自願性資訊揭露透明度變化對權益評價的影響－－來自臺灣的證據

The Impact of Transparency Alteration of Voluntary Information Disclosure on the Firm's Equity Valuation-Evidence from Taiwan

近年來公司治理之自願性資訊揭露的議題受到產官學界重視，我國證券暨期貨市場發展基金會，自2005年起於資訊揭露評鑑系統，增加公佈自願性資訊揭露較透明的公司名單，鼓勵公司能自願性增加資訊揭露，使投資人得到額外的資訊，以提高決策的攸關性。本文以台灣上市公司為樣本，運用Ohlson(1995)評價模式來探討自願性資訊揭露透明度變化與權益評價之關聯性，並探討產業的調節效果。實證結果顯示自願性資訊揭露透明度變化與股價有顯著的正向關係，且電子產業的調節效果與股價也有顯著正向關係。本文建議，企業自願性資訊揭露透明度變化的資訊，可做為企業利害關係人做決策時的攸關訊號。

The voluntary information disclosure is deeply concerned by the industry, government and academia communities in the field of corporate governance. The Securities and Futures Institute (SFI) of Taiwan has been using the Disclosure of Information Evaluation System to release the more transparent companies list of voluntary information disclosure since 2005. This study evaluates the relationship between the transparency alteration of voluntary information disclosure and firm's equity valuation for Taiwanese listed firms by applying the Ohlson (1995) model, and further examines the effect of industry adjustment. The empirical research results support the hypothesis of positive significant relationship between the transparency alteration of voluntary information disclosure and the firm's equity value. In addition, the electronic industry's adjustment effect and firm's equity value is positive and correlated significantly. This paper suggests the transparency alteration of voluntary information disclosure can be a relevant signal for the decision-making of firm's stakeholders.