. and J. W. Lin. 2000. Agency costs and ownership structure. Journal of Finance 55, 81-106.
Archambault, J. J. and M. E. Archambault. 2003. A multinational test of determinants of corporate disclosure. The International Journal of Accounting 38, 173-194.
Athanassakos, G. and M. Kalimipalli. 2003. Analyst forecast dispersion and future stock return volatility. SSRN Working Paper.
李焮慈，民93，資訊透明度、金字塔結構、交叉持股與市場價值，國立高雄第一科技大學財務管理學系碩士班未出版碩士論文。
Atiase, R. K. 1985. Predisclosure information, firm capitalization, and security price behavior around earnings announcements. Journal of Accounting Research 23, 21-36.
Bacon, J. 1973. Corporate Directorship Practices: Membership and Committees of The Board. New York: The Conference Board.
Baiman, S. and R. Verrecchia. 1996. The relation among capital markets, financial disclosure, production efficiency, and insider trading. Journal of Accounting Research 34, 1-22.
Ball, R. 2001. Infrastructure requirements for and economically efficient system of public financial reporting and disclosure. Brookings Wharton Papers on Financial Services: 127-182.
Ball, R., Robin, A. and J. S. Wu. 2003. Incentives versus standards：Properties of accounting income in four East Asia countries. Journal of Accounting and Economics 36, 235-270.
Banz, R. W. 1981. The relationship between return and market value of common stocks. Journal of Financial Economics 9, 3-18.
Barrett, M. E. 1976. Disclosure and comprehensiveness in an international setting. Journal of Accounting Research 14, 10-26.
Barron, O. E., Kile, O. C. and T. B. O’Keefe. 1999. MD&A quality as measured by the SEC and analysts’ earnings forecasts. Contemporary Accounting Research 16, 75-109.
Barry, C. and S. Brown. 1985. Differential information and security market equilibrium. Journal of Financial and Quantitative Analysis 20, 407-422.
Basu, S., Hwang, L. and C. L. Jan. 1998. International variation in accounting measurement rules and analysts’ earnings forecast errors. Journal of Business Finance and Accounting 25, 1207-1247.
汪怡娟，民92，環保支出資訊揭露及揭露品質決定因素之研究，國立成功大學會計學系未出版碩士論文。
Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. Accounting Review 71, 443-465.
Beaver, W. H., Griffin, P. A. and W. R. Landsman. 1982. The incremental information content of replacement cost earnings. Journal of Accounting and Economics 4, 15-39.
Beavor, W. H. 2002. Perspectives on recent capital market research. Accounting Review 77, 453-474.
Bebchuk, L. A., Kraakman, R. and G. Triantis. 2000. Stock pyramids, cross-ownership, and dual-class equity: The creation and agency costs of separating control from cash flow rights. SSRN Working Paper.
Beiner, S., Drobetz, W., Schmid, M. M. and H. Zimmermann. 2004. An integrated framework of corporate governance and firm valuation-evidence from Switzerland. SSRN Working Paper.
Belkhir, M. 2004. Board of directors size and performance in banking. SSRN Working paper.
Berle, A. and G.. Means. 1932. The modern corporation and private property. MacMillan, New York, N. Y.
Bhattacharya, U. and H. Daouk. 2002. The world price of insider trading. Journal of Finance 57, 75-108.
Bhojraj, S. and P. Sengupta. 2003. Effect of corporate governance on bond ratings and yields: The role of institutional investors and outside directors, Cornell University Working Paper.
Bhushan, R. 1989. Firm characteristics and analyst following. Journal of Accounting and Economics 11, 255-274.
呂坤穎，民92，機構投資人對公司經理人進行盈餘管理行為之影響，國立中正大學財務金融學系未出版碩士論文。
Bloomfield, R. and T. Wilks. 2000. Disclosure effects in the laboratory: liquidity, depth, and the cost of capital. Accounting Review 75, 13-41.
Botosan, C. A. 1997. Disclosure level and the cost of equity capital. Accounting Review 72, 323-349.
Botosan, C. A. and M. Plumlee. 2002. A Re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research 40, 21-40.
Brickley, J. A., Coles, J. L. and R. L. Terry. 1994. Outside directors and the adoption of poison pills. Journal of Financial Economics 35, 371-390.
Bricker, Previts, Robinson and Young. 1995.
Bushee, B. J. and C. F. Noe. 2000. Corporate disclosure practices, institutional investors and stock return volatility, Journal of Accounting Research 38, 171-201.
Bushman, R. M., Piotroski, J. and A. Smith. 2004. What determines corporate transparency ?. Journal of Accounting Research 42, 207-252.
Bushman, R. M. and A. J. Smith. 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics 32, 181-235.
Buzby, S. L. 1975. Company size, listed versus unlisted stocks and the extent of financial disclosure. Journal of Accounting Research 13, 16-37.
Byrd, J. W. and L A. Hickman. 1992. Do outside directors monitor managers? Evidence from tender offer bids. Journal of Financial Economics 32, 195-222.
呂春綢，民93，我國獨立董監制度與公司績效關係研究，國立台北大學會計學系未出版碩士論文。
Byard, D. and K. W. Shaw. 2003. Corporate disclosure quality and properties of analyst’s information environment, Journal of Accounting, Auditing and Finance 18, 355-378.
Cerf, R. A. 1961. Corporate reporting and investment decisions. Berkeley, California: The University of California Press.
Chan, L. K., Hamao, Y. and J. Lakonishok. 1991. Fundamentals and stock returns in Japan. Journal of Finance 46, 1739-1789.
