價值評估與企業特有資訊可靠度之研究─以台灣市場為例

Abstract

本研究所探討的資訊可靠度是指與評價相關並能進一步準確衡量公司價值的資訊解釋力。不管是在學術上如會計、公司理財、投資管理、風險控管等不同的領域，或是在實務上如公司與投資人之間資訊不對稱問題、國內主管機關的監理成效，資訊可靠度的衡量是個不容忽視的議題。本研究採用Jin and Myers(2006)的理論架構：「資訊可靠度愈低的公司會使其市場模型的判定係數R^2越高的原因在於內部經理人隱瞞或操弄重大的公司特有資訊」，實證分析國內整體已上市公司的資訊可靠度，並針對金融業做進一步的檢定。 實證的結果為以下： (1)金融業的資訊可靠度相對於非金融業低。 (2)國內針對資訊可靠度所頒布的法案有顯著地提高及維持國內資訊品質的環境。 (3)企業弊案的發生有顯著地警醒投資人、分析師或會計師的效果

The measurement of The word “Transparency” in this paper means the information that would enable investors to observe operating cash flow or income and determine firm value. The measurement of transparency is a critical issue in academia like accounting, corporate finance, investment management or risk management. and in practice like information asymmetry between company and investors, or the effect of financial supervision executed by Financial Supervisory Authority. To measure the transparency in Taiwan stock market, and testin financial industry particularly, this paper adopt the modeltheory from Jin and Myers(2006), which argues inferthat“Lack of transparency increasesR^2 by shifting firm-specific risk to managers”. The rResults shows that: (1)The transparency of financial industry is lower than that of non-financial industry. (2)The promulgation of the laws aiming at improving transparency significantly enhancesand maintain Taiwaninformation symmetry in Taiwanenvironment. (3)Corporate scandals have significantly vigilant effects on investors, analysts and accountants.