公司治理結構與資訊透明度對於資本市場之影響

學術產出-Theses

Article View/Open

html(346)

Publication Export

Google Scholar^TM

政大圖書館

學術資源探索系統

Citation Infomation

No doi shows Citation Infomation

Simple Record
Full Record

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.
參考文獻	國內文獻：中華公司治理協會，民91，中華公司治理協會網站。王佩如，民92，年報環境揭露與合理性理論-以上市公司為例，國立政治大學會計學系未出版碩士論文。字佩芬，民92，資訊揭露程度、外資法人持股率與股價報酬率間之關係研究，私立中國文化大學國際企業管理研究所未出版碩士論文。李建然，民89，影響台灣上市公司自願性盈餘預測頻率之研究，會計評論，第32期，頁49-79。李德冠，民90，公司監理機制對於關係人交易影響之研究，私立輔仁大學金融研究所未出版碩士論文。李惟平，民91，我企業資訊揭露仍不足，經濟日報，91/7/31。李亭誼，民92，董事身分特性與董監經理人相關資訊揭露程度關係之研究，國立政治大學會計學系未出版碩士論文。李孟芳，民92，股權結構對企業財務資訊揭露品質之影響-以上市電子業公司為例，國立成功大學會計學系未出版碩士論文。李春安、吳欽杉與葉麗玉，民92，所有權結構與公司非法行為關係之研究-以台灣股票上市公司為例，證券市場發展季刊，第十四卷，第四期，頁75-138。李春安，民91，股市激烈變動期間機構投資人從眾現象形成原因與股價衝擊之研究，國科會專題研究計畫。 Agrawal, A. and S. Chadha. 2004. Corporate Governance and Accounting Scandals. SSRN Working Paper. Ahmed, K. and J. K. Courtis. 1999. Associations between corporate characteristics and disclosure levels in annual reports: A meta-analysis. British Accounting Review 31, 35-61. Alves, C. and V. Mendes. 2004. Corporate governance policy and company performance: The Portuguese case. Corporate Governance 12, 290-301. Amihud, Y., and H. Mendelson. 1986. Asset pricing and the bid-ask spread. Journal of Financial Economics 17, 223-249. Ashbaugh, H., Collins, D. W. and R. LaFond. 2005. Corporate governance and the cost of equity capital. SSRN Working Paper. Ang, J. S. and J. C. Brau. 2002. Firm transparency and the costs of going public. Journal of Financial Research 25, 1-17. Ang, J. S. and S. J. Ciccone. 2001. International differences in analyst forecast properties. SSRN Working Paper. Ang, J. S., Cole, B. A. and J. W. Lin. 2000. Agency costs and ownership structure. Journal of Finance 55, 81-106. Archambault, J. J. and M. E. Archambault. 2003. A multinational test of determinants of corporate disclosure. The International Journal of Accounting 38, 173-194. Athanassakos, G. and M. Kalimipalli. 2003. Analyst forecast dispersion and future stock return volatility. SSRN Working Paper. 李焮慈，民93，資訊透明度、金字塔結構、交叉持股與市場價值，國立高雄第一科技大學財務管理學系碩士班未出版碩士論文。 Atiase, R. K. 1985. Predisclosure information, firm capitalization, and security price behavior around earnings announcements. Journal of Accounting Research 23, 21-36. Bacon, J. 1973. Corporate Directorship Practices: Membership and Committees of The Board. New York: The Conference Board. Baiman, S. and R. Verrecchia. 1996. The relation among capital markets, financial disclosure, production efficiency, and insider trading. Journal of Accounting Research 34, 1-22. Ball, R. 2001. Infrastructure requirements for and economically efficient system of public financial reporting and disclosure. Brookings Wharton Papers on Financial Services: 127-182. Ball, R., Robin, A. and J. S. Wu. 2003. Incentives versus standards：Properties of accounting income in four East Asia countries. Journal of Accounting and Economics 36, 235-270. Banz, R. W. 1981. The relationship between return and market value of common stocks. Journal of Financial Economics 9, 3-18. Barrett, M. E. 1976. Disclosure and comprehensiveness in an international setting. Journal of Accounting Research 14, 10-26. Barron, O. E., Kile, O. C. and T. B. O’Keefe. 1999. MD&A quality as measured by the SEC and analysts’ earnings forecasts. Contemporary Accounting Research 16, 75-109. Barry, C. and S. Brown. 1985. Differential information and security market equilibrium. Journal of Financial and Quantitative Analysis 20, 407-422. Basu, S., Hwang, L. and C. L. Jan. 1998. International variation in accounting measurement rules and analysts’ earnings forecast errors. Journal of Business Finance and Accounting 25, 1207-1247. 汪怡娟，民92，環保支出資訊揭露及揭露品質決定因素之研究，國立成功大學會計學系未出版碩士論文。 Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. Accounting Review 71, 443-465. Beaver, W. H., Griffin, P. A. and W. R. Landsman. 1982. The incremental information content of replacement cost earnings. Journal of Accounting and Economics 4, 15-39. Beavor, W. H. 2002. Perspectives on recent capital market research. Accounting Review 77, 453-474. Bebchuk, L. A., Kraakman, R. and G. Triantis. 2000. Stock pyramids, cross-ownership, and dual-class equity: The creation and agency costs of separating control from cash flow rights. SSRN Working Paper. Beiner, S., Drobetz, W., Schmid, M. M. and H. Zimmermann. 2004. An integrated framework of corporate governance and firm valuation-evidence from Switzerland. SSRN Working Paper. Belkhir, M. 2004. Board of directors size and performance in banking. SSRN Working paper. Berle, A. and G.. Means. 1932. The modern corporation and private property. MacMillan, New York, N. Y. Bhattacharya, U. and H. Daouk. 2002. The world price of insider trading. Journal of Finance 57, 75-108. Bhojraj, S. and P. Sengupta. 2003. Effect of corporate governance on bond ratings and yields: The role of institutional investors and outside directors, Cornell University Working Paper. Bhushan, R. 1989. Firm characteristics and analyst following. Journal of Accounting and Economics 11, 255-274. 呂坤穎，民92，機構投資人對公司經理人進行盈餘管理行為之影響，國立中正大學財務金融學系未出版碩士論文。 Bloomfield, R. and T. Wilks. 2000. Disclosure effects in the laboratory: liquidity, depth, and the cost of capital. Accounting Review 75, 13-41. Botosan, C. A. 1997. Disclosure level and the cost of equity capital. Accounting Review 72, 323-349. Botosan, C. A. and M. Plumlee. 2002. A Re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research 40, 21-40. Brickley, J. A., Coles, J. L. and R. L. Terry. 1994. Outside directors and the adoption of poison pills. Journal of Financial Economics 35, 371-390. Bricker, Previts, Robinson and Young. 1995. Bushee, B. J. and C. F. Noe. 2000. Corporate disclosure practices, institutional investors and stock return volatility, Journal of Accounting Research 38, 171-201. Bushman, R. M., Piotroski, J. and A. Smith. 2004. What determines corporate transparency ?. Journal of Accounting Research 42, 207-252. Bushman, R. M. and A. J. Smith. 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics 32, 181-235. Buzby, S. L. 1975. Company size, listed versus unlisted stocks and the extent of financial disclosure. Journal of Accounting Research 13, 16-37. Byrd, J. W. and L A. Hickman. 1992. Do outside directors monitor managers? Evidence from tender offer bids. Journal of Financial Economics 32, 195-222. 呂春綢，民93，我國獨立董監制度與公司績效關係研究，國立台北大學會計學系未出版碩士論文。 Byard, D. and K. W. Shaw. 2003. Corporate disclosure quality and properties of analyst’s information environment, Journal of Accounting, Auditing and Finance 18, 355-378. Cerf, R. A. 1961. Corporate reporting and investment decisions. Berkeley, California: The University of California Press. Chan, L. K., Hamao, Y. and J. Lakonishok. 1991. Fundamentals and stock returns in Japan. Journal of Finance 46, 1739-1789. Chang, J. J., Khanna, T. and K. G. Palepu. 2000. Analyst activity around the world. SSRN Working Paper. Chau, G. K. and S. J. Gray. 2002. Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore. The International Journal of Accounting 37, 247-265. Chava, S., M. Dierker. and D. Livdan, 2004. Do shareholder rights affect the cost of bank loans? The University of Houston Working Paper. Chen, K. C. W., Chen, Z. H. and J. K. C. Wei. 2003. Disclosure, corporate governance, and the cost of equity capital: Evidence from Asia’s emerging markets. SSRN Working Paper. Chen, K. C. W., Chen, Z. H. and J. K. C. Wei. 2004. Disclosure, corporate governance, and the cost of equity capital in emerging markets. SSRN Working Paper. Chen, C. J. P. and B. Jaggi. 2000. Association between independent nonexecutive directors, family control and financial disclosures in Hong Kong. Journal of Accounting and Public Policy 19, 285-310. Cho, J. Y. and C. Harter. 1995. The relation between predisclosure information and the dispersion of financial analysts’ forecasts of earnings. Journal of Business Finance and Accounting 22, 855-865. 邱碧珠，民89，資訊揭露水準與權益資金成本間之關係：我國資訊電子業之研究，國立臺灣大學會計學系未出版碩士論文。 Choi, F. D. S. 1973. Financial disclosure and entry to the European capital markets. Journal of Accounting Research 11, 159-179. Chow, C. W., and A. Wong-Boren. 1987. Voluntary financial disclosure by Mexican corporations. Accounting Review 62, 533-541. Chtourou, S. M. Bedard, J. and L. Courteau. 2001. Corporate governance and earnings management. SSRN Working Paper. Ciccone, S. J. 2000. Two essays on financial transparency: (1) Information quality and stock returns and (2) International differences in financial transparency. Doctoral Dissertation of the Florida State University. Ciccone, S. J. 2001. Analyst forecast properties, financial distress, and business risk. SSRN Working Paper. . 2002. Improvement in the forecasting ability of analysts. SSRN Working Paper. Claessens, S., Djankov, S., Fan, J. P. H. and L. H. P. Lang. 1999. Expropriation of minority shareholders in East Asia. SSRN Working Paper. . 2002. Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance 57, 2741-2771. Claessens, S., Djankov, S. and L. H. P. Lang. 2000. The separation of ownership and control in East Asian corporations. Journal of Finance Economics 58, 81-112. Clarkson, P., Guedes, J. and R. Thompson. 1996. On the diversification, observability, and measurement of estimation risk. Journal of Financial and Quantitative Analysis 31, 69-84. 沈宜慶，民91，企業資訊透明度與債券發行資金成本關係之實證研究，私立淡江大學會計學系未出版碩士論文。 Coase, R., 1937. The nature of the firm. Economica, New Series 4, 386-405. Coles, J., Loewenstein, U. and J. Suay. 1995. On equilibrium pricing under parameter uncertainty. Journal of Financial and Quantitative Analysis 30, 347-364. Collins, W. A. and W. S. Hopwood. 1980. A multivariate analysis of annual earnings forecasts generated from quarterly forecasts of financial analysts and univariate times-sreies model. Journal of Accounting and Research 18, 390-406. Conroy, R. M. and R. S. Harris. 1995. Analysts’ earnings forecast in Japan: Evidence of systematic optimism. Pacific Basin Journal of Finance 3, 393-408. Cooke, T. E. 1989. Disclosure in the corporate annual reports of Swedish companies. Accounting and Business Research 19, 113-124. . 1991. An assessment of voluntary disclosure in the annual reports of Japanese corporations. The International Journal of Accounting 26, 174-189. . 