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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/30139


    Title: 公司資訊揭露與價值攸關性之研究
    Authors: 林冠宏
    Contributors: 張清福
    林冠宏
    Keywords: 資訊揭露
    價值攸關性
    Ohlson模型
    information disclosure
    value relevance
    Ohlson model
    Date: 2003
    Issue Date: 2009-09-11 17:19:40 (UTC+8)
    Abstract: 本文利用Ohlson (1995)及Barth (1998)所提出之評價模型，研究91年度我國資訊電子業上市公司，會計資訊揭露之價值攸關性。根據Ohlson (1995)及Barth (1998)之模型，檢測會計資訊價值攸關性之結果顯示，超額盈餘、帳面價值及稅後淨利對於我國之資訊電子業上市公司之股價及市值有顯著之解釋能力。若以「資訊揭露程度」為Ohlson 及Barth評價模型之「其他攸關變數」進行觀察，則資訊揭露程度具有價值攸關性。若進一步將「資訊揭露程度」分成「財務及營運」、「董事會及股權結構」及「公司網站」三細項後，兩種不同之評價模型皆顯示，「財務及營運」之資訊揭露程度與股價及市值間具有顯著之正向關係。「董事會及股權結構」及「公司網站」之資訊揭露程度則會因實證模型之不同，而有不同之結論，在Ohlson 模型中並未獲得支持，但在Barth模型則獲得支持。
    Based on the models established by Ohlson (1995) and Barth (1998), this study examines the value relevance of information disclosure in addition to that of accounting numbers. The sample consists of electron companies listed in 2002. The result indicates that abcdrmal earnings, book value and net income have significant explanatory power about stock price and market value. The ‘information disclosure level’ is also value relevant for both models as ‘other relevant variable’. By dividing the ‘information disclosure level’ into three parts: financial and operating, board and ownership structure, and company websites, we find that ‘financial and operating’ information disclosure level is significantly associated with stock price and market value. The ‘board and ownership structure’ and ‘company websites’ information disclosure level are significant in Barth model, but not in Ohlson model.
    Reference: 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。
    林凱鴻，2000，「盈餘、帳面價值攸關性研究—考慮規模效果」，國立台灣大學會計學系碩士班未出版之碩士論文。
    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。
    吳鈞麟，2003，「景氣因素對會計資訊價值攸關性之影響」，國立政治大學會計學系碩士班未出版之碩士論文。
    邱碧珠，「資訊揭露程度與權益資金成本間之關係：我國資訊電子業之關係」，國立台灣大學會計學系碩士班未出版之碩士論文，民國89年6月。
    蔡其諭，2002，「揭露程度與負債資金成本之關係」，國立台灣大學會計學系碩士班未出版之碩士論文。
    陳依蘋，「透明度與企業價值」，會計研究月刊，民國91年7月號。
    葉銀華，「從台灣上市公司網站資訊揭露看透明度」，會計研究月刊，民國91年7月號
    Amir, E., and B. Lev. 1996. Value-relevance of nonfinancial information: The wireless communications industry. Journal of Accounting and Economic 22: 3-30.
    Ball, R., and P. Brown. 1968. An empirical evaluation of accounting income number. Journal of Accounting Research: 159-178.
    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.
    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.
    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.
    Diamond, D., and R. Verrechia. 1991. Disclosure, liquidity, and the cost of equity capital. The Journal of Finance: 1325-1360.
    Feltham, G. A., and J. A. Ohlson. 1995. Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11: 689-732.
    Gelb, D. S., and P. Zarowin. 2002. Corporate disclosure policy and the informativeness of stock price. Review of Accounting Studies 7: 33-52.
    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.
    Healy, P. M., and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics 31: 405-440.
    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.
    Ohlson, J. A. 2000. Residual income valuation: The problems. Working paper, New York University.
    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.
    Welker, M. 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
    91353001
    92
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0091353001
    Data Type: thesis
    Appears in Collections:[Department of Accounting] Theses

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