公司治理結構與資訊透明度對於資本市場之影響

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題名	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
作者	陳瑞斌 Chen, Jui-Pin
貢獻者	許崇源 Hsu, Chun-Yuan 陳瑞斌 Chen, Jui-Pin
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 Corporate governance structure Transparency Cost of equity capital Analyst’s forecasts Controlled stockholder Independent directors and supervisors
日期	2004
上傳時間	11-Sep-2009 17:33:54 (UTC+8)
摘要	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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描述	博士國立政治大學會計研究所 88353502 93
資料來源	http://thesis.lib.nccu.edu.tw/record/#G0883535021
資料類型	thesis

dc.contributor.advisor	許崇源	zh_TW
dc.contributor.advisor	Hsu, Chun-Yuan	en_US
dc.contributor.author (Authors)	陳瑞斌	zh_TW
dc.contributor.author (Authors)	Chen, Jui-Pin	en_US
dc.creator (作者)	陳瑞斌	zh_TW
dc.creator (作者)	Chen, Jui-Pin	en_US
dc.date (日期)	2004	en_US
dc.date.accessioned	11-Sep-2009 17:33:54 (UTC+8)	-
dc.date.available	11-Sep-2009 17:33:54 (UTC+8)	-
dc.date.issued (上傳時間)	11-Sep-2009 17:33:54 (UTC+8)	-
dc.identifier (Other Identifiers)	G0883535021	en_US
dc.identifier.uri (URI)	https://nccur.lib.nccu.edu.tw/handle/140.119/30267	-
dc.description (描述)	博士	zh_TW
dc.description (描述)	國立政治大學	zh_TW
dc.description (描述)	會計研究所	zh_TW
dc.description (描述)	88353502	zh_TW
dc.description (描述)	93	zh_TW
dc.description.abstract (摘要)	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	zh_TW
dc.description.abstract (摘要)	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.	en_US
dc.description.tableofcontents	第壹章序論………………………………………………………………………1 第一節研究動機與目的………………………………………………………………..1 第二節研究貢獻………………………………………………………………………..7 第三節研究架構………………………………………………………………………. 9 第貳章文獻探討………………………………….…………….……………… 11 第一節代理理論……………………………………………….………………………11 一代理理論………………………………………………………………………….11 二訊號傳遞理論…………………………………………………………………….12 三股權結構與公司價值………………………………………………………….…13 第二節公司治理………………………………………………….……………………14 一公司治理(Corporate Governance)之涵義與功能………………………………..14 二公司治理原則與架構…………………………………………………………….15 三公司治理的重要性……………………………………………………………….16 四資訊透明度在企業公司治理的重要性………………………………………….17 五股權結構與最終控制(Ultimate Control)………………………………………...18 第三節資訊透明度之決定性因素…………………………………………………….22 一自願性揭露(Voluntary Disclosure)………………………………………………23 二財務分析師盈餘預測特性……………………………………………………….30 三公司系統性風險………………………………………………………………….32 第四節公司治理結構與資訊透明度對於財務分析師盈餘預測之影響…………….32 第五節公司治理結構與資訊透明度對於資金成本之影響………………….………36 一公司治理結構與資訊透明度對於權益資金成本之影響…………………….…36 二公司治理結構與資訊透明度對於負債資金成本之影響……………….………41 第六節資訊透明度的衡量指標……………………………………………………….42 一自願性揭露……………………………………….