1992. The impact of size, stock market listing and industry type on disclosure in the annual reports of Japanese listed corporations. Accounting and Business Research 22, 229-237. Core, J., Guay, W. and T. Rusticus. 2004. Does weak governance cause weak stock returns? An examination of firm operating performance and analysts’ expectations. SSRN Working Paper. Craswell, A. T. and S. L. Taylor. 1992. Discretionary disclosure of reserves by oil and gas companies: An economic analysis. Journal of Business Finance and Accounting 19, 295-308. Credit Lyonnais Securities Asia. 2001. CG Watch: Corporate governance in emerging markets. 沈中華、陳錦村與吳孟紋，民90，更早期預警模型:台灣銀行道德指標的建立與影響，討論稿。 Credit Lyonnais Securities Asia. 2002. CG Watch: Corporate governance in emerging markets. Credit Lyonnais Securities Asia. 2003. CG Watch: Corporate governance in emerging markets. Cronqvist, H. and M. Nilsson. 2003. Agency costs of controlling minority shareholders. Journal of Financial and Quantitative Analysis 38, 695-719. Daley, L. A., Senkow, D. W. and R. L. Vigeland. 1988. Analysts’ forecasts, earnings variability, and option pricing: Empirical evidence. Accounting Review ,563-585. Davis, E. and J. Kay. 1993. European mergers and merger policy. New York：Oxford University Press. DeAngelo, L. E. 1981. Auditor independence, low balling, and disclosure regulation. Journal of Accounting and Economics 3, 113-127. Dechow, P. M., Sloan, R. G.. and A. P. Sweeney. 1996. Cause and consequence of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13, 1-36. Deis, D. and G. Giroux. 1992. Determinants of auditor quality in the public sector. Accounting Review 67, 462-479. Deller, D., Stubenrath, M. and C. Weber. 1999. A survey of the use of the internet for investor relations in the USA, UK and Germany. European Accounting Review 8, 351-364. Demsetz, H. and K. Lehn. 1985. The structure of corporate ownership：cause and consequences. Journal of Political Economy 93, 1155-1177. 何幸芳，民92，獨立董監事對公司價值與盈餘資訊內涵影響之研究，私立輔仁大學金融研究所未出版碩士論文。 Diamond, D. and R. Verrecchia. 1991. Disclosure, liquidity and the cost of equity capital. Journal of Finance , 1325-1360. Douthett, E. B., Duchac, J. E., Haw, I. M. and S. C. Lim. 2003. Differential levels of disclosure and the earnings-return association: evidence from foreign registrants in the United States, The International Journal of Accounting 38, 145-162. Durnev, A. and E. H. Kim. 2004. To Setal or not to steal: Firm attributes, legal environment, and valuation. Journal of Finance Forthcoming. Drabek, Z. and A. Payne. 1999. The impact of transparency on foreign direct investment. SSRN Working Paper. Easton, P. 2004. PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. Accounting Review 79, 73-95. Edwards, E. and P. Bell. 1961. The theory and measurement of business income. Berkeley, CA：University of California Press. El-Gazzar, S. M. 1998. Predisclosure information and institutional ownership: A cross-sectional examination of market revaluations during earnings announcement periods. Accounting Review 73, 119-129. Elliott, R. K. and P. D. Jacobson. 1994. Costs and benefits of business information disclosure. Accounting Horizon 8, 80-96. Eng, L. L., and Y. T. Mak. 2003. Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy 22, 325-345. Eng, L. L. and H. K. Teo. 2000. The relation between annual report disclosures, analysts’ earnings forecasts and analyst following: Evidence from Singapore. Pacific Accounting Review 11, 219-239. 金志遠，民89，董事會特性與自願性揭露關係之研究，國立政治大學會計學系未出版碩士論文。 Evans, J. H. and J. M. Patton. 1982. An economic analysis of participation in the Municipal Finance Officers Association certification of conformance program. Journal of Accounting and Economics 5, 151-175. Faccio, M. and L. H. P. Lang. 2002. The separation of ownership and control: An analysis of ultimate ownership in Western European corporations. SSRN Working Paper. Fama, E. F. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88, 288-307. . 1981. Efficient capital market: Ⅱ. Journal of Finance 46, 1575-1617. Fama, E. F., and K. R. French. 1992. The Cross-section of expected stock returns. Journal of Finance 47, 427-465. . 1993. Common risk factors in the returns of stocks and bonds. Journal of Financial Economics 33, 3-56. . 1997. Industry costs of capital. Journal of Financial Economics 43, 153-193. Fama, E. F. and M. C. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26, 301-325. Fan, J. P. H. and T. J. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33, 401-425. Fan, L. and A. Yasuda. 2004. Analyst reputatuion, underwriting pressure, and forecast accuracy. SSRN Working Paper. 林炯垚，民79，財務管理-理論與實務，初版，台北：華泰書局。 Feltham, G. and J. Ohlson. 1995. Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11, 689-731. Forker, J. J. 1992. Corporate governance and disclosure quality. Accounting and Business Research 22, 111-124. Gebhardt, W. R., Lee, C. M. C. and B. Swaminathan. 2001. Toward an implied cost of capital. Journal of Accounting and Research 39, 135-176. Gelb, D. S. 2000. Managerial ownership and accounting disclosures: An empirical study. Review of Quantitative Finance and Accounting 15, 169-185. Gode, D. and P. Mohanram. 2001. What affects the implied cost of equity capital? SSRN Working Paper. Gode, D. and P. Mohanram. 2003. Inferring the cost of capital using the Ohlson-Juettner Model. Review of Accounting Studies 8, 399-431. Gompers, P., Ishii, J. L. and A. Metrick. 2001. Corporate governance and equity prices. SSRN Working Paper. . 2003. Corporate governance and equity prices. Quarterly Journal of Economics 118, 107-155. Gray, S. J. 1988. Towards a theory of cultural influence on the development of accounting systems internationally. Abacus 24, 1-15. Hackston, D. and M. J. Milne. 1996. Some determinants of social and environmental disclosures in New Zealand companies. Accounting, Auditing and Accountability Journal 9, 77-108. 林明謙，民90，股權結構、董事組成對大股東介入股市行為影響之研究，私立輔仁大學金融研究所未出版碩士論文。 Hail, L. 2002. The impact of voluntary corporate disclosures on the ex-ante cost of capital for Swiss firms. The European Accounting Review 11, 741-773. Hail, L. and C. Leuz. 2004. International differences in the cost of equity capital: Do legal institutions and securities regulation matter? SSRN Working Paper. Han, B. H. and D. Manry. 2000. The implications of dispersion in analysts’ earnings forecasts for future ROE and future returns. Journal of Business Finance and Accounting 27, 99-125. Handa, P. and S. Linn. 1993. Arbitrage pricing with estimation risk. Journal of Financial Economics , 81-100. Haniffa, R. M. and T. E. Cooke. 2002. Culture, corporate governance and disclosure in Malaysian corporations. Abacus 38, 317-349. Healy, P. M., Hutton, A. P. and K. G. Palepu. 1999. Stock performance and Intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research 16, 485-520. Healy, P. M. and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital market: A review of the empirical disclosure literature. Journal of Accounting and Economics 31, 405-440. Ho, L. C. J., Hassell, J. M. and S. Swidler. 1995. An empirical examination of the dispersion and accuracy of analyst forecasts surrounding option listing. Review of Financial Economics 4, 171-185. Ho, S. S. M. and K. S. Wong. 2001. A study of the relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing and Taxation 10, 139-156. Hofstede, G. 1980. Culture’s consequences: International differences in work-related values. Beverly Hills: SAGE Publications. 林玉霞，民91，台灣上市公司代理問題、公司治理與股東價值之研究，私立中原大學會計學系未出版碩士論文。 Holland, J. 1998. Private disclosure and financial reporting. Accounting and Business Research 28, 255-269. Hope, O. K. 2003a. Disclosure practices, enforcement of accounting standards, and analysts’ forecast accuracy：An international study. Journal of Accounting Research 41, 235-271. . 2003b. Accounting policy disclosures and analysts’ forecasts. Contemporary Accounting Research 20, 295-321. . 2003c. Firm-level disclosures and the relative roles of culture and legal origin. Journal of International Financial Management and Accounting 14, 218-248. . 2003d. Analyst following and the influence of disclosure components, IPOs and ownership concentration. SSRN Working Paper. Hossain, M., Perera, M. H. B. and A. R. Rahman. 1995. Voluntary disclosure in the annual reports of New Zealand companies. Journal of International Financial Management and Accounting 6, 69-87. Hossain, M., Tan, L. M. and M. Adams. 1994. Voluntary disclosure in an emerging capital market: Some empirical evidence from companies listed on the Kuala Lumpur Stock Exchange. The International Journal of Accounting 29, 334-351. Huang, H. 2004. Shareholder rights and the cost of equity capital. SSRN Working Paper. Hughes, P. J. 1986. Signaling by direct disclosure under asymmetric information. Journal of Accounting and Economics 8, 119-142. Ismail, T. H. 2003. An empirical investigation of factors influencing voluntary disclosure of financial information on the internet in GCC countries. SSRN Working Papers. 林玉振、黃荃與林容竹，民91，董事會特性對經營績效、財務決策之影響研究-以台灣上市公司為例，管理與系統，第九卷，第三期，頁345-368。 Jaggi, B. and P. Y. Low. 2000. Impact of culture, market forces, and legal system on financial disclosures. The International Journal of Accounting 35, 495-519. Jensen, M. C. 1993. The modern industrial revolution, exit and the failure of internal control system. Journal of Finance 48, 831-880. Jensen, M. C. and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics 3, 305-360. John, K. and L. W. Senbet. 1998. Corporate governance and board effectiveness. Journal of banking and Finance 22, 371-403. Johnson, S., Boone, P., Breach, A. and E. Friedman. 2000. Corporate governance in the Asian financial crisis. Journal of Financial Economics 58, 141-186. Jorgensen, B. N. and M. T. Kirschenheiter. 2003. Discretionary risk disclosures. Accounting Review 78, 449-469. Jung, K. and S. Y. Kwon. 2002. Ownership structure and earnings informativeness: evidence from Korea. The International Journal of Accounting 37, 301-325. Kiel, G. C. and G. J. Nicholson. 2003. Board composition and corporate performance: How the Australian experience informs contrasting theories of corporate governance. Corporate Governance 11, 189-205. Klapper, L. F. and I. Love. 2002. Corporate governance, investor protection and performance in emerging markets. SSRN Working Paper. Klein, A. 