Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/18805
標題: 資訊透明度與資金成本關聯性之研究
The Relationship between Information Transparency and Cost of Capital
作者: 黃柏舒
Huang, Po-Shu
關鍵字: Corporate Governance;公司治理;Information Transparency;Cost of Capital;資訊透明度;資金成本
出版社: 會計學研究所
引用: 參考文獻 一、中文部分 林欣怡。民國92年。「公司資訊透明度與權益資金成本之關係探討」。中山大學財務管理研究所未出版碩士論文。 何里仁。民國92年。「公司資訊透明度與績效評核關連性之研究」。逢甲大學會計與財稅研究所未出版碩士論文。 沈宜慶。民國91年。「企業資訊透明度與債券發行資金成本關係之實證研究」。淡江大學會計研究所未出版碩士論文。 邱碧珠。民國89年。「資訊揭露程度與權益資金成本間之關係」。我國資訊電子業之關係。國立台灣大學會計學系碩士班未出版之碩士論文。 許明曄。民國94年。「公司治理與財務分析師預測行為之相關研究」。國立中興大學未出版論文。 陳依蘋。民國91年。「透明度與企業價值」,會計研究月刊, 第.200期,頁55-91頁。 黃耀慶。民國90年。「從系統風險、企業透明度與資金成本關係探究影響企業透明度因素」。國立政治大學企業管理研究所未出版之碩士論文。 葉銀華。民國91年.。「從台灣上市公司網站資訊揭露看透明度」,會計研究月刊,頁92-93。 劉啟群。民國88年。「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7卷第1期,頁57-80 。 蔡其諭。民國90年。「揭露程度與負債資金成本之關係」。國立政治大學會計學研究所未出版論文。 何承哲。民國87年。「以益本比、公司規模探討現金增資公司長期經營績效」。國立中正大學財務金融研究所未出版碩士論文。 鍾志祥。民國92年。「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研究所未出版碩士論文。 葉銀華、邱顯比。民國85年8 月。「資本結構、股權結構與公司價值關聯性之實證研究:代理成本理論」。臺大管理論叢。 劉建良。民國85 年。「電子業上市公司資金成本之研究」。國立交通大學管理科學研究所未出版碩士論文。 二、西文部分 Amihud, Y., and H. Mendelson. , 1986, “Asset Pricing and The Bid-ask Spread,” Journal of Financial Economics, Vol.17, pp.23-249. Barges, A., 1963,”The Effect of Capital Structure on The Cost of Capital”, Englewood Cliffs, New Jersey: Prentice-Hall Inc.,.pp.101-135 Botosan, C. A., 1997, “Disclosure Level and the Cost of Equity Capital,” The Accounting Review , pp.23-349. Botosan, C. and P. A., 2002, “A Re-examination of Disclosure Level and the Expected Cost of Equity Capital,” Journal of Accounting Reaserch, Vol40, No1, pp.22-40 Ederington, L. H., J. B.,Yawitz, and B. F. Roberts.,1987, “The Informational Content of Bond Ratings,” Journal of Finance Research, pp.11-226. Elliot, R. K., and P. D. Jacobson, 1994, “Cost and Benefits of Business Information Disclosure,” Accounting Horizon, pp80-96. Healy , P. M., and K. G.. Palepu, 2001, “Imformation Asymmetry ,Corporate Disclosure , and The Capital Markets :A Review of the Empirical Disclosure Literature,” Journal Of Accounting and Economics, pp.05~440 Haugen, R. A., and L. W. Senbet, 1988, “Bankruptcy and Agency Cost: Their Significance to the Theory of Optimal Capital Structure,” Journal of Financial and Quantitative Analysis, Vol.23, pp.7-38. Jensen, M. C., and W. H. Meckling, 1976, “Theory of the Firm:Managerial Behavior, Agency Cost and Ownership Structure,” Journal of Finance Economics, Vol.3, pp.305-360. Lang, M., and R. Lundholm.,1993, “Cross-sectional Determinants of Analyst Ratings of Corporate Disclosures,” Journal of Accounting Research , Vol.31, pp.46-271. Sengupta, P., 1998, “Corporate Disclosure Quality and the Cost of Debt,” The Accounting Review, Vol.73 , pp.59-474. Smith, C. W., and J. B. Warner, 1979,” On Financial Contracting-Analysis of Bond Covenant,”Journal of Financial Economics,Vol 7, pp.17-161. Weston J. F., 1963, “A Test of Cost of Capital Propositions,” The Southern Economic Journal, pp.105-112. Ziebart, D., and S. R., 1992, “Bond Ratings, Bond Yeld and Financial Information Contemporary Accounting Research,” pp.252-282.
摘要: 
資訊透明度與資金成本關聯性之研究