………………………………43 二公司系統性風險………………………………………………………………….48 三財務分析師盈餘預測特性…………………………………………..…………….48 第七節權益資金成本的衡量指標…………………………….………………….…....49 一已實現報酬……………………………………….…….…………………………49 二折算現金流量法…………………………………….…………………………….50 三債券收益率加計風險溢酬……………………….……………………………….51 四剩餘淨利評價模式…………………………….………………………………….51 五異常盈餘成長評價模式……………………….………………………………….52 六修正股價盈餘成長模式………………………….……………………………….53 第參章研究方法……………………………….…………………….….……….55 第一節研究假說………………………………….………………………………….…55 一公司治理結構與資訊透明度之關係……….……………………………….……55 二公司治理結構與資訊透明度對於權益資金成本之影響……….…………….…63 三公司治理結構與資訊透明度對於財務分析師盈餘預測之影響………….….…71 第二節實證模型之發展………………………………………………………….…….80 一公司治理結構對於資訊透明度之影響……………………………………..……80 二公司治理結構與資訊透明度對於權益資金成本之影響………………..………86 三公司治理結構與資訊透明度對於財務分析師盈餘預測之影響…………..……89 第三節觀念性架構…………………………………………………………….……….95 第四節研究設計………………………………………………………………….…….97 一研究期間…………………………………………………………………….……..97 二樣本選取標準……………………………………………………………….……..97 三資料來源………………………………………………………………….………..97 四實證分析方法…………………………………………………………….………..99 第肆章實證結果與分析…………………………………………….….….…...101 第一節公司治理結構對於資訊透明度之影響………………………….…….……..101 一樣本選取…………………………………………………………………….……101 二資訊透明度變數之彙整性分析……………………..………………….………..102 三敘述性統計分析……………………………………..………………….………..108 四相關分析……………………………….……………..……………….…………..113 五公司治理結構對於資訊透明度之影響：線性迴歸模型估計結果…….…...…..117 六敏感度測試……………..………………………………………………….….…..120 第二節公司治理結構與資訊透明度對於權益資金成本之影響……….….…..……147 一樣本選取……………………………………………..………………….………..147 二敘述性統計分析……………………………………..………………….………..148 三相關分析……………………………….……………..………………….………..150 四公司治理結構與資訊透明度對於權益資金成本之影響……...……….………..152 五敏感度測試……………………………………………………..……….…….…..155 第三節公司治理結構與資訊透明度對於分析師預測之影響……….…….……..…170 一樣本選取……………………………………………..………………….………..170 二敘述性統計分析……………………………………..………………….………..171 三相關分析……………………………….……………..………………….………..173 四公司治理結構與資訊透明度對於分析師預測誤差與離散性之影響…………..176 五敏感度測試……………………………………………………..……….…….…..181 第伍章研究結論、限制與建議…………………………………….…..…...…193 第一節研究結論…………………..……………………………………..……….…...193 一公司治理結構對於資訊透明度之關係……………………………….…….…..193 二公司治理結構與資訊透明度對於權益資金成本之影響……………….……...194 三公司治理結構與資訊透明度對於財務分析師盈餘預測之影響……….….…..194 第二節研究限制………………..………………………………………..…….……...196 第三節建議與未來研究方向………………………..…………………..…….……...197 一對於主管機關之建議……………….…………………………………….….…..197 二對於一般企業之建議………………………….………………………….……...198 三對於未來研究之建議………………….………………………………….….…..198 附錄………………………………………………………………………………202 附錄一資訊透明度之決定因素的文獻彙總表-年報揭露水準(國外研究)…………202 附錄二資訊透明度之決定因素的文獻彙總表-年報揭露水準(國內研究)……........206 附錄三資訊透明度之決定因素的文獻彙總表-專業機構對於揭露實務之評等…...209 附錄四公司治理結構與資訊透明度對於財務分析師盈餘預測特性之影響的文獻彙總表……….………………………………………………………………...210 附錄五公司治理結構與資訊透明度對於資金成本之影響的文獻彙總表………....212 附錄六公司治理結構與權益資金成本之關聯性的推導過程……………...