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    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.
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    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。
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    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:[Department of Accounting] Theses

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