Chang, J. J., Khanna, T. and K. G. Palepu. 2000. Analyst activity around the world. SSRN Working Paper.
Chau, G. K. and S. J. Gray. 2002. Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore. The International Journal of Accounting 37, 247-265.
Chava, S., M. Dierker. and D. Livdan, 2004. Do shareholder rights affect the cost of bank loans? The University of Houston Working Paper.
Chen, K. C. W., Chen, Z. H. and J. K. C. Wei. 2003. Disclosure, corporate governance, and the cost of equity capital: Evidence from Asia’s emerging markets. SSRN Working Paper.
Chen, K. C. W., Chen, Z. H. and J. K. C. Wei. 2004. Disclosure, corporate governance, and the cost of equity capital in emerging markets. SSRN Working Paper.
Chen, C. J. P. and B. Jaggi. 2000. Association between independent nonexecutive directors, family control and financial disclosures in Hong Kong. Journal of Accounting and Public Policy 19, 285-310.
Cho, J. Y. and C. Harter. 1995. The relation between predisclosure information and the dispersion of financial analysts’ forecasts of earnings. Journal of Business Finance and Accounting 22, 855-865.
邱碧珠，民89，資訊揭露水準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系未出版碩士論文。
Choi, F. D. S. 1973. Financial disclosure and entry to the European capital markets. Journal of Accounting Research 11, 159-179.
Chow, C. W., and A. Wong-Boren. 1987. Voluntary financial disclosure by Mexican corporations. Accounting Review 62, 533-541.
Chtourou, S. M. Bedard, J. and L. Courteau. 2001. Corporate governance and earnings management. SSRN Working Paper.
Ciccone, S. J. 2000. Two essays on financial transparency: (1) Information quality and stock returns and (2) International differences in financial transparency. Doctoral Dissertation of the Florida State University.
Ciccone, S. J. 2001. Analyst forecast properties, financial distress, and business risk. SSRN Working Paper.
. 2002. Improvement in the forecasting ability of analysts. SSRN Working Paper.
Claessens, S., Djankov, S., Fan, J. P. H. and L. H. P. Lang. 1999. Expropriation of minority shareholders in East Asia. SSRN Working Paper.
. 2002. Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance 57, 2741-2771.
Claessens, S., Djankov, S. and L. H. P. Lang. 2000. The separation of ownership and control in East Asian corporations. Journal of Finance Economics 58, 81-112.
Clarkson, P., Guedes, J. and R. Thompson. 1996. On the diversification, observability, and measurement of estimation risk. Journal of Financial and Quantitative Analysis 31, 69-84.
沈宜慶，民91，企業資訊透明度與債券發行資金成本關係之實證研究，私立淡江大學會計學系未出版碩士論文。
Coase, R., 1937. The nature of the firm. Economica, New Series 4, 386-405.
Coles, J., Loewenstein, U. and J. Suay. 1995. On equilibrium pricing under parameter uncertainty. Journal of Financial and Quantitative Analysis 30, 347-364.
Collins, W. A. and W. S. Hopwood. 1980. A multivariate analysis of annual earnings forecasts generated from quarterly forecasts of financial analysts and univariate times-sreies model. Journal of Accounting and Research 18, 390-406.
Conroy, R. M. and R. S. Harris. 1995. Analysts’ earnings forecast in Japan: Evidence of systematic optimism. Pacific Basin Journal of Finance 3, 393-408.
Cooke, T. E. 1989. Disclosure in the corporate annual reports of Swedish companies. Accounting and Business Research 19, 113-124.
. 1991. An assessment of voluntary disclosure in the annual reports of Japanese corporations. The International Journal of Accounting 26, 174-189.
. 1992. The impact of size, stock market listing and industry type on disclosure in the annual reports of Japanese listed corporations. Accounting and Business Research 22, 229-237.
Core, J., Guay, W. and T. Rusticus. 2004. Does weak governance cause weak stock returns? An examination of firm operating performance and analysts’ expectations. SSRN Working Paper.
Craswell, A. T. and S. L. Taylor. 1992. Discretionary disclosure of reserves by oil and gas companies: An economic analysis. Journal of Business Finance and Accounting 19, 295-308.
Credit Lyonnais Securities Asia. 2001. CG Watch: Corporate governance in emerging markets.
沈中華、陳錦村與吳孟紋，民90，更早期預警模型:台灣銀行道德指標的建立與影響，討論稿。
Credit Lyonnais Securities Asia. 2002. CG Watch: Corporate governance in emerging markets.
Credit Lyonnais Securities Asia. 2003. CG Watch: Corporate governance in emerging markets.
Cronqvist, H. and M. Nilsson. 2003. Agency costs of controlling minority shareholders. Journal of Financial and Quantitative Analysis 38, 695-719.
Daley, L. A., Senkow, D. W. and R. L. Vigeland. 1988. Analysts’ forecasts, earnings variability, and option pricing: Empirical evidence. Accounting Review ,563-585.
Davis, E. and J. Kay. 1993. European mergers and merger policy. New York：Oxford University Press.
DeAngelo, L. E. 1981. Auditor independence, low balling, and disclosure regulation. Journal of Accounting and Economics 3, 113-127.
Dechow, P. M., Sloan, R. G.. and A. P. Sweeney. 1996. Cause and consequence of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13, 1-36.
Deis, D. and G. Giroux. 1992. Determinants of auditor quality in the public sector. Accounting Review 67, 462-479.
