資訊評鑑系統與未來盈餘價值攸關性：公司治理觀點

Information Disclosure and Transparency Ranking System and the Value Relevance of Future Earnings: Corporate Governance Perspective

由於金融風暴之發生，掀起企業普遍存在資訊透明度不足的問題，導致投資大眾對企業財務報告的不信任。而臺灣發展出資訊揭露評鑑系統，對各公司做評比，並依此公布國內上市櫃公司之資訊揭露透明度。本研究即以此評鑑結果作為資訊透明度的代理變數，採迴歸模型分析資訊透明度對當期股票報酬與未來盈餘間關聯之影響，並延伸討論此關係是否因企業的經營型態（家族與專業經理人）及公司治理良窳而有所差異。樣本選自2006至2010年之上市櫃公司，其中未來盈餘則包含至2013年的財務資訊。實證結果發現，資訊透明度有助於提昇當期股票報酬與未來盈餘間之關聯，即增加未來盈餘的價值攸關性。而改善資訊透明度，不管是在家族或專業經理人之經營型態所產生的不同代理問題或是公司治理良劣差異之下，都會使投資者減少投資過程所面臨的不確定性，進而將其所預期的未來盈餘訊息反映在公司當年的報酬上。這表示投資者對於願意揭露資訊之企業有較大的信心，因此企業應盡量揭露其營運相關訊息。

The Information Disclosure and Transparency Ranking System (IDtrs) is developed in correspondence to the financial turmoil to evaluate the information disclosure transparency of listed companies in Taiwan. Using the results of IDtrs as proxy for the degree of information transparency, we investigate the impact of the corporate information transparency on the relationship between the stock returns and future earnings. Moreover, we analyze whether the relationship will be affected by the firm types (family versus professionally-managed) or corporate governance (good versus bad). Empirical results show that better information transparency will enable investors to reduce the uncertainty of investment decisions, and thus its expected information about future earnings will be incorporated in the current year's stock return. Value relevance will increase with higher information transparency, regardless of firm types or corporate governance. The results indicate that investors have great confidence in companies which voluntarily disclose relevant information.