影響上市公司網站資訊透明度因子之實證

An Empirical Study of Influential Determinants on Information Transparency of Listed Corporations at Web Sites

Information transparency has been a necessary device in the activities of corporategovernance. Especially, whether the presentation of information at corporate web sitesis transparent plays a unique role on corporate governance for the era ofknowledge-based economy. In this regard, this study examines what factors influencefirm’s internet disclosures in terms of three dimensions: insider ownership, corporatecharacteristics, and outsider ownership. The aim of doing so is to provide an indicationfor government regulators, corporate executives, investors, and interest groups tostrengthen corporate governance mechanism.The empirical results revealed the following facts. In considering insiderownership, the more/less shares the majority shareholders/supervisors hold, the lesstransparent in corporate information disclosure. In considering corporate characteristics,companies with high degree of leverage, large number of employee and operating in theIT sector tend to disclose information profoundly. In considering outsider ownership,companies with high holding-ratio by public sector, domestic banks, and institutionalinvestors would disclose information more detailed.Due to this study was conducted before the results of information transparencyreview issued at the first stage, the factors affecting companies on voluntary informationdisclosure were observed without interference of mandatory requirements.Consequently, the evidences drawing from this study could be clues to existing reviewindicators for further modification. Hence, the control of corporations’ operation mightbe more exact and prompt so that the investors and related parties’ rights are protected. 資訊透明度為公司治理機制中不可或缺的一環，而在現今知識經濟的時代，公司網站資訊是否透明對於公司治理尤其扮演舉足輕重之角色。本文乃藉由公司特性、及內、外部股權特性三個構面，分別探討影響網站資訊透明度之因素，以作為主管當局、公司管理當局、投資人與利害關係人強化公司治理機制之參考。實證結果發現，影響網站資訊透明度的因素，在公司內部股權構面方面，大股東持股比率越高，資訊透明度越差，但監事持股比率高，資訊透明度越佳。在公司特性構面，使用槓桿程度（負債比率）越高，資訊透明度越差、而員工人數越多的公司，公司資訊越透明、電子業公司資訊透明度明顯較非電子業公司的資訊透明度為佳。至於公司外部股權特性方面，公營機構投資持股比、本國金融機構投資持股比、以及外資持股比率等三項比率越高的公司，其資訊透明度越好。本文由於研究期間在證基會實施第一階段資訊揭露評鑑結果公布前，因此可看出公司未受強制管制情形下，影響公司自願性網站資訊揭露的因子。並有助於主管機關從不同的思考角度比較現已公佈之第一階段資訊揭露評鑑結果、檢討評鑑指標的可行性並作定期或不定期之修正，以確實掌握公司經營情形之良窳並適時予以監管，保障投資人及利害關係人之權益。