…….…216 附錄七揭露項目索引表與評分方式與釋例…………………………………………218 附錄八股權計算釋例…………………………………………………………………221 附錄九各種偏離程度之計算比較表…………………………………………………223 參考文獻………………………………………………………………………....224 圖目錄圖1-1 研究架構圖……………………………………………………………………...…….10 圖2-1 文獻探討流程圖………………………………………………………………………12 圖2-2 世界銀行之公司治理架構圖………………………………………………...……….16 圖2-3 資訊透明度對於資金成本的影響…………………………………………...……….38 圖3-1 公司治理結構影響資訊透明度的觀念性架構……………………………...……….95 圖3-2 公司治理結構與資訊透明度影響權益資金成本的觀念性架構………………...….95 圖3-3 公司治理結構與資訊透明度影響分析師預測的觀念性架構…………………...….96 圖4-1-1 董事會規模與資訊透明度之關係圖………………………………………………..127 圖4-1-2 機構投資人持股比率與資訊透明度之關係圖……………………………………..129 圖4-2-1 機構投資人持股比率與權益資金成本之關係圖…………………………………..159 圖4-2-2 董事會規模與權益資金成本之關係圖……………………………………...……...162 圖4-2-3 獨立董監事席次比率與權益資金成本之關係圖…………………………………..162 圖4-3-1 董事會規模與分析師預測誤差之關係圖…………………………………………..186 圖4-3-2 董事會規模與分析師預測離散性之關係圖………………………………………..186 表目錄表3-1 公司治理結構對於資訊透明度之影響的變數資料來源彙整表…………………...98 表3-2 公司治理結構與資訊透明度對於權益資金成本之影響的變數資料來源彙整…...98 表3-3 公司治理結構與資訊透明度對於分析師預測之影響的變數資料來源彙總表…...99 表4-1-1 樣本選取表………………………………………………………………………….101 表4-1-2 樣本公司之產業分佈表………………………………………………………….…102 表4-1-3 樣本公司揭露項目彙整分析表…………………………………...……………..…105 表4-1-4 資訊透明度變數之敘述性統計值-依產業別分析………………...…………….…108 表4-1-5 資訊電子業資訊透明度t檢定分析表……………………………...………….…..109 表4-1-6 資訊透明度之分析-依資訊類別分析………………………………...……….…...110 表4-1-7 資訊透明度之分析-依強制性及自願性分析…………………………...….……...111 表4-1-8 實證變數之敘述性統計值………………………………………………...….…….112 表4-1-9 各研究之間對於控制股東(最終控制者)定義與投票權之計算…………...….…..114 表4-1-10 本研究與過去文獻在各種股權結構變數之間的差異性……………………….…115 表4-1-11 公司治理結構與資訊透明度變數之相關係數矩陣表…………………………....116 表4-1-12 公司治理結構對於資訊透明度之影響的迴歸分析結果…………………….…...119 表4-1-13 控制股東掌握之投票權及董監事席次比率對於資訊透明度影響的迴歸分析結果………………………………………………………………………122 表4-1-14 控制股東掌握投票權比率與現金流量權比率之再測試結果……………………123 表4-1-15 高、低投資機會下，控制股東之股權偏離對於資訊透明度之影響的迴歸分析結果…………………………………………………………………..…..124 表4-1-16 董監持股質押對於資訊透明度之影響的迴歸分析結果……………….……..….126 表4-1-17 董事會規模對於資訊透明度之影響的迴歸分析結果………………….……..…128 表4-1-18 機構投資人持股比率對於資訊透明度之影響的2SLS迴歸分析結果..……...…131 表4-1-19 公司治理結構對於七項類別資訊之影響的迴歸分析結果……………..……..…133 表4-1-20 公司治理結構對於強制性與自願性揭露之影響的迴歸分析結果…….……...…135 表4-1-21 是否自願聘任獨立董監事對於資訊透明度之影響…………………….….…..…136 表4-1-22 強制性與自願性設置獨立董監事對於資訊透明度之影響的迴歸分析結果...…137 表4-1-23 強制性與自願性設置獨立董監事對於強制性揭露之影響…………….……..…138 表4-1-24 強制性與自願性設置獨立董監事對於自願性揭露之影響………….….….……138 表4-1-25 強制性與自願性設置獨立董監事對於強制性與自願性揭露之影響的迴歸分析結果………………………………………………………………………………139 表4-1-26 融資對於資訊透明度之影響的迴歸分析結果………….……………….….……140 表4-1-27 廣泛性評分方式的迴歸分析結果……………………….……………….….……142 表4-1-28 以比率方式衡量年報揭露水準的Tobit迴歸分析結果…………….…….….…..143 表4-1-29 加入年報及時性的迴歸分析結果……………………………….………….….…145 表4-1-30 資訊透明度變數之有效性檢定……………………………….…………….….