資訊透明度對企業價值增額解釋能力之研究

The Incremental Value of Information Transparency for Explaining Corporate Value

本文以台灣證交所44家電子資訊產業為研究對象，探討資訊透明度對企業價值之增額解釋能力。有關資訊透明度的衡量，本研究採用內容分析法，並分為24個年報自願性揭露項目，與21個網站資訊項目。在企業價值的衡量方面，本文採用經濟利潤為計算基準，並使用四個解釋變數，包括銷貨成長率、營業淨利成長率、資本支出及營運資金，採用逐步迴歸分析模型，來測試其對企業價值之解釋能力，最後再加入資訊透明度自變數，驗證資訊透明度是否進一步提昇公司價值的解釋能力。實證結果發現，在台灣上市電子產業中，資訊透明度與企業價值的確存在顯著的正向關係；另外年報資訊的解釋能力，較網站資訊為佳。 This study uses 44 electronic sector stocks trading in the Taiwan StockExchange as research targets and investigates the incremental value ofinformation transparency for the purpose of explaining this corporate value. Wehave adopted the method of Content Analysis, which includes 24 items of avoluntarily revealed annual financial report and 21 items of website informationthat measure information transparency. Meanwhile, this study adopts theEconomic Profit (EP) for measuring the corporate value. There are fourexplanatory variables, including the Rate of Sales Growth (SGR), Rate ofEarning Before Interest and Tax Growth (EBG), Capital Expenditure (CE) andWorking Capital (WC), which are used to test the explaining ability by astepwise regression analysis. Finally, we took the information transparencyvariable into account and investigated whether it could increase the explainingability once more. The empirical results show that there surely exists a positiverelationship between the information transparency and business evaluation. Also,the annual financial report information has more explaining power than thewebsite information.