資訊揭露透明度、家族控制因素與盈餘價值攸關性

Corporate Disclosure Transparency, Family Control Factor and the Value Relevance of Earnings

本研究以台灣證券暨期貨市場發展基金會所公佈資訊揭露評鑑系統結果做為資訊揭露透明度之替代變數，探討企業資訊揭露透明度、家族控制因素對盈餘價值攸關性的影響。本研究以2003至2006年上市及上櫃公司為研究對象，實證結果發現企業資訊揭露透明度與盈餘價值攸關性呈顯著正相關，顯示企業提升資訊揭露透明度會影響投資人對其財務報表可靠性的認知，進而增加盈餘價值攸關性。此外，家族控制企業的盈餘價值攸關性會明顯低於非家族控制企業。

This study examines the impacts of corporate disclosure transparency and family control factor on the value relevance of earnings. We use the evaluation results of the information disclosure evaluation system of Securities and Futures Information Center (SFI) as the disclosure transparency proxy. Using the sample of firms listed on the Taiwan Stock Exchange (TSE) and Over The Counter (OTC) from 2003 to 2006, we find that corporate disclosure transparency has a significantly positive association with the value relevance of earnings. This result suggests that greater corporate disclosure transparency affects investors’ perception of the credibility of financial reports, and further enhances the value relevance of earnings. Besides, the value relevance of earnings of the family-controlled firms is significantly lower than nonfamily-controlled firms.