摘要

近年來國內外企業弊案的陸續爆發不但造成投資者鉅額的損失,社會之經濟秩序亦嚴重受害。究其原因,企業資訊透明度不足為其關鍵因素。在美國,安隆案的發生催生了「沙賓法案」 (Sarbanes-Oxley Act of 2002),其制定的目的之一即是為了提高企業的資訊透明度。在國內,主管機關亦開始重視資訊透明度的提昇。例如:中華民國證券暨期貨市場發展基金會建立的「資訊揭露評鑑系統」,係針對國內上市上櫃公司之資訊揭露情形以五大類評鑑標準評比其資訊透明度的高低。本文以該評鑑系統為基礎,將評鑑指標分為五類:(一)當期性資訊透明度(二)年報資訊透明度(三)年報之財務性資訊透明度(四)年報之非財務性資訊透明度(五)整體資訊透明度,將其加總所得總分作為資訊透明度的代理變數。過去文獻上針對權益資金成本或債務資金成本與資訊透明度的研究咸認:資訊透明度的提昇有助於降低權益資金成本或債務資金成本。本文擬根據上述之背景因素,以證基會之「資訊揭露評鑑系統」為基礎,求算公司資訊透明度的高低,並透過實證資料探討其對企業資金成本的影響。過去相關文獻在研究設計上皆分別探討資訊透明度對權益資金成本的影響或是資訊透明度與債務資金成本的關係。本文則首度結合兩種資金成本 (WACC) 以探討資訊透明度對其之影響,文中之研究方法主要係採用迴歸方程式進行實證分析,其結果可歸納如下:
1. 當期性資訊透明度與資金成本具有反向關係。
2. 年報資訊透明度與資金成本具有反向關係。
3. 年報之財務性資訊透明度與資金成本具有反向關係。
4. 年報之非財務性資訊透明度與資金成本無顯著關係。
5. 整體資訊透明度與資金成本具有反向關係。

根據Botosan (1997),Plumlee (2002) 及Sengupta (1998) 的研究指出,當企業的資訊透明度提高時,企業的資金成本亦會隨之降低。本文實證結果與Botosan & Senquta之研究結論一致。

The Relationship between Information Transparency
and Cost of Capital

Abstract

For the past few years, the companies' financial scandals both in foreign countries and the local firms have caused huge losses to investors. The society also bears the severe economic consequences from the companies' fraud. The key reason to the financial fraud is a lack of information. transparency. In the U.S.A., the case of Enron and other similar cases had pushed the Parliament to pass the Sarbanes-Oxley Act of 2002, which aims to enhance the degree of firms' information transparency. In Taiwan, the authorities also have taken notice of the importance of information transparency. For example, Securities& Futures Institute set up the “Information Disclosure Valuation System” to evaluate the information transparency of listed companies. The System assesses companies by five categories, this study, however, due to data availability, has amended the evaluation system into five categories as follows: (1) timely information transparency (2) information transparency of annual reports (3) information transparency of financial annual reports (4) information transparency of non-financial annual reports (5) total information transparency. The total scores calculated from the above are the proxies for firms' degree of information transparency. On the other hand, the extant literature on the relation between information transparency and equity / debt cost of capital mostly indicated that the higher the information transparency, the lower the equity / debt cost of capital. Based on the above-mentioned background and the relevant literature, this study intends to investigate the relation between information transparency and cost of capital. Previous studies most commonly examine the relation between information transparency and cost of equity capital as well as information transparency and cost of debt capital respectively. This study is the first one that combines both sources of capital (WACC) to investigate how the degree of information transparency impact firms' cost of capital? The study mainly adopts regression methodology to analyze the empirical results.

The empirical results can be summarized as follows:
1. The relation between timely information transparency and cost of capital is negative.
2. The relation between annual reports and cost of capital is negative.
3. The relation between financial information in the annual reports and cost of capital is negative.
4. There is no significant relation between non-financial information in the annual reports and cost of capital.
5. The relation between total information transparency and cost of capital is negative.

According to Botosan (1997), Plumlee (2002) and Sengupta (1998): when the information transparency is enhanced, the cost of capital will be decreased.. The empirical results of this study confirm their conclusions.
URI: http://hdl.handle.net/11455/18805
其他識別: U0005-1407200609254200
Appears in Collections:會計學系所

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