資訊揭露評鑑透明度對盈餘資訊性與未來績效之影響

The Influence of Information Disclosure Transparency and Transparency Rankings on Earnings Informativeness and Future Earnings

本研究旨在深入分析與討論資訊揭露評鑑透明度及其更動對盈餘與股價關聯性及未來績效的影響。以財團法人證券暨期貨市場發展基金會建置之「資訊揭露評鑑系統」之評鑑結果，作為資訊透明度及其更動之替代變數。研究樣本選自2005年至2010年間於國內公開交易之上市、櫃公司。研究結果發現，資訊透明度較佳的公司會有較高之盈餘資訊性。同時，實證結果亦發現評鑑結果的調升與盈餘資訊性間呈現顯著正相關。此外，本文發現資訊透明度的程度對未來會計績效有正向的關聯性，及對未來財務報表可比較性也有正向提升的效果，但資訊透明度的更動與未來會計績效沒有顯著的關聯性。

This study examines how firm disclosure activity affects the relationship between annual stock returns and changes in annual earnings. This study uses the Taiwanese Information Disclosure and Transparency Ranking System (IDTRS) as a proxy for disclosure activity, and samples were collected from Taiwanese publicly traded firms between 2005 and 2010. Our results show that the informativeness of accounting earnings is stronger for firms ranking higher in transparency than for other firms. In addition, we find that changes in disclosure activity are incrementally positively related to changes in current earnings for returns, and that disclosure activity is significantly and positively associated with firms' future performance, though changes in disclosure activity is not. Last, the results show that disclosure activity is positively and significantly associated with the comparability of firms' future financial reports.