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Ecionomics 33, 375-400. 林嬋娟，民93，銀行業之公司治理與揭露：台灣的實證研究，第九屆紀念梁國樹教授學術研討會-金融監理與風險控管。 Krishnamurti, C., Sevic, A. and Z. Sevic. 2003. Legal environment, firm-level corporate governance and expropriation of minority shareholders in Asia. SSRN Working Paper. Kross, W., Ro, B. and D. Schroeder. 1990. Earnings expectation: The analysts’ information advantage. Accounting Review 65, 461-476. Lakonishok, J. 1993. Is beta dead or alive? The CAPM controversy：Policy and strategy implications for investment management. New York, NY：Association for Investment Management and Research. Lang, M. H., Lins, K. V. and D. P. Miller. 2003. ADRs, analysts, and accuracy: Does cross listing in the United States improve a firm’s information environment and increase market value. Journal of Accounting Research 41, 317-345. . 2004. Concentrated control, analyst following and valuation: Do analysts matter most when investors are protected least? Journal of Accounting Research forthcoming. Lang, M. H. and R. J. Lundholm. 1993. Cross-sectional determinants of analysts ratings of corporate disclosure. Journal of Accounting Research 31, 246-271. . 1996. Corporate disclosure policy and analyst behavior. Accounting Review 71, 467-492. La Porta, R., Lopez-de-Silanes, F. and A. Shleifer, 1999. Corporate ownership around the world. Journal of Finance 54, 471-517. La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and R. W. Vishny. 1998. Law and finance. Journal of Political Economy 106, 1113-1155. . 2000. Investor protection and corporate governance. SSRN Working Paper. 林詩韻，民91，台灣上市公司股權結構與盈餘資訊內涵之關聯性研究，私立淡江大學會計學系未出版碩士論文。 . 2002. Investor protection and corporate valuation. Journal of Finance 57, 1147-1170. Lee. T. S. and Y. H. Yeh. 2004. Corporate governance and financial distress: Evidence from Taiwan. Corporate Governance 12, 378-388. Leland, H. and D. H. Pyle. 1977. Informational asymmetrics, financial structure, and financial intermediation. Journal of Finance 32, 371-388. Lemmon, M. L. and K. V. Lins. 2003. Ownership structure, corporate governance, and firm value：Evidence from the east asian financial crisis. Journal of Finance 58, 1445-1468. Leuz, C. 2003. Discussion of ADRs, Analysts, and Accuracy: Does cross-listing in the United States improve a firm’s information environment and increase market value? Journal of Accounting Research 41, 347-362. Leuz, C., Nanda, D. and P. D. Wysocki. 2003. Earnings management and investor protection: An international comparison. Journal of Financial Economoics 69, 505-527. Leuz, C. and R. E. Verrecchia. 2000. The economic consequences of increased disclosure. Journal of Accounting Research 38, 91-124. . 2004. Firms’ capital allocation choices, information quality, and the cost of capital. SSRN Working Paper. Lins, K. V. 2003. Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative Analysis 38, 159-184. Lintner, J. 1965. The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. Review of Economics and Statistics 47, 13-37. 林松樹，民91，公司治理與獨立董監事，鼎信會計師事務所。 Lipton, M. and J. Lorch. 1992. A modest proposal for improved corporate governance. Business Lawyer 48, 59-77. Makhija, A. K. and J. M. Patton. 2004. The impact of firm ownership structure on voluntary disclosure: Empirical evidence from Czech annual reports. Journal of Business 77, 457-491. Malone, D., Fries, C. and T. Jones. 1993. An empirical investigation of the extent of corporate financial disclosure in the oil and gas industry. Journal of Accounting, Auditing and Finance , 249-273. Mande, V. and R. Ortman. 2002. The effect of Japanese business segment reportingon analysts’ forecasts: implications for US investors and the SEC. Journal of Accounting and Public Policy 21, 31-70. Mangel, R. and H. Singh. 1993. Ownership structure, board relationships and CEO compensation in large US corporations. Accounting and Business Research 23, 339-362. Marquardt, C. A., Wiedman, C. I. and M. Welker. 1998. Voluntary disclosure, information asymmetry, and insider selling through secondary equity offerings. Contemporary Accounting Research 15, 505-537. Marston, C. and P. Shrives. 1996. A review of empirical research into financial disclosure. Paper presented at European Accounting Association Meetings, Bergen. McKinsey & Company. 2000. Investor opinion survey. Meek, G. K., Roberts, C. B. and S. J. Gray. 1995. Factors influencing voluntary annual report disclosures by U. S. and Continental European multinational corporations. Journal of International Business Studies 26, 555-572. Mitton, T. 2002. A cross-firm analysis of the impact of corporate governance on the East Asian financial crsis. Journal of Financial Economics 64, 215-241. 林欣怡，民92，公司資訊透明度與權益資金成本之關係探討，國立中山大學財務管理學系未出版碩士論文。 Modigliani, F. and M. H. Miller. 1958. The cost of capital, corporate finance and the theory of investment. The American Economic Review 3, 261-297. Morck, R., Shleifer, A. and R. W. Vishny. 1988. Management ownership and market valuation: an empirical analysis. Journal of Financial Economics 20, 293-315. Moyes, G. D., Park, K., Wang, M L. and P. A. Williams. 1997. Factors affecting an analyst forecast revision- Taiwan and the United States: A Comparision. The International Journal of Accounting 32, 63-77. Myers, S. C. 1977. Determinants of corporate borrowing. Journal of Financial Economics 5, 147-175. Myers, S. and N. S. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13, 187-222. Naser, L. and R. Nuseibeh. 2003. Quality of financial reporting: evidence from the listed Saudi nonfinancial companies. The International Journal of Accounting 38, 41-69. O’Brien, P. C. 1988. Analysts’ forecasts as earnings expectations. Journal of Accounting and Economics 10, 53-83. Olson, J. 1995. Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research 11, 661-687. Olson, J. and B. Juettner-Nauroth 2000. Expected EPS and EPS growth as determinants of value, SSRN Working Paper. Opler, T. and S. Titman. 1993. The determinants of leveraged buyout activity: Free cash flow vs financial distress costs. Journal of Finance 48, 1985-1999. 林政衛，民93，公司治理結構、資訊透明度與股票報酬變異關聯性之研究，國立政治大學會計學系未出版碩士論文。 Organization for Economic Co-operation and Development. 1999. OECD principles of corporate governance. Organization for Economic Co-operation and Development. 2004. OECD principles of corporate governance: Draft revised text. Owusu-Ansah, S. 1998. The impact of corporate attributes on the extent of mandatory disclosure and reporting by listed companies in Zimbabwe. The International Journal of Accounting 33, 605-631. Parkash, M., Dhaliwal, D. S. and W. K. Salatka. 1995. How certain firm-specific characteristics affect the accuracy and dispersion of analysts’ forecasts：A Latent Variables Approach. Journal of Business Research 34, 161-169. Patten, D. M. 1991. Exposure, legitimacy and social disclosure. Journal of Accounting and Public Policy 10, 297-308. Patten, D. M. 1992. Intra-industry environmental disclosures in response to the Alaskan oil spill: a note on legitimacy theory. Accounting, Organizations and Society 17, 595-612. Pfefferr, J. 1973. Size composition and functions of hospital boards of directors: A study of organization-environment linkage. Administrative Science Quarterly 18, 349-364. Pittman, J. A. and S. Forth. 2004. Auditor choice and the cost of debt capital for newly public firms. Journal of Accounting and Economics 37, 113-136. Pound, J. 1988. Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics 20, 237-265. Pratt, S. P. 2002. Cost of capital：Estimation and applications. Hoboken, N. J.：John Wiley and Sons. 林家靜，民93，公司治理、盈餘管理與投資人報酬之關聯性研究，國立政治大學會計學系未出版碩士論文。 Prevost, A. K. Rao, R. P. and M. Hossain. 2002. Determinants of board composition in New Zealand: A Simultaneous equations approach. Journal of Empirical Finance 9, 272-297. Raffournier, B. 1995. The determinants of voluntary financial disclosure by Swiss listed companies. The European Accounting Review 4, 261-280. Rajgopal, S. and M. Venkatachalam. 1998. The role of institutional investors in corporate governance: An empirical investigation. SSRN Working Paper. Ramsey, J. B. 1969 Tests for specification errors in classical linear least squares regression Analysis. Journal of the Royal Statistical Society 31, 350-371. Richardson, A. J. and M. Welker. 2001.Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organization and Society 26, 597-616. Roberts, R. W. 1992. Determinants of corporate social responsibility disclosure: An application of stakeholder theory. Accounting, Organizations and Society 17, 595-612. Rosenberg, B., Reid, K. and R. Lanstein. 1985. Persuasive evidence of market inefficiency. Journal of Portfolio Management 11, 9-17. Ruland, W., Tung, S. and N. E. George. 1990. Factors associated with the disclosure of managers’ forecasts. Accounting Review 65, 710-721. Saudagaran, S. and G. Biddle. 1992. Financial disclosure levels and foreign stock exchange listing decisions. Journal of International Financial Management and Accounting 2, 106-48. Schellenger, M. H., Wood, D. D. and A. Tashakori. 1989. Board of director composition, shareholder wealth, and dividend policy. Journal of Management 15, 457-467. 苗祺輝，民82，台灣上市公司所有權結構與績效關係之實證研究，私立輔仁大學管理研究所未出版碩士論文。 Sengupta, P. 1998. Corporate disclosure quality and the cost of debt. Accounting Review 73, 459-474. Sharpe, W. 1964. Capital assets prices: A theory of market equilibrium under conditions of risk. Journal of Finance 29, 425-442. Shleifer, A., and R. W. Vishny. 1986. Large shareholders and corporate control. Journal of Political Economy 94, 461-488. . 1997. A survey of corporate governance. Journal of Finance 52, 737-783. Singhvi, S. and H. B. Desai. 1971. An empirical analysis of the quality of corporate financial disclosure. Accounting Review 46, 621-632. Skinner, D. 1994. Why firms voluntarily disclose bad news? Journal of Accounting Research 32, 38-60. Sloan, R. G. 2001. Financial accounting and corporate governance: a discussion. Journal of Accounting and Economics 32, 335-347. Smith, C. W. and R. L. Watts. 1992. “The investment opportunity set and corporate financing, dividend and compensation policies,” Journal of Financial Economics 32, 263-292. Sonda, J. L. 2001. Corporate governance and earnings management. Canadian Laval Conference. Spence, A. M., 1974. Market signaling. Cambridge, Mass：Harvard University Press. 