Deller, D., Stubenrath, M. and C. Weber. 1999. A survey of the use of the internet for investor relations in the USA, UK and Germany. European Accounting Review 8, 351-364.
Demsetz, H. and K. Lehn. 1985. The structure of corporate ownership：cause and consequences. Journal of Political Economy 93, 1155-1177.
何幸芳，民92，獨立董監事對公司價值與盈餘資訊內涵影響之研究，私立輔仁大學金融研究所未出版碩士論文。
Diamond, D. and R. Verrecchia. 1991. Disclosure, liquidity and the cost of equity capital. Journal of Finance , 1325-1360.
Douthett, E. B., Duchac, J. E., Haw, I. M. and S. C. Lim. 2003. Differential levels of disclosure and the earnings-return association: evidence from foreign registrants in the United States, The International Journal of Accounting 38, 145-162.
Durnev, A. and E. H. Kim. 2004. To Setal or not to steal: Firm attributes, legal environment, and valuation. Journal of Finance Forthcoming.
Drabek, Z. and A. Payne. 1999. The impact of transparency on foreign direct investment. SSRN Working Paper.
Easton, P. 2004. PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. Accounting Review 79, 73-95.
Edwards, E. and P. Bell. 1961. The theory and measurement of business income. Berkeley, CA：University of California Press.
El-Gazzar, S. M. 1998. Predisclosure information and institutional ownership: A cross-sectional examination of market revaluations during earnings announcement periods. Accounting Review 73, 119-129.
Elliott, R. K. and P. D. Jacobson. 1994. Costs and benefits of business information disclosure. Accounting Horizon 8, 80-96.
Eng, L. L., and Y. T. Mak. 2003. Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy 22, 325-345.
Eng, L. L. and H. K. Teo. 2000. The relation between annual report disclosures, analysts’ earnings forecasts and analyst following: Evidence from Singapore. Pacific Accounting Review 11, 219-239.
金志遠，民89，董事會特性與自願性揭露關係之研究，國立政治大學會計學系未出版碩士論文。
Evans, J. H. and J. M. Patton. 1982. An economic analysis of participation in the Municipal Finance Officers Association certification of conformance program. Journal of Accounting and Economics 5, 151-175.
Faccio, M. and L. H. P. Lang. 2002. The separation of ownership and control: An analysis of ultimate ownership in Western European corporations. SSRN Working Paper.
Fama, E. F. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88, 288-307.
. 1981. Efficient capital market: Ⅱ. Journal of Finance 46, 1575-1617.
Fama, E. F., and K. R. French. 1992. The Cross-section of expected stock returns. Journal of Finance 47, 427-465.
. 1993. Common risk factors in the returns of stocks and bonds. Journal of Financial Economics 33, 3-56.
. 1997. Industry costs of capital. Journal of Financial Economics 43, 153-193.
Fama, E. F. and M. C. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26, 301-325.
Fan, J. P. H. and T. J. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33, 401-425.
Fan, L. and A. Yasuda. 2004. Analyst reputatuion, underwriting pressure, and forecast accuracy. SSRN Working Paper.
林炯垚，民79，財務管理-理論與實務，初版，台北：華泰書局。
Feltham, G. and J. Ohlson. 1995. Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11, 689-731.
Forker, J. J. 1992. Corporate governance and disclosure quality. Accounting and Business Research 22, 111-124.
Gebhardt, W. R., Lee, C. M. C. and B. Swaminathan. 2001. Toward an implied cost of capital. Journal of Accounting and Research 39, 135-176.
Gelb, D. S. 2000. Managerial ownership and accounting disclosures: An empirical study. Review of Quantitative Finance and Accounting 15, 169-185.
Gode, D. and P. Mohanram. 2001. What affects the implied cost of equity capital? SSRN Working Paper.
Gode, D. and P. Mohanram. 2003. Inferring the cost of capital using the Ohlson-Juettner Model. Review of Accounting Studies 8, 399-431.
Gompers, P., Ishii, J. L. and A. Metrick. 2001. Corporate governance and equity prices. SSRN Working Paper.
. 2003. Corporate governance and equity prices. Quarterly Journal of Economics 118, 107-155.
Gray, S. J. 1988. Towards a theory of cultural influence on the development of accounting systems internationally. Abacus 24, 1-15.
Hackston, D. and M. J. Milne. 1996. Some determinants of social and environmental disclosures in New Zealand companies. Accounting, Auditing and Accountability Journal 9, 77-108.
林明謙，民90，股權結構、董事組成對大股東介入股市行為影響之研究，私立輔仁大學金融研究所未出版碩士論文。
Hail, L. 2002. The impact of voluntary corporate disclosures on the ex-ante cost of capital for Swiss firms. The European Accounting Review 11, 741-773.
Hail, L. and C. Leuz. 2004. International differences in the cost of equity capital: Do legal institutions and securities regulation matter? SSRN Working Paper.
Han, B. H. and D. Manry. 2000. The implications of dispersion in analysts’ earnings forecasts for future ROE and future returns. Journal of Business Finance and Accounting 27, 99-125.
Handa, P. and S. Linn. 1993. Arbitrage pricing with estimation risk. Journal of Financial Economics , 81-100.
Haniffa, R. M. and T. E. Cooke. 2002. Culture, corporate governance and disclosure in Malaysian corporations. Abacus 38, 317-349.
Healy, P. M., Hutton, A. P. and K. G. Palepu. 1999. Stock performance and Intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research 16, 485-520.
