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題名 首次上市櫃公司風險因素揭露行為與影響因素之探討
A Study on the Determinants of Risk Disclosure Behavior for IPO Companies作者 謝渝芳 貢獻者 林宛瑩
謝渝芳關鍵詞 公開說明書
風險揭露日期 2013 上傳時間 21-七月-2014 15:35:48 (UTC+8) 摘要 本研究係以「公開募集發行有價證券公開說明書應記載事項準則」第九條對於風險因素揭露之規範為主體，同時參酌Deumes（2008），建構風險因素項目揭露評分表，針對2005年1月1日至2013年12月31日首次上市櫃公司之公開說明書中關於風險因素之揭露進行評分，進而探討首次上市櫃公司風險因素揭露行為之影響因素。關於風險因素揭露行為之決定因素的實證結果發現，非屬電子產業者之公開說明書的風險因素揭露水準較高；會計師事務所產業專精程度較高者，其公開說明書風險因素揭露水準較高；公司規模較大之公司其風險因素揭露水準較低；營業毛利率愈高之公司其風險因素揭露水準愈高。此外，本研究亦發現，風險因素揭露水準呈現上升之趨勢。換句話說，首次上市櫃公司在風險因素揭露上日趨完善。 參考文獻 易明秋，2004，論公開說明書之法規範體系，中原財經法學，第十三期（12月）：3。金成隆、林修葳、林美鳳，2002，新上市公司股價異常漲跌與財務預測關係之研究，會計評論，第34期（1月）：31-56。陳安琳、林士哲，2002，初次發行市場承銷商市場佔有率之研究，中華管理評論國際學報：73-94。陳瑞斌、許崇源，2007，公司治理結構與資訊揭露之關聯性研究，交大管理學報，27卷2期（12月）：55-109。傅澤偉、林曼莉、羅竹君、邱彥毅，2002，資訊揭露評比變動對於權益資金成本的影響，台灣銀行季刊（12月）。廖益興、陳彥綺、王貞靜，2011，年報資訊揭露與資訊不對稱：來自私有資訊交易之證據，台北大學經濟研究期刊，第47期（1月）：46-96。鄭丁旺，2002，談財務資訊之透明化，會計研究月刊，第200期（12月）：12-13。賴英照，2011，股市遊戲規則─最新證券交易法解析。賴英照，台北。賴森本，2005，風險管理之迷思與真相，會計研究月刊，第238期（9月）：48-57。Adrem, A.H. 1999. Essays on disclosure practices in Sweden – Causes and effects. PhD dissertation, The Institute of Economic Research, Lund University.Ahmed, K. and Courtis, J. K. 1999. Associations between corporate characteristics and disclosure levels in annual reports: A meta-analysis. British Accounting Review 31(March):35-61.Akerlof, G.A. 1970. The Market for "lemons": Quality uncertainty and the market mechanism. The Quarterly Journal of Economics 84(August): 488-500.Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. Accounting Review 71(October):443-465.Botosan, C.A. 1997. Disclosure level and the cost of equity capital. The Accounting Review 72(July): 323-349.Bukh, P.N., Nielsen, C., Gormsen, P., Mouritsen, J. 2003. Disclosure of information on intellectual capital in danish ipo prospectuses. Working paper, Aarhus School of BusinessBushman, R.M., Piotroski, J.D. and Smith, A.J. 2004 What determines corporate transparency? Journal of Accounting Research 44(May): 207-252.Camfferman, K., Cooke, T.E. 2002. An analysis of disclosure in the annual reports of uk and dutch companies. Journal of International Accounting Research 1(January): 3-30.Claessens, S., Djankov, S. and Lang, L. H. P. 2000. The separation of ownership and control in east asian corporations. Journal of Finance Economics 58:81-112.Deumes, R. 2008. Corporate risk reporting: A content analysis of narrative risk disclosures in prospectuses. Journal of Business Communication 45(April): 120-157.Eng, L.L. and Mak , Y.T. 2003. Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy 22(July): 325-345.Fama, E. F., and Jensen, M. C. 1983. Separation of ownership and control. Journal of Law and Economics 26(June): 301-325.Fama, E. F., and Laffer, A. B. 1971. Information and capital markets. The Journal of Business 44(July):289-298.Fan, J. P. H., and Wong, T. J. 2002. Corporate ownership structure and the informativeness of accounting earnings in east Asia. Journal of Accounting and Economics 33(August): 401-425.Fishman, M. J. and Hagerty, K. M.. 1989. Disclosure Decisions by Firms and the Competition for Price Efficiency. The Journal of Finance 44(July): 633-646. Forker, J. J. 1992. Corporate governance and disclosure quality. Accounting and Business Research 22: 111-124. Hackston, D. and Milne, M. J. 1996. Some determinants of social and environmental disclosures in new zealand companies. Accounting, Auditing and Accountability Journal 9: 77-108.Healy, P. M. and Palepu, K. G. 2001. Information asymmetry, corporate disclosure and the capital market: A review of the empirical