吳心儀，民91，分析師預測誤差與公司特性的關聯性，私立元智大學管理研究所未出版碩士論文。 Standard and Poors. 2001. Standard and Poor’s company transparency and disclosure survey Asia-Pacific 100. Stulz, R. M. 1999. Globalization of equity markets and the cost of capital. Journal of Applied Corporate Finance 12, 8-25. Vanstraelen, A., Zarzeski, M. T. and S. W. G. Robb. 2003. Corporate non-financial disclosure practices and financial analyst forecast ability across three European countries. Journal of International Financial Management and Accounting 14, 249-278. Venkatachalam, M. 2000. Discussion of corporate disclosure practices, institutional investors and stock return volatility. Journal of Accounting Research 38, 203-207. Vergoossen, R. G. A. 1997. Changes in accounting policies and investment analysts’ fixation on accounting figures. Accounting Organization and Society 22, 589-607. Verrecchia, R. E. 1983. Discretionary disclosure. Journal of Accounting and Economics 5, 179-194. Verrecchia, R. E. 1999. Disclosure and the cost of capital: A discussion. Journal of Accounting and Economics 26, 271-283. Vishwanath, T. and D. Kaufmann. 1999. Towards transparency in finance and governance. SSRN Working Paper. Wallace, R. S. O. and K. Naser. 1995. Firm-specific determinants of the comprehensiveness of mandatory disclosure in the corporate annual reports of firms listed on the Stock Exchange of Hong Kong. Journal of Accounting and Public Policy 14, 311-368. Wallace, R. S. O., Naser, K. and A. Mora. 1994. The relationship between the comprehensiveness of corporate annual reports and firm characteristics in Spain. Accounting and Business Research 25, 41-53. 吳安妮，民80，經理人員自願揭露盈餘預測資訊給外界之決定因素-實證研究，會計評論，第25期，頁1-24。 Watts, R. S. O. and K. Naser. 1986. Positive accounting theory. Englewood Cliffs. NJ: Prentice-Hall. Waymire, G.1986. Additional evidence on the accuracy of analyst forecasts before and after voluntary management earnings forecasts. Accounting Review 59, 129-142. Weisbach, M. S. 1988. Outside directors and CEO turnover. Journal of Financial Economics 20, 431-460. Welker, M. 1995. Disclosure policy, information asymmetry and liquidity in equity markets. Contemporary Accounting Research 11, 801-827. White, H. 1980. Heteroskedasticity-consistent covariance matrix and a direct test for heteroskedasticity? Econometrica 48, 817-838. Wiwattanakantang, Y. 2003. Controlling shareholders and corporate value: Evidence from Thailand. Pacific Basin Finance Journal, Forthcoming. World Bank. 1999. Corporate governance: A framework for implementation overview. The World Bank, Washington D. C. Yeh, Y. H., Lee, T. S. and T. Woidtke. 2001. Family control and corporate governance: Evidence for Taiwan. International Review of Finance 2, 21-48. Yeo, G. H., Tan, M. S., Ho, K. W. and S. S. Chen. 2002. Corporate ownership structure and the informativeness of earnings. Journal of Business, Finance and Accounting 29, 1023-1046. Yu, F. 2002. Accounting transparency and the term structure of credit spreads. SSRN Working Paper. 吳廷洲，民86，股權結構、盈餘管理與盈餘資訊性之研究，私立輔仁大學管理學研究所未出版碩士論文。 Zahra, S. A. and J. A. Pearce. 1989. Boards of directors and corporate financial performance: A review and integrated model. Journal of Management 15, 291-334. Zarzeski, M. T. 1996. Spontaneous harmonization effects of culture and market forces on accounting disclosure practices. Accounting Horizon 10, 18-37. 吳岳忠，民國92，機構投資人、公司治理與公司價值之研究-以台灣電子業為例，東吳大學企業管理學系未出版碩士論文。吳國超，民92，吸引外資會計準則需與國際接軌，工商時報，92/8/25。吳樂群、周行一、施敏雄、陳茵琦與簡淑芬，民92，公司治理-董事及監察人如何執行職務，第二版，台北：財團法人中華民過證券暨期貨市場發展基金會。周建宏，民91，資訊透明度的重要性，資誠之友。柯家瑜，民92，智慧資本揭露與智慧資本績效值之關聯性研究，國立中央大學企業管理學系未出版碩士論文。徐裕欽，民93，我國上市公司董監事會特性與權益資金成本關聯性之研究，國立政治大學會計學系未出版碩士論文。莊尚志，民92，資訊揭露水準與資金成本關係之實證研究，私立東吳大學會計學系未出版碩士論文。高蘭芬，民91，董監事股權質押之代理問題對會計資訊與公司績效之影響，國立成功大學會計學系未出版博士論文。高蘭芬與邱正仁，民91，董監事股權質押對會計盈餘與股票報酬相關性之影響，台大管理論叢，第13期，頁127-162。高麗華，民93，公司治理對盈餘資訊價值內涵之影響，私立中原大學會計學系未出版碩士論文。翁淑育，民89，台灣上市公司股權結構、核心代理問題與公司價值之研究，私立輔仁大學金融研究所未出版碩士論文。黃鈺光，民82，我國上市公司董事會特性與經營績效之研究，國立臺灣大學會計學系未出版碩士論文。黃耀慶，民90，從系統風險、企業透明度與權益資金成本關係探討影響企業透明度因素，國立政治大學企業管理學系未出版碩士論文。黃榮龍，民82，股權結構與經營績效之研究，國立政治大學會計學系未出版碩士論文。黃寶漳，民93，董事會結構、所有權結構與公司資訊揭露水準，私立明志技術學院工程管理研究所未出版碩士論文。黃瓊慧與許周全，民90，機構投資人對自願性盈餘預測之影響，2001會計理論與實務研討會，私立東吳大學與中華會計教育學會聯合主辦。陳昭美，民83，自願性揭露盈餘預測次數多寡之研究，私立東吳大學會計學系未出版碩士論文。陳毓樺，民85，社會責任會計揭露與公司特性相關性研究，私立中國文化大學國際企業管理研究所未出版碩士論文。陳建樺，民86，管理當局自願性盈餘預測揭露行為之研究，國立政治大學會計學系未出版博士論文。陳美娟，民86，年報自願性揭露水準與公司特徵之間關聯性研究，國立政治大學會計學系未出版碩士論文。陳依蘋，民91，透明度與企業價值，會計研究月刊，第200期，頁48-54。陳瑞斌與鄭桂蕙，民91，衍生性金融商品避險與負債成本之關聯性研究，第十屆會計理論與實務研討會，台北東吳大學會計系。陳美蒨，民92，自願性盈餘預測時點特徵與資訊內涵關係之研究，國立台北大學會計學系未出版碩士論文。陳迪，民92，董事會、監察人特性與公司績效關聯之再探討，國立政治大學會計學系未出版碩士論文。陳宏姿，民90，董監事結構與企業財務績效關聯之研究，國立政治大學會計學系未出版碩士論文。陳業寧、邱顯比與洪雲萍，民國93年，公司治理與外部董事，證券市場發展季刊，第16卷，第4期，頁1-36。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。國外文獻： 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.
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
dc.relation.reference (參考文獻)	國內文獻：	zh_TW
dc.relation.reference (參考文獻)	中華公司治理協會，民91，中華公司治理協會網站。	zh_TW
dc.relation.reference (參考文獻)	王佩如，民92，年報環境揭露與合理性理論-以上市公司為例，國立政治大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	字佩芬，民92，資訊揭露程度、外資法人持股率與股價報酬率間之關係研究，私立中國文化大學國際企業管理研究所未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	李建然，民89，影響台灣上市公司自願性盈餘預測頻率之研究，會計評論，第32期，頁49-79。	zh_TW
dc.relation.reference (參考文獻)	李德冠，民90，公司監理機制對於關係人交易影響之研究，私立輔仁大學金融研究所未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	李惟平，民91，我企業資訊揭露仍不足，經濟日報，91/7/31。	zh_TW
dc.relation.reference (參考文獻)	李亭誼，民92，董事身分特性與董監經理人相關資訊揭露程度關係之研究，國立政治大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	李孟芳，民92，股權結構對企業財務資訊揭露品質之影響-以上市電子業公司為例，國立成功大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	李春安、吳欽杉與葉麗玉，民92，所有權結構與公司非法行為關係之研究-以台灣股票上市公司為例，證券市場發展季刊，第十四卷，第四期，頁75-138。	zh_TW
dc.relation.reference (參考文獻)	李春安，民91，股市激烈變動期間機構投資人從眾現象形成原因與股價衝擊之研究，國科會專題研究計畫。	zh_TW
dc.relation.reference (參考文獻)	Agrawal, A. and S. Chadha. 2004. Corporate Governance and Accounting Scandals. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Ahmed, K. and J. K. Courtis. 1999. Associations between corporate characteristics and disclosure levels in annual reports: A meta-analysis. British Accounting Review 31, 35-61.	zh_TW
dc.relation.reference (參考文獻)	Alves, C. and V. Mendes. 2004. Corporate governance policy and company performance: The Portuguese case. Corporate Governance 12, 290-301.	zh_TW
dc.relation.reference (參考文獻)	Amihud, Y., and H. Mendelson. 1986. Asset pricing and the bid-ask spread. Journal of Financial Economics 17, 223-249.	zh_TW
dc.relation.reference (參考文獻)	Ashbaugh, H., Collins, D. W. and R. LaFond. 2005. Corporate governance and the cost of equity capital. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Ang, J. S. and J. C. Brau. 2002. Firm transparency and the costs of going public. Journal of Financial Research 25, 1-17.	zh_TW
dc.relation.reference (參考文獻)	Ang, J. S. and S. J. Ciccone. 2001. International differences in analyst forecast properties. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Ang, J. S., Cole, B. A. and J. W. Lin. 2000. Agency costs and ownership structure. Journal of Finance 55, 81-106.	zh_TW
dc.relation.reference (參考文獻)	Archambault, J. J. and M. E. Archambault. 2003. A multinational test of determinants of corporate disclosure. The International Journal of Accounting 38, 173-194.	zh_TW
dc.relation.reference (參考文獻)	Athanassakos, G. and M. Kalimipalli. 2003. Analyst forecast dispersion and future stock return volatility. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	李焮慈，民93，資訊透明度、金字塔結構、交叉持股與市場價值，國立高雄第一科技大學財務管理學系碩士班未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Atiase, R. K. 1985. Predisclosure information, firm capitalization, and security price behavior around earnings announcements. Journal of Accounting Research 23, 21-36.	zh_TW
dc.relation.reference (參考文獻)	Bacon, J. 1973. Corporate Directorship Practices: Membership and Committees of The Board. New York: The Conference Board.	zh_TW
dc.relation.reference (參考文獻)	Baiman, S. and R. Verrecchia. 1996. The relation among capital markets, financial disclosure, production efficiency, and insider trading. Journal of Accounting Research 34, 1-22.	zh_TW
dc.relation.reference (參考文獻)	Ball, R. 2001. Infrastructure requirements for and economically efficient system of public financial reporting and disclosure. Brookings Wharton Papers on Financial Services: 127-182.	zh_TW
dc.relation.reference (參考文獻)	Ball, R., Robin, A. and J. S. Wu. 2003. Incentives versus standards：Properties of accounting income in four East Asia countries. Journal of Accounting and Economics 36, 235-270.	zh_TW
dc.relation.reference (參考文獻)	Banz, R. W. 1981. The relationship between return and market value of common stocks. Journal of Financial Economics 9, 3-18.	zh_TW
dc.relation.reference (參考文獻)	Barrett, M. E. 1976. Disclosure and comprehensiveness in an international setting. Journal of Accounting Research 14, 10-26.	zh_TW
dc.relation.reference (參考文獻)	Barron, O. E., Kile, O. C. and T. B. O’Keefe. 1999. MD&A quality as measured by the SEC and analysts’ earnings forecasts. Contemporary Accounting Research 16, 75-109.	zh_TW
dc.relation.reference (參考文獻)	Barry, C. and S. Brown. 1985. Differential information and security market equilibrium. Journal of Financial and Quantitative Analysis 20, 407-422.	zh_TW
dc.relation.reference (參考文獻)	Basu, S., Hwang, L. and C. L. Jan. 1998. International variation in accounting measurement rules and analysts’ earnings forecast errors. Journal of Business Finance and Accounting 25, 1207-1247.	zh_TW
dc.relation.reference (參考文獻)	汪怡娟，民92，環保支出資訊揭露及揭露品質決定因素之研究，國立成功大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. Accounting Review 71, 443-465.	zh_TW
dc.relation.reference (參考文獻)	Beaver, W. H., Griffin, P. A. and W. R. Landsman. 1982. The incremental information content of replacement cost earnings. Journal of Accounting and Economics 4, 15-39.	zh_TW
dc.relation.reference (參考文獻)	Beavor, W. H. 2002. Perspectives on recent capital market research. Accounting Review 77, 453-474.	zh_TW
dc.relation.reference (參考文獻)	Bebchuk, L. A., Kraakman, R. and G. Triantis. 2000. Stock pyramids, cross-ownership, and dual-class equity: The creation and agency costs of separating control from cash flow rights. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Beiner, S., Drobetz, W., Schmid, M. M. and H. Zimmermann. 2004. An integrated framework of corporate governance and firm valuation-evidence from Switzerland. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Belkhir, M. 2004. Board of directors size and performance in banking. SSRN Working paper.	zh_TW