Healy, P. M. and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital market: A review of the empirical disclosure literature. Journal of Accounting and Economics 31, 405-440.
Ho, L. C. J., Hassell, J. M. and S. Swidler. 1995. An empirical examination of the dispersion and accuracy of analyst forecasts surrounding option listing. Review of Financial Economics 4, 171-185.
Ho, S. S. M. and K. S. Wong. 2001. A study of the relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing and Taxation 10, 139-156.
Hofstede, G. 1980. Culture’s consequences: International differences in work-related values. Beverly Hills: SAGE Publications.
林玉霞，民91，台灣上市公司代理問題、公司治理與股東價值之研究，私立中原大學會計學系未出版碩士論文。
Holland, J. 1998. Private disclosure and financial reporting. Accounting and Business Research 28, 255-269.
Hope, O. K. 2003a. Disclosure practices, enforcement of accounting standards, and analysts’ forecast accuracy：An international study. Journal of Accounting Research 41, 235-271.
. 2003b. Accounting policy disclosures and analysts’ forecasts. Contemporary Accounting Research 20, 295-321.
. 2003c. Firm-level disclosures and the relative roles of culture and legal origin. Journal of International Financial Management and Accounting 14, 218-248.
. 2003d. Analyst following and the influence of disclosure components, IPOs and ownership concentration. SSRN Working Paper.
Hossain, M., Perera, M. H. B. and A. R. Rahman. 1995. Voluntary disclosure in the annual reports of New Zealand companies. Journal of International Financial Management and Accounting 6, 69-87.
Hossain, M., Tan, L. M. and M. Adams. 1994. Voluntary disclosure in an emerging capital market: Some empirical evidence from companies listed on the Kuala Lumpur Stock Exchange. The International Journal of Accounting 29, 334-351.
Huang, H. 2004. Shareholder rights and the cost of equity capital. SSRN Working Paper.
Hughes, P. J. 1986. Signaling by direct disclosure under asymmetric information. Journal of Accounting and Economics 8, 119-142.
Ismail, T. H. 2003. An empirical investigation of factors influencing voluntary disclosure of financial information on the internet in GCC countries. SSRN Working Papers.
林玉振、黃荃與林容竹，民91，董事會特性對經營績效、財務決策之影響研究-以台灣上市公司為例，管理與系統，第九卷，第三期，頁345-368。
Jaggi, B. and P. Y. Low. 2000. Impact of culture, market forces, and legal system on financial disclosures. The International Journal of Accounting 35, 495-519.
Jensen, M. C. 1993. The modern industrial revolution, exit and the failure of internal control system. Journal of Finance 48, 831-880.
Jensen, M. C. and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics 3, 305-360.
John, K. and L. W. Senbet. 1998. Corporate governance and board effectiveness. Journal of banking and Finance 22, 371-403.
Johnson, S., Boone, P., Breach, A. and E. Friedman. 2000. Corporate governance in the Asian financial crisis. Journal of Financial Economics 58, 141-186.
Jorgensen, B. N. and M. T. Kirschenheiter. 2003. Discretionary risk disclosures. Accounting Review 78, 449-469.
Jung, K. and S. Y. Kwon. 2002. Ownership structure and earnings informativeness: evidence from Korea. The International Journal of Accounting 37, 301-325.
Kiel, G. C. and G. J. Nicholson. 2003. Board composition and corporate performance: How the Australian experience informs contrasting theories of corporate governance. Corporate Governance 11, 189-205.
Klapper, L. F. and I. Love. 2002. Corporate governance, investor protection and performance in emerging markets. SSRN Working Paper.
Klein, A. 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Ecionomics 33, 375-400.
林嬋娟，民93，銀行業之公司治理與揭露：台灣的實證研究，第九屆紀念梁國樹教授學術研討會-金融監理與風險控管。
Krishnamurti, C., Sevic, A. and Z. Sevic. 2003. Legal environment, firm-level corporate governance and expropriation of minority shareholders in Asia. SSRN Working Paper.
Kross, W., Ro, B. and D. Schroeder. 1990. Earnings expectation: The analysts’ information advantage. Accounting Review 65, 461-476.
Lakonishok, J. 1993. Is beta dead or alive? The CAPM controversy：Policy and strategy implications for investment management. New York, NY：Association for Investment Management and Research.
Lang, M. H., Lins, K. V. and D. P. Miller. 2003. ADRs, analysts, and accuracy: Does cross listing in the United States improve a firm’s information environment and increase market value. Journal of Accounting Research 41, 317-345.
. 2004. Concentrated control, analyst following and valuation: Do analysts matter most when investors are protected least? Journal of Accounting Research forthcoming.
Lang, M. H. and R. J. Lundholm. 1993. Cross-sectional determinants of analysts ratings of corporate disclosure. Journal of Accounting Research 31, 246-271.
. 1996. Corporate disclosure policy and analyst behavior. Accounting Review 71, 467-492.
La Porta, R., Lopez-de-Silanes, F. and A. Shleifer, 1999. Corporate ownership around the world. Journal of Finance 54, 471-517.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and R. W. Vishny. 1998. Law and finance. Journal of Political Economy 106, 1113-1155.
. 2000. Investor protection and corporate governance. SSRN Working Paper.
林詩韻，民91，台灣上市公司股權結構與盈餘資訊內涵之關聯性研究，私立淡江大學會計學系未出版碩士論文。
. 2002. Investor protection and corporate valuation. Journal of Finance 57, 1147-1170.
Lee. T. S. and Y. H. Yeh. 2004. Corporate governance and financial distress: Evidence from Taiwan. Corporate Governance 12, 378-388.
