外國企業來台上市之股價淨值比、本益比 與資訊揭露程度關係之研究

Abstract

F股因為其註冊地及營運地皆在國外，雖然財務資訊揭露程度遵循台灣法令規範，但營運資訊揭露程度相較國內上市櫃公司之透明程度仍顯不足，可能造成資訊不對稱的問題。 在國去許多研究中指出，資訊揭露程度會影響公司的股票報酬及流動性，因為資訊揭露程度越高，可以降低資訊不對稱的問題發生，降低投資人的疑慮並增加投資意願，最後影響公司的股價。本研究以P/B、P/E作為應變數，探討資訊揭露程度是否會對P/B、P/E造成影響，其中除了探討全樣本外，將樣本分組為產業別、市場別及公司規模別，探討在不同分組的情況下，資訊揭露程度是否會對P/B、P/E造成影響。 本研究樣本期間為2010年至2015年第三季台灣證券交易所及櫃台買賣中心(不含興櫃)掛牌之F公司，總計樣本公司共69家。實證結果顯示，一、資訊揭露程度與P/B、P/E成正相關聯; 二、科技業相較於傳統產業其資訊揭露程度與P/B、P/E有更顯著之影響; 三、規模大之F股相較於規模小之F股其資訊揭露程度與P/B、P/E有更顯著之影響; 四、上市之F股相較於上櫃之F股其資訊揭露程度與P/B、P/E有更顯著之影響。

Because foreign firms’ operating area and registration weren’t in Taiwan. Compared to the local firm, the foreign firm’s information disclosure was weaker. That would cause the problem of information asymmetry. In the past, there were many research found that degree of information disclosure would influence the liquidity and return of stock. If the firm disclosure more information to the market, the investor would increase willingness to invest. My research was to investigate the relationship between P/B、P/E and degree of information disclosure. Not only investigated the relationship through the hole company, I also investigated the relationship through grouping the foreign firms. There were 69 sample companies listed on the Taiwan Stock Exchange and GreTai Securities Market (excluding Emerging Market) from 2010 to the third quarter of 2015.The empirical results show that: First, there was positive effect between P/B、P/E and degree of information disclosure. Second, compared to traditional industries, there was positive effect between P/B、P/E and degree of information disclosure in technology industry. Third, compared to scale firm, there was positive effect between P/B、P/E and degree of information disclosure in big scale firm. Last, compared to OTC, there was positive effect between P/B、P/E and degree of information disclosure in TSE.