…146 表4-2-1 樣本選取表……………………………………………………….…………….…...147 表4-2-2 樣本公司之產業分佈表………………………………………….…………….…...148 表4-2-3 敘述性統計量………………………………………………………….……….…...149 表4-2-4 Pearson and Spearman相關係數矩陣表……………………………………..….….151 表4-2-5 公司治理結構與資訊透明度對於權益資金成本之影響………………….…..…..155 表4-2-6 投票權比率與董監事席次比率對於權益資金成本的迴歸分析結果……..….…..156 表4-2-7 控制權與現金流量權偏離對於權益資金成本之影響的迴歸分析結果…..….…..158 表4-2-8 機構投資人持股比率對於權益資金成本之影響的迴歸分析結果………..….…..160 表4-2-9 個別機構投資人持股比率對於權益資金成本之影響的迴歸分析結果…..…..….161 表4-2-10 設置獨立董監事對於權益資金成本之影響的迴歸分析結果……………..…..….163 表4-2-11 資訊透明度對於權益資金成本之影響的迴歸分析結果…………………..…..….164 表4-2-12 分析師跟隨人數多、少組之下，資訊透明度對於權益資金成本之影響.….......166 表4-2-13 七項資訊類別對於權益資金成本之影響的迴歸分析結果………………..…..…167 表4-2-14 強制性揭露、自願性揭露對於權益資金成本之影響的迴歸分析結果…..…..…168 表4-2-15 公司治理綜合指標評分與權益資金成本之關係…………………………..…..…168 表4-3-1 樣本選取表………………………………………………………………….….…...170 表4-3-2 樣本公司之產業分佈表…………………………………………………….….…...170 表4-3-3 敘述性統計量(Panel A)…….……………………………………………….…..…..172 表4-3-3 敘述性統計量(Panel B)…………………………………………………….…….....172 表4-3-4 Pearson and Spearman相關係數矩陣表(Panel A)………..…….……….……….....174 表4-3-4 Pearson and Spearman 相關係數矩陣表(Panel B)……………………………….....175 表4-3-5 公司治理結構與資訊透明度對於分析師預測之影響-預測誤差(Panel A)……..….179 表4-3-5 公司治理結構與資訊透明度對於分析師預測之影響-預測離散性(Panel B)…...…180 表4-3-6 控制股東之現金流量權比率對於分析師預測之影響……………………….….…182 表4-3-7 公司治理結構與資訊透明度對於分析師預測之影響-預測誤差………….……...184 表4-3-8 董監持股質押對於分析師預測之影響的迴歸分析結果…………………..………185 表4-3-9 設置獨立董監席次對於分析師預測之影響(Panel A)…………………….….……187 表4-3-9 設置獨立董監席次對於分析師預測之影響(Panel B)…………………….….……188 表4-3-10 分析師預測誤差與獨立董監事席次比率之Pearson相關係數矩陣表…….……189 表4-3-11 資訊透明度對於分析師預測之影響…………………………………….….……..190 表4-3-12 公司治理結構綜合總分與資訊透明度對於分析師預測之影響 -預測誤差(Panel A)…………….………………………………………….……..191 表4-3-12 公司治理結構綜合總分與資訊透明度對分析師預測之影響 -預測離散性(Panel B)………………………………………………….……...…192 表5-1 實證分析結果彙總表……………………………………	zh_TW
dc.language.iso	en_US	-
dc.source.uri (資料來源)	http://thesis.lib.nccu.edu.tw/record/#G0883535021	en_US
dc.subject (關鍵詞)	公司治理結構	zh_TW
dc.subject (關鍵詞)	資訊透明度	zh_TW
dc.subject (關鍵詞)	權益資金成本	zh_TW
dc.subject (關鍵詞)	分析師預測	zh_TW
dc.subject (關鍵詞)	控制股東	zh_TW
dc.subject (關鍵詞)	獨立董監事	zh_TW
dc.subject (關鍵詞)	Corporate governance structure	en_US
dc.subject (關鍵詞)	Transparency	en_US
dc.subject (關鍵詞)	Cost of equity capital	en_US
dc.subject (關鍵詞)	Analyst’s forecasts	en_US
dc.subject (關鍵詞)	Controlled stockholder	en_US
dc.subject (關鍵詞)	Independent directors and supervisors	en_US
dc.title (題名)	公司治理結構與資訊透明度對於資本市場之影響	zh_TW
dc.title (題名)	The Effect of Corporate Governance Structure and Transparency on the Capital Market	en_US
dc.type (資料類型)	thesis	en
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