Leland, H. and D. H. Pyle. 1977. Informational asymmetrics, financial structure, and financial intermediation. Journal of Finance 32, 371-388.
Lemmon, M. L. and K. V. Lins. 2003. Ownership structure, corporate governance, and firm value：Evidence from the east asian financial crisis. Journal of Finance 58, 1445-1468.
Leuz, C. 2003. Discussion of ADRs, Analysts, and Accuracy: Does cross-listing in the United States improve a firm’s information environment and increase market value? Journal of Accounting Research 41, 347-362.
Leuz, C., Nanda, D. and P. D. Wysocki. 2003. Earnings management and investor protection: An international comparison. Journal of Financial Economoics 69, 505-527.
Leuz, C. and R. E. Verrecchia. 2000. The economic consequences of increased disclosure. Journal of Accounting Research 38, 91-124.
. 2004. Firms’ capital allocation choices, information quality, and the cost of capital. SSRN Working Paper.
Lins, K. V. 2003. Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative Analysis 38, 159-184.
Lintner, J. 1965. The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. Review of Economics and Statistics 47, 13-37.
林松樹，民91，公司治理與獨立董監事，鼎信會計師事務所。
Lipton, M. and J. Lorch. 1992. A modest proposal for improved corporate governance. Business Lawyer 48, 59-77.
Makhija, A. K. and J. M. Patton. 2004. The impact of firm ownership structure on voluntary disclosure: Empirical evidence from Czech annual reports. Journal of Business 77, 457-491.
Malone, D., Fries, C. and T. Jones. 1993. An empirical investigation of the extent of corporate financial disclosure in the oil and gas industry. Journal of Accounting, Auditing and Finance , 249-273.
Mande, V. and R. Ortman. 2002. The effect of Japanese business segment reportingon analysts’ forecasts: implications for US investors and the SEC. Journal of Accounting and Public Policy 21, 31-70.
Mangel, R. and H. Singh. 1993. Ownership structure, board relationships and CEO compensation in large US corporations. Accounting and Business Research 23, 339-362.
Marquardt, C. A., Wiedman, C. I. and M. Welker. 1998. Voluntary disclosure, information asymmetry, and insider selling through secondary equity offerings. Contemporary Accounting Research 15, 505-537.
Marston, C. and P. Shrives. 1996. A review of empirical research into financial disclosure. Paper presented at European Accounting Association Meetings, Bergen.
McKinsey & Company. 2000. Investor opinion survey.
Meek, G. K., Roberts, C. B. and S. J. Gray. 1995. Factors influencing voluntary annual report disclosures by U. S. and Continental European multinational corporations. Journal of International Business Studies 26, 555-572.
Mitton, T. 2002. A cross-firm analysis of the impact of corporate governance on the East Asian financial crsis. Journal of Financial Economics 64, 215-241.
林欣怡，民92，公司資訊透明度與權益資金成本之關係探討，國立中山大學財務管理學系未出版碩士論文。
Modigliani, F. and M. H. Miller. 1958. The cost of capital, corporate finance and the theory of investment. The American Economic Review 3, 261-297.
Morck, R., Shleifer, A. and R. W. Vishny. 1988. Management ownership and market valuation: an empirical analysis. Journal of Financial Economics 20, 293-315.
Moyes, G. D., Park, K., Wang, M L. and P. A. Williams. 1997. Factors affecting an analyst forecast revision- Taiwan and the United States: A Comparision. The International Journal of Accounting 32, 63-77.
Myers, S. C. 1977. Determinants of corporate borrowing. Journal of Financial Economics 5, 147-175.
Myers, S. and N. S. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13, 187-222.
Naser, L. and R. Nuseibeh. 2003. Quality of financial reporting: evidence from the listed Saudi nonfinancial companies. The International Journal of Accounting 38, 41-69.
O’Brien, P. C. 1988. Analysts’ forecasts as earnings expectations. Journal of Accounting and Economics 10, 53-83.
Olson, J. 1995. Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research 11, 661-687.
Olson, J. and B. Juettner-Nauroth 2000. Expected EPS and EPS growth as determinants of value, SSRN Working Paper.
Opler, T. and S. Titman. 1993. The determinants of leveraged buyout activity: Free cash flow vs financial distress costs. Journal of Finance 48, 1985-1999.
林政衛，民93，公司治理結構、資訊透明度與股票報酬變異關聯性之研究，國立政治大學會計學系未出版碩士論文。
Organization for Economic Co-operation and Development. 1999. OECD principles of corporate governance.
Organization for Economic Co-operation and Development. 2004. OECD principles of corporate governance: Draft revised text.
Owusu-Ansah, S. 1998. The impact of corporate attributes on the extent of mandatory disclosure and reporting by listed companies in Zimbabwe. The International Journal of Accounting 33, 605-631.
Parkash, M., Dhaliwal, D. S. and W. K. Salatka. 1995. How certain firm-specific characteristics affect the accuracy and dispersion of analysts’ forecasts：A Latent Variables Approach. Journal of Business Research 34, 161-169.
Patten, D. M. 1991. Exposure, legitimacy and social disclosure. Journal of Accounting and Public Policy 10, 297-308.
Patten, D. M. 1992. Intra-industry environmental disclosures in response to the Alaskan oil spill: a note on legitimacy theory. Accounting, Organizations and Society 17, 595-612.
Pfefferr, J. 1973. Size composition and functions of hospital boards of directors: A study of organization-environment linkage. Administrative Science Quarterly 18, 349-364.
