資訊揭露透明度與公司治理對公司價值與經營績效影響之探討──台灣上市櫃公司之實證研究

Discussion on the Impact of Information Disclosure Transparency and Corporate Governance on Corporate Value and Operating Performance - Empirical Study of Taiwan-listed Companies

2001年美國爆發的安隆事件，2008年發生的金融海嘯，以及近期台灣上市公司大同集團子公司與母公司之經營問題，這一次次的金融危機與企業問題，不是單一因素所造成的，而是許多問題累加而成的，財務上的疏失、公司內部的治理問題與企業對於外部的資訊揭露不足所造成的誤差，以上種種都會影響到企業的自身價值與投資者的投資判斷，而一連串金融事件的爆發，使得全球投資大眾對資本市場失去信心，因此，國際間企業與投資大眾開始對資訊揭露透明度意識與呼聲日益高漲，直至今日，資訊揭露已成為許多投資機構與投資人在乎的重要指標。由於過去探討資訊揭露透明度與公司治理對公司價值與經營績效影響之研究，結論並不一致，涵蓋之內容也不夠廣泛。因此，本研究建構2005年至2014年之季資料panel data|採用台灣證券暨期貨市場發展基金會，資訊揭露評鑑系統第三屆至第十二屆之資料作為資訊揭露透明度變數，首先建構公司價值之panel data model觀察資訊揭露透明度與公司治理變數對公司價值之影響。其次，建構資訊揭露透明度與公司治理對經營績效之panel data model，藉由上述模型近一步確認，公司價值以及經營績效之關鍵決定因素，最後，期望本研究實證結果能讓投資者對選股決策有明確的參考方向，對於政府制定企業財務方面政策有所依循方針，對公司企業則藉以提升企業本身的價值與績效，達到企業與投資人雙贏局面。

The Anlong incident broke out in the United States in 2001. The financial tsunami that occurred in 2008. As well as the recent operation problems of Taiwan-listed company Datong Group's subsidiaries and parent companies. The financial crisis that has occurred again and again is not caused by a single factor, but is accumulated through many problems. The errors caused by financial negligence, internal corporate governance problems, and insufficient disclosure of external information by the company, all of the above Both will affect the company's own value and investors' investment judgment. The outbreak of financial events has caused the global investment public to lose confidence in the capital market. Therefore, the investment public began to raise awareness of information disclosure transparency. Until today, information disclosure has become an important indicator that many investment institutions and investors care about. In the past, studies on the impact of information disclosure transparency and corporate governance on company value and operating performance have resulted in inconsistent conclusions and insufficient coverage.Therefore, this study constructs panel data quarterly data from 2005 to 2014.Using the Taiwan Securities and Futures Market Development Foundation, the third to twelfth data of the information disclosure evaluation system as information disclosure transparency variables.First construct a panel data model of company value to observe the impact of information disclosure transparency and corporate governance variables on company value. Secondly, construct a panel data model of information disclosure transparency and corporate governance variables on operating performance. With the above model, the key factors that determine the company's value and operating performance are further confirmed.Finally, it is hoped that the empirical results of this research can provide a reference for policy formulation of relevant government units, development of business strategies for industries or enterprises, and investment decisions of the general public.To achieve a win-win situation for enterprises and investors.