資訊揭露與公司經營績效關聯之研究

Abstract

我國的公司特性因產業結構之調整，新興科技產業的蓬勃發展，及主要技術與資本的結合，使得公司的所有權與經營權漸行分離，而產生代理問題。本研究係以證基會第三屆(民國94年)至第五屆(民國96年)「上市櫃公司資訊揭露評鑑系統」評鑑結果名單之公司為研究對象，試圖藉由台灣經濟新報資料庫系統所提供之各受評公司公開揭露之財報資料，分析探究下述兩議題，俾供投資人參考： (1)資訊揭露與公司經營績效之關聯性。 (2)自願性揭露資訊較透明之公司的經營績效是否優於同產業的其他公司的經營績效。 本研究先以杜邦分析法將衡量一家公司獲利性指標「股東權益報酬率(Return On common Equity, ROE)」向前分析為「總資產報酬率(Return On total Assets, ROA)」和「財務槓桿乘數(Financial Leverage Multiplier, FLM)」，再將「總資產報酬率」向前分析為「純益率(Net Profit Margin)」和「總資產周轉率(Total Asset Turnover)」。然後再以變異數分析(Analysis of Variance, ANOVA)檢定資訊揭露評鑑不同等級間之經營績效：「股東權益報酬率(ROE)」、「純益率(Net Profit Margin)」、「總資產周轉率(Total Asset Turnover)」和「財務槓桿乘數(FLM)」是否有顯著差異，以及自願性揭露資訊之公司的經營績效是否優於非自願性揭露資訊之公司，並以上市櫃型態與產業別作為控制變數。 經ANOVA檢定結果，發現大致上被評為A＋級公司的ROE均值＞A級公司的ROE均值＞B級公司的ROE均值＞C級公司的ROE均值＞C－級公司的ROE均值。自願性揭露資訊較透明之公司的股東權益報酬率(ROE)均值，則顯著大於非自願性揭露資訊之公司的股東權益報酬率(ROE)均值。 被評為AA等級的公司總資產的使用效率較高；自願性揭露資訊較透明之公司的總資產使用效率與非自願性揭露資訊之公司相較雖無顯著差異，但總資產周轉率均值亦較高。 在純益率的表現上，除第三屆被評為AA等級的顯著優於B等級與C等級外，第四屆與第五屆各等級間則無顯著差異。自願性揭露資訊與非自願性揭露資訊公司間之純益率均值則無顯著差異。 在財務槓桿乘數表現上，大致被評為A＋級或A級公司最低，依B級、C級、C－級評等遞升。在評鑑等級合併後，再觀察財務槓桿乘數均值，綜合三屆的分析結果，AA等級的財務槓桿乘數還是最低，而C等級或CC等級的財務槓桿乘數則是最高，AA等級與B等級的財務槓桿乘數均值呈逐年下降之勢，而C等級或CC等級的財務槓桿乘數均值則起伏不定。表示AA等級與B等級的償債能力逐年提高，股東的投資風險也相對逐年降低。不管是自願性揭露資訊較透明之公司或是非自願性揭露資訊之公司，雖無顯著差異，但自願性揭露資訊較透明之公司的財務槓桿乘數均值，皆小於非自願性揭露公司的財務槓桿乘數均值，表示自願性揭露資訊較透明之公司的償債能力較高，股東的投資風險相對較低。 本研究也發現各評鑑等級於各屆之股東權益報酬率均值皆呈逐年遞增的趨勢，且無論資訊揭露是自願性，或非自願性，其股東權益報酬率均值，亦皆呈逐年遞增的趨勢，這代表「資訊揭露評鑑系統」之實施，對各接受評鑑之公司而言，具有互相學習與自我成長之效果。

Due to the adjustment in the industrial structure, the vigorous development of the new emerging tech industry, and the combination of the main technique with the capital, the company’s characteristic in our country has gone to be a gradual separation of the company’s property rights from the management rights, and therefore results in an agency problem. This study takes the sampled companies as the objects from the list of the ranking results in the third (2005) to the fifth (2007) evaluation results from the Information Transparency and Disclosure Ranking Results in Taiwan by the Securities and Futures Institute, attempting to analyze and research the following two issues through the property tax information revealed by the being evaluated companies provided by the Taiwan Economic Journal Data bank. The following two research data could be provided as the investors’ references. (1)The relationship between Information Disclosure and Firm Performance. (2)Is the management achievement of the companies with more transparent information disclosure superior to the other indusial companies in the same field? First of all, this research uses the Du Pont analytic method to weigh a company beneficial target by decomposing the Return on Common Equity, (ROE) as the Return on total Assets (ROA) and the Financial Leverage Multiplier (FLM). ROA is further decomposed as the Net Profit Margin and the Total Asset Turnover. Analysis of Variance (ANOVA) is used to examine the differences of the above performance indicators among the different levels of the Information disclosure as well as volunteer or not. Market type and the industry are used as the control variables. The results have indicated that on the average the ROE of A＋ companies > A companies > B companies > C companies > C□ companies. The ROE of the voluntary companies with more transparent information disclosure is significantly higher than the involuntary ones. The companies being evaluated AA rank have higher efficient usage of their total estate. Moreover, their executives are more potent. Even there’s no significant difference between the total estate usage of the voluntary companies with more transparent information disclosure and the involuntary ones, the voluntary companies’ mean of the Total Asset Turnover is higher. As for the Net Profit Margin, the AA rank was significantly superior to B rank and C rank for the third year, but there is no significant difference for the fourth and for the fifth year. In addition, there is no significant difference between voluntary and involuntary companies. On the whole, the companies of being evaluated A＋ rank and A rank show the lowest Financial Leverage Multiplier, which is increasing progressively according to the ranking: B, C, and C□. Moreover, after the merge of the evaluation ranks, the further observation of the mean of the Financial Leverage Multiplier, and synthesis of the past three years’ relevant data, the mean of the Financial Leverage Multiplier of AA rank is still the lowest. Nevertheless, the mean of the Financial Leverage Multiplier of C rank or CC rank is the highest. While the FLM of the AA rank and B rank tends to decrease by years, which of the C rank of CC rank remains rise and fall. It shows that the debt paying ability of the AA rank and B rank is increasing year by year while the investment risk of the shareholders are relevantly decreasing annually. The higher mean of FLM of the voluntary companies of information disclosure show higher debt paying ability and lower shareholder investment risk. This study also finds the mean of Return On common Equity of all of the ranks tends to increase progressively regardless of either the voluntary companies of information disclosure and transparency or the involuntary companies. The Return On common Equity has the tendency to increase year by year. This means the practice of the Information Disclosure and Transparency Ranking System has produced self-growth effects for the companies.