Pittman, J. A. and S. Forth. 2004. Auditor choice and the cost of debt capital for newly public firms. Journal of Accounting and Economics 37, 113-136.
Pound, J. 1988. Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics 20, 237-265.
Pratt, S. P. 2002. Cost of capital：Estimation and applications. Hoboken, N. J.：John Wiley and Sons.
林家靜，民93，公司治理、盈餘管理與投資人報酬之關聯性研究，國立政治大學會計學系未出版碩士論文。
Prevost, A. K. Rao, R. P. and M. Hossain. 2002. Determinants of board composition in New Zealand: A Simultaneous equations approach. Journal of Empirical Finance 9, 272-297.
Raffournier, B. 1995. The determinants of voluntary financial disclosure by Swiss listed companies. The European Accounting Review 4, 261-280.
Rajgopal, S. and M. Venkatachalam. 1998. The role of institutional investors in corporate governance: An empirical investigation. SSRN Working Paper.
Ramsey, J. B. 1969 Tests for specification errors in classical linear least squares regression Analysis. Journal of the Royal Statistical Society 31, 350-371.
Richardson, A. J. and M. Welker. 2001.Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organization and Society 26, 597-616.
Roberts, R. W. 1992. Determinants of corporate social responsibility disclosure: An application of stakeholder theory. Accounting, Organizations and Society 17, 595-612.
Rosenberg, B., Reid, K. and R. Lanstein. 1985. Persuasive evidence of market inefficiency. Journal of Portfolio Management 11, 9-17.
Ruland, W., Tung, S. and N. E. George. 1990. Factors associated with the disclosure of managers’ forecasts. Accounting Review 65, 710-721.
Saudagaran, S. and G. Biddle. 1992. Financial disclosure levels and foreign stock exchange listing decisions. Journal of International Financial Management and Accounting 2, 106-48.
Schellenger, M. H., Wood, D. D. and A. Tashakori. 1989. Board of director composition, shareholder wealth, and dividend policy. Journal of Management 15, 457-467.
苗祺輝，民82，台灣上市公司所有權結構與績效關係之實證研究，私立輔仁大學管理研究所未出版碩士論文。
Sengupta, P. 1998. Corporate disclosure quality and the cost of debt. Accounting Review 73, 459-474.
Sharpe, W. 1964. Capital assets prices: A theory of market equilibrium under conditions of risk. Journal of Finance 29, 425-442.
Shleifer, A., and R. W. Vishny. 1986. Large shareholders and corporate control. Journal of Political Economy 94, 461-488.
. 1997. A survey of corporate governance. Journal of Finance 52, 737-783.
Singhvi, S. and H. B. Desai. 1971. An empirical analysis of the quality of corporate financial disclosure. Accounting Review 46, 621-632.
Skinner, D. 1994. Why firms voluntarily disclose bad news? Journal of Accounting Research 32, 38-60.
Sloan, R. G. 2001. Financial accounting and corporate governance: a discussion. Journal of Accounting and Economics 32, 335-347.
Smith, C. W. and R. L. Watts. 1992. “The investment opportunity set and corporate financing, dividend and compensation policies,” Journal of Financial Economics 32, 263-292.
Sonda, J. L. 2001. Corporate governance and earnings management. Canadian Laval Conference.
Spence, A. M., 1974. Market signaling. Cambridge, Mass：Harvard University Press.
吳心儀，民91，分析師預測誤差與公司特性的關聯性，私立元智大學管理研究所未出版碩士論文。
Standard and Poors. 2001. Standard and Poor’s company transparency and disclosure survey Asia-Pacific 100.
Stulz, R. M. 1999. Globalization of equity markets and the cost of capital. Journal of Applied Corporate Finance 12, 8-25.
Vanstraelen, A., Zarzeski, M. T. and S. W. G. Robb. 2003. Corporate non-financial disclosure practices and financial analyst forecast ability across three European countries. Journal of International Financial Management and Accounting 14, 249-278.
Venkatachalam, M. 2000. Discussion of corporate disclosure practices, institutional investors and stock return volatility. Journal of Accounting Research 38, 203-207.
Vergoossen, R. G. A. 1997. Changes in accounting policies and investment analysts’ fixation on accounting figures. Accounting Organization and Society 22, 589-607.
Verrecchia, R. E. 1983. Discretionary disclosure. Journal of Accounting and Economics 5, 179-194.
Verrecchia, R. E. 1999. Disclosure and the cost of capital: A discussion. Journal of Accounting and Economics 26, 271-283.
Vishwanath, T. and D. Kaufmann. 1999. Towards transparency in finance and governance. SSRN Working Paper.
Wallace, R. S. O. and K. Naser. 1995. Firm-specific determinants of the comprehensiveness of mandatory disclosure in the corporate annual reports of firms listed on the Stock Exchange of Hong Kong. Journal of Accounting and Public Policy 14, 311-368.
Wallace, R. S. O., Naser, K. and A. Mora. 1994. The relationship between the comprehensiveness of corporate annual reports and firm characteristics in Spain. Accounting and Business Research 25, 41-53.
吳安妮，民80，經理人員自願揭露盈餘預測資訊給外界之決定因素-實證研究，會計評論，第25期，頁1-24。
Watts, R. S. O. and K. Naser. 1986. Positive accounting theory. Englewood Cliffs. NJ: Prentice-Hall.
Waymire, G.1986. Additional evidence on the accuracy of analyst forecasts before and after voluntary management earnings forecasts. Accounting Review 59, 129-142.