dc.relation.reference (參考文獻)	Berle, A. and G.. Means. 1932. The modern corporation and private property. MacMillan, New York, N. Y.	zh_TW
dc.relation.reference (參考文獻)	Bhattacharya, U. and H. Daouk. 2002. The world price of insider trading. Journal of Finance 57, 75-108.	zh_TW
dc.relation.reference (參考文獻)	Bhojraj, S. and P. Sengupta. 2003. Effect of corporate governance on bond ratings and yields: The role of institutional investors and outside directors, Cornell University Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Bhushan, R. 1989. Firm characteristics and analyst following. Journal of Accounting and Economics 11, 255-274.	zh_TW
dc.relation.reference (參考文獻)	呂坤穎，民92，機構投資人對公司經理人進行盈餘管理行為之影響，國立中正大學財務金融學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Bloomfield, R. and T. Wilks. 2000. Disclosure effects in the laboratory: liquidity, depth, and the cost of capital. Accounting Review 75, 13-41.	zh_TW
dc.relation.reference (參考文獻)	Botosan, C. A. 1997. Disclosure level and the cost of equity capital. Accounting Review 72, 323-349.	zh_TW
dc.relation.reference (參考文獻)	Botosan, C. A. and M. Plumlee. 2002. A Re-examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research 40, 21-40.	zh_TW
dc.relation.reference (參考文獻)	Brickley, J. A., Coles, J. L. and R. L. Terry. 1994. Outside directors and the adoption of poison pills. Journal of Financial Economics 35, 371-390.	zh_TW
dc.relation.reference (參考文獻)	Bricker, Previts, Robinson and Young. 1995.	zh_TW
dc.relation.reference (參考文獻)	Bushee, B. J. and C. F. Noe. 2000. Corporate disclosure practices, institutional investors and stock return volatility, Journal of Accounting Research 38, 171-201.	zh_TW
dc.relation.reference (參考文獻)	Bushman, R. M., Piotroski, J. and A. Smith. 2004. What determines corporate transparency ?. Journal of Accounting Research 42, 207-252.	zh_TW
dc.relation.reference (參考文獻)	Bushman, R. M. and A. J. Smith. 2001. Financial accounting information and corporate governance. Journal of Accounting and Economics 32, 181-235.	zh_TW
dc.relation.reference (參考文獻)	Buzby, S. L. 1975. Company size, listed versus unlisted stocks and the extent of financial disclosure. Journal of Accounting Research 13, 16-37.	zh_TW
dc.relation.reference (參考文獻)	Byrd, J. W. and L A. Hickman. 1992. Do outside directors monitor managers? Evidence from tender offer bids. Journal of Financial Economics 32, 195-222.	zh_TW
dc.relation.reference (參考文獻)	呂春綢，民93，我國獨立董監制度與公司績效關係研究，國立台北大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Byard, D. and K. W. Shaw. 2003. Corporate disclosure quality and properties of analyst’s information environment, Journal of Accounting, Auditing and Finance 18, 355-378.	zh_TW
dc.relation.reference (參考文獻)	Cerf, R. A. 1961. Corporate reporting and investment decisions. Berkeley, California: The University of California Press.	zh_TW
dc.relation.reference (參考文獻)	Chan, L. K., Hamao, Y. and J. Lakonishok. 1991. Fundamentals and stock returns in Japan. Journal of Finance 46, 1739-1789.	zh_TW
dc.relation.reference (參考文獻)	Chang, J. J., Khanna, T. and K. G. Palepu. 2000. Analyst activity around the world. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Chau, G. K. and S. J. Gray. 2002. Ownership structure and corporate voluntary disclosure in Hong Kong and Singapore. The International Journal of Accounting 37, 247-265.	zh_TW
dc.relation.reference (參考文獻)	Chava, S., M. Dierker. and D. Livdan, 2004. Do shareholder rights affect the cost of bank loans? The University of Houston Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Chen, K. C. W., Chen, Z. H. and J. K. C. Wei. 2003. Disclosure, corporate governance, and the cost of equity capital: Evidence from Asia’s emerging markets. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Chen, K. C. W., Chen, Z. H. and J. K. C. Wei. 2004. Disclosure, corporate governance, and the cost of equity capital in emerging markets. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Chen, C. J. P. and B. Jaggi. 2000. Association between independent nonexecutive directors, family control and financial disclosures in Hong Kong. Journal of Accounting and Public Policy 19, 285-310.	zh_TW
dc.relation.reference (參考文獻)	Cho, J. Y. and C. Harter. 1995. The relation between predisclosure information and the dispersion of financial analysts’ forecasts of earnings. Journal of Business Finance and Accounting 22, 855-865.	zh_TW
dc.relation.reference (參考文獻)	邱碧珠，民89，資訊揭露水準與權益資金成本間之關係：我國資訊電子業之研究，國立臺灣大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Choi, F. D. S. 1973. Financial disclosure and entry to the European capital markets. Journal of Accounting Research 11, 159-179.	zh_TW
dc.relation.reference (參考文獻)	Chow, C. W., and A. Wong-Boren. 1987. Voluntary financial disclosure by Mexican corporations. Accounting Review 62, 533-541.	zh_TW
dc.relation.reference (參考文獻)	Chtourou, S. M. Bedard, J. and L. Courteau. 2001. Corporate governance and earnings management. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Ciccone, S. J. 2000. Two essays on financial transparency: (1) Information quality and stock returns and (2) International differences in financial transparency. Doctoral Dissertation of the Florida State University.	zh_TW
dc.relation.reference (參考文獻)	Ciccone, S. J. 2001. Analyst forecast properties, financial distress, and business risk. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	. 2002. Improvement in the forecasting ability of analysts. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Claessens, S., Djankov, S., Fan, J. P. H. and L. H. P. Lang. 1999. Expropriation of minority shareholders in East Asia. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	. 2002. Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance 57, 2741-2771.	zh_TW
dc.relation.reference (參考文獻)	Claessens, S., Djankov, S. and L. H. P. Lang. 2000. The separation of ownership and control in East Asian corporations. Journal of Finance Economics 58, 81-112.	zh_TW
dc.relation.reference (參考文獻)	Clarkson, P., Guedes, J. and R. Thompson. 1996. On the diversification, observability, and measurement of estimation risk. Journal of Financial and Quantitative Analysis 31, 69-84.	zh_TW
dc.relation.reference (參考文獻)	沈宜慶，民91，企業資訊透明度與債券發行資金成本關係之實證研究，私立淡江大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Coase, R., 1937. The nature of the firm. Economica, New Series 4, 386-405.	zh_TW
dc.relation.reference (參考文獻)	Coles, J., Loewenstein, U. and J. Suay. 1995. On equilibrium pricing under parameter uncertainty. Journal of Financial and Quantitative Analysis 30, 347-364.	zh_TW
dc.relation.reference (參考文獻)	Collins, W. A. and W. S. Hopwood. 1980. A multivariate analysis of annual earnings forecasts generated from quarterly forecasts of financial analysts and univariate times-sreies model. Journal of Accounting and Research 18, 390-406.	zh_TW
dc.relation.reference (參考文獻)	Conroy, R. M. and R. S. Harris. 1995. Analysts’ earnings forecast in Japan: Evidence of systematic optimism. Pacific Basin Journal of Finance 3, 393-408.	zh_TW
dc.relation.reference (參考文獻)	Cooke, T. E. 1989. Disclosure in the corporate annual reports of Swedish companies. Accounting and Business Research 19, 113-124.	zh_TW
dc.relation.reference (參考文獻)	. 1991. An assessment of voluntary disclosure in the annual reports of Japanese corporations. The International Journal of Accounting 26, 174-189.	zh_TW
dc.relation.reference (參考文獻)	. 1992. The impact of size, stock market listing and industry type on disclosure in the annual reports of Japanese listed corporations. Accounting and Business Research 22, 229-237.	zh_TW
dc.relation.reference (參考文獻)	Core, J., Guay, W. and T. Rusticus. 2004. Does weak governance cause weak stock returns? An examination of firm operating performance and analysts’ expectations. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Craswell, A. T. and S. L. Taylor. 1992. Discretionary disclosure of reserves by oil and gas companies: An economic analysis. Journal of Business Finance and Accounting 19, 295-308.	zh_TW
dc.relation.reference (參考文獻)	Credit Lyonnais Securities Asia. 2001. CG Watch: Corporate governance in emerging markets.	zh_TW
dc.relation.reference (參考文獻)	沈中華、陳錦村與吳孟紋，民90，更早期預警模型:台灣銀行道德指標的建立與影響，討論稿。	zh_TW
dc.relation.reference (參考文獻)	Credit Lyonnais Securities Asia. 2002. CG Watch: Corporate governance in emerging markets.	zh_TW
dc.relation.reference (參考文獻)	Credit Lyonnais Securities Asia. 2003. CG Watch: Corporate governance in emerging markets.	zh_TW
dc.relation.reference (參考文獻)	Cronqvist, H. and M. Nilsson. 2003. Agency costs of controlling minority shareholders. Journal of Financial and Quantitative Analysis 38, 695-719.	zh_TW
dc.relation.reference (參考文獻)	Daley, L. A., Senkow, D. W. and R. L. Vigeland. 1988. Analysts’ forecasts, earnings variability, and option pricing: Empirical evidence. Accounting Review ,563-585.	zh_TW
dc.relation.reference (參考文獻)	Davis, E. and J. Kay. 1993. European mergers and merger policy. New York：Oxford University Press.	zh_TW
dc.relation.reference (參考文獻)	DeAngelo, L. E. 1981. Auditor independence, low balling, and disclosure regulation. Journal of Accounting and Economics 3, 113-127.	zh_TW
dc.relation.reference (參考文獻)	Dechow, P. M., Sloan, R. G.. and A. P. Sweeney. 1996. Cause and consequence of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary Accounting Research 13, 1-36.	zh_TW
dc.relation.reference (參考文獻)	Deis, D. and G. Giroux. 1992. Determinants of auditor quality in the public sector. Accounting Review 67, 462-479.	zh_TW
dc.relation.reference (參考文獻)	Deller, D., Stubenrath, M. and C. Weber. 1999. A survey of the use of the internet for investor relations in the USA, UK and Germany. European Accounting Review 8, 351-364.	zh_TW
dc.relation.reference (參考文獻)	Demsetz, H. and K. Lehn. 1985. The structure of corporate ownership：cause and consequences. Journal of Political Economy 93, 1155-1177.	zh_TW
dc.relation.reference (參考文獻)	何幸芳，民92，獨立董監事對公司價值與盈餘資訊內涵影響之研究，私立輔仁大學金融研究所未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Diamond, D. and R. Verrecchia. 1991. Disclosure, liquidity and the cost of equity capital. Journal of Finance , 1325-1360.	zh_TW
