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題名：財務資訊揭露賽局
作者：陳貞雯
作者(外文)：Chen-wen Chen
校院名稱：國立中山大學
系所名稱：企業管理學系研究所
指導教授：劉維琪
王萬成
學位類別：博士
出版日期：2013
主題關鍵詞：賽局；訊號發射；完美貝氏均衡；投資人關係；財務揭露；perfect Bayesian equilibrium；signaling；investor relations；financial disclosure；game
原始連結：連回原系統網址new window
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就美國證券交易法條10b-5 規範故意隱瞞、失實陳述或遺漏公司重大事實等不誠實的行為，本研究探討經理人自願性揭露的決策。藉由ㄧ個簡單的模型架構，發現該法條未能達到預期效果。模型ㄧ開始將公司區分為誠實與不誠實二種類型，由於公司消息有好有壞，及其發布的時機點影響投資人形成偏好，使得投資人對公司訊息產生相信及不相信的反應。假設法條不存在，該模型可以得出ㄧ個混淆均衡和ㄧ個分離均衡。但當該法條存在，模型只得出ㄧ個混淆均衡，顯見在法條規範下，投資人反而無法辨別公司誠實與否。
上述模型隱含三項假設。第一假設為該法條適用所有公司經理人，若放寬第一假設，則僅得出混淆均衡；第二假設為公司與經理人對法條立場一致，若放寬第二假設，投資人便可辨別出支持該法條的公司與經理人。第三假設為經理人言行ㄧ致，若放寬第三假設，投資人則可辨別盡責管理公司的經理人。顯見該法條僅適用於公司與經理人立場一致的前提下，特定經理人決策行為。除非經理人揭露公司資訊，並且言行一致，否則，投資人可質疑經理人違反該法條。本研究建議該法條詳細載明檢核經理人言行一致的作業程序，並在經理人做出不誠實的揭露時，由公司承受該成本。
This research discusses the reaction of a manager to voluntary disclosure after the execution of Rule 10b-5. I use backward induction to explain the strategic decisions within a firm concerning financial disclosure. Extensions of the base model examine the interaction of financial disclosure, investor relations, and managerial incentive to disclose, such as demonstrating a signaling game between a manager and investors for financial disclosure. I provide clues to distinguish between the honesty of companies and managers over the policy of voluntary disclosure. The path to screen managers'' behavior does exist, but it only becomes a question of timing to find and take reaction.
This research first focuses on discussing voluntary disclosure under Rule 10b-5 and explains financial disclosure concerning strategic decisions within a firm. It demonstrates how Rule 10b-5 of the 1934 Securities and Exchange Act fails to induce voluntary disclosure. I separate firms by their method of raising external capital and analyze the decisions those firms make beyond the Rule’s execution, and then I show that company owners may deter the disclosure policy for their financing decisions. While there is a link between the way in which firms raise external capital and the information which the firms disclose, I further present that the transformed reaction of disclosure is the signal for the company''s financing policy.
This research next discusses the reaction of investors to voluntary disclosure after information is in fact disclosed. I explain decisions concerning financial disclosure by which investors may cede the strategic role to managers. It is clear to see why the disclosure of information regulated by Rule 10b-5 results in noise for investment as well as different factors inherited by investors. I draw up the interaction of financial disclosure, the behavior of investors, and managerial incentive to disclose. The extra requirement for information shifts the positions of investors towards managers concerning the policy of financial disclosure.
After all factors (investor preference, prior belief, and information/endowment) discussed are taken into account, any financing action by investors is supposed to be rooted in a particular social context. To fully understand a given disclosure of news, the reaction of investors to believing such a disclosure must therefore be situated within the framework of the non-discrete relations that encompass it.
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