Weisbach, M. S. 1988. Outside directors and CEO turnover. Journal of Financial Economics 20, 431-460.
Welker, M. 1995. Disclosure policy, information asymmetry and liquidity in equity markets. Contemporary Accounting Research 11, 801-827.
White, H. 1980. Heteroskedasticity-consistent covariance matrix and a direct test for heteroskedasticity? Econometrica 48, 817-838.
Wiwattanakantang, Y. 2003. Controlling shareholders and corporate value: Evidence from Thailand. Pacific Basin Finance Journal, Forthcoming.
World Bank. 1999. Corporate governance: A framework for implementation overview. The World Bank, Washington D. C.
Yeh, Y. H., Lee, T. S. and T. Woidtke. 2001. Family control and corporate governance: Evidence for Taiwan. International Review of Finance 2, 21-48.
Yeo, G. H., Tan, M. S., Ho, K. W. and S. S. Chen. 2002. Corporate ownership structure and the informativeness of earnings. Journal of Business, Finance and Accounting 29, 1023-1046.
Yu, F. 2002. Accounting transparency and the term structure of credit spreads. SSRN Working Paper.
吳廷洲，民86，股權結構、盈餘管理與盈餘資訊性之研究，私立輔仁大學管理學研究所未出版碩士論文。
Zahra, S. A. and J. A. Pearce. 1989. Boards of directors and corporate financial performance: A review and integrated model. Journal of Management 15, 291-334.
Zarzeski, M. T. 1996. Spontaneous harmonization effects of culture and market forces on accounting disclosure practices. Accounting Horizon 10, 18-37.
吳岳忠，民國92，機構投資人、公司治理與公司價值之研究-以台灣電子業為例，東吳大學企業管理學系未出版碩士論文。
吳國超，民92，吸引外資會計準則需與國際接軌，工商時報，92/8/25。
吳樂群、周行一、施敏雄、陳茵琦與簡淑芬，民92，公司治理-董事及監察人如何執行職務，第二版，台北：財團法人中華民過證券暨期貨市場發展基金會。
周建宏，民91，資訊透明度的重要性，資誠之友。
柯家瑜，民92，智慧資本揭露與智慧資本績效值之關聯性研究，國立中央大學企業管理學系未出版碩士論文。
徐裕欽，民93，我國上市公司董監事會特性與權益資金成本關聯性之研究，國立政治大學會計學系未出版碩士論文。
莊尚志，民92，資訊揭露水準與資金成本關係之實證研究，私立東吳大學會計學系未出版碩士論文。
高蘭芬，民91，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，國立成功大學會計學系未出版博士論文。
高蘭芬與邱正仁，民91，董監事股權質押對會計盈餘與股票報酬相關性之影響，台大管理論叢，第13期，頁127-162。
高麗華，民93，公司治理對盈餘資訊價值內涵之影響，私立中原大學會計學系未出版碩士論文。
翁淑育，民89，台灣上市公司股權結構、核心代理問題與公司價值之研究，私立輔仁大學金融研究所未出版碩士論文。
黃鈺光，民82，我國上市公司董事會特性與經營績效之研究，國立臺灣大學會計學系未出版碩士論文。
黃耀慶，民90，從系統風險、企業透明度與權益資金成本關係探討影響企業透明度因素，國立政治大學企業管理學系未出版碩士論文。
黃榮龍，民82，股權結構與經營績效之研究，國立政治大學會計學系未出版碩士論文。
黃寶漳，民93，董事會結構、所有權結構與公司資訊揭露水準，私立明志技術學院工程管理研究所未出版碩士論文。
黃瓊慧與許周全，民90，機構投資人對自願性盈餘預測之影響，2001會計理論與實務研討會，私立東吳大學與中華會計教育學會聯合主辦。
陳昭美，民83，自願性揭露盈餘預測次數多寡之研究，私立東吳大學會計學系未出版碩士論文。
陳毓樺，民85，社會責任會計揭露與公司特性相關性研究，私立中國文化大學國際企業管理研究所未出版碩士論文。
陳建樺，民86，管理當局自願性盈餘預測揭露行為之研究，國立政治大學會計學系未出版博士論文。
陳美娟，民86，年報自願性揭露水準與公司特徵之間關聯性研究，國立政治大學會計學系未出版碩士論文。
陳依蘋，民91，透明度與企業價值，會計研究月刊，第200期，頁48-54。
陳瑞斌與鄭桂蕙，民91，衍生性金融商品避險與負債成本之關聯性研究，第十屆會計理論與實務研討會，台北東吳大學會計系。
陳美蒨，民92，自願性盈餘預測時點特徵與資訊內涵關係之研究，國立台北大學會計學系未出版碩士論文。
陳迪，民92，董事會、監察人特性與公司績效關聯之再探討，國立政治大學會計學系未出版碩士論文。
陳宏姿，民90，董監事結構與企業財務績效關聯之研究，國立政治大學會計學系未出版碩士論文。
陳業寧、邱顯比與洪雲萍，民國93年，公司治理與外部董事，證券市場發展季刊，第16卷，第4期，頁1-36。
許雅涵，民92，上櫃公司治理機制對公司價值與控制股東行為影響之研究，私立輔仁大學金融研究所未出版碩士論文。