dc.relation.reference (參考文獻)	Douthett, E. B., Duchac, J. E., Haw, I. M. and S. C. Lim. 2003. Differential levels of disclosure and the earnings-return association: evidence from foreign registrants in the United States, The International Journal of Accounting 38, 145-162.	zh_TW
dc.relation.reference (參考文獻)	Durnev, A. and E. H. Kim. 2004. To Setal or not to steal: Firm attributes, legal environment, and valuation. Journal of Finance Forthcoming.	zh_TW
dc.relation.reference (參考文獻)	Drabek, Z. and A. Payne. 1999. The impact of transparency on foreign direct investment. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Easton, P. 2004. PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. Accounting Review 79, 73-95.	zh_TW
dc.relation.reference (參考文獻)	Edwards, E. and P. Bell. 1961. The theory and measurement of business income. Berkeley, CA：University of California Press.	zh_TW
dc.relation.reference (參考文獻)	El-Gazzar, S. M. 1998. Predisclosure information and institutional ownership: A cross-sectional examination of market revaluations during earnings announcement periods. Accounting Review 73, 119-129.	zh_TW
dc.relation.reference (參考文獻)	Elliott, R. K. and P. D. Jacobson. 1994. Costs and benefits of business information disclosure. Accounting Horizon 8, 80-96.	zh_TW
dc.relation.reference (參考文獻)	Eng, L. L., and Y. T. Mak. 2003. Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy 22, 325-345.	zh_TW
dc.relation.reference (參考文獻)	Eng, L. L. and H. K. Teo. 2000. The relation between annual report disclosures, analysts’ earnings forecasts and analyst following: Evidence from Singapore. Pacific Accounting Review 11, 219-239.	zh_TW
dc.relation.reference (參考文獻)	金志遠，民89，董事會特性與自願性揭露關係之研究，國立政治大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Evans, J. H. and J. M. Patton. 1982. An economic analysis of participation in the Municipal Finance Officers Association certification of conformance program. Journal of Accounting and Economics 5, 151-175.	zh_TW
dc.relation.reference (參考文獻)	Faccio, M. and L. H. P. Lang. 2002. The separation of ownership and control: An analysis of ultimate ownership in Western European corporations. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Fama, E. F. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88, 288-307.	zh_TW
dc.relation.reference (參考文獻)	. 1981. Efficient capital market: Ⅱ. Journal of Finance 46, 1575-1617.	zh_TW
dc.relation.reference (參考文獻)	Fama, E. F., and K. R. French. 1992. The Cross-section of expected stock returns. Journal of Finance 47, 427-465.	zh_TW
dc.relation.reference (參考文獻)	. 1993. Common risk factors in the returns of stocks and bonds. Journal of Financial Economics 33, 3-56.	zh_TW
dc.relation.reference (參考文獻)	. 1997. Industry costs of capital. Journal of Financial Economics 43, 153-193.	zh_TW
dc.relation.reference (參考文獻)	Fama, E. F. and M. C. Jensen. 1983. Separation of ownership and control. Journal of Law and Economics 26, 301-325.	zh_TW
dc.relation.reference (參考文獻)	Fan, J. P. H. and T. J. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33, 401-425.	zh_TW
dc.relation.reference (參考文獻)	Fan, L. and A. Yasuda. 2004. Analyst reputatuion, underwriting pressure, and forecast accuracy. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	林炯垚，民79，財務管理-理論與實務，初版，台北：華泰書局。	zh_TW
dc.relation.reference (參考文獻)	Feltham, G. and J. Ohlson. 1995. Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11, 689-731.	zh_TW
dc.relation.reference (參考文獻)	Forker, J. J. 1992. Corporate governance and disclosure quality. Accounting and Business Research 22, 111-124.	zh_TW
dc.relation.reference (參考文獻)	Gebhardt, W. R., Lee, C. M. C. and B. Swaminathan. 2001. Toward an implied cost of capital. Journal of Accounting and Research 39, 135-176.	zh_TW
dc.relation.reference (參考文獻)	Gelb, D. S. 2000. Managerial ownership and accounting disclosures: An empirical study. Review of Quantitative Finance and Accounting 15, 169-185.	zh_TW
dc.relation.reference (參考文獻)	Gode, D. and P. Mohanram. 2001. What affects the implied cost of equity capital? SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Gode, D. and P. Mohanram. 2003. Inferring the cost of capital using the Ohlson-Juettner Model. Review of Accounting Studies 8, 399-431.	zh_TW
dc.relation.reference (參考文獻)	Gompers, P., Ishii, J. L. and A. Metrick. 2001. Corporate governance and equity prices. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	. 2003. Corporate governance and equity prices. Quarterly Journal of Economics 118, 107-155.	zh_TW
dc.relation.reference (參考文獻)	Gray, S. J. 1988. Towards a theory of cultural influence on the development of accounting systems internationally. Abacus 24, 1-15.	zh_TW
dc.relation.reference (參考文獻)	Hackston, D. and M. J. Milne. 1996. Some determinants of social and environmental disclosures in New Zealand companies. Accounting, Auditing and Accountability Journal 9, 77-108.	zh_TW
dc.relation.reference (參考文獻)	林明謙，民90，股權結構、董事組成對大股東介入股市行為影響之研究，私立輔仁大學金融研究所未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Hail, L. 2002. The impact of voluntary corporate disclosures on the ex-ante cost of capital for Swiss firms. The European Accounting Review 11, 741-773.	zh_TW
dc.relation.reference (參考文獻)	Hail, L. and C. Leuz. 2004. International differences in the cost of equity capital: Do legal institutions and securities regulation matter? SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Han, B. H. and D. Manry. 2000. The implications of dispersion in analysts’ earnings forecasts for future ROE and future returns. Journal of Business Finance and Accounting 27, 99-125.	zh_TW
dc.relation.reference (參考文獻)	Handa, P. and S. Linn. 1993. Arbitrage pricing with estimation risk. Journal of Financial Economics , 81-100.	zh_TW
dc.relation.reference (參考文獻)	Haniffa, R. M. and T. E. Cooke. 2002. Culture, corporate governance and disclosure in Malaysian corporations. Abacus 38, 317-349.	zh_TW
dc.relation.reference (參考文獻)	Healy, P. M., Hutton, A. P. and K. G. Palepu. 1999. Stock performance and Intermediation changes surrounding sustained increases in disclosure. Contemporary Accounting Research 16, 485-520.	zh_TW
dc.relation.reference (參考文獻)	Healy, P. M. and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital market: A review of the empirical disclosure literature. Journal of Accounting and Economics 31, 405-440.	zh_TW
dc.relation.reference (參考文獻)	Ho, L. C. J., Hassell, J. M. and S. Swidler. 1995. An empirical examination of the dispersion and accuracy of analyst forecasts surrounding option listing. Review of Financial Economics 4, 171-185.	zh_TW
dc.relation.reference (參考文獻)	Ho, S. S. M. and K. S. Wong. 2001. A study of the relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing and Taxation 10, 139-156.	zh_TW
dc.relation.reference (參考文獻)	Hofstede, G. 1980. Culture’s consequences: International differences in work-related values. Beverly Hills: SAGE Publications.	zh_TW
dc.relation.reference (參考文獻)	林玉霞，民91，台灣上市公司代理問題、公司治理與股東價值之研究，私立中原大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Holland, J. 1998. Private disclosure and financial reporting. Accounting and Business Research 28, 255-269.	zh_TW
dc.relation.reference (參考文獻)	Hope, O. K. 2003a. Disclosure practices, enforcement of accounting standards, and analysts’ forecast accuracy：An international study. Journal of Accounting Research 41, 235-271.	zh_TW
dc.relation.reference (參考文獻)	. 2003b. Accounting policy disclosures and analysts’ forecasts. Contemporary Accounting Research 20, 295-321.	zh_TW
dc.relation.reference (參考文獻)	. 2003c. Firm-level disclosures and the relative roles of culture and legal origin. Journal of International Financial Management and Accounting 14, 218-248.	zh_TW
dc.relation.reference (參考文獻)	. 2003d. Analyst following and the influence of disclosure components, IPOs and ownership concentration. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Hossain, M., Perera, M. H. B. and A. R. Rahman. 1995. Voluntary disclosure in the annual reports of New Zealand companies. Journal of International Financial Management and Accounting 6, 69-87.	zh_TW
dc.relation.reference (參考文獻)	Hossain, M., Tan, L. M. and M. Adams. 1994. Voluntary disclosure in an emerging capital market: Some empirical evidence from companies listed on the Kuala Lumpur Stock Exchange. The International Journal of Accounting 29, 334-351.	zh_TW
dc.relation.reference (參考文獻)	Huang, H. 2004. Shareholder rights and the cost of equity capital. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Hughes, P. J. 1986. Signaling by direct disclosure under asymmetric information. Journal of Accounting and Economics 8, 119-142.	zh_TW
dc.relation.reference (參考文獻)	Ismail, T. H. 2003. An empirical investigation of factors influencing voluntary disclosure of financial information on the internet in GCC countries. SSRN Working Papers.	zh_TW
dc.relation.reference (參考文獻)	林玉振、黃荃與林容竹，民91，董事會特性對經營績效、財務決策之影響研究-以台灣上市公司為例，管理與系統，第九卷，第三期，頁345-368。	zh_TW
dc.relation.reference (參考文獻)	Jaggi, B. and P. Y. Low. 2000. Impact of culture, market forces, and legal system on financial disclosures. The International Journal of Accounting 35, 495-519.	zh_TW
dc.relation.reference (參考文獻)	Jensen, M. C. 1993. The modern industrial revolution, exit and the failure of internal control system. Journal of Finance 48, 831-880.	zh_TW
dc.relation.reference (參考文獻)	Jensen, M. C. and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics 3, 305-360.	zh_TW
dc.relation.reference (參考文獻)	John, K. and L. W. Senbet. 1998. Corporate governance and board effectiveness. Journal of banking and Finance 22, 371-403.	zh_TW
dc.relation.reference (參考文獻)	Johnson, S., Boone, P., Breach, A. and E. Friedman. 2000. Corporate governance in the Asian financial crisis. Journal of Financial Economics 58, 141-186.	zh_TW
dc.relation.reference (參考文獻)	Jorgensen, B. N. and M. T. Kirschenheiter. 2003. Discretionary risk disclosures. Accounting Review 78, 449-469.	zh_TW
dc.relation.reference (參考文獻)	Jung, K. and S. Y. Kwon. 2002. Ownership structure and earnings informativeness: evidence from Korea. The International Journal of Accounting 37, 301-325.	zh_TW
dc.relation.reference (參考文獻)	Kiel, G. C. and G. J. Nicholson. 2003. Board composition and corporate performance: How the Australian experience informs contrasting theories of corporate governance. Corporate Governance 11, 189-205.	zh_TW
dc.relation.reference (參考文獻)	Klapper, L. F. and I. Love. 2002. Corporate governance, investor protection and performance in emerging markets. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Klein, A. 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Ecionomics 33, 375-400.	zh_TW
