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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/72786


    Title: 自願性財務預測、公司治理與權益資金成本
    Other Titles: Voluntary Financial Forecast, Corporate Governance and Cost of Equity Capital
    Authors: 鍾宇軒
    Chung, Yu-Hsuan
    Contributors: 會計學系
    Keywords: 自願性財務預測;公司治理;權益資金成本
    Voluntary Financial Forecast;Corporate Governance and Cost of Equity Capital
    Date: 2009-06
    Issue Date: 2015-01-12 11:11:51 (UTC+8)
    Abstract: 本研究探討我國財務預測制度由強制性財務預測制度改為採行自願性財務預測制度之際，自願性財務預測與公司治理因子對於公司權益資金成本的影響為何。由於當公司對於外部融資有所需求時，公司管理當局會經由資訊揭露的方式，獲取較低的外部融資成本，另一方面，若公司有健全的公司治理時亦有降低資金成本的效益。本研究結果發現，在公司治理因子（董監事股權質押與獨立董監事）方面，獨立董監事的設立與權益資金成本呈顯著的負相關；董監股權質押比率則與權益資金成本呈顯著正相關，但衡量自願性財務預測對於權益資金成本影響上，結果則未達統計上的顯著性。故本研究認為公司治理因子對於公司權益資金成本會有所影響，而自願性財務預測資訊由於揭露家數逐年減少，投資人對該資訊的重視程度較為不明顯。
    This research tries to detect the association between the voluntary earning forecast, corporate governance and equity of capital cost under the earning forecast law changed. The empirical results finds that the more independence and professionalism on the board of directors lead to the lower cost of equity capital. There is significant negative relationship between shareholders` pledge and cost of equity capital. In addition, the voluntary financial forecast policy is insignificant and negatively correlated with cost of equity capital. Therefore, this study suggests that government should establish completely the voluntary financial disclosure policy, encourages the company to expose the information in order to reduce the asymmetric information and agency cost. The promotion information transparency which can reduce the return that investor requests, the strengthened corporate governance can also let firms get reasonable cost of equity capital.
    Relation: 台灣金融財務季刊, 10(2), 41-66
    Data Type: article
    Appears in Collections:[Department of Accounting] Periodical Articles

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