disclosure literature. Journal of Accounting and Economics 31(March): 405-440.Ho, S. S. M. and Wong, K. S. 2001. A study of the relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing and Taxation 10(Summer): 139-156.Jensen, M. C. and Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics 3(October): 305-360.Leuz, C., and Verrecchia, R.E. 2000. The economic consequences of increased disclosure. Journal of Accounting Research 38: 91-124. Mangel, R. and Singh, H. 1993. Ownership structure, board relationships and ceo compensation in large US corporations. Accounting and Business Research 23(February): 339-362.Raffournier, B. 1995. The determinants of voluntary financial disclosure by Swiss listed companies. The European Accounting Review 4: 261-280.Rippington, F., Taffler, R. 1995. The information content of firm financial disclosures. Journal of Business, Finance, and Accounting 22(April): 345-362.Robbins, R.B. and Rothenberg, P.L. 2005. Securities disclosure, writing effective risk factor disclosure in offering documents and exchange act reports. The Corporate & Securities Law Advisor 19(May).Ström, N. 2005. Initial public offerings disclosure strategy. Ph. D. dissertation, Uppsala University. 描述 碩士
國立政治大學
會計研究所
101353038
102資料來源 http://thesis.lib.nccu.edu.tw/record/#G0101353038 資料類型 thesis dc.contributor.advisor 林宛瑩 zh_TW dc.contributor.author (作者) 謝渝芳 zh_TW dc.creator (作者) 謝渝芳 zh_TW dc.date (日期) 2013 en_US dc.date.accessioned 21-七月-2014 15:35:48 (UTC+8) - dc.date.available 21-七月-2014 15:35:48 (UTC+8) - dc.date.issued (上傳時間) 21-七月-2014 15:35:48 (UTC+8) - dc.identifier (其他 識別碼) G0101353038 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/67581 - dc.description (描述) 碩士 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) 101353038 zh_TW dc.description (描述) 102 zh_TW dc.description.abstract (摘要) 本研究係以「公開募集發行有價證券公開說明書應記載事項準則」第九條對於風險因素揭露之規範為主體，同時參酌Deumes（2008），建構風險因素項目揭露評分表，針對2005年1月1日至2013年12月31日首次上市櫃公司之公開說明書中關於風險因素之揭露進行評分，進而探討首次上市櫃公司風險因素揭露行為之影響因素。關於風險因素揭露行為之決定因素的實證結果發現，非屬電子產業者之公開說明書的風險因素揭露水準較高；會計師事務所產業專精程度較高者，其公開說明書風險因素揭露水準較高；公司規模較大之公司其風險因素揭露水準較低；營業毛利率愈高之公司其風險因素揭露水準愈高。此外，本研究亦發現，風險因素揭露水準呈現上升之趨勢。換句話說，首次上市櫃公司在風險因素揭露上日趨完善。 zh_TW dc.description.tableofcontents 第一章 緒論 1第一節 研究動機與目的 1第二節 研究議題及架構 4第二章 文獻探討 6第一節 公開原則於發行市場之適用 6第二節 風險揭露之相關實證研究 14第三章 研究方法 18第一節 研究假說 18第二節 實證模型與變數定義 20第三節 樣本選取及風險揭露評分 22第四章 實證分析結果 32第一節 風險揭露實務 32第二節 風險揭露實務之敘述性統計 71第三節 實證模型廻歸分析結果 85第五章 結論與建議 90第一節 研究結論 90第二節 研究建議 92參考文獻 93 zh_TW dc.format.extent 11494573 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0101353038 en_US dc.subject (關鍵詞) 公開說明書 zh_TW dc.subject (關鍵詞) 風險揭露 zh_TW dc.title (題名) 首次上市櫃公司風險因素揭露行為與影響因素之探討 zh_TW dc.title (題名) A Study on the Determinants of Risk Disclosure Behavior for IPO Companies en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 易明秋，2004，論公開說明書之法規範體系，中原財經法學，第十三期（12月）：3。金成隆、林修葳、林美鳳，2002，新上市公司股價異常漲跌與財務預測關係之研究，會計評論，第34期（1月）：31-56。陳安琳、林士哲，2002，初次發行市場承銷商市場佔有率之研究，中華管理評論國際學報：73-94。陳瑞斌、許崇源，2007，公司治理結構與資訊揭露之關聯性研究，交大管理學報，27卷2期（12月）：55-109。傅澤偉、林曼莉、羅竹君、邱彥毅，2002，資訊揭露評比變動對於權益資金成本的影響，台灣銀行季刊（12月）。廖益興、陳彥綺、王貞靜，2011，年報資訊揭露與資訊不對稱：來自私有資訊交易之證據，台北大學經濟研究期刊，第47期（1月）：46-96。鄭丁旺，2002，談財務資訊之透明化，會計研究月刊，第200期（12月）：12-13。賴英照，2011，股市遊戲規則─最新證券交易法解析。賴英照，台北。賴森本，2005，風險管理之迷思與真相，會計研究月刊，第238期（9月）：48-57。