dc.relation.reference (參考文獻)	林嬋娟，民93，銀行業之公司治理與揭露：台灣的實證研究，第九屆紀念梁國樹教授學術研討會-金融監理與風險控管。	zh_TW
dc.relation.reference (參考文獻)	Krishnamurti, C., Sevic, A. and Z. Sevic. 2003. Legal environment, firm-level corporate governance and expropriation of minority shareholders in Asia. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Kross, W., Ro, B. and D. Schroeder. 1990. Earnings expectation: The analysts’ information advantage. Accounting Review 65, 461-476.	zh_TW
dc.relation.reference (參考文獻)	Lakonishok, J. 1993. Is beta dead or alive? The CAPM controversy：Policy and strategy implications for investment management. New York, NY：Association for Investment Management and Research.	zh_TW
dc.relation.reference (參考文獻)	Lang, M. H., Lins, K. V. and D. P. Miller. 2003. ADRs, analysts, and accuracy: Does cross listing in the United States improve a firm’s information environment and increase market value. Journal of Accounting Research 41, 317-345.	zh_TW
dc.relation.reference (參考文獻)	. 2004. Concentrated control, analyst following and valuation: Do analysts matter most when investors are protected least? Journal of Accounting Research forthcoming.	zh_TW
dc.relation.reference (參考文獻)	Lang, M. H. and R. J. Lundholm. 1993. Cross-sectional determinants of analysts ratings of corporate disclosure. Journal of Accounting Research 31, 246-271.	zh_TW
dc.relation.reference (參考文獻)	. 1996. Corporate disclosure policy and analyst behavior. Accounting Review 71, 467-492.	zh_TW
dc.relation.reference (參考文獻)	La Porta, R., Lopez-de-Silanes, F. and A. Shleifer, 1999. Corporate ownership around the world. Journal of Finance 54, 471-517.	zh_TW
dc.relation.reference (參考文獻)	La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and R. W. Vishny. 1998. Law and finance. Journal of Political Economy 106, 1113-1155.	zh_TW
dc.relation.reference (參考文獻)	. 2000. Investor protection and corporate governance. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	林詩韻，民91，台灣上市公司股權結構與盈餘資訊內涵之關聯性研究，私立淡江大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	. 2002. Investor protection and corporate valuation. Journal of Finance 57, 1147-1170.	zh_TW
dc.relation.reference (參考文獻)	Lee. T. S. and Y. H. Yeh. 2004. Corporate governance and financial distress: Evidence from Taiwan. Corporate Governance 12, 378-388.	zh_TW
dc.relation.reference (參考文獻)	Leland, H. and D. H. Pyle. 1977. Informational asymmetrics, financial structure, and financial intermediation. Journal of Finance 32, 371-388.	zh_TW
dc.relation.reference (參考文獻)	Lemmon, M. L. and K. V. Lins. 2003. Ownership structure, corporate governance, and firm value：Evidence from the east asian financial crisis. Journal of Finance 58, 1445-1468.	zh_TW
dc.relation.reference (參考文獻)	Leuz, C. 2003. Discussion of ADRs, Analysts, and Accuracy: Does cross-listing in the United States improve a firm’s information environment and increase market value? Journal of Accounting Research 41, 347-362.	zh_TW
dc.relation.reference (參考文獻)	Leuz, C., Nanda, D. and P. D. Wysocki. 2003. Earnings management and investor protection: An international comparison. Journal of Financial Economoics 69, 505-527.	zh_TW
dc.relation.reference (參考文獻)	Leuz, C. and R. E. Verrecchia. 2000. The economic consequences of increased disclosure. Journal of Accounting Research 38, 91-124.	zh_TW
dc.relation.reference (參考文獻)	. 2004. Firms’ capital allocation choices, information quality, and the cost of capital. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Lins, K. V. 2003. Equity ownership and firm value in emerging markets. Journal of Financial and Quantitative Analysis 38, 159-184.	zh_TW
dc.relation.reference (參考文獻)	Lintner, J. 1965. The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. Review of Economics and Statistics 47, 13-37.	zh_TW
dc.relation.reference (參考文獻)	林松樹，民91，公司治理與獨立董監事，鼎信會計師事務所。	zh_TW
dc.relation.reference (參考文獻)	Lipton, M. and J. Lorch. 1992. A modest proposal for improved corporate governance. Business Lawyer 48, 59-77.	zh_TW
dc.relation.reference (參考文獻)	Makhija, A. K. and J. M. Patton. 2004. The impact of firm ownership structure on voluntary disclosure: Empirical evidence from Czech annual reports. Journal of Business 77, 457-491.	zh_TW
dc.relation.reference (參考文獻)	Malone, D., Fries, C. and T. Jones. 1993. An empirical investigation of the extent of corporate financial disclosure in the oil and gas industry. Journal of Accounting, Auditing and Finance , 249-273.	zh_TW
dc.relation.reference (參考文獻)	Mande, V. and R. Ortman. 2002. The effect of Japanese business segment reportingon analysts’ forecasts: implications for US investors and the SEC. Journal of Accounting and Public Policy 21, 31-70.	zh_TW
dc.relation.reference (參考文獻)	Mangel, R. and H. Singh. 1993. Ownership structure, board relationships and CEO compensation in large US corporations. Accounting and Business Research 23, 339-362.	zh_TW
dc.relation.reference (參考文獻)	Marquardt, C. A., Wiedman, C. I. and M. Welker. 1998. Voluntary disclosure, information asymmetry, and insider selling through secondary equity offerings. Contemporary Accounting Research 15, 505-537.	zh_TW
dc.relation.reference (參考文獻)	Marston, C. and P. Shrives. 1996. A review of empirical research into financial disclosure. Paper presented at European Accounting Association Meetings, Bergen.	zh_TW
dc.relation.reference (參考文獻)	McKinsey & Company. 2000. Investor opinion survey.	zh_TW
dc.relation.reference (參考文獻)	Meek, G. K., Roberts, C. B. and S. J. Gray. 1995. Factors influencing voluntary annual report disclosures by U. S. and Continental European multinational corporations. Journal of International Business Studies 26, 555-572.	zh_TW
dc.relation.reference (參考文獻)	Mitton, T. 2002. A cross-firm analysis of the impact of corporate governance on the East Asian financial crsis. Journal of Financial Economics 64, 215-241.	zh_TW
dc.relation.reference (參考文獻)	林欣怡，民92，公司資訊透明度與權益資金成本之關係探討，國立中山大學財務管理學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Modigliani, F. and M. H. Miller. 1958. The cost of capital, corporate finance and the theory of investment. The American Economic Review 3, 261-297.	zh_TW
dc.relation.reference (參考文獻)	Morck, R., Shleifer, A. and R. W. Vishny. 1988. Management ownership and market valuation: an empirical analysis. Journal of Financial Economics 20, 293-315.	zh_TW
dc.relation.reference (參考文獻)	Moyes, G. D., Park, K., Wang, M L. and P. A. Williams. 1997. Factors affecting an analyst forecast revision- Taiwan and the United States: A Comparision. The International Journal of Accounting 32, 63-77.	zh_TW
dc.relation.reference (參考文獻)	Myers, S. C. 1977. Determinants of corporate borrowing. Journal of Financial Economics 5, 147-175.	zh_TW
dc.relation.reference (參考文獻)	Myers, S. and N. S. Majluf. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 13, 187-222.	zh_TW
dc.relation.reference (參考文獻)	Naser, L. and R. Nuseibeh. 2003. Quality of financial reporting: evidence from the listed Saudi nonfinancial companies. The International Journal of Accounting 38, 41-69.	zh_TW
dc.relation.reference (參考文獻)	O’Brien, P. C. 1988. Analysts’ forecasts as earnings expectations. Journal of Accounting and Economics 10, 53-83.	zh_TW
dc.relation.reference (參考文獻)	Olson, J. 1995. Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research 11, 661-687.	zh_TW
dc.relation.reference (參考文獻)	Olson, J. and B. Juettner-Nauroth 2000. Expected EPS and EPS growth as determinants of value, SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Opler, T. and S. Titman. 1993. The determinants of leveraged buyout activity: Free cash flow vs financial distress costs. Journal of Finance 48, 1985-1999.	zh_TW
dc.relation.reference (參考文獻)	林政衛，民93，公司治理結構、資訊透明度與股票報酬變異關聯性之研究，國立政治大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Organization for Economic Co-operation and Development. 1999. OECD principles of corporate governance.	zh_TW
dc.relation.reference (參考文獻)	Organization for Economic Co-operation and Development. 2004. OECD principles of corporate governance: Draft revised text.	zh_TW
dc.relation.reference (參考文獻)	Owusu-Ansah, S. 1998. The impact of corporate attributes on the extent of mandatory disclosure and reporting by listed companies in Zimbabwe. The International Journal of Accounting 33, 605-631.	zh_TW
dc.relation.reference (參考文獻)	Parkash, M., Dhaliwal, D. S. and W. K. Salatka. 1995. How certain firm-specific characteristics affect the accuracy and dispersion of analysts’ forecasts：A Latent Variables Approach. Journal of Business Research 34, 161-169.	zh_TW
dc.relation.reference (參考文獻)	Patten, D. M. 1991. Exposure, legitimacy and social disclosure. Journal of Accounting and Public Policy 10, 297-308.	zh_TW
dc.relation.reference (參考文獻)	Patten, D. M. 1992. Intra-industry environmental disclosures in response to the Alaskan oil spill: a note on legitimacy theory. Accounting, Organizations and Society 17, 595-612.	zh_TW
dc.relation.reference (參考文獻)	Pfefferr, J. 1973. Size composition and functions of hospital boards of directors: A study of organization-environment linkage. Administrative Science Quarterly 18, 349-364.	zh_TW
dc.relation.reference (參考文獻)	Pittman, J. A. and S. Forth. 2004. Auditor choice and the cost of debt capital for newly public firms. Journal of Accounting and Economics 37, 113-136.	zh_TW
dc.relation.reference (參考文獻)	Pound, J. 1988. Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics 20, 237-265.	zh_TW
dc.relation.reference (參考文獻)	Pratt, S. P. 2002. Cost of capital：Estimation and applications. Hoboken, N. J.：John Wiley and Sons.	zh_TW
dc.relation.reference (參考文獻)	林家靜，民93，公司治理、盈餘管理與投資人報酬之關聯性研究，國立政治大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Prevost, A. K. Rao, R. P. and M. Hossain. 2002. Determinants of board composition in New Zealand: A Simultaneous equations approach. Journal of Empirical Finance 9, 272-297.	zh_TW
dc.relation.reference (參考文獻)	Raffournier, B. 1995. The determinants of voluntary financial disclosure by Swiss listed companies. The European Accounting Review 4, 261-280.	zh_TW
dc.relation.reference (參考文獻)	Rajgopal, S. and M. Venkatachalam. 1998. The role of institutional investors in corporate governance: An empirical investigation. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Ramsey, J. B. 1969 Tests for specification errors in classical linear least squares regression Analysis. Journal of the Royal Statistical Society 31, 350-371.	zh_TW