許崇源、陳瑞斌、林政衛與翁慈青，民國94年，公司治理架構與財務報告透明度之關聯性研究，2005第二屆財務金融及財金未來學術暨實務研討會，台北：淡江大學財務金融系。
許崇源、林宛瑩、胡書展與陳兆辰，民93，金融業控股型態(Ⅲ)-新光集團，貨幣信用觀測與信用評等 47，台灣經濟新報社，頁11-34。
許美滿、吳壽山、鍾惠民與林怡群，民國93年，會計與公司治理，頁68-91。
曾建華，民91，我國上市公司上網公告即時性重大訊息資訊內涵之研究－以股市觀測站為例，國立政治大學會計學系未出版碩士論文。
彭筱倩，民93，盈餘管理與公司治理關聯性之研究-以我國財務危機公司為例，國立政治大學會計學系未出版碩士論文。
張文瀞，民國89年，盈餘管理之特性與審計品質之影響，國立政治大學會計學系未出版博士論文。
張秀玉，民92，股權結構對盈餘資訊內涵之影響，私立中原大學會計學系未出版碩士論文。
張雅琳，民93，我國企業獨立董事機制與經營績效之關聯性研究，私立大葉大學會計資訊學系未出版碩士論文。
張廖年任，民92，上市公司股權結構與即時性資訊揭露品質對公司發生財務危機之研究，國立政治大學會計學系未出版碩士論文。
蔡其諭，民91，揭露水準與負債資金成本之關係，國立政治大學會計學系未出版碩士論文。
蔡舜智，民92，企業資訊透明度與股票本益比關係之實證研究，私立義守大學管理科學研究所未出版碩士論文。
詹浤榮，民91，外資法人持股調整與應計項目關聯性研究，私立逢甲大學會計與財稅研究所未出版碩士論文。
葉銀華，民91，從臺灣上市公司網站資訊揭露看透明度，會計研究月刊，第200期，頁70-77。
葉銀華、李存修與柯承恩，民91，公司治理與評等系統，台北，商智文化事業股份有限公司。
葉銀華、邱顯比與何憲章，民86年，利益輸送代理問題與股權結構之理論與實證研究，中國財務學刊，第四卷，第四期，頁47-73。
葉銀華、蘇裕惠、柯承恩與李德冠，民92，公司治理機制對於關係人交易之影響，證券市場發展季刊，第十五卷，第四期，頁69-106。
葉月女，民92，我國證券市場三大機構投資人與一般投資人對股市波動性影響之探討，淡江大學財務金融學系在職專班未出版碩士論文。
趙子沛，民92，人力資本資訊揭露與市場績效關聯性之研究，國立中正大學會計學系未出版碩士論文。
顏信輝與鄭程鴻，民90，我國企業使用網際網路報導財務資訊之研究，當代會計，第二卷第二期，頁147-168。
劉聯旭，民88，實施強制性財務預測對管理當局自願性盈餘預測揭露行為之影響，國立台灣大學會計學系未出版碩士論文。
劉啟群，民88，我國銀行年報自願性揭露與銀行特質關聯性研究，中山管理評論，第七卷，第一期，頁57-80。
劉綠萍，民93，董監事股權質押的代理問題與公司價值關聯性之研究，國立台北大學企業管理學系未出版博士論文。
劉學儒，民93，資訊透明度與權益資金成本關聯性之實證研究-以電子資訊業為例，私立中國文化大學會計學系未出版碩士論文。
劉尹玉，民93，企業自願性非盈餘資訊揭露對分析師預測行為之影響，私立淡江大學會計學系未出版碩士論文。
薛明玲，民91，資訊透明度與企業競爭力，會計研究月刊，200期，頁14。
鐘志群，民93，公司治理與債券發行資金成本關係之實證研究，私立淡江大學財務金融學系在職專班未出版碩士論文。
鄭丁旺，民91，談財務資訊透明化，會計研究月刊，200期，頁12。
鄭傑珊，民92，企業環境資訊影響因素探討，私立東吳大學會計學系未出版碩士論文。
廖聖慧，民93，公司治理與負債資金成本之關係，國立政治大學會計學系未出版碩士論文。
廖秀梅，民93，董事會結構特性與公司績效關係之研究－探討台灣家族控制企業因素的影響，國立台北大學會計學系未出版博士論文。
廖益興，民93，董監事獨立性、企業結構特徵與盈餘管理之關聯性研究，國立台北大學會計學系未出版博士論文。
證券交易所與櫃檯買賣中心，民91，上市上櫃企業公司治理實務守則。
羅肇偉，民93，公司治理、董事會獨立性與公司績效關係之研究－以電子業與營造業為例，私立銘傳大學管理科學研究所未出版碩士論文。
國外文獻：
Abarbanell, J. S., Lanen, W. and R. E. Verrecchia. 1995. Analyst forecasts as proxies for investor beliefs in empirical research. Journal of Accounting and Economics 20, 31-60.
Abbott, W. F., and R. J. Monsen. 1979. On the measurement of corporate responsibility: Self-reported disclosures as a method of measuring corporate social involvement. Academy of Management Journal 22, 501-515.
Ackert, L. F. and G. Athanassakos. 1997. Prior uncertainty, analyst bias and subsequent abcdrmal return. Journal of Financial Research 20, 263-273.
Adams, R. B. and H. Mehran. 2002. Is corporate governance different for bank holding companies? SSRN Working Paper.
Agrawal, A and G. N. Mandelker. 1990. Large shareholders and the monitoring of managers: The case of anti-takeover charter amendments. Journal of Financial and Quantitative Analysis 25, 143-161. |
| Description: | 博士
國立政治大學
會計研究所
88353502
93 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0883535021 |
| 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 | 335 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
