資訊揭露程度對公司價值之影響─以臺灣資本市場外國企業第一上市櫃公司為例

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题名:	資訊揭露程度對公司價值之影響─以臺灣資本市場外國企業第一上市櫃公司為例
作者:	林雅雯;Lin,Ya-Wen
贡献者:	財務金融學系在職專班
关键词:	外國企業;資訊揭露;公司價值;Foreign issuers;Information transparency;Firm value
日期:	2016-06-13
上传时间:	2016-10-13 13:49:07 (UTC+8)
出版者:	國立中央大學
摘要:	由於外國企業在臺第一上市櫃公司之資訊揭露程度不一，對投資人保護形成挑戰，本研究利用證券暨期貨市場發展基金會(以下簡稱證基會)「資訊揭露評鑑系統」第十屆(民國101年)至第十二屆(民國103年)公布之評鑑結果，將受評公司依資訊揭露程度良窳分級，暨探討資訊揭露程度對公司價值之影響。另統計收集各樣本公司法人說明會召開次數資訊，進一步研究其與公司價值有無關聯性。實證結果顯示，外國企業資訊揭露程度與公司價值並無顯著關聯性，而法人說明會召開頻率與公司價值呈顯著正相關，本研究推論主要原因在於外國企業加入資本市場年限尚短，加上投資人對其基本背景較為陌生，然而投資人傾向購買自己較為熟悉之公司股票，故首偏好選擇與投資人積極互動之發行公司，是故，發行公司法人說明會召開頻率越高，相對提高公司價值，套用於註冊地及主要營運地國皆於境外之外國企業亦是如此，此結論符合Merton(1987)之資訊不完全均衡模型，對於後續外國企業召開法人說明會意願應有鼓舞效果。;As more and more foreign firms are listed in Taiwan, the different standards of information disclosure become a challenge to the investor protection. In order to enhance the transparency of corporate information disclosure, Taiwan Securities and Futures Institute (SFI) has built “Information Disclosure and Transparency Ranking System” (IDTRS) and regularly publish the evaluation results for all TWSE/TPEx listed companies since 2003. This study uses the IDTRS data over the period 2012 to 2014 to explore the relation of information disclosure and firm value. In addition, this study also examines the relation between the frequency of investor conferences and firm value. Our empirical result shows a weak relation between information disclosure ranking and the firm value. The weak relation could be attributed to the fact that these foreign firms are new to Taiwan stock markets. The local investors are not familiar with these foreign firms. The high rank of information disclosure does not effectively mitigate the information asymmetry of foreign firms. Nevertheless, for the voluntary conferences, empirical result shows a significant positive correlation between the frequency of investor conferences and firm value. The result is consistent with the prediction of the Merton’s (1987) incomplete information equilibrium model, and suggests that more investor conferences should be considered by these foreign firms to improve the information asymmetry and lead to higher firm value.
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