dc.relation.reference (參考文獻)	Richardson, A. J. and M. Welker. 2001.Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organization and Society 26, 597-616.	zh_TW
dc.relation.reference (參考文獻)	Roberts, R. W. 1992. Determinants of corporate social responsibility disclosure: An application of stakeholder theory. Accounting, Organizations and Society 17, 595-612.	zh_TW
dc.relation.reference (參考文獻)	Rosenberg, B., Reid, K. and R. Lanstein. 1985. Persuasive evidence of market inefficiency. Journal of Portfolio Management 11, 9-17.	zh_TW
dc.relation.reference (參考文獻)	Ruland, W., Tung, S. and N. E. George. 1990. Factors associated with the disclosure of managers’ forecasts. Accounting Review 65, 710-721.	zh_TW
dc.relation.reference (參考文獻)	Saudagaran, S. and G. Biddle. 1992. Financial disclosure levels and foreign stock exchange listing decisions. Journal of International Financial Management and Accounting 2, 106-48.	zh_TW
dc.relation.reference (參考文獻)	Schellenger, M. H., Wood, D. D. and A. Tashakori. 1989. Board of director composition, shareholder wealth, and dividend policy. Journal of Management 15, 457-467.	zh_TW
dc.relation.reference (參考文獻)	苗祺輝，民82，台灣上市公司所有權結構與績效關係之實證研究，私立輔仁大學管理研究所未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Sengupta, P. 1998. Corporate disclosure quality and the cost of debt. Accounting Review 73, 459-474.	zh_TW
dc.relation.reference (參考文獻)	Sharpe, W. 1964. Capital assets prices: A theory of market equilibrium under conditions of risk. Journal of Finance 29, 425-442.	zh_TW
dc.relation.reference (參考文獻)	Shleifer, A., and R. W. Vishny. 1986. Large shareholders and corporate control. Journal of Political Economy 94, 461-488.	zh_TW
dc.relation.reference (參考文獻)	. 1997. A survey of corporate governance. Journal of Finance 52, 737-783.	zh_TW
dc.relation.reference (參考文獻)	Singhvi, S. and H. B. Desai. 1971. An empirical analysis of the quality of corporate financial disclosure. Accounting Review 46, 621-632.	zh_TW
dc.relation.reference (參考文獻)	Skinner, D. 1994. Why firms voluntarily disclose bad news? Journal of Accounting Research 32, 38-60.	zh_TW
dc.relation.reference (參考文獻)	Sloan, R. G. 2001. Financial accounting and corporate governance: a discussion. Journal of Accounting and Economics 32, 335-347.	zh_TW
dc.relation.reference (參考文獻)	Smith, C. W. and R. L. Watts. 1992. “The investment opportunity set and corporate financing, dividend and compensation policies,” Journal of Financial Economics 32, 263-292.	zh_TW
dc.relation.reference (參考文獻)	Sonda, J. L. 2001. Corporate governance and earnings management. Canadian Laval Conference.	zh_TW
dc.relation.reference (參考文獻)	Spence, A. M., 1974. Market signaling. Cambridge, Mass：Harvard University Press.	zh_TW
dc.relation.reference (參考文獻)	吳心儀，民91，分析師預測誤差與公司特性的關聯性，私立元智大學管理研究所未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Standard and Poors. 2001. Standard and Poor’s company transparency and disclosure survey Asia-Pacific 100.	zh_TW
dc.relation.reference (參考文獻)	Stulz, R. M. 1999. Globalization of equity markets and the cost of capital. Journal of Applied Corporate Finance 12, 8-25.	zh_TW
dc.relation.reference (參考文獻)	Vanstraelen, A., Zarzeski, M. T. and S. W. G. Robb. 2003. Corporate non-financial disclosure practices and financial analyst forecast ability across three European countries. Journal of International Financial Management and Accounting 14, 249-278.	zh_TW
dc.relation.reference (參考文獻)	Venkatachalam, M. 2000. Discussion of corporate disclosure practices, institutional investors and stock return volatility. Journal of Accounting Research 38, 203-207.	zh_TW
dc.relation.reference (參考文獻)	Vergoossen, R. G. A. 1997. Changes in accounting policies and investment analysts’ fixation on accounting figures. Accounting Organization and Society 22, 589-607.	zh_TW
dc.relation.reference (參考文獻)	Verrecchia, R. E. 1983. Discretionary disclosure. Journal of Accounting and Economics 5, 179-194.	zh_TW
dc.relation.reference (參考文獻)	Verrecchia, R. E. 1999. Disclosure and the cost of capital: A discussion. Journal of Accounting and Economics 26, 271-283.	zh_TW
dc.relation.reference (參考文獻)	Vishwanath, T. and D. Kaufmann. 1999. Towards transparency in finance and governance. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	Wallace, R. S. O. and K. Naser. 1995. Firm-specific determinants of the comprehensiveness of mandatory disclosure in the corporate annual reports of firms listed on the Stock Exchange of Hong Kong. Journal of Accounting and Public Policy 14, 311-368.	zh_TW
dc.relation.reference (參考文獻)	Wallace, R. S. O., Naser, K. and A. Mora. 1994. The relationship between the comprehensiveness of corporate annual reports and firm characteristics in Spain. Accounting and Business Research 25, 41-53.	zh_TW
dc.relation.reference (參考文獻)	吳安妮，民80，經理人員自願揭露盈餘預測資訊給外界之決定因素-實證研究，會計評論，第25期，頁1-24。	zh_TW
dc.relation.reference (參考文獻)	Watts, R. S. O. and K. Naser. 1986. Positive accounting theory. Englewood Cliffs. NJ: Prentice-Hall.	zh_TW
dc.relation.reference (參考文獻)	Waymire, G.1986. Additional evidence on the accuracy of analyst forecasts before and after voluntary management earnings forecasts. Accounting Review 59, 129-142.	zh_TW
dc.relation.reference (參考文獻)	Weisbach, M. S. 1988. Outside directors and CEO turnover. Journal of Financial Economics 20, 431-460.	zh_TW
dc.relation.reference (參考文獻)	Welker, M. 1995. Disclosure policy, information asymmetry and liquidity in equity markets. Contemporary Accounting Research 11, 801-827.	zh_TW
dc.relation.reference (參考文獻)	White, H. 1980. Heteroskedasticity-consistent covariance matrix and a direct test for heteroskedasticity? Econometrica 48, 817-838.	zh_TW
dc.relation.reference (參考文獻)	Wiwattanakantang, Y. 2003. Controlling shareholders and corporate value: Evidence from Thailand. Pacific Basin Finance Journal, Forthcoming.	zh_TW
dc.relation.reference (參考文獻)	World Bank. 1999. Corporate governance: A framework for implementation overview. The World Bank, Washington D. C.	zh_TW
dc.relation.reference (參考文獻)	Yeh, Y. H., Lee, T. S. and T. Woidtke. 2001. Family control and corporate governance: Evidence for Taiwan. International Review of Finance 2, 21-48.	zh_TW
dc.relation.reference (參考文獻)	Yeo, G. H., Tan, M. S., Ho, K. W. and S. S. Chen. 2002. Corporate ownership structure and the informativeness of earnings. Journal of Business, Finance and Accounting 29, 1023-1046.	zh_TW
dc.relation.reference (參考文獻)	Yu, F. 2002. Accounting transparency and the term structure of credit spreads. SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	吳廷洲，民86，股權結構、盈餘管理與盈餘資訊性之研究，私立輔仁大學管理學研究所未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	Zahra, S. A. and J. A. Pearce. 1989. Boards of directors and corporate financial performance: A review and integrated model. Journal of Management 15, 291-334.	zh_TW
dc.relation.reference (參考文獻)	Zarzeski, M. T. 1996. Spontaneous harmonization effects of culture and market forces on accounting disclosure practices. Accounting Horizon 10, 18-37.	zh_TW
dc.relation.reference (參考文獻)	吳岳忠，民國92，機構投資人、公司治理與公司價值之研究-以台灣電子業為例，東吳大學企業管理學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	吳國超，民92，吸引外資會計準則需與國際接軌，工商時報，92/8/25。	zh_TW
dc.relation.reference (參考文獻)	吳樂群、周行一、施敏雄、陳茵琦與簡淑芬，民92，公司治理-董事及監察人如何執行職務，第二版，台北：財團法人中華民過證券暨期貨市場發展基金會。	zh_TW
dc.relation.reference (參考文獻)	周建宏，民91，資訊透明度的重要性，資誠之友。	zh_TW
dc.relation.reference (參考文獻)	柯家瑜，民92，智慧資本揭露與智慧資本績效值之關聯性研究，國立中央大學企業管理學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	徐裕欽，民93，我國上市公司董監事會特性與權益資金成本關聯性之研究，國立政治大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	莊尚志，民92，資訊揭露水準與資金成本關係之實證研究，私立東吳大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	高蘭芬，民91，董監事股權質押之代理問題對會計資訊與公司績效之影響，國立成功大學會計學系未出版博士論文。	zh_TW
dc.relation.reference (參考文獻)	高蘭芬與邱正仁，民91，董監事股權質押對會計盈餘與股票報酬相關性之影響，台大管理論叢，第13期，頁127-162。	zh_TW
dc.relation.reference (參考文獻)	高麗華，民93，公司治理對盈餘資訊價值內涵之影響，私立中原大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	翁淑育，民89，台灣上市公司股權結構、核心代理問題與公司價值之研究，私立輔仁大學金融研究所未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	黃鈺光，民82，我國上市公司董事會特性與經營績效之研究，國立臺灣大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	黃耀慶，民90，從系統風險、企業透明度與權益資金成本關係探討影響企業透明度因素，國立政治大學企業管理學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	黃榮龍，民82，股權結構與經營績效之研究，國立政治大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	黃寶漳，民93，董事會結構、所有權結構與公司資訊揭露水準，私立明志技術學院工程管理研究所未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	黃瓊慧與許周全，民90，機構投資人對自願性盈餘預測之影響，2001會計理論與實務研討會，私立東吳大學與中華會計教育學會聯合主辦。	zh_TW
dc.relation.reference (參考文獻)	陳昭美，民83，自願性揭露盈餘預測次數多寡之研究，私立東吳大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	陳毓樺，民85，社會責任會計揭露與公司特性相關性研究，私立中國文化大學國際企業管理研究所未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	陳建樺，民86，管理當局自願性盈餘預測揭露行為之研究，國立政治大學會計學系未出版博士論文。	zh_TW
dc.relation.reference (參考文獻)	陳美娟，民86，年報自願性揭露水準與公司特徵之間關聯性研究，國立政治大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	陳依蘋，民91，透明度與企業價值，會計研究月刊，第200期，頁48-54。	zh_TW
dc.relation.reference (參考文獻)	陳瑞斌與鄭桂蕙，民91，衍生性金融商品避險與負債成本之關聯性研究，第十屆會計理論與實務研討會，台北東吳大學會計系。	zh_TW
dc.relation.reference (參考文獻)	陳美蒨，民92，自願性盈餘預測時點特徵與資訊內涵關係之研究，國立台北大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	陳迪，民92，董事會、監察人特性與公司績效關聯之再探討，國立政治大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	陳宏姿，民90，董監事結構與企業財務績效關聯之研究，國立政治大學會計學系未出版碩士論文。	zh_TW
dc.relation.reference (參考文獻)	陳業寧、邱顯比與洪雲萍，民國93年，公司治理與外部董事，證券市場發展季刊，第16卷，第4期，頁1-36。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	鄭丁旺，民91，談財務資訊透明化，會計研究月刊，200期，頁12。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	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。	zh_TW
dc.relation.reference (參考文獻)	國外文獻：	zh_TW
dc.relation.reference (參考文獻)	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.	zh_TW
dc.relation.reference (參考文獻)	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.	zh_TW
dc.relation.reference (參考文獻)	Ackert, L. F. and G. Athanassakos. 1997. Prior uncertainty, analyst bias and subsequent abcdrmal return. Journal of Financial Research 20, 263-273.	zh_TW
dc.relation.reference (參考文獻)	Adams, R. B. and H. Mehran. 2002. Is corporate governance different for bank holding companies? SSRN Working Paper.	zh_TW
dc.relation.reference (參考文獻)	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.	zh_TW

學術產出-Theses

Article View/Open

Publication Export

Google ScholarTM

政大圖書館

Citation Infomation

Google Scholar^TM