Adrem, A.H. 1999. Essays on disclosure practices in Sweden – Causes and effects. PhD dissertation, The Institute of Economic Research, Lund University.Ahmed, K. and Courtis, J. K. 1999. Associations between corporate characteristics and disclosure levels in annual reports: A meta-analysis. British Accounting Review 31(March):35-61.Akerlof, G.A. 1970. The Market for "lemons": Quality uncertainty and the market mechanism. The Quarterly Journal of Economics 84(August): 488-500.Beasley, M. S. 1996. An empirical analysis of the relation between the board of director composition and financial statement fraud. Accounting Review 71(October):443-465.Botosan, C.A. 1997. Disclosure level and the cost of equity capital. The Accounting Review 72(July): 323-349.Bukh, P.N., Nielsen, C., Gormsen, P., Mouritsen, J. 2003. Disclosure of information on intellectual capital in danish ipo prospectuses. Working paper, Aarhus School of BusinessBushman, R.M., Piotroski, J.D. and Smith, A.J. 2004 What determines corporate transparency? Journal of Accounting Research 44(May): 207-252.Camfferman, K., Cooke, T.E. 2002. An analysis of disclosure in the annual reports of uk and dutch companies. Journal of International Accounting Research 1(January): 3-30.Claessens, S., Djankov, S. and Lang, L. H. P. 2000. The separation of ownership and control in east asian corporations. Journal of Finance Economics 58:81-112.Deumes, R. 2008. Corporate risk reporting: A content analysis of narrative risk disclosures in prospectuses. Journal of Business Communication 45(April): 120-157.Eng, L.L. and Mak , Y.T. 2003. Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy 22(July): 325-345.Fama, E. F., and Jensen, M. C. 1983. Separation of ownership and control. Journal of Law and Economics 26(June): 301-325.Fama, E. F., and Laffer, A. B. 1971. Information and capital markets. The Journal of Business 44(July):289-298.Fan, J. P. H., and Wong, T. J. 2002. Corporate ownership structure and the informativeness of accounting earnings in east Asia. Journal of Accounting and Economics 33(August): 401-425.Fishman, M. J. and Hagerty, K. M.. 1989. Disclosure Decisions by Firms and the Competition for Price Efficiency. The Journal of Finance 44(July): 633-646. Forker, J. J. 1992. Corporate governance and disclosure quality. Accounting and Business Research 22: 111-124. Hackston, D. and Milne, M. J. 1996. Some determinants of social and environmental disclosures in new zealand companies. Accounting, Auditing and Accountability Journal 9: 77-108.Healy, P. M. and Palepu, K. G. 2001. Information asymmetry, corporate disclosure and the capital market: A review of the empirical disclosure literature. Journal of Accounting and Economics 31(March): 405-440.Ho, S. S. M. and Wong, K. S. 2001. A study of the relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing and Taxation 10(Summer): 139-156.Jensen, M. C. and Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency cost and ownership structure. Journal of Financial Economics 3(October): 305-360.Leuz, C., and Verrecchia, R.E. 2000. The economic consequences of increased disclosure. Journal of Accounting Research 38: 91-124. Mangel, R. and Singh, H. 1993. Ownership structure, board relationships and ceo compensation in large US corporations. Accounting and Business Research 23(February): 339-362.Raffournier, B. 1995. The determinants of voluntary financial disclosure by Swiss listed companies. The European Accounting Review 4: 261-280.Rippington, F., Taffler, R. 1995. The information content of firm financial disclosures. Journal of Business, Finance, and Accounting 22(April): 345-362.Robbins, R.B. and Rothenberg, P.L. 2005. Securities disclosure, writing effective risk factor disclosure in offering documents and exchange act reports. The Corporate & Securities Law Advisor 19(May).Ström, N. 2005. Initial public offerings disclosure strategy. Ph. D. dissertation, Uppsala University. zh_TW
