公司治理與資訊透明度之關聯性研究－－以銀行業為例

Association between Corporate Governance and Information Transparency：Evidence from Banking Industry

2008年金融風暴席捲全球，加上國內金融舞弊案也時有所聞，使得銀行業深受波及並造成投資人的嚴重損失，甚至血本無歸。探究原因，銀行業在以利益為主、獎金分紅的機制下，於未告知並充分揭露投資風險相關資訊前，便將金融商品出售給投資人，嚴重打擊銀行業的信譽。這些原因均顯露出銀行業之公司治理未能有效落實、資訊未能充分揭露的問題。因此，銀行業的資訊揭露遂引起社會大眾及主管機關的重視。本研究以2005年至2014年共233筆公開發行以上的銀行樣本為主，並以Ordered Probit迴歸分析法檢視公司治理與資訊透明度之間的關係。實證結果彙整如下：1. 當控制股東所掌握的現金流量權比率越大或增加獨立董監事的席次時，資訊透明度會較高。2. 當董監事股權質押比率越大時，資訊透明度會較低；當董事會人數低於七人時，增加董事人數會導致資訊透明度降低。

In 2008, the world economy faced its most dangerous crisis, coupled with the domestic financial fraud cases have also been reported, the financial sector was affected so deeply and caused investors to lose seriously. Explore the reasons, given priority to profit and bonus, the financial sector sold financial products to investors without enough information disclosure and the credit of financial industry was harmed severely. These reasons show that the financial sector failed to implement corporate governance effectively, and disclose information adequately. In this paper, we choose 233 public banks from 2005 to 2014 as samples to examine the association between corporate governance and information transparency. The result summarizes as follows: 1. Information transparency increases if the shares owned by controlled stockholder or the number of independent director and supervisor increase. 2. Information transparency decreases if the shares collateralized by director and supervisor increase. When the number of directors is under seven, information transparency decreases if the number of director increases